Chicago, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The veterinary telemedicine industry is poised for remarkable growth in the near future, driven by advances in technology, changing pet owner preferences, and increased accessibility to virtual platforms. With seamless video consultations, remote monitoring devices, and AI-powered diagnostics becoming more prevalent, pet owners will have unprecedented convenience in seeking expert advice and care for their animal companions from the comfort of their homes. This evolution will not only enhance the overall quality of veterinary services by enabling quicker responses and reducing stress on pets, but also broaden access to specialized care regardless of geographical constraints. However, challenges such as regulatory frameworks, ensuring data privacy, and maintaining the essential hands-on aspects of veterinary care will need to be carefully navigated to fully realize the potential of this transformative trend.
Veterinary Telemedicine market in terms of revenue was estimated to be worth $530 million in 2023 and is poised to reach $1,230 million by 2028, growing at a CAGR of 18.3% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Growth in this market is largely driven by the increase in pet population, rising prevalence of diseases in animals, rising adoption of IOT and ai by pet owners.
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Veterinary Telemedicine Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $530 million |
| Estimated Value by 2028 | $1,230 million |
| Growth Rate | Poised to grow at a CAGR of 18.3% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By type, component, application, animal type |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | The advancement of technology |
| Key Market Drivers | Increasing prevalence of chronic diseases in animals |
Veterinary Telemedicine market major players covered in the report, such as:
- FirstVet (Sweden)
- Vetster (Canada)
- TeleVet (US)
- Airvet (US)
- Anipanion (US)
- VitusVet (US)
- Whiskers Worldwide (US)
- WellHaven Pet Health (Canada)
- AskVet (US)
- Petriage (US)
- JustAnswer (US)
- PetDesk (US)
- Pawsquad (UK)
- Vettriage (US)
- BI X GmbH (Germany)
- GuardianVets (US)
- TeleTails (US)
- Activ4Pets (US)
- BabelBark (US)
- Linkyvet (France)
- VetChat (Australia)
- VetCT (US)
- VetoClock (Spain)
- VetNow (US)
- Vetsource (US)
- and Among Others
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The study categorizes the veterinary telemedicine market based on type, component, application, animal type and regional & global level.
Global Veterinary Telemedicine Market, by Type
- Telephone
- Internet
Global Veterinary Telemedicine Market, by Component
- Software & Services
- Hardware
Global Veterinary Telemedicine Market, by Application
- Diagnosis and treatment
- Prescription of medication
- Follow-up care
- Consultation with specialists
- Education
Global Veterinary Telemedicine Market, by Animal Type
- Companion Animals
- Livestock
- Others
Global Veterinary Telemedicine Market, by region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
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The key stakeholders in the Veterinary Telemedicine market include:
- Manufacturers of veterinary telemedicine and related devices
- Suppliers and distributors of veterinary telemedicine
- Veterinary hospitals, clinics, and veterinary colleges
- Teaching hospitals and academic medical centers
- Government bodies/municipal corporations
- Business research and consulting service providers
- Venture capitalists
- US Food and Drug Administration (US FDA)
- European Union (EU)
Frequently Asked Questions (FAQs) of Veterinary Telemedicine Market:
What are emerging trends in the veterinary telemedicine market?
Development of new and innovative services and growth of the subscription model are emerging trends in the veterinary telemedicine market.
What are the drivers and opportunities for the veterinary telemedicine market?
Increasing pet ownership, increasing prevalence of chronic diseases in animals, rising adoption of iot and ai by pet owners, increase in pet healthcare spending are the major drivers and the advancement of technology
And increased access to specialists are the major opportunities in the veterinary telemedicine market.
What are technological advancements in the veterinary telemedicine market?
Telemedicine platforms and apps , digital imaging and diagnostic tools, and artificial intelligence (ai) and machine learning are technological advancements in the veterinary telemedicine market.
Which is the leading type segment with the largest share in the veterinary telemedicine market?
Internet segment holds the largest share in the veterinary telemedicine market. Growth in this segment can be attributed to the increasing availability of high-speed internet, advancement in technologies and the growing adoption of smartphones and tablets.
Which segment is estimated to grow at the highest CAGR in veterinary telemedicine market by animal type?
Companion animals’ segment is estimated to grow at the highest CAGR in veterinary telemedicine market by animal type. The growth in the companion animals’ segment is mainly driven by rising pet adoption, growing expenditure on pet care, and the rising incidence of age-related diseases in companion animals.
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Report Objectives:
- To describe, analyze, and forecast the veterinary telemedicine market, by type, component, application, animal type, and region.
- To describe and forecast the veterinary telemedicine market for key regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the veterinary telemedicine market
- To strategically analyze the ecosystem, regulations, patenting trend, value chain, Porter’s five forces, and prices pertaining to the market under study
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for market players.
- To profile key players and comprehensively analyze their market shares and core competencies in the veterinary telemedicine market.
Related Reports:
Companion Animal Pharmaceuticals Market
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/veterinary-telemedicine-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/veterinary-telemedicine.asp
