Global veterinary telehealth market was valued at USD 92.0 millions in 2020. It is expected to grow at a compound annual rate (CAGR of 19.5%) between 2021 and 2028. These management systems are becoming more popular due to the constant growth in the emphasis on veterinary and disease detection. The market is also driven by the increasing prevalence of chronic and zoonotic diseases in animals, as well as the growing adoption of IoT/AI by pet owners.
Market demand for veterinary telehealth is growing due to the increasing incidence of diseases like diabetes, kidney disease, spinal disc problems, blood pressure, and other issues. There is a growing demand for better treatments due to obesity in pets. Disease outbreaks in livestock can pose major socioeconomic risks, disrupting local markets, international trade and rural markets, as well as causing production losses. These factors are driving demand for veterinary and telehealth.
Market growth is expected to be boosted by the increase in animal healthcare spending. The cumulative U.S. pet market spending has increased by 4.1 % between 2016 and 2017, according to the 2018 report from APPA – American Pet Products Association. The increasing concern for their pets has led to an increase in care spending, which is fuelling the growth. In addition, the veterinary care spending has increased 7.0%, from USD 15.95 Billion in 2016 to USD 17.07 Billion in 2017. The growing demand for animal care is driving the growth in telehealth veterinary services.
The market is expected to grow because of the high demand for animal-derived products and increasing consumption. This increasing demand will eventually increase the need for protection of animals against diseases. According to the International Service for the Acquisition of Agri-biotech Applications, the demand for meat production and milk production will double in the developing world by 2050. These factors have accelerated the adoption of Telehealth for animal health care.
Other animal segments dominated the market in veterinary telehealth, accounting for around 27.5% of the total revenue share in 2020. Other segments include poultry, sheep, and goats. This segment has seen a significant increase in its consumption of cattle and poultry products. Other commodities, such as wool, also require sheep. The high prevalence of chronic diseases in sheep, goats and other animals is a major driving factor for this market. This may result in the adoption of veterinary technology for disease prevention and control.
Over the forecast period, the canine segment will be the fastest growing segment. This is due to the growing spending on animal healthcare, especially in developed countries. According to the American Pet Product Association statistics, 20% of the spending was for products and food and supplies and 25% was for veterinary care.
In 2020, the teleconsulting segment accounted for 29.1% of the total revenue. This segment growth can be attributed to veterinarians' increasing use of telehealth tools to get advice and insight regarding animal care. Teleconsultation also reduces transport costs and ancillary expenses. Expert advice can be obtained immediately without the need for lengthy waiting periods. These factors are driving segment market growth.
The market for veterinary Telehealth can be divided by service type into telemedicine, monitoring, and other. Due to increased internet penetration, telemedicine will be the fastest growing segment during the forecast period. Telehealth for animals has seen an increase in popularity due to the rise in internet users. Market players are expected to increase telemedicine market growth through their increasing initiatives. Guardian Vets, for instance, launched Curbside in October 2020 as a secure and contactless appointment solution for pet owners in response to the Covid-19 pandemic.
North America was the dominant market for veterinary telehealth and held the largest revenue share at 37.2% in 2020. The growth can be attributed to several factors, such as the presence and investment in animal care expenditures and key players in the region. The market for veterinary Telehealth will be driven by technological advances and high disposable income over the forecast period.
The constant improvement of healthcare infrastructure in Asia Pacific is expected to drive a 20.7% CAGR. Market growth is also being driven by the increasing adoption of veterinary healthcare facilities and the rapid expansion in manufacturing facilities in emerging nations like China and India. The telehealth market is also being driven by the high number of cattle in the region. China and India, for example, account for more than 30% of the world's cattle population.
These key players are involved with business activities like strategic collaborations, product launches and regional expansion. Emerging countries are still considering veterinary telehealth. Televet, for example, partnered with Cornell University Hospital for Animals in August 2020. Televet would then deploy its telehealth platform to the University's veterinary health operations. This allowed the company to expand its market share in veterinary telehealth. TeleTails also launched TeleTails Instant, a new software tool that allows for video conferencing to address the COVID-19 pandemic. These initiatives are expected to encourage further market growth. The following are some of the most prominent players in the market for veterinary telehealth:
Airvet
Activ4Pets
BabelBark, Inc.
GuardianVets
PetDesk
Petzam
TeleTails
Televet
Vetster, Inc.
VitusVet
Whiskers Worldwide, LLC
Virtuwoof, LLC
FirstVet
PawSquad
Petriage Inc.
Up Market Research published a new report titled “Veterinary Telehealth Market research report which is segmented by Animal Type (Bovine, Equine, Canine, Feline), by Service Type (Telemedicine, Telemonitoring, Teleconsulting), By Players/Companies Activ4Pets, TeleTails, BabelBark Inc, VitusVet, Airvet, PawSquad, FirstVet, Televet, Petriage Inc, Vetster Inc, Whiskers Worldwide LLC, GuardianVets, Petzam, Virtuwoof LLC, PetDesk”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Veterinary Telehealth Market Research Report |
By Animal Type | Bovine, Equine, Canine, Feline |
By Service Type | Telemedicine, Telemonitoring, Teleconsulting |
By Companies | Activ4Pets, TeleTails, BabelBark Inc, VitusVet, Airvet, PawSquad, FirstVet, Televet, Petriage Inc, Vetster Inc, Whiskers Worldwide LLC, GuardianVets, Petzam, Virtuwoof LLC, PetDesk |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 219 |
Number of Tables & Figures | 154 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Animal Type (Bovine, Equine, Canine, Feline), by Service Type (Telemedicine, Telemonitoring, Teleconsulting).
Veterinary Telehealth Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Veterinary Telehealth Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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