The global 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.
Northbrook, IL 60062 -- (SBWIRE) -- 09/29/2023 -- In the near future, the veterinary telemedicine industry is poised to undergo a transformative shift, revolutionizing how pet owners access healthcare services for their animals. Rapid advancements in digital communication, remote diagnostics, and wearable technology will enable seamless virtual consultations between veterinarians and clients, transcending geographical limitations and enhancing convenience. This evolution will not only lead to more timely and accessible care for routine check-ups, minor concerns, and follow-up appointments, but also enable early detection of potential health issues through continuous monitoring of pets' vital signs and behaviors. While in-person veterinary care will remain essential for complex procedures and emergencies, the integration of telemedicine will create a holistic and efficient ecosystem that prioritizes animal well-being in an increasingly interconnected world.
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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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.
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Veterinary Telemedicine Market Dynamics:
1. Increasing prevalence of chronic diseases in animals
1. High costs associated with the services
1. The advancement of technology
1. Lack of reimbursement
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).
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Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062