The global Veterinary Telehealth Market size is expected to reach USD 417.1 million by 2028 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.5% from 2021 to 2028. An increase in the adoption of telehealth services among pet owners coupled with the rising prevalence of animal diseases are the key contributors to market growth.
The key advantages of veterinary telehealth such as saving transportation costs and reduction of ancillary expenses are driving the growth of the market. In addition, the doctor’s advice and virtual care can be obtained on an immediate basis. Further, it also saves time as animal caretakers can skip the time consumed during long waiting hours. Such factors are boosting market growth.
There is increased adoption of IoT and AI by farmers and pet parents. This can be attributed to the increase in internet penetration and user-friendly animal healthcare websites or apps. Such factors are anticipated to increase the demand for veterinary telehealth over the forecast period. In addition, increasing cases of zoonotic diseases coupled with the concern of owners about their animal health is also propelling the growth of the market.
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Veterinary Telehealth Market Report Highlights
- The other animal segment dominated the market with a revenue share of 27.5% in 2020 and is projected to show a CAGR of over 18.0% from 2021 to 2028. High consumption of poultry and cattle products on a daily basis is contributing to the growth of this segment
- The teleconsulting segment dominated the market with a revenue share of 19.6% in 2020 owing to the increasing demand for virtual quality animal healthcare services
- Due to the presence of well-established market players and increasing research and development activities by these players, North America dominated the market as of 2020 with a revenue share of around 37.2%
- However, Asia Pacific is anticipated to show lucrative growth over the forecast period owing to the rising adoption of veterinary telehealth services and increasing livestock population in the region
- Industry players are involved in strategic initiatives such as acquisitions and mergers, collaborative agreements, and geographic expansion to gain an edge over the competition
- For instance, in October 2019, BabelBark partnered with the Independent Veterinary Practice Association (IVPA), an organization representing the interests of privately owned hospitals in North America. This would allow the company to reach a large customer base of 390 members in 42 states and the local population in their areas