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Veterinary Telehealth Market: Information by Animal Type (Livestock, Companion), Service Type (Telemonitoring, Telemedicine, and Teleconsulting), Application, and Region — Forecast till 2030

Published At : 20 Jul, 2022
Updated At : 27 Jul, 2022
Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
17.69 %
Fastest Growing Market:
Europe
Largest Market:
North America

The global market for veterinary telehealth was valued at USD 117.85 million in 2021, and it is anticipated to reach USD 510.49 million by 2030 at a CAGR of 17.69%. The term "telehealth" refers to a technology that allows medical professionals and people who get medical help to communicate and receive health information, education, or care in a remote setting. Telehealth is the practice of improving a patient's clinical health state through the transmission of technical information from one location to another. The technology allows for the monitoring of patients even when the health care professional and the patient are not in the same physical place. Adopting telehealth practices by veterinary hospitals is one consequence of the accelerating pace of technological progress. When a veterinarian and an animal owner communicate via telecommunication to provide advise, diagnosis, and treatment to each other, this is known as telehealth. In other words, telehealth is a veterinary medical practice tool which involves medical information regarding a patient's clinical health state communicated via electronic techniques. Telehealth does not replace current veterinary medicine practice but is a complementing tool. A legitimate veterinary-client-patient relationship (VCPR) must exist, and all the other regulatory standards, such as informed permission, must be met to allow a veterinarian to diagnose and treat a patient via telehealth.

Veterinary Telehealth Market share

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Market Dynamics

Global Veterinary Telehealth Market Drivers

  • The rising cases of zoonotic infections and chronic diseases among animals

The increasing incidence of zoonotic infections as well as chronic animal diseases is a factor that is contributing to the enormous need for veterinary telehealth services. It is estimated that zoonotic illnesses would cause roughly 1 million cases of illness and millions of deaths over the world in 2021, according to the World Health Organization. It is estimated that approximately 60 per cent of newly emerging infections result from zoonotic diseases. As a result of this spike in illnesses, pet owners and farm animal owners are being forced to employ telehealth services to improve and monitor the health of their animals and pets. In addition, the growing incidence of diseases common in the animal population, such as diabetes and chronic renal disease, is driving the broad adoption of veterinary telemedicine services. As a result, the issues discussed earlier contribute to the growing need for veterinary telemedicine services.

  • Increasing pet owners globally

One reason why more individuals are using telehealth services for their dogs is because of the increasing number of pet owners in the world. According to the findings of the 2019-2020 National Pet Owners Survey that was carried out by the American Pet Products Association (APPA), there are approximately 85 million households in the United States who have a pet. In addition, a survey conducted by the Insurance Research Council in October 2020 found that around one-third of American households chose to get a pet during the COVID-19 epidemic. This preference can be attributed to the growing demand for companionship. In addition, 3.2 million homes in the United Kingdom have acquired a pet since the beginning of the COVID-19 epidemic, as indicated by the numbers provided by the Pet Food Manufacturers Association (PFMA) in 2021. Many people who own pets want to use virtual care so that their animals can be examined without them having to travel to a clinic, spend money on gas, or sit in a waiting room. Therefore, an increasing number of people worldwide are getting pets, which is helping to drive up demand for veterinary telemedicine services.

Global Veterinary Telehealth Market Opportunities

  • Market players and their strategies

Numerous businesses are concentrating on organic growth techniques such as new launches, product approvals, and other methods, including patents and events. Acquisitions, partnerships, and collaborations were the most common types of inorganic growth strategy activities observed in the market. The expansion of market actors' businesses and their consumer bases have been made possible as a direct result of these actions. It is projected that industry participants in the Veterinary telehealth market will have profitable growth prospects due to the increased demand for Veterinary telehealth in markets worldwide.

Global Veterinary Telehealth Market Restraints

  • Lack of awareness about new technologies

A lack of awareness and accessibility to telemedicine services are two primary issues that act as roadblocks to expanding the global veterinary telemedicine industry. Rural parts of emerging countries such as Africa and the Asia Pacific have relatively little awareness regarding such revolutionary technologies. This is projected to be a major issue leading to the slow adoption of telemedicine systems in such regions, which will hamper the market's growth.

