According to a new report published by UnivDatos Markets Insights, the Equine Healthcare Market was valued at more than USD xx million in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Product (Drug, Vaccines, Medicinal Feed Additives, Diagnostics, Others); Application (Parasite Control, Influenza, Tetanus, West Nile Virus, Equine Infectious Anemia, Equine Herpes Virus, Other diseases); Distribution Channel (Veterinary Hospitals and Clinics, Retail pharmacies and Drug Stores); Region/Country.
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The equine healthcare market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the equine healthcare market. The equine healthcare market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the equine healthcare market at the global and regional levels.
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Market Overview
Global equine healthcare is rising due to the increasing equine population around the globe. For instance, according to BLM.gov, the total number of equine populations in U.S. are 82,384 in horses 64,604 and burros 17,780 in March 2022. Owing to the glaring statistics, the increasing number of horses suffering from diseases is leading to the growing demand for equine healthcare and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the equine healthcare market is anticipated to grow on account of the increase in animal healthcare spending and the rise in the advancement of equine healthcare products. However, one of the major factors which restricted market growth (during the COVID pandemic) is rising unemployment rates, as, the lockdown measures led to equine welfare crisis concerns all over the world. However, the situation has improved post-COVID, and the market is anticipated to show promising growth in the coming years.
Some of the major players operating in the market Merck & Co., Inc, Zoetis, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Hallmarq Veterinary Imaging, ESAOTE SPA, Vetoquinol S.A, Thermo Fisher Scientific Inc., Bayer AG, Elanco.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. This pandemic is continuing to change the growth of various market sectors. The pandemic had a direct impact on the manufacturing, demand, and supply chain of various medical devices and pharmaceutical companies in the healthcare industry. The COVID-19 pandemic had a negative impact on the equine healthcare industry.
The global equine healthcare market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on the product, the equine healthcare market is segmented into drug, vaccines, medicinal feed additives, diagnostics, and others. The drug segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to a surge in awareness towards effective & advanced drugs and vaccines and a rise in number of cases of equine diseases.
Based on the application, the market is fragmented into parasite control, influenza, tetanus, west nile virus, equine infectious anemia, equine herpes virus, and others. The parasite control segment grabbed a considerable market share and is expected to grow at a significant CAGR during the forecast period. There are numerous ways to administer parasiticides, including sprays, collars, oral solutions, gels, and spot-on treatments. Ectoparasiticides are used to treat external parasites, while endoparasiticides treat internal parasites. They are also suitable for use topically, orally, or intravenously.
Based on the distribution channel, the market is bifurcated into veterinary hospitals and clinics, and retail pharmacies and drug stores. The veterinary hospitals and clinics segment grabbed a considerable market share and is expected to grow at a significant CAGR during the forecast period. An increase in the number of veterinary hospitals, clinics, and veterinarians due to an increase in equine diseases and the equine population is likely to aid the segment growth.
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Equine healthcare Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, U.K., Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America constitutes a major market for the equine healthcare industry owing to the ease of availability of the products and services across developing countries, the rise in animal health expenditure, and the increase in the population of equine. For instance, according to the FAO, there were around 10.56 million horses in the U.S. in 2021, and about 10.96 million horses in the North American region.
The major players targeting the market include
· Merck & Co., Inc
· Zoetis
· Boehringer Ingelheim International GmbH
· Ceva Santé Animale
· Hallmarq Veterinary Imaging
· ESAOTE SPA
· Vetoquinol S.A
· Thermo Fisher Scientific Inc.
· Bayer AG
· Elanco.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Equine healthcare market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the equine healthcare market?
• Which factors are influencing the equine healthcare market over the forecast period?
• What are the global challenges, threats, and risks in the equine healthcare market?
• Which factors are propelling and restraining the equine healthcare market?
• What are the demanding global regions of the equine healthcare market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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