Equine Veterinary Services Market Segment Analysis By Service
The Equine Veterinary Services Market based on Services can be further distributed into Diagnostic Tests and Imaging, Physical Health Monitoring, Surgery, Vaccination and Other. The Diagnostic Tests and Imaging segment is the major segment generating revenue in 2020. This is mainly owing to rising number of diseases among animals that increasing the use of diagnostic tests and imaging as it provides a clear image that helps to find the diseases easily which further helps to treat more quickly. Moreover, rising lameness among horses requires the diagnostic imaging that further enhancing the market growth. The Physical Health Monitoring segment is estimated to register the fastest CAGR of 5.5% for the period 2021-2026. This is mainly owing to the fact that horses are used in various tourist places for travelling that rising the need of physical health monitoring of horses. Moreover, growing race competition of horses also increasing the need of physical health monitoring that further propelling the growth of Equine Veterinary Services Market.
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Equine Veterinary Services Market Segment Analysis By Animal Type
The Equine Veterinary ServicesMarket based on Animal Type can be further segmented into Farm Animal, and Companion Animal. The Farm Animal segment registers for the highest Equine Veterinary Services Market share in 2020. This is mainly owing to rising need of maintenance in farm as many animals are living in one place so they need proper treatment and care for being healthy that rising the need of equine veterinary in farms. Moreover, rising need of farm animal in various racing competition growing the need of equity veterinary services. The Companion Animal segment is forecasted to register the fastest CAGR of 6.1% over 2021-2026. This is mainly owing to rising hobby of adopting horses husbandry growing the need of proper treatment of animals which in turn propelling the growth of Equine Veterinary Services Market.
Equine Veterinary Services Market Segment Analysis By Geography
North America dominated the Equine Veterinary Services Market with major share of 45% in 2020. This is owing to rising development in technology for animal care helps in growing the care for horses that further increasing the need of equine veterinary. Moreover, rising availability of animal farm for horses rising the need of equine veterinary services which in turn driving the market growth. According to National Agriculture Statistic Service (NASS), in 2020 about 459,526 horse farms are available in the U.S. where 2,847,289 horses are present that rising the need of equine veterinary services.
However, Asia Pacific is projected to be the growing market during the forecast period 2021-2026 owing to growing healthcare expenditure that rising the availability of treatment for animals. Moreover, rising association for animal health in order to develop the understanding of infectious diseases of animal increasing the need of equity veterinary services.
Equine Veterinary Services Market Drivers
Growing Awareness About the Health of Animal
Rising adoption of horses among people increasing the need of maintenance that growing the awareness for the health of animal is a major factor driving the market growth. Moreover, rising sickness among horses increases the risk among the owners to get infected that needs proper maintenance and treatment for horses. This factor rising the awareness among people for the health of animal which rising the adoption of equine veterinary services and thus enhancing the Equine Veterinary Services Market over the period 2021-2026.
Rising Advancement in Technology
Rising advancement in technology helps to diagnose diseases and injury in a better way as it helps to provide faster diagnosis, higher treatment success rate and faster recovery time. Rising adoption of MRIs and ultrasound for accurate diagnosis of animals among veterinarians which in turn boosting the growth of Equity Veterinary Services Market over the period 2021-2026.
Covid-19 Impact:
COVID-19 pandemic had greatly impacted the growth of Equity Veterinary Services Market. During pandemic, the spread of virus increases the rising the need for the care of animals also. So, equine veterinarian services are mostly used for the proper care of animals which are positively impacted the growth of Equity Veterinary Services Market.
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Equity Veterinary Market Challenges
Reduction in Horse Racing
The factors that is set to impede the growth of the Equine Veterinary Services Market are the reduction of horse racing which is set to restrain the growth of Equine Veterinary Services Market.
Equine Veterinary Services Market Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Equine Veterinary Services Market. Equine Veterinary Services top 10 companies are Ethos Veterinary Health, Greencross Limited, Idexx Laboratories, Mars Inc., National Veterinary Care Inc., Patterson Companies Inc., Addison Biological Laboratory Inc., Animart LLC, CVS Group PLC., and Pets at Home Group Plc.
Development
In 2019, Pulse Veterinary Technologies LLC acquired NeoPulse GmbH in order to expand the research and development capabilities in order to provide better serve for veterinary hospitals.
Key Takeaways
In 2020, North America dominated the Equine Veterinary Services Market owing to rising development in technology for animal care helps in growing the care for horses that further increasing the need of equine veterinary. Moreover, rising availability of animal farm for horses rising the need of equine veterinary services which in turn driving the market growth.
Growing awareness about the health of animal and rising advancement in technology are enhancing the growth of the Equine Veterinary Services Market.
The prominent manufacturers operating in the market will be provided detailed analysis of Strength, Weakness, and Opportunities in the Equine Veterinary Services Market report.
Reduction in horse racing is set to create hurdles for the Equine Veterinary Services Market.
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