Abstract
Summary
The global veterinary telemedicine market is projected to reach USD 1,230 million by 2028 from USD 530 million in 2023, at a CAGR of 18.3%. Growth in this market is largely driven by the increase in pet healthcare spending. Veterinary telemedicine has emerged as a convenient and cost-effective solution for pet owners seeking accessible and efficient healthcare options. By leveraging telecommunication technologies, pet owners can connect with veterinarians remotely, reducing the need for physical visits while still receiving expert guidance. This telemedicine approach offers convenience, saves time, and allows for timely interventions and ongoing monitoring of chronic conditions. As pet owners continue to prioritize their pets' health and seek convenient healthcare solutions, the demand for veterinary telemedicine is expected to grow, further driving the overall expenditure on pet care.
“The diagnosis and treatment segment holds the major share of the veterinary telemedicine market”
In 2022, the diagnosis and treatment segment holds the major share of the veterinary telemedicine market. A large share of the diagnosis and treatment segment can be attributed to the increased access to care, increasing adoption of telemedicine by veterinarians and reducing travel time and costs. The diagnosis and treatment segment in the veterinary telemedicine 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.
“The companion animals segment holds the major share of the veterinary telemedicine market”
The companion animals segment holds the major share of the veterinary telemedicine market. A large share of the companion animals’ segment can be attributed to the increase in the small companion animal population, growing pet care expenditure, the growing demand for pet insurance, and technological advancements in veterinary telemedicine devices/services for small companion animals. Telemedicine allows pet owners to connect with licensed veterinarians remotely through various communication channels, including video calls, phone calls, and online messaging platforms. It enables pet owners to seek advice, get prescriptions, and even receive follow-up care without the need for in-person visits.
“Asia Pacific will grow at highest CAGR during the forecast period”
In 2022, Asia Pacific will grow at highest CAGR during the forecast period. The high growth in this market can majorly be attributed to the rising companion animal population and the expansion of key players in the veterinary telemedicine market in several Asia Pacific countries such as India, China, and Thailand. The growing trend of pet ownership in APAC countries has resulted in increased pet healthcare expenditures. This can also 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 break-up of the profile of primary participants in the veterinary telemedicine market (Supply Side):
• By Company Type: Tier 1 – 34%, Tier 2 – 38%, and Tier 3 – 28%
• By Designation: C Level – 26%, Director Level – 35%, Others-39%
• By Region: North America – 17%, Europe – 39%, Asia Pacific – 28%, Middle East – 8%, and Latin America – 8%
The break-up of the profile of primary participants in the veterinary telemedicine market (Demand Side):
• By End User: Veterinary Hospitals- 55%, Veterinary Clinics- 32%, Others-13%
• By Designation: Doctors-35%, Hospital Directors & Managers-27%, Critical Care Specialist-22%, Others-16%
• By Region: North America-17%, Europe-39%, Asia Pacific-28%, Latin America-8%, Middle East & Africa-8%
The prominent players in the veterinary telemedicine market include Vettriage (US), JustAnswer (US), Airvet (US), PetDesk (US), Pawsquad (UK), FirstVet (Sweden), Vetster (Canada), TeleVet (US), Anipanion (US), VitusVet (US), Whiskers Worldwide (US), WellHaven Pet Health (Canada), AskVet (US), Petriage (US), BI X GmbH (Germany), GuardianVets (US), TeleTails (US), Activ4Pets (US), BabelBark (US), Linkyvet (France), VetChat (Australia), VetCT (US), VetoClock (Spain), VetNow (US), Vetsource (US).
