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.
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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.
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.
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.