Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Artificial Intelligence (AI) in Animal Health Market , 2023 to 2030" report has been added to ResearchAndMarkets.com's offering.
The global artificial intelligence in animal health market is poised for remarkable growth, with a projected market size of USD 3.76 billion by 2030, exhibiting a robust CAGR of 19.09% from 2023 to 2030. The convergence of technological advancements, digitalization in veterinary health, and an increasing demand for enhanced animal health outcomes is driving this growth trajectory.
The Power of AI in Veterinary Diagnostics
Artificial intelligence algorithms are reshaping the landscape of veterinary diagnostics, especially in analyzing medical images like radiographs and scans. With high accuracy and efficiency, AI-enabled algorithms lead to improved diagnostic capabilities, swifter detection of abnormalities, and more precise treatment planning. IDEXX's ProCyte One Hematology Analyzer and SediVue Dx Analyzer exemplify the fusion of AI and veterinary diagnostics. These in-house analyzers utilize AI to augment veterinary diagnostics, showcasing how technology can revolutionize animal health.
COVID-19: Accelerating Telemedicine and Remote Monitoring
The COVID-19 pandemic triggered a surge in the adoption of technology, notably in telehealth and remote monitoring. With lockdowns and distancing measures in place, telemedicine flourished in the veterinary domain. AI-powered telemedicine platforms emerged as saviors, enabling remote consultations, triaging cases, and guiding pet owners. This accelerated the integration of AI-driven technologies in veterinary practices. Nevertheless, the pandemic posed operational challenges for veterinary clinics and hospitals, affecting the implementation of AI technologies due to limitations in training and on-site support.
Wearable Devices and Remote Monitoring: A New Frontier
The fusion of AI with wearable devices and remote monitoring systems is meeting the rising demand for continuous animal health monitoring and early issue detection. By employing AI algorithms to analyze real-time data from wearable devices like activity trackers and health sensors, veterinarians and pet owners can identify health changes, preempt potential problems, and intervene proactively. This integration offers convenience and actionable insights while enabling veterinarians to provide more effective care. The demand for AI-driven wearable devices and remote monitoring systems is thus driving growth in this segment.
Key Highlights from the Market Report
- Enhancing Animal Care: Artificial intelligence is increasingly being harnessed in animal health to elevate diagnostics, treatment planning, research, and overall care. Decision support systems powered by AI assist veterinarians in devising treatment plans and recommendations.
- Market Segments: The hardware segment led the market in 2022, driven by the cost of devices like wearables and diagnostic equipment. The software and services segment is projected to witness the fastest growth rate, showcasing a potential growth of about 20%.
- Application Insights: The diagnostics segment dominated the market in 2022 with a share of over 50%. The "others" segment is expected to experience the highest growth rate of around 22%, owing to emerging applications of AI in veterinary medicine.
- Animal Types: Companion animals held the largest market share by animal type in 2022. However, the production animals segment is anticipated to witness the highest CAGR of over 20% in the near future.
- Regional Dynamics: In 2022, North America claimed the highest market share, exceeding 35%. Meanwhile, the Asia Pacific region is projected to achieve the fastest CAGR of over 21% in the coming years.
AI: Partnering with Veterinary Professionals
The driving force behind the growth of the AI in animal health market is its ability to augment and support veterinary professionals. By equipping them with advanced tools and insights, AI facilitates the delivery of superior care to animals. As the integration of AI technology continues to reshape veterinary practices, the market's growth trajectory remains promising, shaping a future where animal health outcomes are further enhanced through the power of artificial intelligence.
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Artificial Intelligence (AI) in Animal Health Market Variables, Trends, & Scope
Chapter 4. Artificial Intelligence (AI) in Animal Health Market: Solutions Estimates & Trend Analysis
Chapter 5. Artificial Intelligence (AI) in Animal Health Market: Application Estimates & Trend Analysis
Chapter 6. Artificial Intelligence (AI) in Animal Health Market: Animal Type Estimates & Trend Analysis
Chapter 7. Artificial Intelligence (AI) in Animal Health Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
Companies Profiled
- Zoetis Services LLC
- Merck & Co. Inc.
- Heska Corporation
- SignalPET
- VetCT
- Vetology LLC
- OneCup AI
- Petriage
- ImpriMed, Inc.
- IDEXX Laboratories, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/fhbylc
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