The global veterinary telemedicine market is on track for a significant surge, with a projected value of US$ 746 million by 2034 and is estimated to reach a valuation of US$ 145 million in 2024. This represents a robust Compound Annual Growth Rate (CAGR) of 17.8% over the next decade, according to a recent market analysis.
This growth is attributed to the rising trend of pet ownership and the increasing expenditure on pet healthcare. Pet owners are increasingly seeking convenient and cost-effective solutions for their furry companions. Veterinary telemedicine offers a perfect solution for busy schedules, limited mobility, or those in areas with limited access to traditional veterinary services.
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Veterinary telemedicine consultations allow pet owners to connect with qualified veterinarians remotely, receiving expert advice and guidance for a variety of concerns. This not only enhances pet well-being but also provides peace of mind for owners.
Market players are advancing their telecommunication technology to enable more effective as well as comprehensive consultations. By doing so, they are gaining more customers for their superior veterinary telemedicine services. Increasing awareness, government support, a tech-savvy population, and rising high-tech adoption are some other factors that are compelling market growth.
“Adoption of veterinary telemedicine is rising in the major geographies. Market players are thus expected to maximize their annual revenue generation by adopting innovative technologies,” says an analyst at Future Market Insights.
Key Takeaways from the Veterinary Telemedicine Market Report:
- From 2019 to 2023, the veterinary telemedicine market registered a CAGR of 21.3%.
- The tele-diagnosis segment is anticipated to record a CAGR of 17.5% through 2034.
- Based on technology, the video conferencing segment is anticipated to register a CAGR of 17.2% over the forecast period.
- The United States is a top market for veterinary telemedicine. In the upcoming years, the market is projected to acquire a value of US$ 133.8 million by 2034.
- China is another key market, which is anticipated to expand at a CAGR of 18.4% and reach US$ 117.3 million by 2034.
- The growth rate of markets in Japan and South Korea is expected to be 18.7% and 19.7% over the next ten years.
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Competitive Landscape:
Market players are engaged in business activities like new product launches, strategic collaborations, and geographical expansion as emerging countries continue adopting veterinary telehealth. Industry participants are further providing specialized services for certain pet types or conditions to attract keen customer segments. Key players are further linking telemedicine consultations with online pharmacies, pet insurance, or delivery services for the convenience of pet owners.
Industry contenders are further leveraging AI and machine learning to provide efficient and personalized care. Additionally, they are collaborating with technology providers to create distinct solutions like real-time health monitoring tools and virtual reality consultations to lure in more customers. Moreover, players are investing in accessible and intuitive platforms with features like secure messaging, video conferencing, and data sharing to streamline consultations.
Latest Developments in the Veterinary Telemedicine Market:
- Televet entered into a partnership with Cornell University Hospital for Animals in August 2020. This development facilitated the deployment of a telehealth platform for veterinary telehealth operations.
- Zoetis collaborated with telemedicine firms like Video with My Vet and Vet-AI in July 2020 to capture information from clients on their smart mobiles via virtual consultations, thereby driving market growth.
Key Players in the Veterinary Telemedicine Market:
- Airvet
- Activ4Pets
- BabelBark, Inc.
- GuardianVets
- PetDesk, Petzam
- TeleTails
- Televet
- Vetster, Inc.
- VitusVet
- Whiskers Worldwide, LLC
- Virtuwoof, LLC
- FirstVet
- PawSquad
- Petriage Inc.
- Others
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Market Segmentation:
By Service Type:
- Tele-diagnosis
- Tele-consultation
- Tele-monitoring
- Tele-surgery Support
- Telepathology
By Technology:
- Video Conferencing
- Mobile Apps
- Web-Based Platforms
- Wearable Devices
- Artificial Intelligence (AI) Solutions
By Animal Type:
- Companion Animals (Dogs, Cats)
- Livestock (Cattle, Poultry)
- Exotic Pets (Birds, Reptiles)
- Equine (Horses, Ponies)
- Aquatic Animals (Fish, Aquatic Reptiles)
By End User:
- Veterinary Clinics
- Pet Owners
- Livestock Producers
- Research Institutions
- Animal Shelters and Rescues
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- 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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