The global veterinary Telehealth market size is expected to reach USD 385.7 Million in 2032, & register a rapid revenue CAGR of 15% during the forecast period.
NEW YORK, NEW YORK, UNITED STATES, May 9, 2023 /
EINPresswire.com/ -- The Global
Veterinary Telehealth Market services was USD 109.64 million in 2022 and is projected to grow to USD 385.7 million by 2032, with a significant compound annual growth rate (CAGR) of 15% during the forecast period. This growth can be attributed to the increasing incidence of chronic and zoonotic diseases in animals worldwide and the growing adoption of artificial intelligence (AI) and internet of things (IoT) technologies by pet owners. Veterinary telehealth services use telecommunications technology to provide remote healthcare services to animals, including virtual care, video consultations, and remote monitoring.
Furthermore, the rise of the trend of humanizing pets and increasing healthcare expenditures are also driving market revenue growth. The American Pet Products Association (APPA) has estimated that the U.S. pet industry will spend approximately USD 99 billion in 2020, with veterinary care accounting for about 26% of the total expenditure. Additionally, the growing awareness among pet owners about the importance of pet health and the increasing adoption of pets as companions have led to the increasing demand for veterinary telehealth services.
The development of pet wearable devices, such as smart collars, and the incorporation of AI and machine learning (ML) technologies in telehealth solutions have further increased the need for veterinary telehealth services. These devices provide real-time monitoring of a pet's vital signs and health conditions, which veterinarians can access remotely to make a diagnosis and suggest treatment. AI and ML technologies in telehealth solutions enable the creation of predictive analytics and personalized treatment plans based on pet health data, thereby raising the standard of overall care.
Moreover, the growing number of veterinary hospitals and clinics using telemedicine to reach a wider clientele and provide more effective and accessible care is another factor driving market revenue growth. Telehealth services enable veterinary practices to offer after-hours care, improve patient outcomes, reduce no-show appointments, and increase revenue share. However, the absence of precise guidelines and regulations for telehealth services in veterinary care is a major factor that could restrain market revenue growth. The lack of standardized regulations for telehealth services in veterinary care across regions limits telehealth providers' growth potential and leaves them uncertain about the regulatory environment.
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Segments Covered in the Report –
The global veterinary telehealth market is projected to experience substantial growth over the forecast period, from 2019 to 2032, as reported in this study.
The report offers a detailed analysis of the market trends in each segment and sub-segment at a global, regional, and country level, providing historical data and revenue forecasts.
The global veterinary telehealth market is segmented based on technology, application, end-use, and region. The technology segment is further divided into software, hardware, and services. The application segment is divided into telemedicine, teleradiology, teleconsultation, and others. The end-use segment is divided into veterinary hospitals, veterinary clinics, and others.
In terms of regional outlook, the global veterinary telehealth market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The North America segment is further divided into the U.S., Canada, and Mexico. The Europe segment is divided into Germany, the U.K., France, Italy, Spain, Sweden, BENELUX, and Rest of Europe. The Asia-Pacific segment is divided into China, India, Japan, South Korea, and Rest of APAC. The Latin America segment is divided into Brazil and Rest of LATAM. The Middle East & Africa segment is divided into Saudi Arabia, UAE, South Africa, Israel, and Rest of MEA.
The report highlights that the rising prevalence of chronic and zoonotic diseases in animals across the globe and increasing adoption of Artificial Intelligence (AI) and Internet of Things (IoT) technologies by pet owners are significant factors driving revenue growth in the veterinary telehealth market.
Additionally, the trend of humanizing pets and increasing healthcare expenditures are other factors driving market growth.
Furthermore, technological advancements such as the creation of pet wearable devices and incorporation of AI and Machine Learning (ML) technologies in telehealth solutions are increasing the need for veterinary telehealth. The integration of AI and ML technologies in telehealth solutions enables predictive analytics and personalized treatment plans based on pet health data, thereby raising the standard of overall care.
However, the report also notes that regulatory issues such as the absence of precise guidelines and regulations for telehealth services in veterinary care could restrain market revenue growth. The regulatory environment for telehealth services in veterinary care varies by region, and the lack of standardized regulations leaves telehealth providers unsure and restricts their ability to grow.
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Strategic Developments:
WhiskerDocs introduced a new telehealth platform on December 2, 2020, which enables pet owners to communicate with veterinarians via phone, chat, or video.
Competitive Landscape:
The field of veterinary telehealth has been growing rapidly in recent years, and there are now several companies offering telehealth services for pets. Some of the major players in the market include Anipanion, TeleVet, WhiskerDocs, Petriage, VetNOW, and TeleTails.
Anipanion offers a range of telehealth services, including virtual consultations, remote monitoring, and prescription delivery. Their platform also includes a digital medical record system that allows pet owners to keep track of their pet's health information and share it with their veterinarian.
TeleVet offers a mobile app that allows pet owners to connect with veterinarians for video consultations, chat support, and prescription delivery. The app also includes a scheduling feature that makes it easy for pet owners to set up appointments with their veterinarian.
WhiskerDocs provides telehealth services for both pet owners and veterinarians, including phone, chat, and video consultations. They also offer a range of educational resources and training programs for veterinarians looking to incorporate telehealth into their practice.
Petriage offers a digital triage tool that allows pet owners to assess their pet's symptoms and receive advice on whether they need to seek medical attention. The platform also includes a telehealth feature that allows pet owners to connect with a veterinarian for video consultations.
VetNOW provides a range of telehealth services, including video consultations, remote monitoring, and prescription delivery. They also offer a digital medical record system and a telemedicine platform for veterinary practices looking to incorporate telehealth into their services.
TeleTails offers a mobile app that allows pet owners to connect with veterinarians for video consultations, chat support, and prescription delivery. The app also includes a scheduling feature and a digital medical record system that makes it easy for pet owners to keep track of their pet's health information.
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