Global Veterinary Telemedicine Market Forecast Report to 2028: Increasing Pet Ownership Drives Market Growth


Dublin, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The "Global Veterinary Telemedicine Market by Type, Component, Application, Animal Type & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global veterinary telemedicine market is projected to reach USD 1,230 million by 2028 from USD 530 million in 2023, at a CAGR of 18.3%.

Growth in this market is largely driven by the increase in pet healthcare spending. Veterinary telemedicine has emerged as a convenient and cost-effective solution for pet owners seeking accessible and efficient healthcare options. By leveraging telecommunication technologies, pet owners can connect with veterinarians remotely, reducing the need for physical visits while still receiving expert guidance. This telemedicine approach offers convenience, saves time, and allows for timely interventions and ongoing monitoring of chronic conditions. As pet owners continue to prioritize their pets' health and seek convenient healthcare solutions, the demand for veterinary telemedicine is expected to grow, further driving the overall expenditure on pet care.

The diagnosis and treatment segment holds the major share of the veterinary telemedicine market

In 2022, the diagnosis and treatment segment holds the major share of the veterinary telemedicine market. A large share of the diagnosis and treatment segment can be attributed to the increased access to care, increasing adoption of telemedicine by veterinarians and reducing travel time and costs. The diagnosis and treatment segment in the veterinary telemedicine market is expected to continue to grow in the coming years. As the technology continues to improve and more veterinarians become comfortable using telemedicine, it is likely that this segment will become even more popular.

The companion animals segment holds the major share of the veterinary telemedicine market

The companion animals segment holds the major share of the veterinary telemedicine market. A large share of the companion animals' segment can be attributed to the increase in the small companion animal population, growing pet care expenditure, the growing demand for pet insurance, and technological advancements in veterinary telemedicine devices/services for small companion animals. Telemedicine allows pet owners to connect with licensed veterinarians remotely through various communication channels, including video calls, phone calls, and online messaging platforms. It enables pet owners to seek advice, get prescriptions, and even receive follow-up care without the need for in-person visits.

Asia Pacific will grow at highest CAGR during the forecast period

In 2022, Asia Pacific will grow at highest CAGR during the forecast period. The high growth in this market can majorly be attributed to the rising companion animal population and the expansion of key players in the veterinary telemedicine market in several Asia Pacific countries such as India, China, and Thailand. The growing trend of pet ownership in APAC countries has resulted in increased pet healthcare expenditures. This can also be attributed to the growing disposable income levels in APAC countries, due to which the willingness to spend on animal healthcare and well-being is rising.

Company Profiles:

  • Vettriage
  • Justanswer
  • Airvet
  • Firstvet
  • Vetster
  • Televet
  • Anipanion
  • Vitusvet
  • Whiskers Worldwide
  • Wellhaven Pet Health
  • Askvet
  • Petriage
  • Petdesk
  • Pawsquad
  • Bi X GmbH
  • Guardianvets
  • Teletails
  • Activ4Pets
  • Babelbark
  • Linkyvet
  • Vetchat
  • Vetct
  • Vetoclock
  • Vetnow
  • Vetsource

Key Topics Covered:

Executive Summary

  • Veterinary Telemedicine Market, by Type, 2023 Vs. 2028 (USD Million)
  • Market, by Component, 2023 Vs. 2028 (USD Million)
  • Market, by Application, 2023 Vs. 2028 (USD Million)
  • Market, by Animal Type, 2023 Vs. 2028 (USD Million)
  • Geographical Snapshot of Veterinary Telemedicine Industry

Premium Insights

  • Veterinary Telemedicine Market Overview - Increasing Pet Ownership to Drive Market
  • Asia-Pacific: Market, by Type and Country (2022) - Internet Segment Held Largest Share of Asia-Pacific Market in 2022
  • Market: Geographic Growth Opportunities -Asia-Pacific Countries to Register Higher Growth During Forecast Period
  • Market: Regional Mix -North America Will Continue to Dominate Market During Forecast Period
  • Market: Developed Vs. Developing Markets -Developing Markets to Register Higher Growth During Forecast Period

Market Dynamics

Drivers

  • Increasing Pet Ownership
  • Increasing Prevalence of Chronic Diseases in Animals
  • Rising Adoption of IoT and AI by Pet Owners
  • Increase in Pet Healthcare Spending

Restraints

  • High Cost Associated with Veterinary Telemedicine Services
  • Lack of Awareness and Accessibility to Services

Opportunities

  • Advancements in Technology
  • Increased Access to Specialists

Challenges

  • Lack of Reimbursement

Industry Trends

  • Development of New and Innovative Services
  • Growth of Subscription Model

Key Report Attributes:

Report AttributeDetails
No. of Pages173
Forecast Period2023 - 2028
Estimated Market Value (USD) in 2023$530 Million
Forecasted Market Value (USD) by 2028$1230 Million
Compound Annual Growth Rate18.3%
Regions CoveredGlobal

For more information about this report visit https://www.researchandmarkets.com/r/2u1ibc

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Global Veterinary Telemedicine Market

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