Research Coverage:
The report analyzes the veterinary telemedicine market and aims at estimating the market size and future growth potential of this market based on various segments such as type, component, application, animal type and region. The report also includes a product/service portfolio matrix of various veterinary telemedicine services available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product/service offerings, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall veterinary telemedicine market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
• Analysis of key drivers (increasing pet ownership, increasing prevalence of chronic diseases in animals, rising adoption of iot and ai by pet owners, increase in pet healthcare spending) restraints (high costs associated with the services, lack of awareness and accessibility to services), opportunities (the advancement of technology, increased access to specialists), and challenges (lack of reimbursement, acceptance by veterinarians) influencing the growth of the veterinary telemedicine market
• Product/Service Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product/service launches in the veterinary telemedicine market
• Market Development: Comprehensive information on the lucrative emerging markets by type, component, application, animal type and region.
• Market Diversification: Exhaustive information about new products/services or product/service enhancements, growing geographies, recent developments, and investments in the global veterinary telemedicine market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product/service offerings, competitive leadership mapping, and capabilities of leading players like Vettriage (US), JustAnswer (US), Airvet (US), PetDesk (US), Pawsquad (UK) in the global veterinary telemedicine market.
Table of Contents
1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 25
1.2.1 TYPE 25
1.2.2 COMPONENT 26
1.2.3 APPLICATION 26
1.2.4 INCLUSIONS AND EXCLUSIONS 27
1.3 MARKET SCOPE 28
1.3.1 MARKETS COVERED 28
1.4 YEARS CONSIDERED 29
1.5 SCOPE-RELATED LIMITATIONS 29
1.6 STAKEHOLDERS 29
1.7 RECESSION IMPACT 30
2 RESEARCH METHODOLOGY 31
2.1 RESEARCH DATA 31
2.1.1 SECONDARY DATA 32
- 2.1.1.1 Key data from secondary sources 33
2.1.2 PRIMARY DATA 33
- 2.1.2.1 Key data from primary sources 34
- 2.1.2.2 Key industry insights 35
2.2 MARKET SIZE ESTIMATION 37
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 42
2.4 MARKET SHARE ESTIMATION 43
2.5 STUDY ASSUMPTIONS 43
2.6 LIMITATIONS 43
2.6.1 METHODOLOGY-RELATED LIMITATIONS 43
2.7 RISK ASSESSMENT 44
2.8 RECESSION IMPACT 44
3 EXECUTIVE SUMMARY 45
4 PREMIUM INSIGHTS 49
4.1 VETERINARY TELEMEDICINE MARKET OVERVIEW 49
4.2 ASIA PACIFIC: VETERINARY TELEMEDICINE MARKET, BY TYPE AND COUNTRY (2022) 50
4.3 VETERINARY TELEMEDICINE MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 51
