Albany, NY -- (SBWIRE) -- 11/28/2017 -- The global equine healthcare market is declining at a CAGR of 1.20% between 2013 and 2019. The market was recorded at US$26.6 bn in 2012 and is expected to fall to US$24.5 bn by the end of 2019, according to a research report released by Transparency Market Research, titled "Equine Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019".
Breed quality analyzers or genotype analyzers are an integral part of the equine diagnostic products segment of the global equine healthcare market. This segment is expanding at a CAGR of more than 15% within the report's forecast period, owing solely to the increasing sales of the analysis kits.According to the report, by 2019, almost half of all horse-owners in North America will have restricted their business to horse breeding as a result of loss of interest and to maximize ROI in a declining global equine industry.
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According to the report, the key factor responsible for the shrinking global equine healthcare market is the falling rate of horse breeding undertaken on a global scale. The consequent drop in equine population has also created a faster decline in the global equine healthcare market.The global equine healthcare market, as per the report, is a major secondary market for the global equine industry. The equine industry is currently a multibillion-dollar industry and covers races and the wagering involved, leisure horse riding, and competitive horse riding. It also includes a list of secondary markets, including the global equine healthcare market.
As a precursor to the global equine healthcare market forecasts, the report also explains that any change in the equine population directly affects the global equine healthcare market. As such, a fall in horse numbers will result in a lower demand for their healthcare products.Consequently, the focus of multiple equestrian companies has shifted from specific fields of the global equestrian industry to a holistic approach towards horse breeding. Most companies have adopted this strategy in order to maximize their ROI in equine business operations. Expert opinions reveal horse breeding to be the lone profit-making endeavor in the global equestrian industry.
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The report divides the global equine healthcare market into three segments on the basis of products: diagnostic products, supplements, and therapeutic products.The report notes that the growth rate of one product segment – equine diagnostic products – remains higher than the rest. This is directly attributed to the changes in regulatory compliance brought on by multiple governing agencies in favor of genotype labeling or tagging of all meat sources. The procedure is used to differentiate various types of meats in order to curb the spreading of infections between humans and horses.
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