PMR Predicts a Stable Overlook for the Equine Veterinary Therapeutics Market Size Growth, which is Driven by Rising Need for Specialized Care and Treatment for Horses
Industry: Healthcare
Published Date: June-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 142
Report ID: PMRREP33965
The equine veterinary therapeutics market is anticipated to rise from US$1.37 Bn in 2023 to US$2.67 Bn by the end of 2033. The market for gains is expected to hold a CAGR of 6.7% during the projection period from 2024 to 2033.
Key Highlights of the Market
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Attributes |
Key Insights |
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Market Value (2023E) |
US$1.37 Bn |
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Projected Market Value (2033F) |
US$2.67 Bn |
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Forecast Growth Rate (CAGR 2024 to 2033) |
6.7% |
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Historical Growth Rate (CAGR 2019 to 2023) |
4.5% |
Equine healthcare refers to the diagnosis, preventive care, treatment, and management of various health issues related to horses.
As horses are susceptible to injuries, and several diseases, equine healthcare plays a vital role in providing suitable therapy and ensuring their longevity and overall enhanced performance.
Equine veterinary therapeutics include a wide range of services, including immunization, dental care, gastroscopy, gynecological care, lameness assessment, respiratory care, and colic therapy.
Immunization is an easy treatment method that covers vaccinations for a wide range of health problems in horses, such as equine influenza, tetanus, EHV (equine herpes virus), strangles, ringworm, EVA (equine viral arteries), and West Nile virus (WNV).
Dental care for horses encompasses diagnostic options, including rasping, regular examinations, and the use of X-rays to diagnose complex disorders.
Increasing trends like horse racing and jumping are becoming popular across the world, which is leading to growing demand for effective equine veterinary therapeutics.
The equine veterinary therapeutics market size is expected to rise to US$2.68 Mn by 2033 at an increasing CAGR of 7.0%.
Another main factor fueling the demand is increasing injuries and infections during these activities that require horse experts, also known as equestrians. These trends and demands are driving the market growth significantly.
The equine veterinary therapeutics market shares have grown steadily over the past few years, driven by factors such as increased demand for private healthcare services for horses.
The market expanded notably from US$1.1 Mn to US$1.34 Mn with a stable CAGR of 4.4% during the historical period 2017 to 2022.
The rapid boost in the global equestrian sports business is driving the demand for effective equine veterinarian services.
As horses are being used in several sports activities such as show jumping, racing, eventing, reining, and dressage, their overall performance has become a major element.
These activities often require a greater physical condition due to which the demand for preventative and therapeutic veterinary services has increased.
With the continuous developments, novel methods are introduced in equine pain management. These developments include several rugs and non-drug modalities to alleviate the pain in horses.
Further novel methods for administering medicines such as detomidine are now available for oral use, which was previously only given in injection form.
Innovations and advanced treatment options in this market are likely to expand the equine veterinary therapeutics market size.
Rising Awareness and Focus on Animal Health
The increasing awareness about animal healthcare is the major factor that is propelling the market expansion. The Animal Health Institute (AHI) represents a wide range of companies that develop and manufacture animal medicines.
According to its report, manufacturers in the animal health sector are investing about 8.5% of their sales amount in research and development (R&D) for animal healthcare.
The market is gaining traction due to the increasing human affinity for horses, leading to a boosted demand for maintenance and awareness activities for animal health.
Expansion of Equestrian Sports Business
The global equestrian sports business is rapidly expanding, leading to increased demand for equine veterinarian services.
Activities such as racing, show jumping, and dressage require horses to be in peak physical condition, thereby driving the demand for preventative and therapeutic veterinary services.
Further, the increasing incidence of injuries during these activities and other types of diseases raises concerns about potential infection spread. These concerns are pushing a need for proper and effective horse care and treatment.
Elevated Cost of Veterinary Therapeutics, and Lack of Skilled Equestrians
Equine veterinary treatment, especially advanced treatments and specialized medicines can incur significant costs. These increased costs associated with therapeutics can become a barrier that restricts horse owners from taking precise treatments.
Furthermore, the equine veterinary medicine sector requires specialized skills, knowledge, and experience due to the scope of this domain and the distinctive anatomy and physiology of horses.
However, a scarcity of skilled equine veterinarians is causing challenges to ensure the mandated availability and easy accessibility of experts who can offer efficient care and therapeutics.
Decrease in the Demand for Horse Racing
The horse racing sector experienced a valuation of US$3 Bn in 2021, highlighting a substantial decline of more than US$5 Bn dollars compared to previous years.
Additionally, horse racing witnessed a 3% reduction from 1985 to 2015, which continued the steady decline for the last two decades. The horse racing industry faced a harsh financial crisis after the outbreak of COVID-19 and objections from media and animal rights bodies.
Furthermore, corruption and fraud cases in horse racing contributed to a downhill interest of people in animal sports. This diminishing popularity of horse racing has been hindering the maturation of the equine veterinary services market and stands out as a major factor restraining market expansion.
Advanced Technologies and Emphasis on Regenerative Medicine
Expanding regional areas like Asia Pacific, and Latin America show notable growth opportunities for the equine veterinary therapeutics market.
The increasing interest among people in equestrian sports, extending investments in the equine sector, and advances in healthcare facilities contribute to market expansion in these areas.
