NEWARK, Del, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The veterinary telemedicine market value is expected to rise from US$ 145 million in 2024 to US$ 746 million by 2034. This estimated growth is expected to be driven by a robust CAGR of 17.80% over the next decade.
Increasing expenditure on pet healthcare in response to rising pet ownership is creating a demand for convenient and cost-effective solutions like telemedicine. Busy pet owners, people with limited mobility, or those with limited veterinary access value telemedicine services for pets. Market players are advancing their telecommunication technology to enable more effective as well as comprehensive consultations. By doing so, they are gaining more customers for their superior veterinary telemedicine services. Increasing awareness, government support, a tech-savvy population, and rising high-tech adoption are some other factors that are compelling market growth.
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“Adoption of veterinary telemedicine is rising in the major geographies. Market players are thus expected to maximize their annual revenue generation by adopting innovative technologies,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Veterinary Telemedicine Market Report
- From 2019 to 2023, the veterinary telemedicine market registered a CAGR of 21.3%.
- The tele-diagnosis segment is anticipated to record a CAGR of 17.5% through 2034.
- Based on technology, the video conferencing segment is anticipated to register a CAGR of 17.2% over the forecast period.
- The United States is a top market for veterinary telemedicine. In the upcoming years, the market is projected to acquire a value of US$ 133.8 million by 2034.
- China is another key market, which is anticipated to expand at a CAGR of 18.4% and reach US$ 117.3 million by 2034.
- The growth rate of markets in Japan and South Korea is expected to be 18.7% and 19.7% over the next ten years.
Competitive Landscape in the Veterinary Telemedicine Market:
Market players are engaged in business activities like new product launches, strategic collaborations, and geographical expansion as emerging countries continue adopting veterinary telehealth. Industry participants are further providing specialized services for certain pet types or conditions to attract keen customer segments. Key players are further linking telemedicine consultations with online pharmacies, pet insurance, or delivery services for the convenience of pet owners.
Industry contenders are further leveraging AI and machine learning to provide efficient and personalized care. Additionally, they are collaborating with technology providers to create distinct solutions like real-time health monitoring tools and virtual reality consultations to lure in more customers. Moreover, players are investing in accessible and intuitive platforms with features like secure messaging, video conferencing, and data sharing to streamline consultations.
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Latest Developments in the Veterinary Telemedicine Market
- Televet entered into a partnership with Cornell University Hospital for Animals in August 2020. This development facilitated the deployment of a telehealth platform for veterinary telehealth operations.
- Zoetis collaborated with telemedicine firms like Video with My Vet and Vet-AI in July 2020 to capture information from clients on their smart mobiles via virtual consultations, thereby driving market growth.
Top 14 Key Players in the Veterinary Telemedicine Market
- Airvet
- Activ4Pets
- BabelBark, Inc.
- GuardianVets
- PetDesk, Petzam
- TeleTails
- Televet
- Vetster, Inc.
- VitusVet
- Whiskers Worldwide, LLC
- Virtuwoof, LLC
- FirstVet
- PawSquad
- Petriage Inc.
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Veterinary Telemedicine Market Segmentation
By Service Type:
- Tele-diagnosis
- Tele-consultation
- Tele-monitoring
- Tele-surgery Support
- Telepathology
By Technology:
- Video Conferencing
- Mobile Apps
- Web-Based Platforms
- Wearable Devices
- Artificial Intelligence (AI) Solutions
By Animal Type:
- Companion Animals (Dogs, Cats)
- Livestock (Cattle, Poultry)
- Exotic Pets (Birds, Reptiles)
- Equine (Horses, Ponies)
- Aquatic Animals (Fish, Aquatic Reptiles)
By End User:
- Veterinary Clinics
- Pet Owners
- Livestock Producers
- Research Institutions
- Animal Shelters and Rescues
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author
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.
Have a Look at the Related Report from the Veterinary Telemedicine Market:
- Veterinary Vaccines Market 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 Wound Debridement Market is expected to grow at a CAGR of close to 7.8% over the forecast period (2023 to 2033)
- 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 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%.
- Veterinary Pain Management Drugs Market 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 Hospitals Market is expected to generate highest revenue, accounting for an absolute dollar opportunity of nearly US$ 39.9 Billion during 2022 to 2032.
- Veterinary Sutures Market is expected to grow at a CAGR of 3.8%. The market value is projected to increase from US$ 333.38 Million in 2023 to US$ 482.1 Million by 2033.
Veterinary Glucometers Market size is projected to be valued at US$ 351.3 million in 2023 and is expected to rise to US$ 574.9 million by 2033. - Veterinary Molecular Diagnostics Market size is expected to be valued at US$ 194.47 million in 2023, surpassing US$ 377.22 million by 2033.
- Veterinary Vaccine Industry Analysis in Middle East size is projected to expand at a 4% CAGR through 2033. The demand outlook for veterinary vaccines in the Middle East is US$ 627.1 million in 2023.
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