Product Code: SMRC23677
According to Stratistics MRC, the Global Veterinary Telehealth Market is accounted for $177.90 million in 2023 and is expected to reach $601.19 million by 2030 growing at a CAGR of 19.0% during the forecast period. Healthcare professionals, particularly veterinarians and their employees, have both possibilities and problems as a result of the rapid development of digital communications technology. It's crucial to comprehend basic definitions when you choose whether and how to use telemedicine in your practice. The advantages of telehealth are infinite, giving veterinarians an easy, secure, and speedy approach to diagnose any problems with your pet. Telehealth services may be utilized for a number of purposes, including as guidance for new puppies and kittens, behavioral consultations, dietary suggestions, post-surgical check-ups, allergies, and medication refills, however arranging an in-person appointment is typically necessary for more advanced treatment.
According to World Health Organization (WHO) statistics from 2021, zoonotic diseases cause approximately 1 million cases of illness and deaths each year, and zoonotic diseases cause approximately 60% of emerging infections worldwide.
Market Dynamics:
Driver:
- Consumption of animal-derived goods is rising.
- Farmers are motivated to adopt diagnosis and treatment choices for their animals in order to enhance their earnings by the demand for animal products like milk, poultry, eggs, and meat. Consumers are becoming more aware of the nutritional benefits of animal protein as urbanization rises. Demand for wholesome, environmentally friendly, premium meat products with little to no medication content is also expanding quickly. Thus, it is projected that the worldwide market would be driven by the rising need for healthy animal reproduction. As a result, the increased need for these micronutrients is driving market growth by boosting consumer demand for meat from animals. Producers should be able to create animals immune to the majority of chronic illnesses thanks to technologies like gene editing, which will spur market expansion.
Restraint:
- Insufficient uptake of telehealth in developing regions.
- Developing nations in the Middle East, Africa, Latin America, and Asia Pacific are sluggish to embrace cost-effective and cutting-edge veterinary services. Whether intended for animal or human monitoring environments, large-scale telehealth systems face similar execution challenges such interstate licensing, cost-effectiveness, biocompatibility, market momentum, ethical concerns, diagnostic feasibility, usability, and confidentiality. Increased broadband connectivity is necessary in developing nations like India to provide access to bandwidth-intensive telehealth programs, especially in remote and rural populations are hampering the market.
Opportunity:
- Rising prevalence of zoonotic and chronic diseases.
- Because of the detrimental consequences of climate change and the accelerating pace of globalization, livestock and zoonotic diseases are becoming more common. It is projected that government measures requiring safe medical procedures for farm animals would propel the veterinary telehealth sector. For many governments throughout the world, preventing zoonotic diseases in humans and animals is a top concern. Initiatives are also being made to assist animal producers in educating the public about animal illnesses and how to recognize and treat them. Infected animals can come into touch with ticks, mosquitoes, and fleas, which can spread zoonotic diseases. Typically, ticks carrying the bacteria that cause Lyme disease are to blame. Since these infections may lead to conditions like rabies and Lyme disease, the demand for veterinary telemedicine is expected to rise.
Threat:
- Interstate telehealth practice is governed by inconsistent licensing laws.
- The state-level licensure laws that regulate interstate telehealth practice are not uniform. Moreover, there is a lack of confidence in patients or livestock owners regarding the outcome of e-medicine as no high-tech development can change anything when the end-users don't want to change. One psychological barrier is the self-consciousness of being on camera or video may be of concern for some veterinarians, livestock owners, and para veterinarians. Such factors result in low adoption of telehealth adoption in developing regions.
COVID-19 Impact:
- The veterinary telehealth sector is benefiting from the COVID-19 epidemic. During the continuing crisis, veterinarian telemedicine is becoming more popular. For instance, the usage of telemedicine has increased to safeguard and keep tabs on the health of veterinary patients and veterinary teams, according to a 2020 article by the Veterinary Medical Association (AVMA). Additionally, the U.S. Food and Drug Administration (U.S. FDA) announced that it does not intend to enforce certain requirements that may enable veterinarians to better utilize telemedicine to address animal health needs during the pandemic while also offering flexibility across FDA-regulated industries. Additionally, during the epidemic, a number of healthcare institutions started offering telemedicine services.
- The telemedicine segment is expected to be the largest during the forecast period
- The telemedicine segment is estimated to have a lucrative growth, due to increased internet usage; it is projected that the telemedicine market would expand dramatically. With the use of telemedicine, a veterinarian may digitally transform radiographic, ultrasound, and microscopic pictures and transfer them to a veterinary professional for interpretation without having to leave the comfort of their veterinary institution. Wider usage of veterinary telemedicine services is being facilitated by the increase of internet users. Additionally, a number of service providers are incorporating telemedicine into their offerings. As a result, it is anticipated that such product releases and the use of telemedicine would considerably fuel category growth.
