Veterinary Telehealth Market Size is projected to reach USD 510.49 Million by 2030, growing at a CAGR of 17.69%: Straits Research

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The global market for veterinary telehealth was valued at USD 117.85 million in 2021, and it is anticipated to reach USD 510.49 million by 2030 at a CAGR of 17.69%. North America dominated the market.

New York, United States, July 28, 2022 (GLOBE NEWSWIRE) — Medical professionals and anyone receiving medical support can communicate with health information, education, or treatment remotely. To improve a patient’s clinical health status, telehealth offers the transmission of technology from one location to another. Patients who are not in the same place as the healthcare professional can be monitored thanks to the technology. The use of telehealth by veterinarians is a result of ongoing technical improvements.
                                                                                             
The practice of veterinary care (advice, diagnosis, and treatment), which takes place remotely using telecommunication between a veterinarian and an animal owner, is referred to as telehealth. In other words, telehealth is a tool used in veterinary medicine, and it entails the electronic transmission of medical data on a patient’s clinical health status. Telehealth is a supplement to conventional veterinary medical practice, not a replacement. All legal prerequisites, including informed permission, must be met before an animal doctor can diagnose and treat an individual via telehealth.

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The Rising Cases of Zoonotic Infections and Chronic Diseases among Animals
The enormous preference for veterinary telemedicine services is partly influenced by the rising occurrence of zoonotic illnesses and chronic animal diseases. Approximately 1 million illnesses and millions of deaths are attributed to zoonotic diseases each year, as well as 60 percent of all new infections, according to WHO data from 2021. As a result, the infection surge is pressuring farm and pet owners to use telehealth services to monitor and improve their animals’ health. Additionally, the extensive use of veterinary telehealth services is being prompted by the rising incidence of diseases that affect the animal population, such as chronic kidney disease and diabetes. Therefore, the above causes play a part in the growing demand for veterinary telemedicine services.

Increasing Pet Owners Globally
The popularity of pet owners’ telehealth services is growing, partly due to the rise in pet ownership worldwide. About 85 million American families own pets, according to the American Pet Products Association’s (APPA) 2019-2020 National Pet Owners Survey. Additionally, due to a growing preference for companionship, roughly one in three Americans adopted a pet during the COVID-19 epidemic, according to the Insurance Research Council’s October 2020 study. Additionally, 3.2 million households in the UK have adopted a pet since the start of the COVID-19 epidemic, according to statistics from the Pet Food Manufacturers Association (PFMA) 2021. Pet owners choose virtual care since it eliminates the burden of travelling, waiting, and spending time and money on their dogs. As a result, the need for veterinary telehealth services is growing as pet ownership increases globally.

Growth Opportunities for the Global Veterinary Telehealth Market

Many businesses emphasise organic growth initiatives, including new launches, product approvals, patents, and events. Acquisitions, partnerships & collaborations were examples of inorganic growth tactics observed in the market. These actions have enabled market participants to increase their clientele and revenue. With the growing demand for Veterinary telehealth in the global market, market participants from the veterinary telehealth market are projected to benefit from lucrative growth prospects in the future.

Report Scope

Report Metric

Details

Market Size

USD 510.49 Million by 2030

CAGR

17.69% (2022-2030)

Historical Data

2019-2020

Base Year

2021

Forecast Period

2022-2030

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Animal Type, Service Type, Application, Region

Geographies Covered

North America, Europe, Asia-Pacific, LAME and Rest of the World

Key Companies Profiled/Vendors

Agora.io, Anipanion, Linkyvet, Oncura Partners, TeleVet, Vetchat, VetCT., Vetoclock, WellHaven Pet Health, PawSquad, Petro Connect, Airvet, Babel Bark, Inc., Pet Desk, TeleTails, Vester, Inc., Whiskers Worldwide LLC, FirstVet, Petriage Inc., Activ4Pets, Guardian vets, Petzam, VitusVet, Virtuwoof, LLC, and Paw Squad.

Key Market Opportunities

Market players and their strategies

Key Market Drivers

The rising cases of zoonotic infections and chronic diseases among animals
Increasing pet owners globally

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Regional Analysis of the Global Market for Veterinary Telehealth
The global market for veterinary telehealth is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America dominated the market.
The United States currently holds the largest proportion of the North American market, a position it is certain to keep. This is due to high healthcare costs, influential market participants, technological improvements, and rising disposable income. The region’s demand for companionship and lifestyle has prompted Americans to opt for pet insurance, fuelling the use of veterinary telehealth services.

North American Pet Health Insurance Association (NAPHIA): US gross written premiums of USD 1.99 billion in 2020, up 27.5% from USD 1.56 billion in 2019. The rise in cattle consumption also boosts the demand for veterinary telehealth services. 93 million cattle and calves will be in the US by 2021, according to the USDA’s National Agricultural Statistics Service. The veterinary telehealth market in North America is expected to increase significantly over the projected period.

Key Highlights

  • The global market for veterinary telehealth was valued at USD 117.85 million in 2021, and it is anticipated to reach USD 510.49 million by 2030 at a CAGR of 17.69%.

  • The global market for veterinary telehealth is segmented into four parts based on animal type, service type, application and region. Further, based on animal type, the market is segmented into livestock and companion. The livestock segment is sub-segmented into poultry, pigs, cattle, and others. The companion segment is further segmented into canine, feline, equine, and others. The livestock segment dominated the market.