4.4 VETERINARY TELEMEDICINE MARKET: REGIONAL MIX 52
4.5 VETERINARY TELEMEDICINE MARKET: DEVELOPED VS. DEVELOPING MARKETS 53
5 MARKET OVERVIEW 54
5.1 INTRODUCTION 54
5.2 MARKET DYNAMICS 54
5.2.1 DRIVERS 55
- 5.2.1.1 Increasing pet ownership 55
- 5.2.1.2 Increasing prevalence of chronic diseases in animals 56
- 5.2.1.3 Rising adoption of IoT and AI by pet owners 56
- 5.2.1.4 Increase in pet healthcare spending 57
5.2.2 RESTRAINTS 59
- 5.2.2.1 High cost associated with veterinary telemedicine services 59
- 5.2.2.2 Lack of awareness and accessibility to services 59
5.2.3 OPPORTUNITIES 60
- 5.2.3.1 Advancements in technology 60
- 5.2.3.2 Increased access to specialists 60
5.2.4 CHALLENGES 61
- 5.2.4.1 Lack of reimbursement 61
5.3 INDUSTRY TRENDS 61
5.3.1 DEVELOPMENT OF NEW AND INNOVATIVE SERVICES 61
5.3.2 GROWTH OF SUBSCRIPTION MODEL 62
5.4 REGULATORY ANALYSIS 62
5.4.1 NORTH AMERICA 62
- 5.4.1.1 US 63
- 5.4.1.2 Canada 63
5.4.2 EUROPE 63
5.4.3 ASIA PACIFIC 64
5.4.4 LATIN AMERICA 65
5.5 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 65
5.6 VALUE CHAIN ANALYSIS 68
5.7 ECOSYSTEM MARKET MAP 70
5.8 PORTER'S FIVE FORCES ANALYSIS 70
5.8.1 THREAT OF NEW ENTRANTS 71
5.8.2 THREAT OF SUBSTITUTES 71
5.8.3 BARGAINING POWER OF SUPPLIERS 71
5.8.4 BARGAINING POWER OF BUYERS 71
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 71
5.9 PATENT ANALYSIS 72
5.9.1 PATENT PUBLICATION TRENDS FOR VETERINARY TELEMEDICINE 72
5.9.2 VETERINARY TELEMEDICINE MARKET: TOP APPLICANTS 73
5.9.3 JURISDICTION ANALYSIS: TOP APPLICANTS (COUNTRIES) FOR PATENTS 73
5.10 TECHNOLOGY ANALYSIS 74
5.11 PRICING MODEL ANALYSIS 75
5.12 KEY CONFERENCES AND EVENTS 75
5.12.1 LIST OF KEY CONFERENCES AND EVENTS (2023-2025) 75
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 76
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 76
5.13.2 BUYING CRITERIA 77
6 VETERINARY TELEMEDICINE MARKET, BY TYPE 78
6.1 INTRODUCTION 79
6.2 INTERNET 79
6.2.1 FASTEST-GROWING SEGMENT OF MARKET 79
6.3 TELEPHONE 80
6.3.1 OLDEST AND MOST ESTABLISHED SEGMENT 80
7 VETERINARY TELEMEDICINE MARKET, BY COMPONENT 82
7.1 INTRODUCTION 83
7.2 SOFTWARE & SERVICES 83
7.2.1 GROWING ADOPTION OF MOBILE DEVICES TO DRIVE MARKET 83
7.3 HARDWARE 85
7.3.1 ESSENTIAL COMPONENT OF VETERINARY TELEMEDICINE 85
8 VETERINARY TELEMEDICINE MARKET, BY APPLICATION 87
8.1 INTRODUCTION 88
8.2 DIAGNOSIS AND TREATMENT 88
8.2.1 INCREASING DEMAND FOR CONVENIENT AND ACCESSIBLE VETERINARY CARE TO DRIVE MARKET 88
8.3 PRESCRIPTION OF MEDICATION 90
8.3.1 CONVENIENT OPTION FOR PET OWNERS TO SEEK VETERINARY CARE REMOTELY 90
8.4 FOLLOW-UP CARE 91
8.4.1 ESSENTIAL COMPONENT OF VETERINARY TELEMEDICINE 91
8.5 CONSULTATION WITH SPECIALISTS 92
8.5.1 RESULTS IN FASTER ACCESS TO SPECIALIZED OPINIONS 92
8.6 EDUCATION 93
8.6.1 EXPANDS ACCESS TO QUALITY EDUCATIONAL RESOURCES FOR VETERINARY PROFESSIONALS 93
9 VETERINARY TELEMEDICINE MARKET, BY ANIMAL TYPE 95
