Equine Veterinary Services Market Overview
Equine Veterinary Services Market Size is estimated to reach $15.9 billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.2% over the forecast period of 2022-2027. Equine veterinarians are veterinarians that specialize in horse care. Equine veterinarian services include immunization, gynecological care, dental care, gastroscopy, lameness, respiratory care, colic assessment, and treatment. In Immunization, Equine influenza, tetanus, strangles, ringworm, EHV (Equine Herpes Virus), EVA (Equine Viral Arteries), and West Nile Virus are just a few of the clinical problems that horses are vaccinated against (WNV). Routine dental examinations and rasping for horses are included in the dental care services, and some complex disorders are also detected using an X-ray.
Routine CEM (Contagious Equine Metritis) and EVA testing, fertility checks with hysteroscopies, artificial insemination, pregnancy diagnosis, pregnancy follow-up, assistance during foal birth and umbilical scanning, and blood sampling for IgG estimation in newborn foal health management are all part of the gynecological care. Gastroscopy is a procedure that involves the use of a 3-meter video scope to diagnose gastric ulcers. Lameness is one of the most common conditions that affect a horse's limbs. The Equine Veterinary Services Market is driving owing to expanding horse farms and advancements in animal care technology.
The report: “Equine Veterinary Services Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Equine Veterinary Services Market.
Diagnosis, Gynaecological, Dental, Surgery, and Physical health monitoring.
By Animal- Farm Animal and Companion Animal.
By Distribution channel- Veterinary Hospitals and Clinics and Pharmacies.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and the Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia, and Rest of South America), and Rest of the World (the Middle East, and Africa).
- Geographically, North America held a dominant market share in the year 2021 on account of boosting technological advancements in gynecological care and dental care, which is propelling the industry forward. Asia-Pacific is anticipated to offer lucrative growth opportunities to the manufacturers owing to increasing technologies for horse care. The rising animal farms are predicted to augment the market growth during the forecast period of 2022-2027.
- Growing horse farms and technologies for animal care are estimated to drive the market growth of the Equine Veterinary Services Market. A decrease in the demand for horse racing is estimated to present challenges for Equine Veterinary Services and poses threat to the Market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Equine Veterinary Services Market Report.
Equine Veterinary Services Market: Market Share (%) by region, 2021
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Equine Veterinary Services Market Segmentation Analysis- By Service Type
Equine Veterinary Services Market based on Service Type can be further segmented into Vaccination, Diagnosis, Gynaecological, Dental, Surgery, and Physical health monitoring. Diagnosis segment held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 6.8% over the forecast period of 2022-2027. Equine diagnostic services are lab testing services provided to equine patients in hospitals, clinics, private labs, and on farms through equine field service. In both healthy and sick horses, tests such as genetic testing and infectious disease testing are frequently advised. According to NCBI, in 2003, Most nations have a national laboratory that tests for Foreign Animal diseases (FAD) and supports disease eradication and control efforts at the national level. The diagnosis service is mostly owing to an increase in the number of diseases among animals, which require the use of diagnostic tests and imaging since it produces a clear image that aids in the detection of diseases, which in turn aids in the treatment of diseases more rapidly. Furthermore, increased lameness among horses necessitates diagnostic imaging, which boosts market growth.
Equine Veterinary Services Market Segmentation Analysis- By Animal
Equine Veterinary Services Market based on the animal segment can be further segmented into Farm Animal, and Companion Animal. Farm animal held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 6.6% over the forecast period of 2022-2027. This is primarily owing to the increasing requirement for farm upkeep. since many animals are living in one location and require adequate treatment and care to be healthy, necessitating the use of equine veterinary services on farms. Moreover, the increased need for farm animals in various racing competitions is increasing the demand for equitable veterinarian services thereby Market for Farm equines is increasing.
Equine Veterinary Services Market Segmentation Analysis- By Geography
The Equine Veterinary Services Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 37% in the year 2021 as compared to its other counterparts on account of boosting technological advancements in gynecological care and dental care.
