Dublin, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The "Veterinary Telehealth Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
Recent years have seen substantial growth, evidenced by the market valuation of nearly $1,061.3 million in 2022. Demonstrating a robust CAGR of 24.9% from 2017, the market is on an upward trajectory, with forecasts suggesting an expansion to approximately $3,365.4 million by 2027 and a remarkable growth projection, leading up to $10,679.0 million in 2032.
The global market has benefited from various forces, including burgeoning growth in emerging economies, rising pet expenditure, favorable government policies, and growing insurance penetration for pets. Moreover, factors set to propel the market further encompass a surge in pet ownership, escalating consumption of livestock products, and expanded urbanization.
Segmental Insights and Regional Analysis of Veterinary Telehealth Services
The report reveals market distribution, detailing animal types such as canine, feline, and equine, among others. In 2022, the 'other animal types' segment dominated, holding a 25.8% share. However, the canine segment is anticipated to witness the highest growth rate, with a forecasted CAGR of 26.6% during the 2022-2027 period.
From a service perspective, the market is divided into telemedicine, teleconsulting, and telemonitoring services, with teleconsulting commanding the largest market share at 33.4%. Yet, it is telemedicine services that are expected to experience the most rapid growth, surging forward at a CAGR of 27.1% from 2022 to 2027.
- North America leads the charge as the largest regional contributor to the veterinary telehealth market, accounting for 45.3%.
- Regions such as Asia Pacific and the Middle East are forecasted to record the fastest growth in the coming years, with Africa and Western Europe not far behind.
A splintered market structure highlights the presence of numerous smaller firms making significant strides, with the top ten competitors accruing a combined market share of 5.84%. The report divulges that veterinary telehealth entities should concentrate on leveraging advanced technologies, like artificial intelligence, and focus on strategic partnerships to capture market opportunities.
In light of potential hindrances such as a shortage of veterinarians, this report offers strategic recommendations for market players, including a push for facility expansions, launch of innovative services, and a focus on high-growth emerging markets without losing sight of the developed nations.
Maximizing Opportunities for Players in the Veterinary Telehealth Space
- Integration of artificial intelligence in service offerings.
- Expansion and establishment of state-of-the-art facilities.
- Launch of cutting-edge veterinary telehealth services to cater to diverse animal health needs.
- Market penetration and expansion in both emerging and developed markets.
- Formation of strategic alliances and collaboration to bolster service portfolios.
- Competitive pricing strategies to appeal to a broader segment of pet owners.
The comprehensive analysis provided by this report serves as a vital tool for stakeholders in the veterinary telehealth sector looking to realize the potential of the segment and navigate the promising landscape with informed decision-making.
| Report Attribute | Details |
| No. of Pages | 271 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value (USD) in 2022 | $1.06 Billion |
| Forecasted Market Value (USD) by 2032 | $10.67 Billion |
| Compound Annual Growth Rate | 26.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/a74fye
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