Veterinary Telemedicine Market Worth $1.23 Billion by 2028: Growth Insights
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 new report by MarketsandMarkets™. Growth in this market can primarily be attributed to the increasing prevalence of chronic diseases in pets which led to a growing demand for veterinary telemedicine as a valuable tool for managing these conditions. Telemedicine enables remote monitoring of pets' chronic conditions through wearable devices and remote communication, allowing veterinarians to assess their condition and adjust treatment plans as needed. Regular virtual check-ins help veterinarians address concerns, answer questions, and ensure effective management of chronic diseases.
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Veterinary Telemedicine Market Dynamics:
Drivers:
· Increasing prevalence of chronic diseases in animals
Restraints:
· High costs associated with the services
Opportunities:
· The advancement of technology
Challenges:
· Lack of reimbursement
Key Growth Drivers:
· Increasing Prevalence of Chronic Diseases in Animals: As the report highlights, the prevalence of chronic conditions such as diabetes, kidney disease, and cancer in animals has risen significantly over the past decade. Telemedicine offers a convenient solution for monitoring and managing these chronic conditions, driving the market's growth.
· Technological Advancements: The rapid advancement of technology, particularly in areas like the Internet of Things (IoT), Artificial Intelligence (AI), and specialized telemedicine platforms, has revolutionized the veterinary care landscape. These technologies enable remote monitoring, virtual consultations, and data-driven decision-making, enhancing the quality and accessibility of veterinary services.
· Growing Disposable Income and Pet Ownership: As disposable incomes continue to rise, particularly in the Asia-Pacific region, pet owners are increasingly willing to invest in the well-being and healthcare of their animal companions. This trend, coupled with the growing popularity of pet ownership, has fueled the demand for veterinary telemedicine services.
The internet segment holds the major share of the veterinary telemedicine market.
Based on type, the veterinary telemedicine market is segmented into telephone and internet. The internet segment holds the major share of the veterinary telemedicine market. A large share of the internet segment can be attributed to the simple image and video transmission, which can provide veterinarians with more information about the pet’s health.
The software & services segment holds the major share of the veterinary telemedicine market.
Based on component, the veterinary telemedicine market is segmented into software & services and hardware. The software & services segment holds the major share of the veterinary telemedicine market. A large share of the software & services segment can be attributed to the growing demand for cloud-based and on-demand services. Cloud computing and on-demand services have several advantages over traditional software and services, including cost effectiveness, scalability, and flexibility.
North America segment accounted for the largest share of the veterinary telemedicine market.
The global veterinary telemedicine market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America dominated the veterinary telemedicine market in 2022. The large share of North America in the global market is attributed to the convenience of telemedicine. Telemedicine can be a more affordable option for pet owners, especially those who live in rural areas or who have difficulty traveling. Telemedicine allows pet owners to get veterinary care without having to leave their homes. This can be especially convenient for busy people.
Key Market Players
The major players in the veterinary telemedicine market include Vettriage (US), JustAnswer (US), Airvet (US), PetDesk (US), Pawsquad (UK). FirstVet (Sweden), Vetster (Canada), TeleVet (US), Anipanion (US), VitusVet (US), Whiskers Worldwide (US), WellHaven Pet Health (Canada), AskVet (US), Petriage (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).
Content Source:
https://www.marketsandmarkets.com/PressReleases/veterinary-telemedicine.asp
https://www.marketsandmarkets.com/ResearchInsight/veterinary-telemedicine-market.asp
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