Equine Veterinary Services Market size in 2019 is estimated to be $11 billion, growing at a CAGR of 5.6% during the forecast period 2020-2025. Equine Veterinary Services refer to the services given to the horses for prevention, diagnosis, and treatment of diseases and injuries. Increasing adoption of horses as Pets and for other activities along with the technological advancement for their medical care are the major factors driving the growth of the market. Moreover, rising disposable income further enhances the overall market demand for equine veterinary services during the forecast period 2020-2025.
Equine Veterinary Services Market Segment Analysis - By Services
Based on the Services, Equine Veterinary Services Market is segmented into Surgery, Diagnostics Tests and Imaging, Physical Health Monitoring, Dental Care, Vaccination, Others. The Diagnostics Tests and Imaging segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.8% during the forecast period 2020-2025. Equine Lameness is a common disease and this is increasing the requirement for digital X-rays, ultrasound and other scans. This is mainly as it provides a clear imaging to help detect the problem. Moreover, increasing prevalence of numerous other diseases among horses are also contributing to the growth of this segment.
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Equine Veterinary Services Market Segment Analysis - By Animal Type
Based on the Animal Type, Equine Veterinary Services Market is segmented into Companion Animal, Farm Animal. In 2019, Farm Animal segment held the largest share in the Equine Veterinary Services Market. This is owing to increase in farm horses for activities such as such as horse racing, competitive riding and others.
Equine Veterinary Services Market Segment Analysis - Geography
North America dominated the Equine Veterinary Services Market share accounting for 40% in 2019. This is mainly owing to high equine population and the advanced healthcare facilities available here. According to Bureau of Land Management, U.S. population estimates for wild horses and burros itself is 88,090 as of March 2020. Also as per the National Agriculture Statistic Service (NASS) there are 2,847,289 horses in horse farms.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing trends of potential for horse racing and increased population owing to improvement of medical facilities here.
Equine Veterinary Services Market Drivers
Increasing Concern for animal care and healthcare expenditure
Increasing animal health expenditure and a rise in the animal health awareness which are increasing the market of equine veterinary services. The disease incidence among horses is very high, making them require more veterinary care driving the market further.
Technological Advancement
Increasing technological advancement and rising medical research for animal healthcare are some factor driving the growth of the market. Improved vaccines, technologically advanced diagnostics and several other biotechnology applications are gaining pace in this market.
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Equine Veterinary Services Market Challenges
The decreasing number of horses used for racing and easily available alternatives to gambling are restraining its market growth during the forecast period 2020-2025. Moreover, the cost of maintenance is also high for them further challenging the market growth.
Equine Veterinary Services Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Equine Veterinary Services Market. Equine Veterinary Services top 10 companies are Addison Biological Laboratory Inc., Animart LLC, CVS Group PLC., Ethos Veterinary Health, Greencross Limited, Idexx Laboratories, Mars Inc., National Veterinary Care Inc., Patterson Companies Inc., and Pets at Home Group Plc.
Acquisitions/Product Launches:
On May 2018, CVS Group Plc has acquisition with Equine hospital. This acquisition helps to strengthen the company’s position in horse segment.
Key Takeaways
In 2019, North America dominates the Equine Veterinary Services Market owing to increasing adoption, advancing technology and veterinary medicine that improves their health.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Equine Veterinary Services Market report.
Decline in horse racing is poised to challenge the market.
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