CHICAGO, Aug. 21, 2023 /PRNewswire/ -- In the near future, the veterinary telemedicine industry is poised to undergo a transformative shift, revolutionizing how pet owners access healthcare services for their animals. Rapid advancements in digital communication, remote diagnostics, and wearable technology will enable seamless virtual consultations between veterinarians and clients, transcending geographical limitations and enhancing convenience. This evolution will not only lead to more timely and accessible care for routine check-ups, minor concerns, and follow-up appointments, but also enable early detection of potential health issues through continuous monitoring of pets' vital signs and behaviors. While in-person veterinary care will remain essential for complex procedures and emergencies, the integration of telemedicine will create a holistic and efficient ecosystem that prioritizes animal well-being in an increasingly interconnected world.
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 new report by MarketsandMarkets™. Growth in this market can primarily be attributed to the increasing prevalence of chronic diseases in pets which led to a growing demand for veterinary telemedicine as a valuable tool for managing these conditions. Telemedicine enables remote monitoring of pets' chronic conditions through wearable devices and remote communication, allowing veterinarians to assess their condition and adjust treatment plans as needed. Regular virtual check-ins help veterinarians address concerns, answer questions, and ensure effective management of chronic diseases.
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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 |
The internet segment holds the major share of the veterinary telemedicine market.
Based on type, the veterinary telemedicine market is segmented into telephone and internet. The internet segment holds the major share of the veterinary telemedicine market. A large share of the internet segment can be attributed to the simple image and video transmission, which can provide veterinarians with more information about the pet's health.
The software & services segment holds the major share of the veterinary telemedicine market.
Based on component, the veterinary telemedicine market is segmented into software & services and hardware. The software & services segment holds the major share of the veterinary telemedicine market. A large share of the software & services segment can be attributed to the growing demand for cloud-based and on-demand services. Cloud computing and on-demand services have several advantages over traditional software and services, including cost effectiveness, scalability, and flexibility.
North America segment accounted for the largest share of the veterinary telemedicine market.
The global veterinary telemedicine market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America dominated the veterinary telemedicine market in 2022. The large share of North America in the global market is attributed to the convenience of telemedicine. Telemedicine can be a more affordable option for pet owners, especially those who live in rural areas or who have difficulty traveling. Telemedicine allows pet owners to get veterinary care without having to leave their homes. This can be especially convenient for busy people.
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Veterinary Telemedicine Market Dynamics:
Drivers:
- Increasing prevalence of chronic diseases in animals
Restraints:
- High costs associated with the services
Opportunities:
- The advancement of technology
Challenges:
- Lack of reimbursement
Key Market Players:
The major players in the veterinary telemedicine market include Vettriage (US), JustAnswer (US), Airvet (US), PetDesk (US), Pawsquad (UK). FirstVet (Sweden), Vetster (Canada), TeleVet (US), Anipanion (US), VitusVet (US), Whiskers Worldwide (US), WellHaven Pet Health (Canada), AskVet (US), Petriage (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).
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Veterinary Telemedicine Market Advantages:
- Accessibility: Telemedicine breaks down geographical barriers, enabling pet owners to connect with veterinarians regardless of their location, especially benefiting those in remote or rural areas.
- Convenience: Virtual consultations offer convenience by allowing pet owners to seek advice and treatment without the need to travel, saving time and reducing stress for both pets and owners.
- Time Efficiency: Telemedicine appointments can be scheduled more flexibly, minimizing wait times and optimizing veterinarians' schedules.
- Early Detection: Continuous remote monitoring through wearable devices helps identify potential health issues early, enabling timely intervention and prevention of complications.
- Cost Savings: Early detection and reduced need for physical visits can lower overall healthcare costs for pet owners while maintaining the quality of care.
- Specialization and Collaboration: Telemedicine allows veterinarians to consult with specialists across the globe, enhancing the quality of diagnosis and treatment options.
- Reduced Stress: Pets often experience less stress in their familiar home environment during virtual consultations, leading to more accurate assessments and diagnoses.
- Emergency Triage: Telemedicine assists in assessing the urgency of a situation, guiding pet owners on whether immediate physical care is required or if home care is appropriate.
- Follow-up Care: Post-treatment follow-ups can be easily conducted via telemedicine, ensuring pets' recovery progress is monitored effectively.
- Education and Advice: Telemedicine provides a platform for veterinarians to educate pet owners about animal care, nutrition, and preventive measures.
- Pet Owner Engagement: Owners feel more involved in their pets' healthcare, leading to better compliance with treatment plans and improved outcomes.
- Reduced Waiting Room Stress: Virtual consultations reduce the need for pets to be in crowded waiting rooms, minimizing anxiety and potential exposure to contagious diseases.
- Environmental Impact: Reduced travel for veterinary appointments contributes to lower carbon emissions and supports environmental sustainability.
- Flexible Expertise: Telemedicine allows pet owners to access specialized care that might not be available locally.
- Records and Documentation: Digital records from telemedicine consultations provide a comprehensive history of a pet's health, aiding in accurate diagnoses and treatment planning.
- Global Reach: Telemedicine can extend veterinary services to areas lacking in professional care, promoting animal welfare worldwide.
These advantages collectively demonstrate the potential of the veterinary telemedicine market to enhance the quality and accessibility of pet healthcare while offering convenience and flexibility to both pet owners and veterinarians.
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