The Veterinary Telehealth Market Is Expected To Grow At A Rate Of More Than 18% Through 2023-2027 - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Sept. 28, 2023 /PRNewswire/ -- The global veterinary telehealth market is poised for remarkable growth in the coming years, driven by the rising trend of pet ownership and the adoption of advanced technologies. According to the latest Veterinary Telehealth Global Market Report 2023 by The Business Research Company, the global veterinary telehealth market is projected to reach $3.77 billion in 2023, growing at a compound annual growth rate (CAGR) of 19.8%. Furthermore, the market is expected to surge to $7.43 billion by 2027, with an estimated CAGR of 18.4%.

Rising Pet Ownership Fueling Market Growth

One of the primary factors contributing to the rapid expansion of the veterinary telehealth market is the surge in pet ownership. Millennials and Generation Z, as reported by the American Pet Products Association, accounted for nearly half of the pet-owning population in the United States in 2022. Additionally, China is expected to witness significant growth in its domestic cat and dog populations, further amplifying the demand for veterinary telehealth services.

Veterinary telehealth offers a solution to help pet owners access essential care for their furry companions conveniently. It also provides a means to address the anxiety and well-being of pets by offering remote consultations and monitoring.

Learn More On The Veterinary Telehealth Market Report – https://www.thebusinessresearchcompany.com/report/veterinary-telehealth-global-market-report 

Market Fragmentation and Key Players

The veterinary telehealth market is characterized by its fragmentation, with numerous small players operating within the industry. In 2022, the top ten competitors collectively held a market share of 5.84%. Notably, FirstVet emerged as the market leader with a 0.95% share, followed by Whiskers Worldwide, LLC., Airvet, BondVet, Fuzzy Pet Health, Petzam, PetDesk, WellHaven Pet Health, VetCT, and TeleVet.

These major companies in the veterinary telehealth market are increasingly focusing on leveraging advanced technologies, such as artificial intelligence (AI), to strengthen their market presence. AI-driven algorithms are employed to analyze a pet's medical history, genetics, lifestyle factors, and environmental data to develop personalized treatment plans, enhancing the quality of care.

Innovations in Veterinary Telehealth

In May 2023, PetHub Inc. launched a groundbreaking wellness tool powered by VetInsight. This tool offers pet owners unlimited 24/7 veterinary telehealth services, a comprehensive AI symptom checker, and a virtual food and treat finder that provides tailored recommendations for pets. The Symptom Checker feature is particularly noteworthy, as it employs AI to offer on-demand virtual veterinary consultations based on the provided symptoms.

Request A Free Sample Of The Veterinary Telehealth Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=9377&type=smp 

Segmentation of the Veterinary Telehealth Market

The global veterinary telehealth market is segmented as follows:

1. By Animal Type: Canine, Feline, Equine, Bovine, Swine, Other Animal Types
2. By Service Type: Telemedicine, Teleconsulting, Telemonitoring, Other Service Types
3. By Application: Computed Tomography (CT) Reporting, Radiographic Reporting, X-Ray And Picture Archiving And Communication System (PACS) Advice, Magnetic Resonance Imaging (MRI) Reporting, Other Applications

Key Growth Potential

The teleconsulting segment within the service type category is expected to experience the highest growth potential, contributing $776.8 million to global annual sales by 2027.

In 2022, North America held the largest share of the veterinary telehealth market, valued at $480.8 million, representing 0.002% of the region's GDP.

The veterinary telehealth market is on a trajectory of exponential growth, with the convergence of increased pet ownership and technological advancements. As the industry continues to evolve, it presents numerous opportunities for both established players and newcomers to contribute to the well-being of pets worldwide.

View More Similar Market Reports:

Telehealth Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/telehealth-global-market-report

Digital Health Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/digital-health-global-market-report

Connected Health And Wellness Solutions Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/connected-health-and-wellness-solutions-global-market-report

Interested to know more about The Business Research Company?

The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

The World's Most Comprehensive Database

The Global Market Model, The Business Research Company's flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.

Contact Information

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Logo: https://mma.prnewswire.com/media/1751581/3970581/tbrc_logo.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/the-veterinary-telehealth-market-is-expected-to-grow-at-a-rate-of-more-than-18-through-2023-2027--by-the-business-research-company-301941767.html