Le Lézard
Classified in: Health, Science and technology
Subjects: PET, ANW

Veterinary Telemedicine Market worth $1,230 million | MarketsandMarkets


CHICAGO, Aug. 21, 2023 /PRNewswire/ -- 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.

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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 MarketsandMarketstm. 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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Browse in-depth TOC on "Veterinary Telemedicine Market"

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172 - Pages

Veterinary Telemedicine Market Scope:

Report Coverage

Details

Market Revenue in 2023

$530 million

Estimated Value by 2028

$1,230 million

Growth Rate

Poised to grow at a CAGR of 18.3%

Market Size Available for

2021?2028

Forecast Period

2023?2028

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By type, component, application, animal type

Geographies Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

The advancement of technology

Key Market Drivers

Increasing prevalence of chronic diseases in animals

 

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:

Drivers:

  1. Increasing prevalence of chronic diseases in animals

Restraints:

  1. High costs associated with the services

Opportunities:

  1. The advancement of technology

Challenges:

  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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Veterinary Telemedicine Market Advantages:

These advantages collectively demonstrate the potential of the veterinary telemedicine market to enhance the quality and accessibility of pet healthcare while offering convenience and flexibility to both pet owners and veterinarians.

Related Reports:

Veterinary API Market - Global Forecasts to 2028

Digital Pathology Market - Global Forecasts to 2028

Veterinary Vaccines Market - Global Forecasts to 2027

Animal Parasiticides Market - Global Forecasts to 2027

Companion Animal Pharmaceuticals Market - Global Forecasts to 2027

About MarketsandMarketstm:

MarketsandMarketstm is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStoretm (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarketstm.com or follow us on Twitter, LinkedIn and Facebook.

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SOURCE MarketsandMarkets


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