The global Veterinary Telehealth Market is on a path to reach a substantial value of USD 450 million by 2030, with a remarkable Compound Annual Growth Rate (CAGR) of 18%. Several key factors are propelling the market’s growth, with a surge in chronic illnesses among animals at the forefront. This growth is also being driven by increasing pet ownership, the prevalence of conditions like obesity in canines leading to ailments such as diabetes, blood-pressure-related disorders, renal illnesses, and spinal disc disorders.
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One of the significant contributors to the rapid expansion of veterinary telehealth services has been the COVID-19 pandemic. The need for remote consultations and healthcare for pets became imperative as people sought ways to access veterinary expertise from remote areas. Additionally, investments in pet healthcare have been rising steadily. For instance, the American Pet Products Association (APPA) reported that the United States spent a staggering USD 103.6 billion on pets in 2020, and this figure was expected to rise to USD 109.6 billion in 2021.
Key Market Players:
Leading companies operating in the veterinary telehealth market include TeleTails, Activ4Pets, BabelBark, Inc., FirstVet, Inc., TeleVet, Vetster, Inc., VitusVet, airVet, Inc., PawSquad, and GuardianVets, Inc. These players have actively pursued mergers and acquisitions, as well as partnerships, to provide customers with innovative and high-tech products and services.
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Market Segmentation Insights:
- Animal Type: The feline category is expected to witness a higher Compound Annual Growth Rate (CAGR) during the forecast period. Taking care of cats is generally considered easier than taking care of dogs, and in 2022, nearly 43% of cats were adopted from animal shelters, a slightly higher percentage compared to dogs.
- Service Type: The telemedicine segment is projected to hold a significant share in the market in 2022. This growth is attributed to the convenience of consulting with veterinary specialists through specialized apps. The availability of consultations through various formats, including text, call, and video, enables veterinarians to assess a pet’s health status remotely, ensuring timely interventions even in non-emergency situations.
- Regional Growth: The Asia-Pacific (APAC) region is anticipated to exhibit substantial growth in the global veterinary telehealth market. Key drivers in this region include the development of a wide range of veterinary telehealth applications, increased accessibility, and cost-effectiveness through online consultations. The region has also witnessed a surge in the incidence of chronic pet diseases, further boosting the demand for telehealth services.
In conclusion, the Veterinary Telehealth Market is experiencing rapid growth, driven by a confluence of factors, including the increasing prevalence of pet health issues, the convenience offered by telemedicine services, and expanding investments in the pet care sector. With the Asia-Pacific region emerging as a significant market player, the future of veterinary telehealth appears promising, with continued innovation and technology advancements set to shape the industry.