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Equine Veterinary Therapeutics Market

Market Study on Equine Veterinary Therapeutics: Growing Recognition and Importance of Animal Health, Rising Prevalence of Chronic Diseases, and an Increasing Demand for Effective Therapeutic Solutions in the Equine Industry to Fuel the Market Expansion, Foresees PMR

A Detailed Analysis of the Equine Veterinary Therapeutics Market Based on a Rising Focus on Equine Health, and Advancements in Veterinary Medicine

Equine Veterinary Therapeutics Market

The global equine veterinary therapeutics market is forecast to expand at a CAGR of 6.9% and thereby increase from a value of US$14.7 Bn in 2023, to US$23.5 Bn by the end of 2030.

Attributes

Key Insights

Equine Veterinary Therapeutics Market Size (2023E)

US$14.7 Bn

Projected Market Value (2030F)

US$23.5 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

6.9%

Historical Market Growth Rate (CAGR 2018 to 2022)

6.4%

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Market Introduction and Definition

Equine veterinarians specialize in providing comprehensive care for horses, offering a range of services such as immunization, gynecological care, dental care, gastroscopy, lameness assessment, respiratory care, and colic treatment. Immunization protocols cover a spectrum of clinical issues including Equine influenza, tetanus, strangles, ringworm, EHV (Equine Herpes Virus), EVA (Equine Viral Arteries), and West Nile Virus (WNV). Dental care services include routine examinations, rasping, and the use of X-rays to diagnose complex disorders.

The increasing popularity of horse-related activities, such as racing and jumping, has led to a rising demand for equine veterinary therapeutics. This demand is driven by the need for specialized care and treatment for horses involved in these activities, particularly when injuries occur.

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Market Growth Drivers

Growing Recognition, and Importance of Animal Health

As per the Animal Health Institute (AHI), manufacturers in the animal health sector are allocating an average of 8.5% of their sales to Research and Development (R&D), surpassing the overall US manufacturing average of 3.4 times. The notable growth in the market is propelled by the growing human affinity for horses, leading to an increased demand for their maintenance and heightened awareness of animal health. Moreover, the rising incidence of horse diseases raises concerns about potential infections among owners, emphasizing the need for meticulous horse care and treatment. This trend is enhancing public awareness of animal health, contributing to the increased adoption of equine veterinarian services and subsequently driving growth in the equine veterinary services market.

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Market Restraints

High Cost of Veterinary Therapeutics, and Lack of Skilled Equine Therapeutics

Equine veterinary therapeutics, particularly advanced treatments and specialized medications, can incur substantial costs. The elevated expenses associated with these therapeutic interventions may pose a barrier, especially for horse owners with constrained financial resources, potentially restricting the uptake of specific treatments.

The domain of equine veterinary medicine demands specialized expertise and proficiency due to the distinctive anatomy and physiology of horses. Nevertheless, in certain regions, there is a shortage of skilled equine veterinarians, creating a challenge in ensuring the widespread availability and accessibility of high-quality veterinary care and therapeutics.

Decrease in the Demand for Horse Racing

In 2020, the horse racing sector witnessed a valuation of three billion dollars, marking a significant decline of more than five billion dollars compared to previous years. Furthermore, horse racing experienced a 3% decrease in popularity from 1985 to 2015, and the sport has continued to decline steadily over the last two decades. The horse racing industry is currently facing a severe financial crisis aggravated by the impact of COVID-19, following criticism from media and animal rights groups. Additionally, race-day corruption has contributed to a waning interest in the sport among the public. The diminishing popularity of horse racing, expected to hinder the growth of the Equine Veterinary Services Market, stands out as a significant factor impeding market expansion.

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Opportunities

Technological Advancements, and Focus on Regenerative Medicine

Developing regions, notably Asia Pacific, and Latin America offer substantial growth prospects for the equine veterinary therapeutics market. The increasing popularity of equestrian sports, growing investments in the equine industry, and advancements in healthcare infrastructure contribute to the potential for market expansion in these areas. Innovations in veterinary medicine, including telemedicine and wearable devices, introduce fresh possibilities for equine healthcare. These technologies enable remote consultations, real-time monitoring of horse health parameters, and the early detection of health issues.

The adoption of regenerative medicine, such as stem cell therapy and platelet-rich plasma therapy, in equine healthcare is gaining momentum. These therapies have demonstrated promising outcomes in treating musculoskeletal injuries and various conditions, providing opportunities for market players to pioneer innovative regenerative therapeutics.

