Veterinary Telemedicine Market is Expected to Reach $1,230 million

Chicago, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The veterinary telemedicine industry is poised for remarkable growth in the near future, driven by advances in technology, changing pet owner preferences, and increased accessibility to virtual platforms. With seamless video consultations, remote monitoring devices, and AI-powered diagnostics becoming more prevalent, pet owners will have unprecedented convenience in seeking expert advice and care for their animal companions from the comfort of their homes. This evolution will not only enhance the overall quality of veterinary services by enabling quicker responses and reducing stress on pets, but also broaden access to specialized care regardless of geographical constraints. However, challenges such as regulatory frameworks, ensuring data privacy, and maintaining the essential hands-on aspects of veterinary care will need to be carefully navigated to fully realize the potential of this transformative trend.

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 latest report published by MarketsandMarkets™. Growth in this market is largely driven by the increase in pet population, rising prevalence of diseases in animals, rising adoption of IOT and ai by pet owners.

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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

Veterinary Telemedicine market major players covered in the report, such as:

FirstVet (Sweden)

Vetster (Canada)

TeleVet (US)

Airvet (US)

Anipanion (US)

VitusVet (US)

Whiskers Worldwide (US)

WellHaven Pet Health (Canada)

AskVet (US)

Petriage (US)

JustAnswer (US)

PetDesk (US)

Pawsquad (UK)

Vettriage (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)

and Among Others

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The study categorizes the veterinary telemedicine market based on type, component, application, animal type and regional & global level.

Global Veterinary Telemedicine Market, by Type

Telephone

Internet

Global Veterinary Telemedicine Market, by Component

Software & Services

Hardware

Global Veterinary Telemedicine Market, by Application

Diagnosis and treatment

Prescription of medication

Follow-up care

Consultation with specialists

Education

Global Veterinary Telemedicine Market, by Animal Type

Companion Animals

Livestock

Others

Global Veterinary Telemedicine Market, by region

North America

Canada

Europe

Germany

France

Italy

Spain

Rest of Europe

Asia Pacific

Japan

China

India

Rest of Asia Pacific

Latin America

Middle East & Africa

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The key stakeholders in the Veterinary Telemedicine market include:

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)

Frequently Asked Questions (FAQs) of Veterinary Telemedicine Market:

What are emerging trends in the veterinary telemedicine market?Development of new and innovative services and growth of the subscription model are emerging trends in the veterinary telemedicine market.

What are the drivers and opportunities for the veterinary telemedicine market?Increasing pet ownership, increasing prevalence of chronic diseases in animals, rising adoption of iot and ai by pet owners, increase in pet healthcare spending are the major drivers and the advancement of technologyAnd increased access to specialists are the major opportunities in the veterinary telemedicine market.

What are technological advancements in the veterinary telemedicine market?Telemedicine platforms and apps , digital imaging and diagnostic tools, and artificial intelligence (ai) and machine learning are technological advancements in the veterinary telemedicine market.

Which is the leading type segment with the largest share in the veterinary telemedicine market?Internet segment holds the largest share in the veterinary telemedicine market. Growth in this segment can be attributed to the increasing availability of high-speed internet, advancement in technologies and the growing adoption of smartphones and tablets.

Which segment is estimated to grow at the highest CAGR in veterinary telemedicine market by animal type?Companion animals’ segment is estimated to grow at the highest CAGR in veterinary telemedicine market by animal type. The growth in the companion animals’ segment is mainly driven by rising pet adoption, growing expenditure on pet care, and the rising incidence of age-related diseases in companion animals.

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Report Objectives:

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.

Related Reports:

Veterinary API Market

Veterinary Vaccines Market

Animal Parasiticides Market

Companion Animal Pharmaceuticals Market

Lateral Flow Assays Market

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