Veterinary Telemedicine Market by Type (Telephone, Internet), Component (Software & Services, Hardware), Application (Diagnosis & Treatment, Prescription, Follow-up, Consultation, Education), Animal Type (Companion, Livestock) & Region - Global Forecast to 2028
The global 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. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Growth in this market is largely driven by the increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technologies both pet owners and the veterinary industry has significantly influenced the development and effectiveness of veterinary telemedicine. IoT devices, such as wearables and smart sensors, enable remote monitoring of pets' vital signs and health parameters, with real-time data transmitted to veterinarians for analysis. AI algorithms can analyze this data to identify patterns and trends, aiding in accurate assessments and timely interventions. Additionally, AI-powered telemedicine platforms facilitate virtual consultations, where AI algorithms assist in diagnosis and treatment decisions by analyzing medical records and diagnostic images. Predictive analytics and AI-driven chatbots/virtual assistants provide proactive recommendations, triage support, and personalized care guidance. Furthermore, electronic health record systems for pets, enabled by IoT and AI, enhance data management and drive evidence-based decision making, resulting in improved remote monitoring, diagnostic accuracy, preventive care, and overall efficiency in veterinary healthcare delivery.
Attractive Opportunities in Veterinary Telemedicine Market
To know about the assumptions considered for the study, Request for Free Sample Report
Veterinary Telemedicine Market Dynamics
Driver: Increasing prevalence of chronic diseases in animals
Globally, the prevalence of several chronic conditions has increased in animals over the last decade. According to the American Veterinary Medical Association (AVMA), diabetes mellitus is a common chronic disease in both cats and dogs. It is estimated that approximately 1 in 200 cats and 1 in 300 dogs develop diabetes in their lifetime. Also, according to the International Renal Interest Society (IRIS), chronic kidney disease (CKD) is prevalent in aging cats and dogs. It is estimated that up to 30% of cats and 10% of dogs over the age of 10 suffer from CKD. Similarly, Cancer is a group of diseases that can affect any part of the body. It is the second leading cause of death in dogs and the third leading cause of death in cats. (Source: National Cancer Institute).
Restraint: High costs associated with the services
The high cost of veterinary telemedicine can factor that may limit its widespread adoption and act as a restraint for the market. While telemedicine offers numerous benefits in terms of convenience, accessibility, and reduced stress for both pets and their owners, the cost associated with providing telemedicine services can be a restraint for the growth of the market. Several factors contribute to the cost of veterinary telemedicine services. Such as, implementing a telemedicine platform requires initial investment in technology infrastructure, software development, and staff training. Additionally, maintaining secure communication channels, complying with data privacy regulations, and ensuring reliable internet connectivity all add to the expenses. Furthermore, veterinarians offering telemedicine services charge consultation fees that are comparable to or slightly lower than in-person visits. However, depending on the nature of the medical condition, certain cases may require additional diagnostic tests or in-person examinations, leading to additional costs. These costs can accumulate, particularly for ongoing treatment or complex medical conditions.
Opportunity: The advancement of technology
Advancements in technology play a crucial role in the growth and development of veterinary telemedicine. These advancements have improved the quality of care, expanded the range of services, and increased accessibility for both veterinarians and pet owners. The development of specialized telemedicine platforms and mobile applications has revolutionized veterinary care. These platforms allow veterinarians to conduct virtual consultations, share medical records and images, and communicate with pet owners remotely. Examples of popular telemedicine platforms include Firstvet, Vetster, TeleVet, and AirVet.
Challenge: Lack of reimbursement
In many regions, insurance coverage for veterinary telemedicine services is limited or non-existent. This means that pet owners typically have to pay out-of-pocket for virtual consultations, which may deter some individuals from utilizing telemedicine options. The absence of insurance reimbursement can create financial barriers and limit the adoption of telemedicine services. Without reimbursement, veterinary clinics may find it challenging to set competitive pricing for telemedicine services. They must strike a balance between covering their costs and making services affordable for pet owners. The lack of reimbursement can impact the financial viability and sustainability of veterinary telemedicine practices.
Veterinary Telemedicine Market Ecosystem
Leading players in this market include well-established and financially stable service providers of veterinary telemedicine services. These companies have been operating in the market for several years and possess a diversified product/service portfolio, advanced technologies, and strong global presence. Prominent companies in this market include Vettriage (US), JustAnswer (US), Airvet (US), PetDesk (US), Pawsquad (UK).
The internet segment of veterinary telemedicine industry is expected to register the highest CAGR during the forecast period.
Based on type, the veterinary telemedicine market is segmented into telephone and internet. The internet segment is expected to register the highest CAGR during the forecast period. The internet segment also allows for the use of live chat and video conferencing, which can provide a more interactive and personal experience for pet owners. Internet-based veterinary telemedicine is a valuable tool for pet owners and veterinarians. It is a more comprehensive and interactive way to provide veterinary care, and it is becoming increasingly popular.
The software & services segment of veterinary telemedicine industry is estimated to grow at a higher CAGR during the forecast period.
Based on component, the veterinary telemedicine market is segmented into software & services and hardware. The software & services segment is estimated to grow at a higher CAGR during the forecast period.
Growth in this segment can be attributed to the benefits such as convenience, affordability, access to specialists, better communication, better tracking.
The diagnosis and treatment segment of veterinary telemedicine industry is expected to grow at the highest CAGR during the forecast period.
