Veterinary Telehealth Market (By Animal Type: Canine, Feline, Equine, Bovine, Swine, Others; By Service Type: Telemedicine, Teleconsulting, Telemonitoring, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027
The global veterinary telehealth market is anticipated to grow at a CAGR of around 20.9% during the forecast period 2020 to 2027 and to reach around US$ 346.5 Mn by 2027.
Market Dynamics
Rise in critical situations of pandemic across the globe is impacting the pet care and veterinarians approach towards providing better telehealth and telemedicine solutions are major factors expected to drive the growth of global veterinary telehealth market. Pet ownership is on rise according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA); Sixty-seven percent of U.S. households, or about 85 million families, own a pet. High spending of pet owners on pet health, availability of favorable insurance policies are factors expected to impact the growth of target market.
According to the North American Pet Health Insurance Association (NAPHIA), pet health insurance sector for the U.S. and Canada posted a combined gross premium of US$1.42 billion in 2018, up from US$1.15 billion in 2017. The total number of pets insured reached 2.43 million at year-end 2018, up by over 17 percent from 2017. With the availability of advanced infrastructure, veterinarians are inclining towards providing solutions such as telehealth and telemedicine, along with players focus on providing service platform for pet owners is expected to attract customers are factors expected to positively impact the growth of veterinary telehealth market.
In 2020, Vetster a pet service provider launched pet wellness platform virtually connecting pet owners to a marketplace of licensed veterinary professionals for video, chat, and voice enabled appointments. The platform is expected to help the company to enhance the business presence and increase the customer base.
In 2021, MyTelemedicine Inc., a global virtual vet health service provider launched “GoLexi”, a Nationwide Pet Telehealth Service. The service offers a timely solution by providing consumers with real-time veterinary consultations by phone or video call, day, or night. This is expected to help the company to enhance the customer base and increase the revenue share.
In 2020, Chewy, Inc., an online pet food provider launched a telehealth service that connects pet owners to a licensed veterinarian. The service will be available through Chewy’s website in 35 states. This is expected to help the company to attract new customers and increase revenue.
Factors such as high cost associated to service & implementation and lack of developed infrastructure in developing region is lowering the adoption of veterinary telehealth, thereby hampering the growth of the market. In addition, high competition and low profit ratio is expected to challenge the growth of target market. However, players inclination towards tracking the untapped market in developing countries and high spending on IT infrastructure by the government are expected to create new opportunities for players operating in the veterinary telehealth market over the forecast period. In addition, upsurge in animal healthcare spending is anticipated to support the revenue transaction of target market.
Segment Analysis by Region
Market in North America is expected to account for major revenue share in the global veterinary telehealth market due to rise in consumer spending on pet health. In addition, presence of large number of players operating in the country and introduction of new services platform for pet owners are factors expected to support the growth of veterinary telehealth market. Increasing merger & partnership activities by players for business development and increasing the customer base is expected to support the revenue growth of target market.
Market in Asia Pacific will witness faster growth in the veterinary telehealth market due to rise in pet healthcare spending by the government. In addition, rising awareness among consumers related to pet food and other products that aid in better health will support the target market growth.
Competitive Landscape
The global veterinary telehealth market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Veterinary Telehealth Market Segment Analysis, 2019
The global veterinary telehealth market is segmented into animal type, and service type. The animal type segment is bifurcated into canine, feline, equine, bovine, swine, and others. Among animal types, the canine segment is anticipated to witness faster growth in the veterinary telehealth market. The service type segment is divided into telemedicine, teleconsulting, telemonitoring, and others.
Among service type, the teleconsulting segment is expected to account for major revenue share in the global market. Players operating in the global veterinary telehealth market are Airvet, Activ4Pets, BabelBark, Inc., GuardianVets, PetDesk, Petzam, TeleTails, Televet, Vetster, Inc., VitusVet, and Whiskers Worldwide, LLC.
Market Segmentation
Market By Animal Type
Canine
Feline
Equine
Bovine
Swine
Others
Market By Service Type
Telemedicine
Teleconsulting
Telemonitoring
Others
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
Frequently Asked Questions
What will be the market size of global veterinary telehealth market in 2027?
The global veterinary telehealth market in 2027 is expected to be above US$ 346.5 Mn.
What is the CAGR of the global veterinary telehealth market?
The CAGR of the global veterinary telehealth market from 2020-2027 is above 20.9%.
Which segment is growing in animal type segment?
In animal type the canine segment is growing at faster pace.
Which are the major factors expected to drive the global market?
Rise in critical situation of pandemic across the globe is impacting the pet care and veterinarians approach towards providing better telehealth and telemedicine solutions are major factors expected to drive the growth of global veterinary telehealth market.
Which region is expected to grow faster?
In the global market the Asia Pacific region is expected to grow faster.
What are the players considered in the report scope?
Some of the players considered in the report scope are Airvet, Activ4Pets, BabelBark, Inc., GuardianVets, PetDesk, Petzam, and TeleTails.
Which region is expected to account for major revenue share in the global market?
The North America is expected to account for major revenue share in the global market.
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