  • The market is segmented into telemonitoring, telemedicine, teleconsulting, and service type. The teleconsulting segment dominated the market.

  • The market is segmented into x-ray and picture archiving and communication system (PACS) advice, computed tomography (CT) reporting, radiographic reporting, magnetic resonance imaging (MRI) reporting and others based on application.

  • The global market for veterinary telehealth is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America dominated the market.

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Some of the Key Players Contributing Majorly To the Global Veterinary Telehealth Market Are

  • Agora.io

  • Animation

  • Linkyvet

  • Oncura Partners

  • TeleVet

  • Vetchat

  • VetCT.

  • Vetoclock

  • WellHaven Pet Health

  • PawSquad

  • Petro Connect

  • Airvet

  • Babel Bark Inc.

  • Pet Desk

  • TeleTails

  • Vester Inc.

  • Whiskers Worldwide LLC

  • FirstVet

  • Petriage Inc.

  • Activ4Pets

  • Guardian vets

  • Petzam

  • VitusVet

  • Virtuwoof LLC

  • Paw Squad

Market Segmentation
By Animal Type

  • Livestock

    • Poultry

    • Pigs

    • Cattle

    • Others

  • Companion

    • Canine

    • Feline

    • Equine

    • Others

By Service Type

  • Telemonitoring

  • Telemedicine

  • Teleconsulting

  • Others

By Application

  • X-Ray and Picture Archiving and Communication System (PACS) Advice

  • Computed Tomography (CT) Reporting

  • Radiographic Reporting

  • Magnetic Resonance Imaging (MRI) Reporting

By Region

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • The Middle East & Africa

Table of Content

  1. Introduction

    1. Market Definition

    2. Market Scope

  2. Research Methodology

    1. Primary Research

    2. Research Methodology

    3. Assumptions & Exclusions

    4. Secondary Data Sources

  3. Market Overview

    1. Report Segmentation & Scope

    2. Value Chain Analysis: Veterinary Telehealth Market

    3. Key Market Trends

      1. Drivers

      2. Restraints

      3. Opportunities

    4. Porter’s Five Forces Analysis

      1. Bargaining Power of Suppliers

      2. Bargaining Power of Buyers

      3. Threat of Substitution

      4. Threat of New Entrants

      5. Competitive Rivalry

    5. Market Share Analysis

  4. Type Overview

    1. Introduction

      1. Market Size & Forecast

    2. Marine, Aviation, & Transport (MAT)

      1. Market Size & Forecast

    3. Political Risk & Credit Insurance

      1. Market Size & Forecast

  5. Distribution Channel Overview

    1. Introduction

      1. Market Size & Forecast

    2. Brokers

      1. Market Size & Forecast

    3. Non-Brokers

      1. Market Size & Forecast

  6. Regional Overview

    1. Introduction

      1. Market Size & Forecast

    2. America

      1. North America

      2. U.S.

        1. By Type

        2. By Distribution Channel

      3. Canada

        1. By Type

        2. By Distribution Channel

      4. Mexico

        1. By Type

        2. By Distribution Channel

      5. Latin America

        1. By Type

        2. By Distribution Channel

    3. Europe

      1. Market Size & Forecast

      2. Germany

        1. By Type

        2. By Distribution Channel

      3. France

        1. By Type

        2. By Distribution Channel

      4. U.K.

        1. By Type

        2. By Distribution Channel

      5. Italy

        1. By Type

        2. By Distribution Channel

      6. Spain

        1. By Type

        2. By Distribution Channel

      7. Rest of Europe

        1. By Type

        2. By Distribution Channel

    4. Asia Pacific

      1. Market Size & Forecast

      2. Japan

        1. By Type

        2. By Distribution Channel

      3. China

        1. By Type

        2. By Distribution Channel

      4. Australia

        1. By Type

        2. By Distribution Channel

      5. India

        1. By Type

        2. By Distribution Channel

      6. South Korea

        1. By Type

        2. By Distribution Channel

      7. Rest of Asia-Pacific

        1. By Type

        2. By Distribution Channel

    5. Middle East & Africa

      1. Market Size & Forecast

      2. Saudi Arabia

        1. By Type

        2. By Distribution Channel

      3. South Africa

        1. By Type

        2. By Distribution Channel

      4. Kuwait

        1. By Type

        2. By Distribution Channel

      5. Rest of Middle East & Africa

        1. By Type

        2. By Distribution Channel

  7. Company Profile

    1. AXA

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

    2. American International Group Inc

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

    3. Allianz

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

  8. Conclusion & Recommendation

  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/veterinary-telehealth-market/toc

Recent developments in some of the key players:

  • In March 2022, Boehringer Ingelheim Animal Health USA Inc. (“Boehringer Ingelheim”), a leading global innovator of animal health products, and TeleVet, Inc., a leading provider of technology solutions for veterinary teams, had previously announced a strategic partnership to deliver cutting-edge technology and services that will make it easier for veterinary practises to provide the best patient care while reducing stress on their teams.

News Media  

How Boosting Advanced Imaging Could Improve Rural Health in the US?

How COVID-19 Pandemic Accelerated the Global Telemedicine Market

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