Equine Healthcare Market Size

Equine Healthcare Market Analysis

The Equine Healthcare Market is expected to register a CAGR of 5.9% over the forecast period.

The COVID-19 pandemic had a significant impact on the equine healthcare market initially due to strict social distancing guidelines imposed by many countries, which led to a shutdown of teaching, training, competitions, events, touristic activities, renting of infrastructures, trade, and sales of horses. For instance, according to a representative of the United States Equestrian Federation (USEF), the national governing body for horse sports in the United States, about 30% of all events originally scheduled on their 2020 show calendar was canceled. This severely impacted the revenue generation of the equine industry. In addition, this has also been anticipated to result in collateral consequences for the health and welfare of horses and ponies. However, with the countries being reopened again, the equine industry is also on track for a rebound. In addition, there were new product developments for the animal vaccine against COVID-19. For instance, in June 2022, the Ministry of Agriculture & Farmers Welfare (India) launched the Ancovax vaccine, an inactivated SARS-CoV-2 Delta (COVID-19) vaccine for animals, including equines. The vaccine was developed by the Indian Council of Agriculture Research (ICAR)-National Research Centre on Equines. Thus, the COVID-19 outbreak affected the market's growth adversely in its preliminary phase; however, the market gained traction with the opening of the countries and new product launches globally.

Further, the rising animal health spending, increasing prevalence of equine diseases, and increasing uptake of animal insurance are among the major factors driving the growth of the market studied. For instance, in December 2021, the Asian Development Bank (ADB) signed an agreement with Zenex Animal Health India Private Limited to invest up to USD 10 million to increase Zenex's production and distribution of quality animal health care products and help boost farmer incomes by mitigating livestock disease risk. Such factors will likely boost the demand for equine healthcare, thereby contributing to the growth of the market studied.

The equine industry involves business, working animals, sports, and recreation, among others. There are a large number of horse races, shows, competitions, and recreational activities involving horses globally. Domestic and foreign horses are exported and imported permanently and temporarily to and from countries globally. As horses are prone to an array of equine diseases, equine healthcare products are in increasing demand. In addition, the risk and threat of spreading zoonotic diseases from horses are also driving the demand for equine healthcare products. For instance, according to a systemic review published in Vector Borne Zoonotic Dis. 2020, about 56 zoonotic pathogens have been identified in horses. Moreover, during the second quarter of 2022, the International Collating Centre reported 191 disease outbreaks from 13 countries. The reports covered 18 diseases/infections, of which strangles (n=77) was the most prevalent, followed by neurological EHV-1 (n=19). Thus, the high risk of the spread of a contagious equine disease is driving the equine market studied.

Thus, the rising animal health spending, increasing prevalence of equine diseases, and the increasing uptake of animal insurance are poised to accelerate the Equine Healthcare market globally, thereby driving the growth of the studied market over the forecast period. However, a shortage of skilled veterinarians will likely impede market growth.