Owing to the large number of companies manufacturing the same product varieties, the vendor landscape of the global Equine Healthcare Market has become largely fragmented and highly competitive, observes Transparency Market Research in a recent report. Companies can benefit from putting an increased emphasis on geographical expansion and targeting regional markets with promising growth opportunities such as Asia Pacific.
Some of the leading players operating in the global are Bayer AG (Bayer Animal Health), Boehringer Ingelheim, Ceva Santé Animale , Eli Lilly and Company (Elanco) , EQUINE PRODUCTS UK LTD , Merck & Co. (Merck Animal Health), Sanofi (Merial), Purina Animal Nutrition LLC., Vetoquinol S.A. and Zoetis.
According to the report, the global equine healthcare market was valued at US$601.7 mn in 2016 and is expected to register a CAGR of 4.2% from 2017 to 2025, rising to an estimated valuation of US$862.7 mn in 2025.
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Veterinary Hospitals and Clinics to Remain Most Preferred Distribution Channels for Equine Healthcare Products
Of the key distribution channels that supply equine healthcare products, the segment of veterinary hospitals and clinics is estimated to hold the dominant share in the overall market in 2016 owing to the vast availability of drugs and vaccines. Owing to the emerging trend of dispensing of equine healthcare products through pharmacists, the market share of the retail pharmacies and drugs stores is also expected to grow during forecast period.
Geographically, the market in North America accounted for the dominant sharer in the global market in 2016 and is likely to witness a vast surge in its valuation by the end of the report’s forecast period. The highly popular trend of horse riding among adults in North America and the steadily expanding equestrian industry owing to the high popularity of horse riding in the region are expected to continue to drive the regional market for equine healthcare.
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Rising Growth Opportunities in China and Australia to Remain Key to Global Market Development
The global equine healthcare market is driven by the trend of horse-racing that refuses to die down across a number of countries despite several regulations by governments, high incidence of equine infections, and global animal health development management programs. While a large number of horse-owners across regions such as Europe and North America are showing waning interests in joining equine shows, events, and racing, increased focus on raising high quality breeds of horses to cash in on the high returns opportunity by exporting them to locations such as China could act as a driver for the market.
Rising per capita incomes, increased expenditure on animal healthcare, and the reviving horse racing industries in countries across Asia Pacific is also likely to have a positive impact on the global equine healthcare market in the near future. China has been expanding the capacity of equine industry and investing in horse racing by importing high quality breeds from other countries. Thus China can emerge as a leading market for equine healthcare products, as large volumes of nutritional supplements, drugs, and vaccines are needed for race horses. Moreover, the highest animal healthcare expenditure in Australia also makes it one of the key driving forces for the global equine healthcare market.
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