The growth of the studied markets can be primarily attributed to the increasing number of pet owners worldwide, increasing pet healthcare costs, and the prevalence of zoonotic diseases. These factors have led to increased adoption of veterinary telemedicine services. In South Korea, veterinary telemedicine, which remotely monitors pets' long-term health through real-time alerts and veterinary consultations, is expected to grow at a CAGR of 20% from 2024 to 2034. I am.
NEWARK, Del., April 11, 2024 (Globe Newswire) — The global veterinary telemedicine market is expected to reach USD 190.8 million by 2024. The market valuation is estimated to be USD 970 million by 2034, projected at a CAGR of 17.7%.
The growing need for easily accessible and convenient pet care solutions is one of the key factors driving the rise in the market. More and more pet owners are looking for an alternative to traditional veterinarian visits that can be easily consulted remotely for routine check-ups, minor illnesses, and general questions about their pet's health.
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Advances in communication technology have improved the capabilities of veterinarians, offering virtual consultations as well as increasing their popularity among veterinarians and pet owners.
Despite a bright future, the veterinary telemedicine sector is exposed to several risks. One is the possibility of backlash from traditional veterinary hospitals. The lack of established procedures and policies regarding telemedicine in veterinary medicine can raise moral and legal issues, which can hinder industry expansion.
The market offers many opportunities for innovation and growth. For example, the use of telemedicine technology in underserved markets, such as rural areas with little access to veterinary care, presents significant opportunities.
Veterinary telemedicine companies have the potential to fill gaps in such areas and improve the quality of pet care by providing telemedicine, remote monitoring, and virtual consultations and services.
Key points from market research:
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In terms of telemedicine types, online telemedicine is recorded to grow at a CAGR of 17.5% by 2034.
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In the UK, it is estimated that registrations will occur at a CAGR of 19% by 2034.
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China is experiencing significant growth and is predicted to experience a CAGR of 18.4% by 2034.
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On a service basis, the teleconsulting sector is expected to expand at a CAGR of 17.3% by 2034.
“The surge in demand for convenient and accessible pet care solutions is one of the key drivers of the veterinary telemedicine market.” opinion Sabasachi Ghosh Vice President of Future Market Insights (FMI).
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Competitive environment:
Key competitors are leading the competitive veterinary telemedicine market with comprehensive solutions. A user-friendly interface helps startups gain traction. Enterprising healthcare technology companies are leveraging collaboration and innovation to grow their market presence.
Some of the key developments include:
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In August 2020, Televet expanded its telemedicine platform to university veterinary telemedicine activities, expanding its market reach.
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In July 2020, Zoetis partnered with Vet-AI and Video with my Vet in accordance with telemedicine guidelines to enable virtual consultations on smartphones and drive market expansion.
Veterinary Telemedicine Market Report Scope:
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attribute |
detail |
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Estimated market size in 2024 |
190.8 million USD |
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Expected market value in 2034 |
USD 970 million |
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Value-based CAGR from 2024 to 2034 |
17.7 |
% |
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Forecast period |
From 2024 to 2034 |
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Historical data available |
From 2019 to 2023 |
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market analysis |
Value (million USD) |
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Main regions covered |
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Key market segments covered |
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Key countries profiled |
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Overview of major companies |
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Main segments:
By type of telemedicine:
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Telemedicine by phone
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online telemedicine
By service:
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telephone consulting
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remote monitoring
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Distance education/training
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Other services
By application:
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diagnosis and treatment
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prescription
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follow up
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consultation
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education
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Other uses
By animal type:
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companion animal
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Cat
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dog
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Horse
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Other companion animals
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livestock
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Cow
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pig
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sheep
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Other livestock
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By region:
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North America
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latin america
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Europe
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east asia
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south asia
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Oceania
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middle east and africa
author:
Sabyasachi Ghosh (Vice President, Future Market Insights, Inc.) has over 12 years of experience in the healthcare, medical device, and pharmaceutical industries. His curiosity and analytical skills helped shape his career as a researcher.
It comes naturally to him to identify the key challenges faced by his clients and develop robust, hypothesis-based solutions to empower them with strategic decision-making capabilities. His main expertise lies in the areas of market entry and expansion strategies, feasibility studies, competitive intelligence, and strategic transformation.
Mr. Sabyasachi, who holds a degree in Microbiology, is the author of numerous publications and has been cited in journals such as The Journal of mHealth, ITN Online, and Spinal Surgery News.
For continued coverage of FMI, please visit Healthcare Market Insights domain:
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Veterinary Biologics Market Share: The global veterinary biologics market size is estimated to reach USD 13,140.6 million in 2024. The market is projected to exceed USD 24,224.3 million by 2034, registering a promising CAGR of 6.3%.
Telemedicine and telemedicine market growth: The telemedicine and telemedicine market is expected to reach a valuation of USD 106 billion in 2023 and rise to USD 912 billion by 2033. The market is estimated to register a CAGR of 24% during the forecast period.
Telemedicine Kiosk Market Demand: Telemedicine Kiosk Market was valued at USD 2,060.5 million in 2024 and is expected to rise at a steady CAGR of around 7.20% during the forecast period. The industry's valuation is expected to reach US$ 4,129.8 million by 2034.
Veterinary Wound Debridement Market Opportunity: The global veterinary wound debridement market was valued at USD 714.8 million in 2023 and is expected to reach USD 1.5 billion by 2033, growing at a CAGR of 8.2% It has been.
Veterinary Wound Cleaning Products Market Outlook: According to a study by Future Market Insights, the global veterinary wound cleaning products market is expected to grow at a CAGR of 10.2% during the forecast period. The market value is projected to increase from USD 185.2 million in 2023 to USD 488.2 million by 2033.
Veterinary Pain Management Drugs Market Overview: The Veterinary Pain Management Drugs Market was valued at USD 1.37 billion in 2022, will be worth USD 2.79 billion by 2032, and will grow from 2022 to 2032. is expected to grow at a CAGR of 7.2%.
Veterinary Autoimmune Therapies Market Forecast: The global veterinary autoimmune drugs market is valued at USD 71,720.6 million by 2033, from USD 42,815.7 million in 2023, growing by 5.3% from 2023 to 2033. It is predicted to grow at a CAGR of
Equine Veterinary Drugs Market Trends: The global equine veterinary drugs market is expected to expand significantly and generate revenue of USD 2,671.9 million by 2033, from USD 1,378.7 million in 2023. This revenue growth has been achieved at an impressive CAGR of 6.8%.
Veterinary Ultrasound Scanner Market Strategy: The veterinary ultrasound scanner market is expected to reach USD 198.1 million by 2023 and is expected to expand significantly. This market exhibits significant trends characterized by a CAGR of 3.7% and has achieved impressive valuations in the US. $284.8 million by 2033.
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Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Winner, Greater New York Chamber of Commerce Member) provides deep insight into the drivers driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting, and events for the packaging, food and beverage, consumer technology, healthcare, industrial, and chemical markets. With a large team of over 400 analysts located around the world, FMI provides global, regional and local expertise on diverse sectors and industry trends in over 110 countries.
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