Analyst’s Viewpoint

The equine veterinary therapeutics market is anticipated to undergo substantial expansion and change. The continuous advancement of technology is playing a pivotal role in enhancing the diagnosis of diseases and injuries in the equine health sector. This progress results in faster diagnoses, higher treatment success rates, and accelerated recovery times. Notably, in 2021, One Health Group secured a $1.5 million investment led by Pureland Group for its remote health monitoring technology, focusing on animal health diagnostics. Veterinarians are increasingly adopting advanced diagnostic tools such as MRIs and ultrasonography, contributing to the robust expansion of the equine veterinary services market. The utilization of molecular-level insights, drawing parallels between humans and horses, holds promise for understanding the impact of various chemicals on normal and aberrant cell activity. Consequently, the ongoing technological advancements in equine healthcare are significantly driving the growth of the equine veterinary services market.

Supply-side Dynamics

Several factors, including the increased demand for anti-infectives, vaccinations, pain medications, digestive aids, and the strong research and development industry, all contribute to the dynamic and rapid expansion of the global Equine Veterinary Therapeutics market. Merck Animal Health, Affymetrix, Elanco Animal Health, Zoetis (Pfizer Animal Health), and Equine Health UK are market leaders in the manufacturing sector. The countries of Germany, Japan, China, France, and the United States are significant producers of various goods. In Germany, several major international corporations exert considerable influence in the industry. Numerous European companies are engaged in the production of equine products, manufacturing items such as vaccinations, antibiotics, anti-inflammatory medications, and pain relievers for horses.

Several corporations are allocating resources toward expanding their capacity to satisfy the increasing need for innovative healthcare solutions and services. It is anticipated that these expansions will substantially alter the dynamics of the market, resulting in heightened competition, reduced prices, and an influx of innovative products. It is anticipated that expanding capacity will exert a substantial influence on market dynamics, resulting in heightened competition, reduced prices, and an increased availability of innovative products.

Market Segmentation

Which Drugs are Expected to Lead Global Market?

Anti-Infective Drugs Represent the Leading Segment of Global Market

Increasing occurrences of infectious diseases, a growing prevalence of chronic conditions, and escalating rates of pet obesity are driving the demand for veterinary products. Infectious segment within the veterinary treatments market is witnessing growth, primarily propelled by the increasing demand for surgical procedures, diagnostic testing, and preventive care. The surge in animal injuries and illnesses, coupled with enhanced access to diagnostic testing, and a growing awareness of the significance of preventative healthcare, contributes to the heightened demand for these services.

Which is the Most Preferred Route of Administration?

Oral Administration of Drugs to be the Most Preferred Category

The oral segment has secured a prominent position in the global equine veterinary therapeutics market, primarily driven by the widespread administration of antibiotics and amino acids through oral routes, often delivered in conjunction with feed additives.

Which is the Largest Service-wise Segment of the Market?

The Diagnostic Tests and Imaging Service Category Holds the Strongest Footprint

Equine diagnostic services encompass laboratory testing provided to equine patients in diverse settings such as hospitals, clinics, private laboratories, and on-site through equine field services. Commonly recommended tests, including genetic testing and infectious disease testing, are conducted in both healthy and unwell horses. Notably, national laboratories in most countries play a crucial role in testing for Foreign Animal Diseases (FAD), supporting disease eradication and control efforts at the national level, as reported by NCBI in 2003.

The demand for diagnostic services in the equine industry is driven by the escalating incidence of diseases among animals, necessitating diagnostic tests and imaging for precise disease detection and swift treatment. Diagnostic imaging, particularly crucial in instances of increased lameness among horses, contributes significantly to market growth by providing clear insights for effective disease management.

Which is the Primary End User Segment?

Veterinary Hospitals to Dominate Among End Users

A significant driver of growth in this sector is the substantial patient influx these facilities consistently experience. The market is further propelled by the rising number of veterinary hospitals, clinics, and practitioners in key markets. Notably, according to data from the American Veterinary Medical Association, the count of veterinarians in the US increased from 118,624 in 2020 to 121,461 in 2021. Additionally, private clinical practices saw an increase from 73,373 in 2019 to 75,349 in 2020. These factors are expected to provide substantial support for the growth of the market.

