VETERINARY TELEMEDICINE MARKET ANALYSIS

Telemedicine is the use of medical information such as patient's clinical health status, which is exchanged from one site to another via electronic communications. Telemedicine is a technology that allows a veterinarian to digitalize radiographic, ultrasound and microscopic images and send them via fax or the internet to a veterinary specialist for interpretation providing service without leaving their veterinary dispensary/hospital.

The global veterinary telemedicine market is estimated to be valued at US$ 31.2 million in 2021 and is expected to exhibit a CAGR of 17.3% during the forecast period (2021-2028).

Figure 1.Global Veterinary Telemedicine Market Share (%) in Terms of Value, By Type, 2021

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Rise in pet healthcare spending is expected to drive the market growth during the forecast period.

The increasing in the pet healthcare spending is expected to drive the global veterinary telemedicine market growth over the forecast period. For instance, according to report by APPA - American Pet Products Association in 2018, the cumulative spending in the U.S. pet industry increased by 4.1 % from 2016 to 2017.

Figure 2.Global Veterinary Telemedicine Market Share (%), By Application, 2021

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Increasing prevalence of zoonotic and chronic diseases in animals are expected to drive the market growth during the forecast period.

Increasing prevalence of zoonotic and chronic diseases in animals is expected to drive the global veterinary telemedicine market growth during the forecast period. For instance, according to an article published in Sage Journals in 2016, stated that chronic kidney disease (CKD) is the most common metabolic disease of domesticated cats. The overall prevalence of feline CKD in aged cats have ranged from 1% to 3% to 50%.

Global Veterinary Telemedicine Market– Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic is positively influencing the veterinary telehealth market. The interest in veterinary telehealth is increasing during the ongoing crisis. For instance, as per a 2020 article by the Veterinary Medical Association (AVMA), the use of telemedicine has grown to protect and monitor the health of veterinary patients and veterinary teams. Additionally, the U.S. Food and Drug Administration (U.S. FDA) was providing flexibility across FDA-regulated industries and announced that it does not intend to enforce certain requirements that may enable veterinarians to better utilize telemedicine to address animal health needs during the pandemic. Moreover, several healthcare organizations launched telehealth services during the pandemic. For instance, in March 2021, a leading integrated healthcare company in India, Practo, announced the launch of a veterinary telemedicine service. Moreover, in 2020, the Centers for Disease Control and Prevention (CDC) recommended the veterinarians minimized their contact with pet owners using telemedicine in the pandemic. Thus, the factors mentioned above are leading to an increase in the number of veterinary telemedicine services during the ongoing pandemic.

Global Veterinary Telemedicine Market: Restraint

The major factors that hinder growth of the global veterinary telemedicine market include lack of awareness and accessibility to telemedicine services. Rural areas of emerging economies such as Africa and Asia Pacific have very low awareness regarding such novel technologies, which is expected to be a major reason leading to slow adoption of telemedicine systems in such regions, thereby hindering the market growth.

Key Players

Agora.io, Anipanion, Linkyvet, Oncura Partners, TeleVet,    Vetchat, VetCT., Vetoclock, WellHaven Pet Health, Petriage, PawSquad, and Petpro Connect