Veterinary Telemedicine Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global veterinary telemedicine market growth forecasted to transform from USD 530 million in 2023 to USD 1,230 million by 2028, driven by a CAGR of 18.3%. Growth in this market is largely driven by the increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technologies both pet owners and the veterinary industry has significantly influenced the development and effectiveness of veterinary telemedicine. IoT devices, such as wearables and smart sensors, enable remote monitoring of pets' vital signs and health parameters, with real-time data transmitted to veterinarians for analysis. AI algorithms can analyze this data to identify patterns and trends, aiding in accurate assessments and timely interventions. Additionally, AI-powered telemedicine platforms facilitate virtual consultations, where AI algorithms assist in diagnosis and treatment decisions by analyzing medical records and diagnostic images. Predictive analytics and AI-driven chatbots/virtual assistants provide proactive recommendations, triage support, and personalized care guidance. Furthermore, electronic health record systems for pets, enabled by IoT and AI, enhance data management and drive evidence-based decision making, resulting in improved remote monitoring, diagnostic accuracy, preventive care, and overall efficiency in veterinary healthcare delivery.

Attractive Opportunities in Veterinary Telemedicine Market

To know about the assumptions considered for the study, Request for Free Sample Report

Veterinary Telemedicine Market Dynamics

Driver: Increasing prevalence of chronic diseases in animals

Globally, the prevalence of several chronic conditions has increased in animals over the last decade. According to the American Veterinary Medical Association (AVMA), diabetes mellitus is a common chronic disease in both cats and dogs. It is estimated that approximately 1 in 200 cats and 1 in 300 dogs develop diabetes in their lifetime. Also, according to the International Renal Interest Society (IRIS), chronic kidney disease (CKD) is prevalent in aging cats and dogs. It is estimated that up to 30% of cats and 10% of dogs over the age of 10 suffer from CKD. Similarly, Cancer is a group of diseases that can affect any part of the body. It is the second leading cause of death in dogs and the third leading cause of death in cats. (Source: National Cancer Institute).

Restraint: High costs associated with the services

The high cost of veterinary telemedicine can factor that may limit its widespread adoption and act as a restraint for the market. While telemedicine offers numerous benefits in terms of convenience, accessibility, and reduced stress for both pets and their owners, the cost associated with providing telemedicine services can be a restraint for the growth of the market. Several factors contribute to the cost of veterinary telemedicine services. Such as, implementing a telemedicine platform requires initial investment in technology infrastructure, software development, and staff training. Additionally, maintaining secure communication channels, complying with data privacy regulations, and ensuring reliable internet connectivity all add to the expenses. Furthermore, veterinarians offering telemedicine services charge consultation fees that are comparable to or slightly lower than in-person visits. However, depending on the nature of the medical condition, certain cases may require additional diagnostic tests or in-person examinations, leading to additional costs. These costs can accumulate, particularly for ongoing treatment or complex medical conditions.

Opportunity: The advancement of technology

Advancements in technology play a crucial role in the growth and development of veterinary telemedicine. These advancements have improved the quality of care, expanded the range of services, and increased accessibility for both veterinarians and pet owners. The development of specialized telemedicine platforms and mobile applications has revolutionized veterinary care. These platforms allow veterinarians to conduct virtual consultations, share medical records and images, and communicate with pet owners remotely. Examples of popular telemedicine platforms include Firstvet, Vetster, TeleVet, and AirVet.

Challenge: Lack of reimbursement

In many regions, insurance coverage for veterinary telemedicine services is limited or non-existent. This means that pet owners typically have to pay out-of-pocket for virtual consultations, which may deter some individuals from utilizing telemedicine options. The absence of insurance reimbursement can create financial barriers and limit the adoption of telemedicine services. Without reimbursement, veterinary clinics may find it challenging to set competitive pricing for telemedicine services. They must strike a balance between covering their costs and making services affordable for pet owners. The lack of reimbursement can impact the financial viability and sustainability of veterinary telemedicine practices.

Veterinary Telemedicine Market Ecosystem

Leading players in this market include well-established and financially stable service providers of veterinary telemedicine services. These companies have been operating in the market for several years and possess a diversified product/service portfolio, advanced technologies, and strong global presence. Prominent companies in this market include Vettriage (US), JustAnswer(US), Airvet (US), PetDesk (US), Pawsquad (UK).

The internet segment of veterinary telemedicine industry is expected to register the highest CAGR during the forecast period.

Based on type, the veterinary telemedicine market is segmented into telephone and internet. The internet segment is expected to register the highest CAGR during the forecast period. The internet segment also allows for the use of live chat and video conferencing, which can provide a more interactive and personal experience for pet owners. Internet-based veterinary telemedicine is a valuable tool for pet owners and veterinarians. It is a more comprehensive and interactive way to provide veterinary care, and it is becoming increasingly popular.

The software & services segment of veterinary telemedicine industry is estimated to grow at a higher CAGR during the forecast period.

Based on component, the veterinary telemedicine market is segmented into software & services and hardware. The software & services segment is estimated to grow at a higher CAGR during the forecast period.

Growth in this segment can be attributed to the benefits such as convenience, affordability, access to specialists, better communication, better tracking.

The diagnosis and treatment segment of veterinary telemedicine industry is expected to grow at the highest CAGR during the forecast period.

Based on application, the veterinary telemedicine market is segmented into diagnosis and treatment, prescription of medication, follow-up care, consultation with specialists and education. The diagnosis and treatment segment in the market is expected to continue to grow in the coming years. As the technology continues to improve and more veterinarians become comfortable using telemedicine, it is likely that this segment will become even more popular.

APAC is estimated to be the fastest-growing regional market for veterinary telemedicine industry.

The global veterinary telemedicine market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, APAC is estimated to be the fastest-growing regional market for veterinary telemedicine. The high growth in this market can majorly be attributed to the growing disposable income levels in APAC countries, due to which the willingness to spend on animal healthcare and well-being is rising. The growing trend of pet ownership in APAC countries has resulted in increased pet healthcare expenditures.

To know about the assumptions considered for the study, download the pdf brochure

The veterinary telemedicine market is dominated by a few globally established players such as Vettriage (US), JustAnswer (US), Airvet (US), PetDesk (US), Pawsquad (UK).

Scope of the Veterinary Telemedicine Industry

The study categorizes the veterinary telemedicine market to forecast revenue and analyze trends in each of the following submarkets:

By Type

• Telephone
• Internet

By Component

• Software & Services
• Hardware

By Application

• Diagnosis and treatment
• Prescription of medication
• Follow-up care
• Consultation with specialists
• Education

By Animal Type

• Companion Animals
• Livestock
• Others

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
• Latin America
• Middle East & Africa

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst