Market Trends of Equine Healthcare Industry
This section covers the major market trends shaping the Equine Healthcare Market according to our research experts:
Vaccines Segment is Expected to Witness Growth Over the Forecast Period
A vaccine is a biological preparation used to develop and maintain individual and herd immunity against infectious diseases. The basic or core equine vaccines are those vaccines that protect against diseases that have significant health risks to the horse and/or to humans through contact. Commercial vaccines are available for rabies, tetanus, influenza, equine herpesviruses 1 and 4, botulism, Potomac horse fever, equine viral arteritis, rotavirus, West Nile virus, and Streptococcus equi (strangles), among others. According to the American Veterinary Medical Association (AVMA), certain equine vaccines, including eastern & western equine encephalomyelitis, rabies, tetanus, and West Nile virus, meet the criteria for core vaccines and are identified as one.
Moreover, new product launches and strategic activities by major players in the market are positively affecting the growth of the market studied. For instance, in February 2022, Zoetis launched the Horse First Health Care portfolio, strengthening its core strategic focus in equine healthcare. In addition, in recent years, several advancements in vaccine technology are further driving the market growth. Recent advances in recombinant proteins-based vaccines have led to the development of newer vaccines. For instance, in August 2022, Dechra Pharmaceuticals PLC launched Strangvac, a new protein-based strangles vaccine for horses and ponies. Thus, owing to the product launches and strategic activities by major players, the market studied is expected to have significant growth over the forecast period.
Therefore, the vaccines segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Dominate the Equine Healthcare Market
North America is expected to dominate the market owing to factors such as the high equine population, high animal health spending, and increasing number of equine vaccination programs in the region. In addition, the availability of skilled veterinarians in the United States is also among the key factors contributing to the growth of the market studied in North America.
Several partnerships and collaborations, a high concentration of market players, and the manufacturer's presence in the United States are some of the factors driving the growth of the Equine Healthcare market in the country. For instance, in September 2021, Merck & Co., Inc. entered a partnership with Irish-based technology company EquiTrace Ltd, creators of the EquiTrace platform. The app also works with Merck Animal Health's Bio-Thermo microchips, allowing horse care professionals to instantly read, graph, and monitor a horse's temperature. Likewise, In December 2021, Hygain, an equine nutrition solution brand, acquired Arenus Animal Health (Arenus). This is anticipated to strengthen its product portfolio significantly.
Increasing support from the government to regulate and protect equine healthcare is also anticipated to drive the market. For instance, the National Equine Health Plan (NEHP) provided by the United States Department of Agriculture (USDA) and the American Horse Council (AHC) protects the health and welfare of the United States equine population and facilitates the continued interstate and international movement of equines and their products. In another instance, in August 2022, the Horses and Humans Research Foundation (HHRF) and Zoetis announced a partnership as a continued sponsor. The partnership included support for HHRF's 2022 Conference held in August in the United States. These continuous regional developments are anticipated to drive market growth in the country.
Therefore, owing to the aforementioned factors, the market's growth is anticipated in the North America Region.
