Published: Sep, 2016
The global equine healthcare market is highly competitive with no single company enjoying clear dominance in terms of market share. Competition in the therapeutics products segment is particularly high due to the presence of several generics. Price wars, especially those related to the therapeutic products and other vaccines, are common in the market, finds Transparency Market Research (TMR), in a new study. Besides this, the market also provides lucrative opportunities for the entry of new players. Some of the leading companies operating in the market are Affymetrix, Inc., Bayer, Boehringer Ingelheim Vetmedica, Inc. (BIVI), Elanco Animal Health, and Equine Diagnostics.
Growth potential of the global equine healthcare system market seems rather bleak. TMR predicts the market to decline at a CAGR of 1.20% between 2013 and 2019. The market stood at of US$26.3 bn in 2013, however, its valuation is likely to decelerate to US$24.5 bn by the end of 2019. Regionally, the Asia Pacific dominated the global equine healthcare market in 2012 and is expected to reach US$4.8 bn by the end of 2019. Additionally, the equine genotyping analysis products segment is likely to exhibit a CAGR of 16.3% between 2013 and 2019.
Rising Demand for Various Equine Diagnostic Products to Boost Equine Healthcare Market
As stated often, the equestrian industry results in considerable economic impact as primary activities such as horse racing and betting generate a substantial turnover. The industry also generates interest in almost every stage of the equine lifecycle. This exhibits optimum utilization of assets subsequently resulting into high asset turnover. “The high ROI is the key factor attracting market participants thereby augmenting the market’s growth,” said a lead TMR analyst.
The market is also significantly gaining from the support of multiple secondary markets. A gamut of product lines are comprised within the primary segments of the global equine healthcare market. The growth witnessed in the secondary markets is thus boosting the equine healthcare market in response. For instance, gestation diagnosis and management and equine pregnancy are integral to mare and foal care. The ncreasing demand for urine test kits, ultrasound devices, and other equine diagnostic products will therefore boost the global equine healthcare market.
Furthermore, with newer regions investing in horse racing and betting, the companies are expected to witness significant opportunities to capitalize on. The increasing initiatives by equine healthcare organization for developing drugs for chronic disease conditions will give impetus to the market as well.
Declining Equine Population will Decelerate Demand for Equine Healthcare
On the downside, the market will be negatively affected by the declining equine population worldwide. This decline in population is caused by various factors such as weak economic conditions and lower horse production. A significant number of horse-owners are looking to prune the direct costs of owning by selling or auctioning their horses. “In countries with economic conditions, horse racing is regarded as discretional spending or leisure activity, which is adversely impacting the equine healthcare market,” observed the TMR report’s author.
Due to the rising popularity of alternative forms of gambling such as online betting and gaming, betting on horse racing is gradually becoming a thing of the past. Besides this, many popular online gaming sites have acquired legal status, which is dampening growth witnessed by the equine industry, thus inhibiting the equine healthcare market’s trajectory.
Nevertheless, Asia Pacific is touted by analysts as the “next growth story” in the global market for equine healthcare. The rising investment in horse-racing in countries such as China and Australia provides novel opportunities for the market.
This review is based on information published by TMR in a report, titled “Equine Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
The report segments the global equine healthcare market as:
Equine Diagnostic Products Market, by Type
- Equine Pregnancy and Gestation Diagnostic Products Market
- Equine UltraSound Devices Market
- Equine Urine Test Kits Market
- Equine Genotyping Analysis Products Market
- Breed Quality Analyzers/Genotype Analyzers Kits Market
- Genetic Disease Identification Products/Semen Quality Analyzers Market
Equine Therapeutic Products Market, by Type
- Equine Vaccines Market
- Equine Antibacterials Market
- Equine Antivirals Market
- Equine Antiprotozoals Market
- Equine Dopamine Agonists Market
- Equine Anti-inflammatory Drugs Market
- Equine Laxatives Market
Equine Supplement Products Market, by Type
- Equine Performance Supplements Market
- Equine Proteins and Amino Acids Supplements Market
- Equine Vitamin Supplements Market
- Equine Electrolyte Supplements Market
- Other Equine Performance Supplements Market
- Equine Protection Products Market
- Equine Protection Products Market
- Equine Prosthetics Market
Equine Healthcare Market, by Geography
- North America
- Rest of the World (RoW)
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