Subjects: PET, ANW, MRR
The Veterinary Telehealth Market Is Expected To Grow At A Rate Of More Than 18% Through 2023-2027 - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON , Sept. 28, 2023 /PRNewswire/ -- The global veterinary telehealth market is poised for remarkable growth in the coming years, driven by the rising trend of pet ownership and the adoption of advanced technologies. According to the latest Veterinary Telehealth Global Market Report 2023 by The Business Research Company, the global veterinary telehealth market is projected to reach $3.77 billion in 2023, growing at a compound annual growth rate (CAGR) of 19.8%. Furthermore, the market is expected to surge to $7.43 billion by 2027, with an estimated CAGR of 18.4%.
Rising Pet Ownership Fueling Market Growth
One of the primary factors contributing to the rapid expansion of the veterinary telehealth market is the surge in pet ownership. Millennials and Generation Z, as reported by the American Pet Products Association, accounted for nearly half of the pet-owning population in the United States in 2022. Additionally, China is expected to witness significant growth in its domestic cat and dog populations, further amplifying the demand for veterinary telehealth services.
Veterinary telehealth offers a solution to help pet owners access essential care for their furry companions conveniently. It also provides a means to address the anxiety and well-being of pets by offering remote consultations and monitoring.
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Market Fragmentation and Key Players
The veterinary telehealth market is characterized by its fragmentation, with numerous small players operating within the industry. In 2022, the top ten competitors collectively held a market share of 5.84%. Notably, FirstVet emerged as the market leader with a 0.95% share, followed by Whiskers Worldwide, LLC., Airvet, BondVet, Fuzzy Pet Health, Petzam, PetDesk, WellHaven Pet Health, VetCT, and TeleVet.
These major companies in the veterinary telehealth market are increasingly focusing on leveraging advanced technologies, such as artificial intelligence (AI), to strengthen their market presence. AI-driven algorithms are employed to analyze a pet's medical history, genetics, lifestyle factors, and environmental data to develop personalized treatment plans, enhancing the quality of care.
Innovations in Veterinary Telehealth
In May 2023, PetHub Inc. launched a groundbreaking wellness tool powered by VetInsight. This tool offers pet owners unlimited 24/7 veterinary telehealth services, a comprehensive AI symptom checker, and a virtual food and treat finder that provides tailored recommendations for pets. The Symptom Checker feature is particularly noteworthy, as it employs AI to offer on-demand virtual veterinary consultations based on the provided symptoms.
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Segmentation of the Veterinary Telehealth Market
The global veterinary telehealth market is segmented as follows:
- By Animal Type: Canine, Feline, Equine, Bovine, Swine, Other Animal Types
- By Service Type: Telemedicine, Teleconsulting, Telemonitoring, Other Service Types
- By Application: Computed Tomography (CT) Reporting, Radiographic Reporting, X-Ray And Picture Archiving And Communication System (PACS) Advice, Magnetic Resonance Imaging (MRI) Reporting, Other Applications
Key Growth Potential
The teleconsulting segment within the service type category is expected to experience the highest growth potential, contributing $776.8 million to global annual sales by 2027.
In 2022, North America held the largest share of the veterinary telehealth market, valued at $480.8 million, representing 0.002% of the region's GDP.
The veterinary telehealth market is on a trajectory of exponential growth, with the convergence of increased pet ownership and technological advancements. As the industry continues to evolve, it presents numerous opportunities for both established players and newcomers to contribute to the well-being of pets worldwide.
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