Portland, OR, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Equine Healthcare Market garnered $1.20 billion in 2020, and is expected to reach $2.32 billion by 2030, witnessing a CAGR of 6.8% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Surge in prevalence of equine diseases and increase in animal health expenditure drive the growth of the global equine healthcare market. However, decline in the global equine population hinders the market growth. On the other hand, increase in demand for pet insurance presents new opportunities in the coming years.
Covid-19 Scenario:
- Government regulations in many countries mandated the closedown of equine facilities to lower down the spread of the virus and reduce the risks of injury. However, many equine facilities opened post-lockdown.
- The complete or partial closure of equine facilities led to losses in overall revenue and made it difficult for equine healthcare players to cover ongoing expenses. Rise in unemployment rates during the initial phase of the pandemic led to increased issues associated with equine welfare.
The report offers detailed segmentation of the global equine healthcare market based on product type, disease, distribution channel, and region.
Based on product type, the drugs segment contributed to the highest share in 2020, holding nearly two-thirds of the total share, and is projected to maintain its lead position during the forecast period. However, the vaccines segment is expected to register the largest CAGR of 7.8% from 2021 to 2030.
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Based on distribution channel, the retail pharmacies and drug stores segment accounted for the highest share in 2020, contributing to nearly three-fifths of the global equine healthcare market, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 7.0% from 2021 to 2030. The research also analyzes the veterinary hospitals and clinics segment.
Based on region, North America accounted for the largest share in 2020, contributing to nearly two-fifths of the total market share, and is expected to maintain its dominance by 2030. However, Asia-Pacific is estimated to manifest the largest CAGR of 8.6% during the forecast period.
Leading players of the global equine healthcare market analyzed in the research include Thermo Fisher Scientific (Affymetrix), Boehringer Ingelheim, Elanco Animal Health (Bayer Animal Health), Land o Lakes(Purina Mills LLC), Ceva Sante Animale, Merck & Co.(Merck Animal Health), Equine Products UK Ltd., Sanofi S.A. (Merial), Vetoquinol S.A., and Zoetis.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
