Market Trends of Global Veterinary Telehealth Industry
This section covers the major market trends shaping the Veterinary Telehealth Market according to our research experts:
Telemedicine Segment is Expected to Witness a Significant Growth Over the Forecast Period
The telemedicine segment is anticipated to grow significantly owing to the increased internet penetration. Telemedicine is a technology that allows a veterinarian to digitalize radiographically, ultrasound, and microscopic images and send them via fax or the internet to a veterinary specialist for the interpretation providing service without leaving their veterinary hospital. The upsurge in the number of internet users is leading to wider adoption of veterinary telemedicine services.
Several market players are also engaged in launching veterinary telemedicine service platforms. For instance, Whiskers Worldwide LLC, one of the pet telehealth providers in North America, launched its proprietary telemedicine service for pet owners in the United States in January 2021. In addition, in February 2022, the Virtual veterinarian care platform Dutch raised USD 20 million in Series A funding led by Forerunner Ventures and Eclipse Ventures. The San Francisco-based company's latest round came seven months after its market launch bringing its total funding raised to USD 25 million. Dutch utilizes licensed veterinarians and provides telemedicine and a digital health platform for pets and their families to make pet care more accessible. Such development is anticipated to drive segment growth over the forecast period.
Moreover, several service providers are adopting and implementing telemedicine into their services. This is another factor fuelling the segment to grow. For instance, in July 2022, Dr. Treat: Tech-enabled veterinary care for highly personalized in-clinic and virtual care, building the next generation pet health company to deliver very personalized care to every pet all while creating a seamless, stress-free customer experience with its proprietary Telehealth & Telemedicine platform for 24/7 virtual care, integrated into Dr. Treat's app for all health needs of pets. Thus, such product launches and the adoption of telemedicine are expected to drive segment growth significantly over the forecast period.
Therefore, the above-mentioned factors attribute to the growth of the segment over the forecast period.
North America is Anticipated to Observe a Significant Growth in the Global Veterinary Telehealth Market
North America is likely to witness a high growth rate in the veterinary telehealth market during the forecast period. Within North America, the United States has held a significant share of the market, and it is expected to dominate over the forecast period. This can be attributed to the factors such as high healthcare expenditure, the strong presence of major market players, technological advancements, and an increase in disposable income.
Additionally, the preference for the adoption of pets owing to the need for companionship and lifestyle in the region has urged people in the United States to opt for pet insurance, thereby fuelling the utilization of veterinary telehealth services. For instance, a survey conducted by the American Pet Products Association (APPA) in June 2021 shows that pet ownership has increased from an estimated 67% of United States households to an estimated 70%. During the pandemic, 14% of total pet owners and non-pet owners obtained a new pet. In developed countries like the United States and Canada, the escalation of pet approval, improving awareness about animal health, and increase in animal health expenses are the drivers to boost the growth of the veterinary telehealth market.
Moreover, the increase in consumption of livestock products is contributing to the high demand for veterinary healthcare in the region, thereby, further fuelling the demand for veterinary telehealth services. For instance, as per the United States Department of Agriculture 'National Agricultural Statistics Service-2021', the number of cattle and calves in the United States is 93 million approximately. In addition, continuous developments in the country are also another major factor driving the market growth in the region. Such as, in August 2021, Vetster.com, one of the world's fastest-growing veterinary telehealth and pet care marketplace, launched VetsterRx Online Pharmacy, the first online pet pharmacy provided by a veterinary telehealth platform. The delivery service for pet medications is currently available to Vetster customers in the United States through the company's new mobile app and at Vetster.com. Thus, given the factors mentioned, the veterinary telehealth market in North America is anticipated to grow significantly over the forecast period.
Therefore, owing to the aforesaid factors the market is anticipated to witness growth in the region over the forecast period.
