The global veterinary telehealth market is anticipated to be valued at USD 190.8 million by 2024. The market valuation is estimated to be USD 970 million by 2034, projected at a CAGR of 17.7%.
The surge in the need for easily accessible and convenient pet care solutions is one of the major factors impelling the market to rise. More and more pet owners are searching for alternatives to traditional veterinary appointments that favor the ease of remote consultations for regular check-ups, minor illnesses, and general questions about the health of their pets.
Developments in telecommunication technologies have also facilitated the ability of veterinarians, which has not only provided virtual consultations but also has expanded popularity among veterinary professionals and pet owners.
Despite its bright future, the veterinary telehealth sector is susceptible to several risks. One is the possibility of opposition from conventional veterinary clinics. The absence of established procedures and policies for telemedicine in veterinary care may also commence on moral and legal difficulties, which would impede the expansion of the industry.
The market offers numerous opportunities for innovation and growth. For example- the use of telehealth technologies in underserved markets, including rural locations with little access to veterinary care, presents a significant opportunity.
Veterinary telehealth companies may fill the gap and enhance the quality of care for pets in such areas by providing telemedicine, remote monitoring, and virtual consultations and services.
Key Takeaways from the Market Study:
- Under telehealth type, online telehealth registered to expand at 17.5% CAGR by 2034.
- The United Kingdom is estimated to register at a CAGR of 19% by 2034.
- China experiences significant growth, projected at a CAGR of 18.4% by 2034.
- Based on service, the tele-consulting segment is anticipated to expand at 17.3% CAGR by 2034.
“The surge in demand for convenient and accessible pet care solutions is one of the primary drivers for the veterinary telehealth market,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
Key competitors lead the way in the fiercely competitive veterinary telehealth market with their all-inclusive solutions. User-friendly interfaces are helping startups to achieve traction. Enterprising healthcare technology companies are using collaborations and innovation to gain a presence in the market.
Some of the key developments are:
- In August 2020, Televet expanded its telehealth platform into the university’s veterinary telehealth activities, thus expanding its market reach.
- In July 2020, Zoetis partnered with Vet-AI and Video with my Vet in accordance with telemedicine guidelines to enable smartphone virtual consultations, hence driving market expansion.
Key Companies Profiled:
Airvet; GuardianVets; PawSquad; Activ4Pets; FirstVet; Babelbark,inc; TeleTails; VitusVet; Whiskers Worldwide LLC; Vetchat
Key Segments:
By Telehealth Type:
- Telephone Telehealth
- Online Telehealth
By Service:
- Tele-Consulting
- Tele-Monitoring
- Tele-Education/Training
- Other Services
By Application:
- Diagnosis & Treatment
- Prescription
- Follow-Ups
- Consultation
- Education
- Other Applications
By Animal Type:
- Companion Animal
- Cats
- Dogs
- Horses
- Other Companion Animals
- Livestock Animal
- Cattle
- Swine
- Sheep
- Other Livestock Animals
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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