LONDON, Feb. 10, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the equine healthcare market, the growing awareness of animal healthcare will support the growth of the equine healthcare market during the forecast period. People are becoming more aware of the importance of animals in the ecosystem, and animal health is critical not just for their safety and well-being, but also for the safety and well-being of humans. Since many diseases in animals can easily be transferred to humans, governments and private institutions are investing in developing the animal healthcare infrastructure in various countries.
For instance, in September 2023, the US Department of Agriculture announced an investment of $3 billion in animal health and nutrition. Thus, the rising awareness among the human population about the importance of animal healthcare and increasing investment in animal healthcare will support the growth of the market during the forecast period.
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TBRC’s global equine healthcare market revenue forecast states that the market is expected to grow from $1.17 billion in 2023 to $1.26 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The growth in the equine healthcare market is mainly due to companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global equine healthcare market share is expected to reach $1.57 billion in 2026 at a CAGR of 5.6%.
In 2023, North America was the largest region in the market. The regions covered in this equine healthcare market outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The introduction of new and effective products by key manufacturers in equine healthcare for the rapid detection of disease in the equine population and to ensure better therapeutic outcomes is a key trend in the market. For instance, in June 2023, Epona Biotec, a veterinary startup dedicated to advancing equine health care, launched the VetTrue System, a remote temperature-monitoring system for horses. A team of veterinary, equestrian, and technology professionals developed the VetTrue System to provide a more accurate, less invasive health-monitoring solution for veterinarians, horse owners, and professionals in the equestrian industry. The VetTrue System makes use of a single-use TailTab temperature sensor that is securely attached beneath the tail. Once implanted, the horse’s temperature is continuously monitored and transferred to the VetTrue App through Bluetooth.
Major players in the equine healthcare market are Ethos Veterinary Health LLC, Greencross Limited, Idexx Laboratories, National Veterinary Care Ltd, Patterson Companies Inc., Addison Biological Laboratory Inc., Animart LLC, CVS Group PLC, Merck & Co. Inc., Zoetis, Boehringer Ingelheim, Covetrus, Elanco, Bayer AG, Ceva Sante Animale, Virbac, and Vetoquinol.
TBRC’s equine healthcare global market analysis report is segmented by product type into drugs, vaccines, medical feed additives; by disease into equine influenza, equine herpes virus, equine encephalomyelitis, west Nile virus, equine rabies, Potomac horse fever, tetanus; by distribution into veterinary hospitals and clinics, retail pharmacy, online pharmacies.
Equine Healthcare Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide equine healthcare market overviews, equine healthcare market analyze and forecast market size and growth for the whole market, equine healthcare market segments and geographies, equine healthcare market trends, equine healthcare market drivers, equine healthcare market restraints, equine healthcare market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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