9.1 INTRODUCTION 96
9.2 COMPANION ANIMALS 96
9.2.1 RISING PET ADOPTION TO DRIVE MARKET 96
9.3 LIVESTOCK 98
9.3.1 GROWING FOCUS ON REGULAR CHECKUPS TO SUPPORT MARKET GROWTH 98
9.4 OTHER ANIMALS 99
10 VETERINARY TELEMEDICINE MARKET, BY REGION 101
10.1 INTRODUCTION 102
10.2 NORTH AMERICA 102
10.2.1 NORTH AMERICA: RECESSION IMPACT 103
10.2.2 US 105
- 10.2.2.1 Large population of companion animals to drive market 105
10.2.3 CANADA 108
- 10.2.3.1 Rising pet and livestock population to support market growth 108
10.3 EUROPE 110
10.3.1 EUROPE: RECESSION IMPACT 110
10.3.2 GERMANY 112
- 10.3.2.1 Increasing awareness about pet healthcare to drive market 112
10.3.3 FRANCE 114
- 10.3.3.1 Rising pet ownership to support market growth 114
10.3.4 UK 116
- 10.3.4.1 Growing pet adoption to drive demand for veterinary telemedicine 116
10.3.5 ITALY 118
- 10.3.5.1 Rising demand for poultry and pork meat to support market growth 118
10.3.6 SPAIN 120
- 10.3.6.1 Increasing number of veterinary practices to drive market 120
10.3.7 REST OF EUROPE 121
10.4 ASIA PACIFIC 123
10.4.1 ASIA PACIFIC: RECESSION IMPACT 123
10.4.2 JAPAN 126
- 10.4.2.1 Increasing expenditure on pet healthcare to drive market 126
10.4.3 CHINA 129
- 10.4.3.1 Fastest-growing veterinary telemedicine market in Asia Pacific 129
10.4.4 INDIA 131
- 10.4.4.1 Rising demand for meat and dairy products to support market growth 131
10.4.5 REST OF ASIA PACIFIC 133
10.5 LATIN AMERICA 135
10.5.1 GROWING VETERINARY HEALTHCARE EXPENDITURE TO DRIVE MARKET 135
10.5.2 LATIN AMERICA: RECESSION IMPACT 135
10.6 MIDDLE EAST & AFRICA 137
10.6.1 GROWING PREVALENCE OF ANIMAL DISEASES TO PROPEL MARKET 137
10.6.2 MIDDLE EAST & AFRICA: RECESSION IMPACT 137
11 COMPETITIVE LANDSCAPE 139
11.1 INTRODUCTION 139
11.2 MARKET SHARE ANALYSIS 139
11.3 COMPANY FOOTPRINT ANALYSIS 140
11.3.1 COMPANY FOOTPRINT, BY TYPE 140
11.3.2 COMPANY FOOTPRINT, BY REGION 141
11.4 COMPANY EVALUATION MATRIX 142
11.4.1 STARS 142
11.4.2 EMERGING LEADERS 142
11.4.3 PERVASIVE PLAYERS 142
11.4.4 PARTICIPANTS 142
11.5 COMPETITIVE BENCHMARKING 144
12 COMPANY PROFILES 145
12.1 KEY PLAYERS 145
12.1.1 VETTRIAGE 145
12.1.2 JUSTANSWER 146
12.1.3 AIRVET 147
12.1.4 FIRSTVET 148
12.1.5 VETSTER 149
12.1.6 TELEVET 150
12.1.7 ANIPANION 151
12.1.8 VITUSVET 152
12.1.9 WHISKERS WORLDWIDE 153
12.1.10 WELLHAVEN PET HEALTH 154
12.1.11 ASKVET 155
12.1.12 PETRIAGE 156
12.1.13 PETDESK 157
12.1.14 PAWSQUAD 158
12.1.15 BI X GMBH 159
12.1.16 GUARDIANVETS 160
12.1.17 TELETAILS 161
12.1.18 ACTIV4PETS 162
12.1.19 BABELBARK 163
12.1.20 LINKYVET 164
12.1.21 VETCHAT 165
12.1.22 VETCT 166
12.1.23 VETOCLOCK 167
12.1.24 VETNOW 168
12.1.25 VETSOURCE 169
13 APPENDIX 170
13.1 DISCUSSION GUIDE 170
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 175
13.3 CUSTOMIZATION OPTIONS 177
13.4 RELATED REPORTS 177
13.5 AUTHOR DETAILS 178
2023 VS. 2028 (USD MILLION) 45