GVR Report cover Veterinary Telehealth Market Size, Share & Trends Report

Veterinary Telehealth Market Size, Share & Trends Analysis Report By Animal Type (Canine, Feline, Equine, Bovine), By Service Type (Telemedicine, Teleconsulting, Telemonitoring), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Feb, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-329-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 115

Report Overview

The global veterinary telehealth market size was valued at USD 92.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.5% from 2021 to 2028. The growing adoption of these management systems can be attributed to the steady growth in the focus on veterinary telehealth along with disease detection. Furthermore, the prevalence of zoonotic and chronic diseases in animals and the rising adoption of IoT and AI by pet parents are some of the major drivers for the market.

U.S. veterinary telehealth market size, by service type, 2016 - 2028 (USD Million)

The increasing prevalence of diseases such as diabetes, kidney diseases, spinal disc problems, and blood pressure related issues is further fueling the market for veterinary telehealth. The increasing incidence of obesity in pets due to conditions such as joint diseases and osteoarthritis is fueling the demand for better treatment options. Further, disease outbreaks in the livestock can be major socioeconomic threats, resulting in disruption of local markets, international trade, and rural markets as well as production loss. Such factors are driving the demand for veterinary telehealth.

The upsurge in animal healthcare spending is anticipated to boost the market growth. According to the 2018 report by APPA - American Pet Products Association, the cumulative spending in the U.S. pet industry has increased by 4.1 % from 2016 to 2017. Moreover, the rising concern of owners about their animals has resulted in an increase in pet care expenditure which is further fueling the growth. Furthermore, veterinary related care spending has increased by 7.0% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017. The increasing demand for animal healthcare is propelling the growth of the market for veterinary telehealth.

Furthermore, there is high demand and an increasing rate of consumption for animal-derived products is anticipated to drive the market. This growing demand is eventually increasing the need to protect animals from diseases. According to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the demand for meat and milk production is anticipated to double by 2050 in developing countries. Such factors are propelling the adoption of telehealth for animal healthcare.

Animal Type Insights

The other animal segment dominated the market for veterinary telehealth and accounted for the largest revenue share of around 27.5% in 2020. The others segment comprises poultry, sheep and goats, etc. High consumption of poultry and cattle products on a daily basis is a major factor contributing to the growth of this segment. Sheep are also required for other commodities such as wool. Furthermore, an increase in the prevalence of chronic diseases in sheep and goats is a high-impact rendering driver for this segment, which may lead to the adoption of veterinary telehealth for preventive care and disease control.

The canine segment is anticipated to be the fastest-growing segment over the forecast period. The dominant share captured by the segment is a consequence of increasing animal healthcare spending, specifically in the developed nations. As per the statistics released by the American Pet Product Association, 20.0% of this spending was found to be on products and food and supplies, whereas 25.0% was on veterinary care

Service Type Insights

The teleconsulting segment held the majority of the revenue share of 29.1% in 2020. The segment growth is attributed to the rising usage among veterinarians to seek consultation from the veterinary specialist via telehealth tools to gain advice and insights regarding the care of the animal. Further, teleconsultation saves transportation costs and reduces ancillary expenses. Thus, expert advice can be taken on an immediate basis without wasting the time for long waiting hours. Such factors are propelling the segment market growth.

Global veterinary telehealth market share, by service type, 2020 (%)

Based on service type, the market for veterinary telehealth is also segmented into telemedicine, telemonitoring, and others. Telemedicine is anticipated to be the fastest-growing segment over the forecast period due to the increased internet penetration. The upsurge in the number of internet users has led to an increase in usage for animal telehealth. The increasing initiatives by market players are anticipated to fuel the telemedicine segment market growth. For instance, in October 2020, Guardian Vets launched a safe and contactless appointments solution for pet parents called Curbside, in response to the Covid-19 pandemic.

Regional Insights

North America dominated the veterinary telehealth market and accounted for the largest revenue share of 37.2% in 2020. This growth is attributed to various factors such as the presence of key players in the region and high investment in animal health care expenditure. Besides, technological advancements and high disposable income are some of the factors expected to fuel the market for veterinary telehealth over the forecast period.

In Asia Pacific, the market is predicted to witness a CAGR of 20.7% over the forecast period due to the constant up-gradation of the healthcare infrastructure. The rising adoption of veterinary healthcare facilities coupled with the rapid expansion of manufacturing facilities in emerging countries such as China and India is further propelling the market growth. Moreover, the significantly high cattle population in the region is driving the telehealth market. For instance, China and India constitute more than 30.0% of the global population of cattle.

Key Companies & Market Share Insights

The key players are involved in business activities such as strategic collaborations, new product launches, and regional expansion as emerging countries are still in the loop of adopting veterinary telehealth. For instance, in August 2020, Televet partnered with Cornell University Hospital for Animals. With this, the company would deploy its telehealth platform for the University’s veterinary telehealth operations. This extended the company’s growth in the market for veterinary telehealth. Further, in May 2020, TeleTails launched a new software solution in response to the COVID-19 pandemic, called TeleTails Instant which is a video conferencing tool. Such aforementioned initiatives are projected to further encourage market growth. Some of the prominent players in the veterinary telehealth market include:

  • Airvet

  • Activ4Pets

  • BabelBark, Inc.

  • GuardianVets

  • PetDesk

  • Petzam

  • TeleTails

  • Televet

  • Vetster, Inc.

  • VitusVet

  • Whiskers Worldwide, LLC

  • Virtuwoof, LLC

  • FirstVet

  • PawSquad

  • Petriage Inc.

Veterinary Telehealth Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 119.6 million

Revenue forecast in 2028

USD 417.1 million

Growth Rate

CAGR of 19.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

Animal type, service type, region

Regional Scope

North America; Europe; Asia Pacific; Latin America; MEA

Country Scope

U.S.; Canada; U.K.; Germany; Spain; France; Italy; Japan; China; India; Australia; Brazil; Mexico; Argentina; South Africa; Saudi Arabia

Key companies profiled

Airvet; Activ4Pets; BabelBark, Inc.; GuardianVets; PetDesk; Petzam; TeleTails; Televet; Vetster, Inc.; VitusVet; Whiskers Worldwide, LLC; Virtuwoof, LLC; FirstVet; PawSquad; Petriage Inc.

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Segments Covered in the Report
 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this report, Grand View Research has segmented the global veterinary telehealth market on the basis of animal type, service type, and region:

  • Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Canine

    • Feline

    • Equine

    • Bovine

    • Swine

    • Others

  • Service Type (Revenue, USD Million, 2016 - 2028)

    • Telemedicine

    • Teleconsulting

    • Telemonitoring

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • Spain

      • France

      • Italy

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East and Africa (MEA)

      • South Africa

      • Saudi Arabia

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