Dublin, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The "Global Veterinary Telemedicine Market by Type, Component, Application, Animal Type & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global veterinary telemedicine market is projected to reach USD 1,230 million by 2028 from USD 530 million in 2023, at a CAGR of 18.3%.
Growth in this market is largely driven by the increase in pet healthcare spending. Veterinary telemedicine has emerged as a convenient and cost-effective solution for pet owners seeking accessible and efficient healthcare options. By leveraging telecommunication technologies, pet owners can connect with veterinarians remotely, reducing the need for physical visits while still receiving expert guidance. This telemedicine approach offers convenience, saves time, and allows for timely interventions and ongoing monitoring of chronic conditions. As pet owners continue to prioritize their pets' health and seek convenient healthcare solutions, the demand for veterinary telemedicine is expected to grow, further driving the overall expenditure on pet care.
The diagnosis and treatment segment holds the major share of the veterinary telemedicine market
In 2022, the diagnosis and treatment segment holds the major share of the veterinary telemedicine market. A large share of the diagnosis and treatment segment can be attributed to the increased access to care, increasing adoption of telemedicine by veterinarians and reducing travel time and costs. The diagnosis and treatment segment in the veterinary telemedicine market is expected to continue to grow in the coming years. As the technology continues to improve and more veterinarians become comfortable using telemedicine, it is likely that this segment will become even more popular.
The companion animals segment holds the major share of the veterinary telemedicine market
The companion animals segment holds the major share of the veterinary telemedicine market. A large share of the companion animals' segment can be attributed to the increase in the small companion animal population, growing pet care expenditure, the growing demand for pet insurance, and technological advancements in veterinary telemedicine devices/services for small companion animals. Telemedicine allows pet owners to connect with licensed veterinarians remotely through various communication channels, including video calls, phone calls, and online messaging platforms. It enables pet owners to seek advice, get prescriptions, and even receive follow-up care without the need for in-person visits.
Asia Pacific will grow at highest CAGR during the forecast period
In 2022, Asia Pacific will grow at highest CAGR during the forecast period. The high growth in this market can majorly be attributed to the rising companion animal population and the expansion of key players in the veterinary telemedicine market in several Asia Pacific countries such as India, China, and Thailand. The growing trend of pet ownership in APAC countries has resulted in increased pet healthcare expenditures. This can also be attributed to the growing disposable income levels in APAC countries, due to which the willingness to spend on animal healthcare and well-being is rising.
Company Profiles:
- Vettriage
- Justanswer
- Airvet
- Firstvet
- Vetster
- Televet
- Anipanion
- Vitusvet
- Whiskers Worldwide
- Wellhaven Pet Health
- Askvet
- Petriage
- Petdesk
- Pawsquad
- Bi X GmbH
- Guardianvets
- Teletails
- Activ4Pets
- Babelbark
- Linkyvet
- Vetchat
- Vetct
- Vetoclock
- Vetnow
- Vetsource
Key Topics Covered:
Executive Summary
- Veterinary Telemedicine Market, by Type, 2023 Vs. 2028 (USD Million)
- Market, by Component, 2023 Vs. 2028 (USD Million)
- Market, by Application, 2023 Vs. 2028 (USD Million)
- Market, by Animal Type, 2023 Vs. 2028 (USD Million)
- Geographical Snapshot of Veterinary Telemedicine Industry
Premium Insights
- Veterinary Telemedicine Market Overview - Increasing Pet Ownership to Drive Market
- Asia-Pacific: Market, by Type and Country (2022) - Internet Segment Held Largest Share of Asia-Pacific Market in 2022
- Market: Geographic Growth Opportunities -Asia-Pacific Countries to Register Higher Growth During Forecast Period
- Market: Regional Mix -North America Will Continue to Dominate Market During Forecast Period
- Market: Developed Vs. Developing Markets -Developing Markets to Register Higher Growth During Forecast Period
Market Dynamics
Drivers
- Increasing Pet Ownership
- Increasing Prevalence of Chronic Diseases in Animals
- Rising Adoption of IoT and AI by Pet Owners
- Increase in Pet Healthcare Spending
Restraints
- High Cost Associated with Veterinary Telemedicine Services
- Lack of Awareness and Accessibility to Services
Opportunities
- Advancements in Technology
- Increased Access to Specialists
Challenges
- Lack of Reimbursement
Industry Trends
- Development of New and Innovative Services
- Growth of Subscription Model
Key Report Attributes:
| Report Attribute | Details |
| No. of Pages | 173 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $530 Million |
| Forecasted Market Value (USD) by 2028 | $1230 Million |
| Compound Annual Growth Rate | 18.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/2u1ibc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
