Albany – NY, Oct. 20, 2015 (GLOBE NEWSWIRE) — In a recent market study published by Transparency Market Research (TMR), the global equine healthcare market is forecasted to reach US$24.5 billion in 2019. TMR research report states that the equine market globally that was valued at US$26.6 billion in 2012 is projected to decline at a CAGR of 1.2% between 2013 and 2019. The report titled, “Equine Healthcare Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019” is available for sale on the company website. As per the TMR market report, the global equine healthcare market is expected to witness drop between 2013 and 2019 due to slump in the overall equestrian industry. Owing to expected overall drop in horse breeding and horse population between 2013 and 2019, the equine healthcare market which is a secondary market for the equine industry is projected to witness declined growth, as per the study findings.
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The equine healthcare market is ranked as one of the major secondary markets for the equestrian industry globally. The equestrian industry is valued as a multi-billion dollar industry encompassing horse racing and wagering, competitive and leisure horse riding, and supports several secondary markets, as stated by the report. The TMR study segments the global equine healthcare market on the basis of products namely equine therapeutic products, supplement products, and equine diagnostic products. The three product segments are further sub-segmented into products for diagnosis of healthcare conditions that are equine-specific, treatment of healthcare conditions that are equine-specific, and supplements and other products for upkeep of thoroughbred species.
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The equine healthcare market is ranked as one of the major secondary markets for the equestrian industry globally. The equestrian industry is valued as a multi-billion dollar industry encompassing horse racing and wagering, competitive and leisure horse riding, and supports several secondary markets, as stated by the report. The TMR study segments the global equine healthcare market on the basis of products namely equine therapeutic products, supplement products, and equine diagnostic products. The three product segments are further sub-segmented into products for diagnosis of healthcare conditions that are equine-specific, treatment of healthcare conditions that are equine-specific, and supplements and other products for upkeep of thoroughbred species.
Further, the equine diagnostic products are sub-segmented into ultrasound devices and equine urine test kits. As stated by the report, equine urine tests kits are expected to exhibit an upward growth trend on account of non-invasive character and ease-of -use and of the products. Also, equine urine tests kits are preferred choice of veterinarians as it facilitates in determining horse conditions, therefore emerging as a significant product segment of the global equine healthcare market, as per findings of the report. Thus, equine urine tests kit will be the fulcrum of opportunities for manufacturers in the global equine healthcare market.On the basis of geography, the TMR market study segments the global equine healthcare market into North America, China, Europe, and Rest of the World (RoW). As per the report, Asia Pacific is anticipated to lead the global equine healthcare market in coming years on account of high horse breeding activity in Australia.
Further, China is expected to be a major market for equine healthcare since the country plans to import well-bred horses from all over the world, as stated by the report. This will meet its expansion investment for equine activities and income from wagering. The equine healthcare market is expected to be driven by the intensifying efforts in China to support the equine sports and upkeep of the thoroughbred species, as per the study findings.
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