Based on application, the veterinary telemedicine market is segmented into diagnosis and treatment, prescription of medication, follow-up care, consultation with specialists and education. The diagnosis and treatment segment in the market is expected to continue to grow in the coming years. As the technology continues to improve and more veterinarians become comfortable using telemedicine, it is likely that this segment will become even more popular.
APAC is estimated to be the fastest-growing regional market for veterinary telemedicine industry.
The global veterinary telemedicine market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, APAC is estimated to be the fastest-growing regional market for veterinary telemedicine. The high growth in this market can majorly be attributed to the growing disposable income levels in APAC countries, due to which the willingness to spend on animal healthcare and well-being is rising. The growing trend of pet ownership in APAC countries has resulted in increased pet healthcare expenditures.
To know about the assumptions considered for the study, download the pdf brochure
The veterinary telemedicine market is dominated by a few globally established players such as Vettriage (US), JustAnswer (US), Airvet (US), PetDesk (US), Pawsquad (UK). Major players adopt growth strategies to expand their geographical presence and garner higher shares in the global market.
Scope of the Veterinary Telemedicine Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$530 million |
|
Projected Revenue by 2028 |
$1,230 million |
|
Revenue Rate |
Poised to Grow at a CAGR of 18.3% |
|
Market Driver |
Increasing prevalence of chronic diseases in animals |
|
Market Opportunity |
The advancement of technology |
The study categorizes the veterinary telemedicine market to forecast revenue and analyze trends in each of the following submarkets:
By Type
- Telephone
- Internet
By Component
- Software & Services
- Hardware
By Application
- Diagnosis and treatment
- Prescription of medication
- Follow-up care
- Consultation with specialists
- Education
By Animal Type
- Companion Animals
- Livestock
- Others
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global veterinary telemedicine market?
The global veterinary telemedicine market boasts a total revenue value of $1,230 million by 2028.
What is the estimated growth rate (CAGR) of the global veterinary telemedicine market?
The global veterinary telemedicine market has an estimated compound annual growth rate (CAGR) of 18.3% and a revenue size in the region of $530 million in 2023.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Secondary Research
This research study involved the usage of comprehensive secondary sources; directories; databases such as Bloomberg Business, Factiva, and Dun & Bradstreet; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for an extensive, technical, market-oriented, and commercial study of the veterinary telemedicine market. It was also used to obtain important information about the key players, market classification and segmentation according to industry trends to the bottommost level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Extensive primary research was conducted after obtaining information regarding the veterinary telemedicine market scenario through secondary research. Several primary interviews were conducted with market experts from both, the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interview. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors, from business development, marketing, product development/innovation teams, and related key executives from veterinary telemedicine service providers; system integrators; component providers; distributors; and key opinion leaders.
Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. The primary sources from the supply side and demand side are detailed below.
A breakdown of the primary respondents is provided below:
Breakdown of Primary Interviews: Supply-Side Participants, By Company Type, Designation, And Region
Supply side:
Note 1: C-level primaries include CEOs, COOs, CTOs, and VPs.
Note 2: Other primaries include sales managers, marketing managers, and product managers.
Note 3: Companies are classified into tiers based on their total revenue. As of 2020: Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = <USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Breakdown of Primary Interviews: Demand-Side Participants, By End User, Designation, And Region
Demand Side:
Note: Others include department heads, research scientists, and professors.
Market Size Estimation
The total size of the veterinary telemedicine market was arrived at after data triangulation from two different approaches, as mentioned below. After each approach, the weighted average of all approaches was taken based on the level of assumptions used in each approach.
Global Veterinary Telemedicine Market Size: Bottom-Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Global Veterinary Telemedicine Market Size: Top-Down Approach
Data Triangulation
After arriving at the market size, the total market was divided into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures were employed, wherever applicable. The following figure shows the market validation, source structure, and data triangulation methodology implemented in this report’s market engineering process.
Market Definition
Veterinary telemedicine is the use of telecommunications technologies to provide veterinary medical services remotely. This can include things such as video consultations between veterinarians and pet owners, remote monitoring of sick or injured animals, transmission of medical images and laboratory results, provision of educational resources to pet owners. Veterinary telemedicine is a promising tool that has the potential to improve access to care and improve patient outcomes.
Key Stakeholders
- Manufacturers of veterinary telemedicine and related devices
- Suppliers and distributors of veterinary telemedicine
- Veterinary hospitals, clinics, and veterinary colleges
- Teaching hospitals and academic medical centers
- Government bodies/municipal corporations
- Business research and consulting service providers
- Venture capitalists
- US Food and Drug Administration (US FDA)
- European Union (EU)
Objectives of the Study
- To describe, analyze, and forecast the veterinary telemedicine market, by type, component, application, animal type, and region.
- To describe and forecast the veterinary telemedicine market for key regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the veterinary telemedicine market
- To strategically analyze the ecosystem, regulations, patenting trend, value chain, Porter’s five forces, and prices pertaining to the market under study
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for market players.
- To profile key players and comprehensively analyze their market shares and core competencies in the veterinary telemedicine market.
Available customizations
With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Geographic Analysis
- Further breakdown of the RoE veterinary telemedicine market into Austria, Finland, and others
- Further breakdown of the RoLATAM veterinary telemedicine market into Brazil, Mexico, Argentina, Colombia, Chile, and others
Competitive Landscape Assessment
- Market share analysis for the North America and Europe region, which provides market shares of the top 3–5 key players in the veterinary telemedicine market.
- Competitive leadership mapping for established players in the US
Growth opportunities and latent adjacency in Veterinary Telemedicine Market