The global equestrian market is a multi-billion dollar industry that comprises horse racing, leisure and competitive riding has spawned and supports multifarious supplementary or secondary markets; the equine healthcare market ranks as the prime support or secondary market. The study of the equine healthcare market is thus beneficial to understand multitude of opportunities and niche markets that can be leveraged and catered to by the market participants.
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The equine healthcare market is segmented into equine diagnostic products, equine therapeutic products and equine supplement products. These three segments comprise of sub-segment markets in context of various products used for diagnosis of equine-specific healthcare conditions, treatment of equine-specific healthcare conditions and supplements and protection products used for upkeep and maintenance of a horse, respectively.
The base of sustainability and profitability of the equestrian industry is the population/number of horses worldwide, any change in the equine population impacts the equestrian industry and the support or secondary markets such as the equine healthcare market.
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A trend analysis in congruence with expert opinion analysis indicates that to maximize ROI of equestrian business operations, horse-owners are likely to curtail equestrian operations only till ‘breeding’ sub-set of the value-chain that yields high ROI. Horse ‘breeding’ is thus expected to be a core equestrian industry/market in some geographical regions. Choice of breeding stock and management of breeds are crucial to maintain and improve profitability margins of breeding operations.Additionally, it is expected that going forward, regulatory compliance norms mandate ‘genotype tagging/labeling’ of the meat source i.e. slaughtered animal/horse, to thwart the spread of infections from horses to humans. Choice of breeding stock and genotype tagging/labeling’ are done with the help of ‘breed quality analyzers/genotype analyzers kits’ that constitute the equine genotyping analysis products market. Hence, we estimate the global equine genotyping analysis products market (a sub-segment of the equine diagnostic productsmarket) to grow at a substantially high (as compared to other market segments) CAGR of over 15% during years 2013 to 2019.
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Going forward till 2019, ~50% of the horse-owners in the North American region indicated declining interests in participating in equine shows, events and also racing. The horse-owners also opined that they are likely to curtail equestrian operations only till ‘breeding’ sub-set of the value-chain in order to maximize the ROI and export quality breed horses to destinations such as China. Hence, the North American equine healthcare market is expected to decline by ~1.0% over the six years from 2013 to 2019.
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