The North America and Europe veterinary telehealth market size is anticipated to reach USD 279.0 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.0% from 2021 to 2028. The market is primarily driven by the increasing number of pets. For instance, in 2019 about 67.0% of American households (or 84.9 million American homes) owned a pet, as per data released by the American Pet Products Association (APPA). Compared to the 2017 data wherein about 60.2 million American households owned at least one pet dog, the 2019 data was significantly greater, showing an upward trend in the pet population. Rising humanization of pets and pet expenditure are other factors expected to drive the market growth. An increase in the number of veterinary hospitals and pet care clinics is also expected to contribute to market growth.
The COVID-19 pandemic had an intense effect on the veterinary care market. According to the CEO of Animal Policy Group, the adoption of pets increased along with the adoption of veterinary telehealth in order to follow social distancing norms. Deb Leon, CEO of WhiskerDocs, stated that their business experienced a 30% surge during the COVID-19 pandemic.
Additionally, in response to the pandemic, the USFDA relaxed its Federal VCPR requirements, temporarily. This allowed veterinarians to practice telemedicine without an on-premises animal examination or a pre-existing veterinarian-client relationship. Given the temporary nature of this policy, the FDA plans to reassess it periodically to either revise or withdraw the guidelines, as necessary. However, this catalyzed the adoption of veterinary telehealth. Governments of various states across the U.S. also recognized the impact, and many of them added veterinary care to the list of essential services covered by telehealth under emergency measures. Even post-COVID, the trend of increased usage of these solutions is expected to continue.
The demand for livestock products is growing in developing and developed economies. This has led to greater concern over the health of livestock. According to the United States Department of Agriculture, National Agricultural Statistics Service, as of January 2021, the number of cattle and calves in the U.S. was 93 million and that of beef cows was 31.0 million, respectively. Monitoring livestock health is important in order to secure the food supply. Telemonitoring solutions are increasingly adopted to monitor livestock farms to keep track of herd health in real-time and to gain actionable insights.
Related Press Release@ North America And Europe Veterinary Telehealth Market Report
North America And Europe Veterinary Telehealth Market Report Highlights
- The market is expected to witness a CAGR of 19.0% during the forecast period owing to supportive government policies and increased digitization of healthcare services
- The others segment dominated the animal type segment in 2020. It covers livestock animals such as poultry, goats, and sheep. It is driven by the increased demand and consumption of these animals and animal-based products. Telehealth, especially telemonitoring solutions provide real-time data giving farm owners more control over their facilities and reducing losses
- The teleconsulting segment held the largest revenue share in 2020. It emerged as an ideal solution for providing virtual quality care for animals and to consult with other fellow practitioners while curbing the spread of the coronavirus during the pandemic
- The U.S. dominated the market in North America due to factors such as the presence of key players and widespread adoption of telehealth by pet parents
- U.K. held the major share of the market in Europe in 2020. This is mainly attributed to the increased humanization of pets
- The market is competitive in nature and players are adopting strategies such as new product launches, regional expansions, and partnership agreements to gain a competitive edge. For instance, in January 2020, Video With My Vet Ltd. launched its telemedicine app enabling veterinarians to provide video consultations to their clients
- Also, in November 2020, FirstVet launched its telemedicine service in the U.S. Its app-based video consultations platform can connect pet owners from 50 states to a FirstVet veterinarian