NEWARK, Del, April 11, 2024 (GLOBE NEWSWIRE) -- The global veterinary telehealth market is anticipated to be valued at US$ 190.8 million by 2024. The market valuation is estimated to be US$ 970 million by 2034, projected at a CAGR of 17.7%.
The surge in the need for easily accessible and convenient pet care solutions is one of the major factors impelling the market to rise. More and more pet owners are searching for alternatives to traditional veterinary appointments that favor the ease of remote consultations for regular check-ups, minor illnesses, and general questions about the health of their pets.
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Developments in telecommunication technologies have also facilitated the ability of veterinarians, which has not only provided virtual consultations but also has expanded popularity among veterinary professionals and pet owners.
Despite its bright future, the veterinary telehealth sector is susceptible to several risks. One is the possibility of opposition from conventional veterinary clinics. The absence of established procedures and policies for telemedicine in veterinary care may also commence on moral and legal difficulties, which would impede the expansion of the industry.
The market offers numerous opportunities for innovation and growth. For example- the use of telehealth technologies in underserved markets, including rural locations with little access to veterinary care, presents a significant opportunity.
Veterinary telehealth companies may fill the gap and enhance the quality of care for pets in such areas by providing telemedicine, remote monitoring, and virtual consultations and services.
Key Takeaways from the Market Study:
- Under telehealth type, online telehealth registered to expand at 17.5% CAGR by 2034.
- The United Kingdom is estimated to register at a CAGR of 19% by 2034.
- China experiences significant growth, projected at a CAGR of 18.4% by 2034.
- Based on service, the tele-consulting segment is anticipated to expand at 17.3% CAGR by 2034.
“The surge in demand for convenient and accessible pet care solutions is one of the primary drivers for the veterinary telehealth market,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
Key competitors lead the way in the fiercely competitive veterinary telehealth market with their all-inclusive solutions. User-friendly interfaces are helping startups to achieve traction. Enterprising healthcare technology companies are using collaborations and innovation to gain a presence in the market.
Some of the key developments are:
- In August 2020, Televet expanded its telehealth platform into the university's veterinary telehealth activities, thus expanding its market reach.
- In July 2020, Zoetis partnered with Vet-AI and Video with my Vet in accordance with telemedicine guidelines to enable smartphone virtual consultations, hence driving market expansion.
Veterinary Telehealth Market Report Scope:
| Attributes | Details | |
| Estimated Market Size in 2024 | US$ 190.8 million | |
| Projected Market Valuation in 2034 | US$ 970 million | |
| Value-based CAGR 2024 to 2034 | 17.7 | % |
| Forecast Period | 2024 to 2034 | |
| Historical Data Available for | 2019 to 2023 | |
| Market Analysis | Value in US$ million | |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Key Segments:
By Telehealth Type:
- Telephone Telehealth
- Online Telehealth
By Service:
- Tele-Consulting
- Tele-Monitoring
- Tele-Education/Training
- Other Services
By Application:
- Diagnosis & Treatment
- Prescription
- Follow-Ups
- Consultation
- Education
- Other Applications
By Animal Type:
- Companion Animal
- Cats
- Dogs
- Horses
- Other Companion Animals
- Livestock Animal
- Cattle
- Swine
- Sheep
- Other Livestock Animals
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI’s related ongoing Coverage in the Healthcare Market Insights Domain:
Veterinary Vaccines Market Size: The net worth of the market share of veterinary vaccines is predicted to grow from US$ 11.3 Billion in 2023 to over US$ 20.82 billion by 2033. This is expected to further drive the market share of veterinary vaccines and register a CAGR of 6.2% between 2023 and 2033.
Veterinary Biologics Market Share: The global veterinary biologics market size is estimated to reach a valuation of US$ 13,140.6 million in 2024. The market is projected to surpass US$ 24,224.3 million by 2034, registering a promising CAGR of 6.3%.
Telehealth and Telemedicine Market Growth: The telehealth and telemedicine market is predicted to capture a valuation of US$ 106.0 billion in 2023 and rise to US$ 912.0 billion by 2033. The market is estimated at a CAGR of 24% during the forecast period.
Telehealth Kiosk Market Demand: The telehealth kiosk market is valued at US$ 2,060.50 million in 2024 and is expected to rise at a stable CAGR of around 7.20% over the forecast period. The industry is anticipated to cross a valuation of US$ 4,129.80 million through 2034.
Veterinary Wound Debridement Market Opportunity: The global veterinary wound debridement market was valued at US$ 714.8 Million in 2023 and is expected to reach US$ 1.5 Billion by 2033, grow at a CAGR 8.2%.
Veterinary Wound Cleansers Market Outlook: According to Future Market Insights research, during the projected period, the global veterinary wound cleansers market is expected to grow at a CAGR of 10.2%. The market value is projected to increase from US$ 185.2 Million in 2023 to US$ 488.2 Million by 2033.
Veterinary Pain Management Drugs Market Overview: The market for Veterinary Pain Management Drugs was worth US$ 1.37 billion in 2022 and is predicted to be worth US$ 2.79 billion by 2032, growing at a 7.2% CAGR from 2022 to 2032.
Veterinary Auto-immune Therapeutics Market Forecast: The global veterinary auto-immune therapeutics market is projected to be appraised at US$ 71,720.6 million by 2033, up from US$ 42,815.7 million in 2023, advancing at a CAGR of 5.3% from 2023 to 2033.
Equine Veterinary Therapeutics Market Trends: The global equine veterinary therapeutics market is expected to expand significantly and generate revenue of US$ 2,671.9 million by 2033 from US$ 1,378.7 million in 2023. This increase in revenue is made with an impressive CAGR value of 6.8%.
Veterinary Ultrasound Scanner Market Strategies: The veterinary ultrasound scanner market is set for significant expansion, with an anticipated valuation of US$ 198.1 million by 2023. The market displays a significant trend, featuring a CAGR of 3.7%, to achieve an impressive valuation of US$ 284.8 million by 2033.
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