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The veterinary telehealth market share is expected to increase by USD 147 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 17.03%.
This veterinary telehealth market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers veterinary telehealth market segmentation by service type (teleconsulting, telemedicine, telemonitoring, and others) and geography (North America, Europe, Asia, and Rest of World (ROW)). The veterinary telehealth market report also offers information on several market vendors, including Activ4pets LLC, Airvet Inc., Animan Technologies Inc., BabelBark Inc., BondVet, FirstVet Inc., GuardianVets Inc., Independent Vetcare Ltd., Petriage, Petzam Inc., Small Door Inc., TeleTails, Televet Inc., VetNOW LLC, Vetster Inc., Virtuwoof LLC, Vitus Animal Health Inc., and Whiskers Worldwide LLC among others.
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The increasing population of livestock is notably driving the veterinary telehealth market growth, although factors such as stringent regulatory and legal considerations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the veterinary telehealth industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Veterinary Telehealth Market Driver
One of the key factors driving growth in the veterinary telehealth market is the increasing population of livestock. The global livestock population was reported at 987 million heads in 2020. India had the largest cattle population in the world in 2020, followed by Brazil and the US. The growing demand for animal-based protein has led to increased production in the global poultry industry. The size of the poultry eggs market has the potential to grow by $44.80 billion by 2024, which is one of the factors that are expected to accelerate the growth momentum of the global veterinary telehealth market during the forecast period. The rising awareness about health and wellness among consumers and the growing need for high-quality sources of protein in several countries across the globe, such as China, Japan, Germany, the US, Canada, and Brazil, are the major reasons for the growth of the global veterinary telehealth market.
Key Veterinary Telehealth Market Trend
The increasing demand for remote veterinary monitoring is a veterinary telehealth market trend that is expected to have a positive impact in the coming years. Remote patient monitoring (RPM) or remote patient management (RPM) involves the use of digital technologies to collect clinical and other veterinary care-related data from animals in one location and securely transmit the same to veterinary professionals who are located at a different place. RPM helps in reducing the number of in-person visits to provide animal-centric care in time in home care settings through mobile veterinary telehealth service. RPM is used as an important part of veterinary telehealth services, and it uses mobile medical devices and technology to collect and send animal health-related data to veterinary professionals. Thus, the global veterinary telehealth market will witness high growth during the forecast period.
Key Veterinary Telehealth Market Challenge
The stringent regulatory and legal considerations will be a major challenge for the veterinary telehealth market during the forecast period. With advanced and improved electronic communications and information technology, telehealth enables veterinary professionals to deliver veterinary services remotely to animals on time. However, a wide range of regulatory and legal issues associated with the adoption of telehealth is expected to lead to reluctance among veterinary healthcare providers to opt for telehealth services. Issues related to state and federal laws and regulations, securing licenses across states, contractual agreements, reimbursements and insurance, malpractices, and other laws related to veterinary policies and procedures are some factors that may put pressure on veterinary professionals to refrain from adopting telehealth technology and opt for traditional veterinary practices. Therefore, such factors can hinder the growth of the global veterinary telehealth market.
This veterinary telehealth market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global veterinary telehealth market as a part of the healthcare technology segment, which, in turn, is a part of the global healthcare market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the veterinary telehealth market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the veterinary telehealth market encompasses successful business strategies deployed by the key vendors. The veterinary telehealth market is fragmented and the vendors are deploying growth strategies such as focusing on acquiring other smaller brands to increase their market presence to compete in the market.
Activ4pets.com - The company offers veterinary telehealth services such as e-consultation and health assessments.
Activ4pets.com - Through the unified segment, the company offers services for vet appointments, e consultations, and pet health assessments.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The veterinary telehealth market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the veterinary telehealth market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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35% of the market’s growth will originate from North America during the forecast period. The US is the key market for veterinary telehealth in North America. Market growth in this region will be slower than the growth of the market in other regions.
The rising prevalence of zoonotic diseases, such as plague, rabies, and brucellosis, and the introduction of technologically advanced platforms for veterinary telehealth will facilitate the veterinary telehealth market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic spread widely and negatively affected entire North America, especially the US and Canada. The rising number of deaths due to COVID-19 led to the imposition of stringent lockdowns in countries such as the US, Canada, and Mexico, primarily in 2020. However, the region witnessed a decline in the number of COVID-19 cases due to the availability and administration of COVID-19 vaccines after Q4 2020. Following this, the average number of outpatient animals attending clinics to receive treatment for chronic diseases and injuries increased gradually from Q1 2021. This increased demand for veterinary telehealth services and vendors have been focusing on improving their services to stay competitive in the growing market.
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The veterinary telehealth market share growth by the teleconsulting segment will be significant during the forecast period. The major factors contributing to the increasing adoption of teleconsulting veterinary services are the increasing technological advances and improved Internet services by veterinary teleconsulting service providers. In the field of veterinary services, teleconsulting has become easier with the emergence of live video conferencing, remote monitoring, and mobile health, which enable healthcare professionals to provide effective and accurate consultation remotely.
This report provides an accurate prediction of the contribution of all the segments to the growth of the veterinary telehealth market size and actionable market insights on post COVID-19 impact on each segment.
Veterinary Telehealth Market Scope |
|
Report Coverage |
Details |
Page number |
118 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.03% |
Market growth 2022-2026 |
USD 147 million |
Market structure |
Fragmented |
YoY growth (%) |
15.78 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Activ4pets LLC, Airvet Inc., Animan Technologies Inc., BabelBark Inc., BondVet, FirstVet Inc., GuardianVets Inc., Independent Vetcare Ltd., Petriage, Petzam Inc., Small Door Inc., TeleTails, Televet Inc., VetNOW LLC, Vetster Inc., Virtuwoof LLC, Vitus Animal Health Inc., and Whiskers Worldwide LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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