- The canine segment is expected to have the highest CAGR during the forecast period
- The canine segment is anticipated to witness the highest CAGR growth during the forecast period, due to the increased use of telehealth is a result of consumers being more aware of its accessibility and advantages. The common worry of pet owners regarding the general hygiene and health of their animals is also a factor in the market's expansion. Animal healthcare companies, both public and commercial, continually work to increase client understanding of the diagnostic tools available, including in-house analyzers, hematology, clinical chemistry analyzers, and quick lateral flow assays. Dogs are proven to reduce blood pressure and enhance heart health in patients, potentially increasing adoption chances.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to the sizeable portion of the market in North America, and it is anticipated that it will continue to dominate over the projection period. This may be linked to elements including high healthcare costs, the dominance of big market competitors, developments in technology, and a rise in disposable income. Additionally, consumers in the United States have been pushed to choose pet insurance due to the desire for pet adoption due to the need for companionship and lifestyle in the area, which has fuelled the use of veterinary telemedicine services.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, due to the ongoing modernization of the healthcare infrastructure; the market for veterinary telehealth is expected to grow over the course of the projected period. The market is expanding as a result of the increasing use of veterinary healthcare facilities and the quickening expansion of manufacturing facilities in developing nations like China and India. For instance, the government of Andhra Pradesh, an Indian state, introduced a veterinary telemedicine program in June 2021.
Key players in the market:
Some of the key players profiled in the Veterinary Telehealth Market include: GuardianVets, Airvet, TeleVet, FirstVet, VitusVet, TeleTails, Whiskers Worldwide LLC , PetDesk, Petriage Inc, Virtuwoof LLC, Animan Technologies Inc., Petzam, BabelBark, Inc., Activ4Pets, Vetster Inc, PawSquad, Linkyvet, WellHaven Pet Health and Petpro Connect
Key Developments:
- In May 2022, Bonum Health, a Digital Healthcare business subsidiary of TRxADE HEALTH, INC. integrated drug procurement, delivery, and healthcare platform, launched Tele-Veterinary services for pets.
- In May 2022, Penn Foster, one of the talent development platforms launched a new certification program designed to help veterinary professionals build critical telehealth skills. The curriculum, which is the first-ever accredited training program specifically tailored for remote pet care, will enable current veterinary technicians, assistants, and administrators, to provide cutting-edge virtual care to their patients.
Service Types Covered:
- Teleconsulting
- Telemonitoring
- Telemedicine
- Other Service Types
Animal Types Covered:
- Canine
- Equine
- Bovine
- Feline
- Swine
- Other Animal Types
Applications Covered:
- Computed Tomography (CT) Reporting
- Magnetic Resonance Imaging (MRI) Reporting
- Picture Archiving and Communication System (PACS)
- Radiographic Reporting
- X-Ray
- Other Applications
Regions Covered:
- North America
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Veterinary Telehealth Market, By Service Type
- 5.1 Introduction
- 5.2 Teleconsulting
- 5.3 Telemonitoring
- 5.4 Telemedicine
- 5.5 Other Service Types
6 Global Veterinary Telehealth Market, By Animal Type
- 6.1 Introduction
- 6.2 Canine
- 6.3 Equine
- 6.4 Bovine
- 6.5 Feline
- 6.6 Swine
- 6.7 Other Animal Types
7 Global Veterinary Telehealth Market, By Application
- 7.1 Introduction
- 7.2 Computed Tomography (CT) Reporting
- 7.3 Magnetic Resonance Imaging (MRI) Reporting
- 7.4 Picture Archiving and Communication System (PACS)
- 7.5 Radiographic Reporting
- 7.6 X-Ray
- 7.7 Other Applications
8 Global Veterinary Telehealth Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 GuardianVets
- 10.2 Airvet
- 10.3 TeleVet
- 10.4 FirstVet
- 10.5 VitusVet
- 10.6 TeleTails
- 10.7 Whiskers Worldwide LLC
- 10.8 PetDesk
- 10.9 Petriage Inc.
- 10.10 Virtuwoof LLC
- 10.11 Animan Technologies Inc.
- 10.12 Petzam
- 10.13 BabelBark, Inc.,
- 10.14 Activ4Pets
- 10.15 Vetster Inc
- 10.16 PawSquad
- 10.17 Linkyvet
- 10.18 WellHaven Pet Health
- 10.19 Petpro Connect