 

Segmentation Of The Global Veterinary Telehealth Market

The global market for veterinary telehealth is segmented into four parts based on animal type, service type, application and region. Further, based on animal type, the market is segmented into livestock and companion. The livestock segment is sub-segmented into poultry, pigs, cattle, and others. The companion segment is further segmented into canine, feline, equine, and others. The livestock section dominated the market, including poultry, sheep, goats, and other animals. A significant element in this segment's growth is the high daily consumption of chicken and cattle products. Sheep are also necessary for other products like wool. Additionally, a high-impact key driver for this market sector is the rise in chronic diseases in sheep and goats, which may encourage the use of veterinary telemedicine for disease prevention and control.

Over the projected period, the canine category is anticipated to increase fastest. The segment's significant market share results from rising animal healthcare expenditures, particularly in developed countries.

The market is segmented into telemonitoring, telemedicine, teleconsulting, and service type. In 2021, the teleconsulting segment accounted for the majority of revenue. The segment's expansion is linked to veterinarians' increasing use of telehealth solutions to consult with veterinary specialists to obtain guidance and insights into animal care. Teleconsultation also saves on travelling expenditures and related costs. As a result, expert advice can be used immediately without the need for long waiting periods. These elements are accelerating the segment's growth.

The telemedicine segment is expected to grow faster during the projection period because more people are using the internet. Veterinary telehealth is being used more frequently due to the rise in internet users. The market expansion for the telemedicine segment is projected to be fuelled by the growing initiatives taken by market participants.

The market is segmented into x-ray and picture archiving and communication system (PACS) advice, computed tomography (CT) reporting, radiographic reporting, magnetic resonance imaging (MRI) reporting and others based on application.

The global market for veterinary telehealth is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America dominated the market.

 

Regional Analysis Of The Global Veterinary Telehealth Market

The global market for veterinary telehealth is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America dominated the market.

Veterinary Telehealth Market share

Regional Growth Insights Request Sample Pages

The United States has held a significant portion of the market in North America and is anticipated to continue to do so during the projection period. This can be linked to high healthcare costs, the dominance of major market competitors, technological developments, and a rise in disposable income. Additionally, consumers in the United States have been pushed to choose pet insurance due to the preference for pet adoption due to the need for companionship and lifestyle in the area, which has fuelled the use of veterinary telehealth services.

The United States saw gross written premiums of USD 1.99 billion in 2020, up 27.5 per cent from USD 1.56 billion in 2019, according to the North American Pet Health Insurance Association (NAPHIA). Additionally, the region's increasing need for veterinary healthcare is fuelled by the rise in the consumption of animal products, which is, in turn, boosting demand for veterinary telemedicine services. For instance, the National Agricultural Statistics Service of the United States Department of Agriculture estimates that there are around 93 million cows and calves in the country as of 2021. The veterinary telehealth market in North America is expected to expand significantly throughout the forecast period in light of the abovementioned considerations.

 

Key Players In The Global Veterinary Telehealth Market

Some of the key players dealing in the global veterinary telehealth market are Agora.io, Anipanion, Linkyvet, Oncura Partners, TeleVet, Vetchat, VetCT., Vetoclock, WellHaven Pet Health, PawSquad, Petro Connect, Airvet, Babel Bark, Inc., Pet Desk, TeleTails, Vester, Inc., Whiskers Worldwide LLC, FirstVet, Petriage Inc., Activ4Pets, Guardian vets, Petzam, VitusVet, Virtuwoof, LLC, and Paw Squad.

 

Recent developments

  • In March 2022, Boehringer Ingelheim Animal Health USA Inc. ("Boehringer Ingelheim"), a leading global innovator of animal health products, and TeleVet, Inc., a leading provider of technology solutions for veterinary teams, had previously announced a strategic partnership to deliver cutting-edge technology and services that will make it easier for veterinary practises to provide the best patient care while reducing stress on their teams.

 

The Global Veterinary Telehealth Market Segmentation

By Animal Type

  • Livestock
    • Poultry
    • Pigs
    • Cattle
    • Others
  • Companion
    • Canine
    • Feline
    • Equine
    • Others

By Service Type

  • Telemonitoring
  • Telemedicine
  • Teleconsulting
  • Others

By Application

  • X-Ray and Picture Archiving and Communication System (PACS) Advice
  • Computed Tomography (CT) Reporting
  • Radiographic Reporting
  • Magnetic Resonance Imaging (MRI) Reporting

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East & Africa
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