Top Regional Markets

North America Surges Ahead in Line with Widespread Horse Farms, and Higher Frequency of Annual Horse Races

As per the FAO, the US had approximately 10.56 million horses in 2021, with the North American region totalling around 10.96 million horses. The region's share is further influenced by the prevalence of horse farms and the frequency of annual horse races. The US boasts approximately 300 racetracks, hosting nearly 33,567 horse races annually. Furthermore, in 2021, an estimated 18,865 horses were imported into the US, playing a significant role in driving the demand for equine healthcare in North America.

Asia Pacific Reflects Opportunity as Equine Disease Prevalence and Demand for Medicinal Feeds Soar

The market is experiencing growth due to heightened demand for medicinal feeds for horses, a rise in the incidence of equine diseases, and increased governmental initiatives promoting equine health. Furthermore, the presence of a multitude of market players in the equine products market is expected to influence growth throughout the forecast period.

Competitive Intelligence and Business Strategy

Prominent organizations, including Merck Animal Health, Affymetrix, Elanco Animal Health, Zoetis (Pfizer Animal Health), and Equine Health UK are at the vanguard of this sector, providing inventive solutions by capitalizing on their technological prowess and vast experience in the Veterinary industry. Organizations operating within this sector prioritize technological advancements, strategic alliances, and user experience improvement. These businesses make substantial R&D investments to create advanced equine veterinary therapeutics and healthcare solutions.

Furthermore, to contend with the increasing market that is primarily motivated by concerns regarding safety and well-being, they must distinguish their products through the implementation of robust safety measures, innovative features, and comprehensive well-being initiatives. To distinguish themselves in this highly competitive market, these businesses strive to differentiate their products. They achieve this by providing unique features, innovative solutions, and superior quality in their offerings.

Key Recent Developments

New Product Launch

In January 2023, Zoetis Inc. introduced Apoquel Tablets designed to alleviate atopic dermatitis in both dogs and cats. Apoquel is a topical medication that works by inhibiting the activity of interleukin-13, a protein associated with the development of allergic skin irritation.

Market Impact: The acceptance and success of innovative drugs in a particular veterinary market niche might encourage more study, innovation, and funding for veterinary treatments as a whole. Furthermore, the discovery of successful therapies for dermatological problems in companion animals can raise public awareness and desire for comparable developments in horse veterinary therapy.

(Source: Zoetis)

In February 2023, Boehringer Ingelheim Animal Health released Clavamox Soluble Oral Suspension, designed for the prevention and management of respiratory diseases in horses. Clavamox Soluble is a comprehensive antibiotic effective against various bacteria responsible for causing respiratory infections in horses.

Market Impact: This launch signifies a development in treatment choices designed with equine respiratory health in mind. The availability and efficacy of Clavamox Soluble Oral Suspension, a specialty drug that addresses a critical component of equine health, may raise awareness and demand within the equine sector. With this launch, a dedication to improving treatment options for horses is demonstrated, which may stimulate additional study and advancement in equine veterinary pharmaceuticals.

(Source: Boehringer Ingelheim Animal Health)

Equine Veterinary Therapeutics Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa

Key Market Segments Covered

  • Drugs
  • Route of Administration
  • Service
  • Distribution Channel
  • Region

Key Companies Profiled

  • Merck Animal Heath
  • Affymetrix
  • Elanco Animal Health
  • Zoetis (Pfizer Animal Health)
  • Equine Health UK

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon request

Equine Veterinary Therapeutics Market Research Segmentation

By Drugs:

  • Anti-Inflammatory
  • Anti-Infective
  • Parasiticides
  • Others

By Route of Administration:

  • Oral
  • Parental
  • Topical

By Services:

  • Diagnostic Tests and Imaging
  • Physical Health Monitoring
  • Surgery
  • Vaccination
  • Others

By Distribution Channel:

  • Veterinary Hospital
  • Veterinary Clinics
  • Pharmacies and drug stores
  • E-commerce
  • Other

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Merck Animal Heath
  • Affymetrix
  • Elanco Animal Health
  • Zoetis (Pfizer Animal Health)
  • Equine Health UK

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 6.9% during the projected period.

The global equine veterinary therapeutics market was valued at US$14.7 billion in 2023.

The US held the largest market share in 2023.

Some of the prominent players in the market are Merck Animal Health, Affymetrix, Elanco Animal Health, Zoetis (Pfizer Animal Health), and Equine Health UK.

The diagnostic tests and imaging segment is expected to grow at the fastest CAGR during the forecast period.

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