Global Equine Healthcare Market: Snapshot
Equine healthcare products are the drugs, vaccines and supplemental feed additives used for the therapeutics purposes for the equine (horses, foals, mares etc.) species. The global equine healthcare market is driven by the undying trend of horse-racing, high incidence of equine infections, and global animal health development management programs. The market is likely to face a challenge from the decreasing population of equine species in worldwide. Rising demand for pet insurance will open up new avenues for the global equine healthcare market to grow in the near future.
According to the report, the global equine healthcare market is likely to expand at a CAGR of 4.2% from 2017 to 2025, rising to an estimated valuation of US$862.7 mn in 2025.
Inactivated Vaccines to Remain Most Lucrative Vaccine Type in Equine Healthcare Market
Based on product type, the equine healthcare market has been segmented into drugs, vaccines and supplemental feed additives. The drugs segment is anticipated to hold the largest share in 2016, followed by vaccines and supplemental feed additives, owing to high market requirements of drugs for the treatments of equines. By drugs type, the anti-infectives sub-segment is expected to hold the largest share in 2016, followed by anti-inflammatory, parasiticides and others sub-segments, owing to high incidence of infections among equines and strong efficacy of anti-infective drugs to cure the infectious diseases occurring in equines.
In terms of vaccines type, the inactivated sub-segment is anticipated to hold the largest share in 2016, followed by live attenuated, recombinant and others sub-segments, as inactivated vaccines are considered as the safest and show strong efficacy over types of vaccines. By supplemental feed additives type, the minerals and vitamins sub-segments are estimated to hold significant shares in 2016 followed by proteins and amino acids, enzymes and others, due to the high requirements of minerals and vitamins as nutritional supplements for equines.
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Asia Pacific to Present Highly Promising Growth Opportunities as Racing Sports Gain Popularity
Geographically, the global equine healthcare market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa regions. The North America and Europe equine healthcare markets are expected to grow during the forecast period due to the significant adoption rate of equines per households, high interest in equine care, impressive animal healthcare expenditure, and strong business operation of the brand companies in these two regions.
The Asia Pacific equine healthcare market is expected to hold the third largest share in 2016 but anticipated to increase with the highest rate during the forecast period due to the emerging trend of equine care, rising focus on animal healthcare, increased expenditure on healthcare products for animals, and the increased popularity of racing sports. High incidence rate of equine infections such as Potomac horse fever, Venezuelan equine encephalomyelitis is the primary reason to navigate the Latin America equine healthcare market during the forecast period. The Middle East and Africa equine healthcare market is the least contributor in the global equine healthcare market due to less population of horses in Middle East region and nominal animal healthcare expenditure in the region.
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Some of the most prominent players in the global equine healthcare market are Bayer AG (Bayer Animal Health), Boehringer Ingelheim, Ceva Santé Animale, Sanofi (Merial), Eli Lilly and Company (Elanco), Equine Products UK Ltd, Merck & Co. (Merck Animal Health), Purina Animal Nutrition LLC., Vetoquinol S.A., and Zoetis.
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