Advancements in veterinary medicine, such as telemedicine and wearable devices, highlight the novel possibilities for equine healthcare.
These advancements offer a wide range of benefits, including remote consultations, real-time monitoring, early detection of symptoms and health problems, and analysis of health parameters.
Further, the introduction of regenerative medicines, such as stem cell therapy and platelet-rich plasma therapy, emerges as a novel treatment option in equine healthcare.
These therapies are gaining momentum by showing promising treatment outcomes for musculoskeletal injuries.
These therapies are playing a central role in various conditions, offering potential opportunities for leading companies to develop innovative regenerative therapeutics.
NSAIDs Maintain the Lead with over 46% Share
Based on drugs, the equine veterinary therapeutics market is categorized into several types, among which the non-steroidal anti inflammatory drugs (NSAIDs) held the largest revenue share in 2023, accounting for 46.7% of the market.
NSAIDs such as phenylbutazone, and flunixin are routinely employed for their analgesic, and anti-inflammatory properties to manage a spectrum of conditions in horses, ranging from abdominal to orthopedic pain.
The parasiticides segment is integral to the equine veterinary therapeutics market, playing a crucial role in the treatment and prevention of various equine diseases.
Additionally, in this field, viscosupplements are anticipated to witness the fastest market growth over the forecast period, indicating the evolving landscape of therapeutic interventions in equine veterinary medicine.
According to the National Institute of Health, most horse injuries occurred in jump races, which are about 68.9 per 1000 starts, comparatively higher than that is 8.8 per 1000 starts in flat races.
This rising need of treatment options, especially in developed regions like North America, and Europe are driving the growth of the equine veterinary therapeutics market.
Widespread Horse Farms, and Increasing Annual Horse Races Drive North America’s Leadership
According to FAO, the North American region held about 10.96 million horses, among which the US had about 10.56 million horses in 2021.
The regional growth was further boosted by the increase in horse farms and the number of horse races conducted annually.
The US region has about 300 racetracks, which host approximately 33,567 horse races on an annual basis.
Further, in 2021, the US imported about 18.8k horses, which contributed to increased attention and demand for equine healthcare in North America.
Rising Pet Ownership Boosts Market Prospects in Europe
The rising trends of pet ownership worldwide, especially in Europe region. As more households adopt pets as companions in Europe region, the demand for veterinary services and medicines is increasing exponentially.
For instance, in Europe, the Animal health and welfare policy located in Scotland includes measures to prevent and manage diseases, such as veterinary surveillance, livestock movement controls, and animal by-products.
The country is working to improve animal welfare, ensure animal by-products comply with regulations, control animal movement, conduct welfare inspections, and review the delivery of animal health services to create a new Scottish Veterinary Service.
Asia Pacific Emerges Lucrative with Increased Demand for Medicinal Feeds
The Asia Pacific region is witnessing the heightened demand for novel and innovative medicinal feeds for horses.
The rise in equine disease and the need for enhanced performance and governmental initiatives in this region are boosting the market expansion in the Asia Pacific region.
Furthermore, the availability of leading market players in the equine products market is likely to influence growth throughout the forecast period.
Intra-Articular BMNC Therapy
Osteoarthritis (OA) is a debilitating condition characterized by impaired resolution of synovial inflammation. Traditional treatments offer temporary relief but may have harmful side effects. A study evaluated the effectiveness of intra-articular bone marrow mononuclear cells (BMNC) therapy in improving clinical signs of equine OA.
Horses with moderate OA in a single joint were assigned to treatment groups, with no adverse effects observed. The BMNC-treated group showed a significant increase in synovial fluid total nucleated cell count, decreased joint circumference, and improved lameness. The study suggests a larger clinical trial using BMNC therapy for OA treatment in horses.
Equine-Assisted Therapy
The Kali's Klubhouse is an iTalk with Horses program. It is a community partnership through Decker College of Nursing and Health Sciences, focusing on equine-assisted therapy for children from Broome and Tioga counties. The program includes horses as partners in the therapy, with respect and consideration given to their physical, mental, and emotional well-being.
The program incorporates augmentative and alternative communication (AAC) strategies to help clients develop speech, language, and cognitive skills. The program has been a success, with several children now able to get on a horse and express their confidence. The healing power of the human-animal bond is supported by compelling anecdotal and clinical evidence.
The equine veterinary therapeutics market report provides valuable insight with an emphasis on the dynamic nature of this market. Key players are primarily focusing on product launches and advancements in this domain.
Further, they focus on several major business approaches, such as mergers, partnerships, acquisitions, and joint ventures, to develop their product offerings. It will also help them to boost their market shares across different areas.
Manufacturers of equine veterinary therapeutics are embracing novel strategies, including investments in R&D activities, the installation of manufacturing and production facilities, and supply chain management, to strengthen their market position.
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Attribute |
Details |
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Forecast Period |
2024 to 2033 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
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By Route of Administration:
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As of 2023, the market was recorded to be at around US$1.37 billion.
The market is projected to expand at a CAGR of 6.7% through 2033-end.
The non-steroidal anti-inflammatory drugs (NSAIDs) lead with more than 46% share of the market.
North America is the dominant regional market for equine veterinary therapeutics.
Some of the top companies in this industry include Merck Animal Heath, Affymetrix, Elanco Animal Health, Zoetis (Pfizer Animal Health), and Equine Health UK.
