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
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.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 31.2 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 17.3% | 2028 Value Projection: | US$ 95.2 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Agora.io, Anipanion, Linkyvet, Oncura Partners, TeleVet, Vetchat, VetCT., Vetoclock, WellHaven Pet Health, Petriage, PawSquad, and Petpro Connect |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Figure 2.Global Veterinary Telemedicine Market Share (%), By Application, 2021
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
Telemedicine refers to the practice of veterinary medicine (advice, diagnosis, and treatment), which occurs at a distance using telecommunication between a veterinarian and an animal owner. In other words, telemedicine is a veterinary medical practice tool, and involves medical information regarding a patient's clinical health status communicated via electronic methods. Telemedicine does not replace current veterinary medicine practice but is a complementary tool. A valid veterinary-client-patient relationship (VCPR) must exist and all the other regulatory requirements, such as informed consent, must be followed to allow a veterinarian to diagnose and treat a patient via telemedicine.
Market Dynamics
Key players operating in the global veterinary telemedicine market are focusing on adoption of growth strategies such as product launches and acquisition, which is expected to drive the market growth during the forecast period. For instance, in November 2020, FirstVet developer of an online veterinary platform designed to provide advice on animal health and well-being, announced the launch of telemedicine service in the U.S. The video-based on application consultation platform is expected to be able to connect pet owners to a FirstVet veterinarian in the U.S. Moreover, in May 2021, Vetster, a Toronto-based company, raised a total of US$ 10.12 million six months after launching its veterinary telemedicine service. The investment will be used to fuel the company’s growth and expand its preventive and urgent care services, including a new mobile app for iOS and Android.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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