However, Asia-Pacific is estimated to be the fastest-growing over the forecast period of 2022-2027 on account of escalating healthcare costs, the availability of animal treatment is increasing. Furthermore, the need for equitable veterinary care is growing as the association for animal health grows in order to obtain a better understanding of animal infectious illnesses. Hence, the Market for equine veterinarian services in the North American region is increasing.
Equine Veterinary Services Market Drivers
The Growing Recognition and Importance of Animal Health are Boosting the Market Growth
According to the Animal Health Institute (AHI), Animal health manufacturers are investing an average of 8.5% of sales in R&D, 2.5 times that of the overall U.S. manufacturing average of 3.4%. A major element driving market expansion is the increased acceptance of horses among humans, which increases the demand for upkeep and raises knowledge about animal health. Furthermore, increased horse disease increases the risk of infection among owners, necessitating careful horse care and treatment. This aspect is increasing public knowledge about animal health, which is driving up the adoption of equine veterinarian services and thereby boosting the Equine Veterinary Services Market.
Technological Advancements are Driving Market Growth
Rising technological advancements aid in the better diagnosis of diseases and injuries by allowing for faster diagnosis, higher treatment success rates, and faster recovery times. For instance, One Health Group, specializing in remote medical diagnostics for animal health has invested around $1.5 million in 2021 led by Pureland Group for its remote health monitoring technology, supporting animal health. Veterinarians are increasingly using MRIs and ultrasonography to accurately diagnose animals, which is fueling the expansion of the Equity Veterinary Services Market. Additionally, At the molecular level, humans and horses have a lot in common, which could reveal a lot about how the interaction of various chemicals in the body affects both normal and aberrant cell activity. Hence, advancement in technologies for equine health care Is gradually increasing further driving the Market for Equine Veterinary Services.
Equine Veterinary Services Market Challenges
A decrease in the Demand for Horse Racing pose threat to market growth
In 2020, the horse racing sector was valued at three billion dollars, a decline of more than five billion dollars from prior years. Additionally, horse racing saw a 3% fall in polls from 1985 to 2015, and the sport has continued to diminish over the last two decades. The horse racing industry is in the throes of a financial meltdown. COVID-19 struck after the media and animal rights groups had beaten it down. Moreover, owing to race-day corruption, many people have lost interest in this sport. The decline of horse racing, which is projected to constrain the expansion of the Equine Veterinary Services Market, is one of the factors that is set to obstruct the market's growth.
Equine Veterinary Services Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Equine Veterinary Services Market. The top 10- Equine Veterinary Services Market companies are-
- Animart LLC
- CVS Group plc
- Ethos Veterinary Health
- Greencross Limited
- IDEXX Laboratories, Inc.
- CVS Group
- National Veterinary Care Ltd
- Pulse Veterinary Technologies LLC.
- Pets at Home Group Plc.
- In July 2021, CVS Group, one of the leading integrated veterinary services is expanding the presence of its Equine Division in Wales. The company has created new equine veterinary practice, South Wales Equine Vets. CVS Group has had three practices offering equine veterinary services in the region.
- In June 2021, Lexagene a molecular diagnostics firm that offers fully automated quick pathogen detection systems is thrilled to announce a collaboration with Ethos Discovery to enhance the MiQLabTM System's test menu offerings. The MiQLabTM Bacterial and AMR Test, LexaGene's first validated panel, was created primarily to aid in the identification of urinary tract infections (UTI), one of the most prevalent causes of veterinary visits in companion animals. This panel detects 94% of pathogens that cause UTIs in cats and dogs, as well as 13 different antimicrobial resistance targets that can help determine the best treatment options.
- In January 2021, Pulse Veterinary Technologies LLC is a non-invasive medical device developer and marketer for the veterinary industry. Pulse Veterinary's main technology is the VersaTron® series of products for the treatment of musculoskeletal diseases in animals that cause chronic pain and lameness. The VersaTron® generates a high-energy acoustic pressure wave that helps soft tissue injuries and arthritic joints heal faster.
Report Code: HCR 0648
Report Code: HCR 0422
Report Code: HCR 0058
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