PUBLISHER: KBV Research | PRODUCT CODE: 1374422
PUBLISHER: KBV Research | PRODUCT CODE: 1374422
The Global Veterinary Telemedicine Market size is expected to reach $1.5 billion by 2030, rising at a market growth of 17.2% CAGR during the forecast period.
Veterinary telemedicine allows pet owners and general practice veterinarians to access specialized expertise that may not be readily available locally. Hence, the consultation with specialists segment generated $125.8 million revenue in the market in 2022. This is particularly important for complex or rare cases that require the knowledge and experience of a specialist. Specialist consultations can be scheduled more quickly through telemedicine, as there are fewer geographical and scheduling constraints. This speed is crucial for addressing urgent or time-sensitive health concerns in animals. Some of the factors impacting the market are developments in telemedicine technology, growing number of zoonotic illnesses, and exorbitant prices of telemedicine services.
Technological advancements greatly influence the development and evolution of veterinary telemedicine. These developments have raised the standard of treatment, broadened the scope of services, and widened accessibility for both veterinarians and pet owners. Veterinary treatment has been transformed by creating specialized telemedicine platforms and mobile applications. The market is also growing due to the increasing use of AI and ML in veterinary telehealth services to enhance the accuracy and speed of diagnostics, resulting in improved results for animals. The prevalence of livestock and zoonotic diseases is increasing due to the adverse effects of climate change and accelerating globalization. A zoonosis is any disease or infection that can be transmitted naturally from vertebrates to humans. There are more than 200 known zoonoses. Zoonoses cause a significant portion of newly emerging and chronic human diseases. Typically, ticks carrying the bacteria that causes Lyme disease are the cause. Because these infections can lead to diseases such as rabies and Lyme, the need for the market is expected to increase.
However, the high price of veterinary telemedicine may prevent it from being widely used. The expense of delivering telemedicine services can be a barrier to the market's expansion, even though telemedicine has several benefits in terms of convenience, accessibility, and less stress for both pets and their owners. Several factors influence the price of veterinary telemedicine services. These costs can accumulate, especially for ongoing medical conditions or complex conditions. Therefore, the exorbitant prices for the services may impede the market growth.
Furthermore, veterinarians had to restrict personal interaction with their clients due to the COVID-19 outbreak. This prompted federal governments to relax their telemedicine and VCPR legislation, making telemedicine more accessible to pet owners. It permitted veterinarians to prescribe treatment without examining or visiting pets, limiting intimate contact and the potential spread of COVID-19 within the community. The increased frequency of obesity in pets due to illnesses, including joint problems and osteoarthritis, drove the demand for more effective treatment alternatives. Zoonotic diseases are responsible for about 60% of emerging infections globally. Consequently, the rise in infectious diseases compelled pet and farm animal owners to implement telehealth services for enhancing and monitoring the health of their animals. Therefore, the pandemic had a moderate impact on the market.
On the basis of application, the market is divided into diagnosis & treatment, prescription of medication, follow-up care, consultation with specialists, and education. The follow-up care segment garnered a promising revenue share in the market in 2022. Telemedicine enables pet owners to communicate with licensed veterinarians remotely through various communication methods, such as video calls, phone calls, and online chat platforms. It allows pet owners to acquire guidance, prescriptions, and even follow-up care without making in-person visits.
Based on component, the market is classified into software & services and hardware. In 2022, the software and services segment witnessed the largest revenue share in the market. Increasing demand for cloud-based and on-demand services accounts for a substantial portion of the software and services segment. Some telemedicine software can connect with devices that monitor a pet's health, such as wearable trackers, to provide ongoing health data to veterinarians. Additionally, many telemedicine software platforms often have features for secure messaging and video calls, improving communication between pet owners and veterinarians.
Animal Type Outlook
By animal type, the market is fragmented into companions, livestock, and others. The livestock segment projected a prominent revenue share in the market in 2022. Livestock farmers often have large numbers of animals that require healthcare. Access to veterinary care in rural or remote areas can be limited. Veterinary telemedicine allows farmers to consult with veterinarians without needing physical visits. This can lead to increased demand for telemedicine services in the livestock sector.
By type, the market is bifurcated into telephone and internet. The internet segment held the highest revenue share in the market in 2022. The internet segment enables the usage of live chat and video conferencing, which may offer pet owners a more engaging and intimate experience. Internet-based veterinary telemedicine is a useful resource for both pet owners and veterinarians. It is a more comprehensive and interactive method of providing veterinary care, and its popularity is growing.
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The convenience of telemedicine is responsible for North America's significant market share globally. Telemedicine can be a less expensive option for pet owners, particularly those who live in rural areas or have difficulty traveling. Telemedicine enables pet owners to receive veterinary care from the comfort of their own homes. This can be particularly convenient for busy people.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Teletails, Justanswer, Airvet, Inc., Firstvet, Vetster Inc., Otto, Animan Technologies Inc., Vitusvet, Whiskers Worldwide, LLC, and Askvet
Strategies Deployed in Veterinary Telemedicine Market
Aug-2023: Vetster Inc. announced the launch of Vetster nutrition services to enhance pet owners' access to quality veterinary nutrition advice and approved products in the United States. Through this launch, Pet owners can now easily access expert nutrition consultations with licensed veterinarians via Vetster's user-friendly virtual platform from home. Additionally, Vetster vets assess and recommend therapeutic pet products for home delivery through partners PetMeds® and Purina® Pro Plan®.
Nov-2022: Vetster Inc. introduced the launch of Vetster for Veterinarians mobile app, available on Android and iOS. The mobile app offers vets flexibility to connect with pet owners between appointments or from home, providing high-quality video and user-friendly scheduling tools.
Apr-2022: Vetster Inc. came ito partnership with PetMed Express, Inc., an online pet pharmacy based in the United States. Through the agreement, PetMeds exclusively supplies pet medications on Vetster, while Vetster exclusively offers telehealth and telemedicine services to PetMeds customers. Additionally, PetMeds customers can easily access Vetster's technology for remote vet consultations.
Mar-2021: Airvet, Inc., telehealth software company for both veterinarians and pet parents, expanded its geographiacal presence to Canada. Through this expansion, Airvet introduced fully functional, connected care solution for pets, pet parents and veterinarians, to Canada, which will expand the geographical presence of the company and their portfolio.
Feb-2021: Airvet, Inc. announced a collaboration with The Vanderpump Dog Foundation, a 501(c)(3) dog rescue organization working on both domestic and international fronts to create a kinder world for dogs. Under the collaboration, Airvet raised $10,000 in support of The Vanderpump Dog Foundation's February rescue initiatives and the provision of critical medical care. Additionally, Airvet also offers 72 hours of free medical advice to anyone adopting a dog from The Vanderpump Dog Foundation.
Nov-2020: FirstVet expanded its geographical presence in United States. Under the expansion, FirstVet had set up operations in the United States, with a team of 14 members based in New York, aiming to provide care for the 184 million cats and dogs in the country. Additionally, the company provides its vet consultation service in all 50 states and offers diagnoses for cats, dogs, horses, and reptiles.
Jun-2020: TeleTails came into partnership with Fear Free, a transformative educational program providing veterinary professionals, pet professionals, and other services. Under the partnership, Offering Fear Free network veterinarians preferred access to TeleTails allowed members to use digital care to reduce fear and stress in pets and their caregivers. Additionally, TeleTails combined flexibility, responsiveness, and convenience with telemedicine and curbside services, benefiting pets, people, and the profession.
Market Segments covered in the Report:
By Animal Type
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