Global Veterinary Telemedicine Market, by Type (By Telephone, By Internet, and Other), by Application (Radiographic Reporting, CT Reporting, X-Ray & PACS Advice, MRI Reporting, and Other), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa) is estimated to be valued at US$ 31.2 Mn in 2021 and is expected to exhibit a CAGR of 17.3% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Rise in the spending capacity of consumers on pet healthcare along with the availability of favorable insurance policies is expected to propel growth of the global veterinary telemedicine market over the forecast period. For instance, according to the North American Pet Health Insurance Association (NAPHIA), the pet health insurance sector for the U.S. and Canada posted a combined gross premium of US$ 1.42 billion in 2018, up from US$ 1.15 billion in 2017. The total number of pets insured reached 2.43 million at year-end 2018, up by over 17% from 2017.
Global Veterinary Telemedicine Market– Impact of Coronavirus (COVID-19) Pandemic
The rapid global spread of COVID-19 is challenging healthcare systems worldwide in terms of healthcare planning, infrastructure, and spending. Healthcare professionals are forced to treat severely ill patients with limited access to ventilation equipment, qualified intensive care personnel or protective patient monitoring devices. Since December 2019, a novel coronavirus spread throughout China and across the world, causing a continuous increase in confirmed cases within a short period of time. The disease has spread to more than 200 countries across the globe with the World Health Organization declaring it as a public health emergency. For instance, according to the World Health Organization Coronavirus Disease (COVID-19) Dashboard (WHO) report, the manifestation of the coronavirus (COVID-19) has resulted in more than 236 million infected individuals worldwide as of October 8, 2021. The coronavirus (COVID-19) pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors. The private healthcare sector is one the sectors, which has been majorly impacted by the COVID-19 pandemic. The lockdown in various countries has created an economic burden on the private healthcare sector. Healthcare providers were facing challenges with regards to manpower, equipment, and other resources to ensure safety in the treatment of patients with other diseases, and has resulted in declining outpatients visits of patients to the hospitals and clinics during the COVID-19. Moreover, the coronavirus pandemic has negatively impacted the development and supply of services, and affected growth of the healthcare businesses of various companies across the globe. This has led to closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of products and services. Thus, COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Supply chain and manufacturing activities in India, China, the U.S., and others have been disrupted due to lockdowns, while countries such as Thailand, Indonesia, Singapore, and others are facing problems with regards to maintaining rehabilitation services. The demand for veterinary telemedicine has increased during COVID-19 situation as it is safe and follows social distancing.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Veterinary Telemedicine Market”- Forecast to 2028, Global Veterinary Telemedicine Market, by Type (By Telephone, By Internet, and Other), by Application (Radiographic Reporting, CT Reporting, X-Ray & PACS Advice, MRI Reporting, and Other), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa)
To know the latest trends and insights related to Global Veterinary Telemedicine Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/veterinary-telemedicine-market-4712
Moreover, increasing product launches is also expected to aid in growth of the global veterinary telemedicine market over the forecast period. For instance, in November 2020, Vetster, a Toronto-based company announced its official launch as an innovative pet wellness platform virtually connecting pet owners to a marketplace of licensed veterinary professionals for video, chat and voice enabled appointments. Moreover, for those who are unable to visit their local clinics due to timing issues or due to the ongoing COVID-19 pandemic, Vetster provides cutting-edge telehealth convenience, assisting with overall wellness for cat, dog or small animals.
Key Takeaways of the Global Veterinary Telemedicine Market:
- The global veterinary telemedicine market is expected to exhibit a CAGR of 17.3% during the forecast period due to increasing pet ownership worldwide is contributing to the rising demand for veterinary telemedicine services, which is expected to boost growth of the market. For instance, according to Pet Food Manufacturers Association (PFMA) statistics 2021, 3.2 million households in the U.K. adopted a pet since the onset of the COVID-19 pandemic.
- Among application, radiographic reporting segment is estimated to hold largest market share in global veterinary telemedicine market over the forecast period. Increase in the healthcare expenditure by various healthcare regulatory organizations in the U.S. in the past years is expected to drive the segment growth. For instance, according to the U.S. Centers for Medicare and Medicaid Services’ 2019 findings on the National Health Expenditure (NHE), hospital expenditure grew by 4.6% to US$ 3.8 trillion in 2019, compared to the previous year (2018).
- Among regions, North America is estimated to hold dominant position in global veterinary telemedicine market over the forecast period, owing to key players in the market focusing on growth strategies such as product launches. For instance, June 2018 Fuzzy Pet Health launches a US $10-per-month telemedicine vet care plan. Fuzzy Pet Health Connect, as the new telemedicine service is called, works over the Fuzzy Pet Health mobile app, allowing customers to send text, pictures and videos to a vet at any time, then receive real-time medical help
- Major players operating in the global veterinary telemedicine market include Agora.io, Anipanion, Linkyvet, Oncura Partners, TeleVet, Vetchat, VetCT., Vetoclock, WellHaven Pet Health, Petriage, PawSquad, and Petpro Connect
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