Wilmington, Delaware, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Global Veterinary Telemedicine Market was valued at US$ 516.8 million in 2023 and is expected to grow at a significant CAGR of over 18.3% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
The veterinary telemedicine market encompasses the use of telecommunications technologies, such as video conversations, smartphone apps, and internet platforms, to provide remote veterinary consultations, advice, and medical services to animals.
The number of pet owners is increasing, resulting in increased demand for veterinary services. The demand for simple and affordable animal healthcare has increased as more individuals bring dogs into their homes.
- According to a deep-dive market assessment by RationalStat, the global veterinary telemedicine market has been analyzed on the basis of market segments, including type, component, application, animal type and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global veterinary telemedicine market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global veterinary telemedicine market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Veterinary Telemedicine Market: Segmental and Market Share Analysis
- On the basis of type, during the forecast period, the internet segment is expected to have the highest CAGR. The internet portion supports live chat and video conferencing.
- On the basis of components, during the forecast period, the software and services segment is expected to increase at a faster CAGR. This segment's growth can be ascribed to advantages such as ease, cost, access to specialists, improved communication, and better tracking.
- On the basis of application, the market's diagnostic and treatment sector is likely to expand further in the future years. As technology advances, more veterinarians become comfortable with telemedicine.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 516.8 million |
| Market Size Forecast | US$ 1,678.9 million |
| Growth Rate | 18.3% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global veterinary telemedicine market include,
- In July 2020, Zoetis collaborated with telemedicine firms such as Vet-AI and Video with My Vet. The telemedicine platforms adhere to UK telemedicine guidelines and enable veterinarians to collect information from customers via virtual consultations on their cellphones.
Some of the prominent players and suppliers operating and contributing significantly to the global veterinary telemedicine market growth include Airvet, GuardianVets, TeleVet, TeleTails, VitusVet, FirstVet, PetDesk, Whiskers Worldwide LLC, Virtuwoof LLC, and Petriage Inc., among others.
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RationalStat has segmented the global veterinary telemedicine market based on type, component, application, animal type and region
- Global Veterinary Telemedicine Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Telephone
- Internet
- Global Veterinary Telemedicine Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Component
- Software & Services
- Hardware
- Global Veterinary Telemedicine Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Diagnosis and Treatment
- Prescription of Medication
- Follow-up-care
- Consultation with Specialists
- Education
- Global Veterinary Telemedicine Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Animal Type
- Companion Animals
- Livestock
- Others
- Global Veterinary Telemedicine Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Veterinary TelemedicineMarket
- US
- Canada
- Latin America Veterinary TelemedicineMarket
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Veterinary TelemedicineMarket
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Veterinary TelemedicineMarket
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Veterinary TelemedicineMarket
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Veterinary TelemedicineMarket
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Veterinary TelemedicineMarket
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Key Questions Answered in the Veterinary Telemedicine Report:
- What will be the market value of the global veterinary telemedicine market by 2030?
- What is the market size of the global veterinary telemedicine market?
- What are the market drivers of the global veterinary telemedicine market?
- What are the key trends in the global veterinary telemedicine market?
- Which is the leading region in the global veterinary telemedicine market?
- What are the major companies operating in the global veterinary telemedicine market?
- What are the market shares by key segments in the global veterinary telemedicine market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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