Market Trends of Global Veterinary Telehealth Industry
Telemedicine Segment is Expected to Witness a Significant Growth Over the Forecast Period
Telemedicine is a tool used in veterinary medicine, and it entails the electronic transmission of medical data on an animal's clinical health status. It allows a veterinarian to digitalize radiographic, ultrasound, and microscopic images and send them to a veterinary professional for interpretation without having to leave their clinic or hospital.
The telemedicine segment is expected to witness significant growth in the veterinary telehealth market over the forecast period owing to factors such as the increasing adoption of telemedicine along with the high number of service providers.
Telehealth has rapidly evolved in veterinary medicine, especially during and post the COVID-19 pandemic. Veterinary telemedicine complements traditional services, addressing client needs, ensuring quality care, and enhancing animal welfare. For instance, an April 2024 article published in the Open Veterinary Journal highlighted popular telemedicine applications in veterinary care, including teleradiology, telesonography, teledentistry, telecardiology, and telerehabilitation. These applications showcase the versatility and effectiveness of telehealth in various veterinary scenarios.
In addition to the above context, the benefits of veterinary telemedicine encompass cost-effectiveness, accessibility, online payment options, and its efficacy in scenarios like post-examination follow-ups, surgical site inspections, and mobility assessments. Thus, the advancements in veterinary telemedicine are significantly enhancing the quality and accessibility of animal care, driving the growth of the telehealth market by providing comprehensive and efficient solutions for pet owners and veterinarians alike.
Moreover, as companies increasingly focus on telemedicine, many are broadening their offerings to cater to the rising demand for accessible veterinary care. For instance, in August 2024, East Bay SPCA introduced a telemedicine service for California residents, covering consultations and prescription access. Appointments cater to preventive treatments like flea and tick medication and special needs for holidays. This move highlights the growing dependence on telehealth for diverse pet owner needs, especially preventive care, fueling segment growth.
Similarly, in May 2024, Jaipur's Manish Prahlad unveiled 'Verdant Impact', a startup providing telemedicine and ICU services to enhance livestock healthcare in India. Additionally, they introduced Radio Frequency Identification (RFID) tags to monitor livestock health and movement.
Therefore, owing to the increasing demand for various telemedicine platforms and the rising launch of telemedicine services by the key players, the studied segment is expected to grow over the forecast period.
North America is Expected to Have the Significant Market Share Over the Forecast Period
North America is poised to witness significant market growth during the forecast period, driven by factors such as a high incidence of zoonotic diseases, a surge in telehealth adoption, and a rise in pet ownership. Furthermore, robust healthcare spending, the dominance of key market players, technological innovations, and rising disposable incomes are anticipated to further fuel market expansion.
As pet owners increasingly prioritize their pets' health, they're allocating more funds toward routine check-ups, vaccinations, dental care, and preventive services. This heightened spending on pet healthcare is significantly driving the demand for veterinary daily health services and, in turn, propelling the growth of telehealth services. For instance, the "Emerging Trends in Pet Health Care" report, released in January 2024, highlighted that United States spending on veterinary services surpassed USD 38 billion in 2023, with notable growth in emergency and specialty services. As healthcare expenditures rise, pet owners are seeking technologically advanced solutions, amplifying the demand for telehealth services encompassing virtual consultations, health monitoring, and remote diagnostics.
The surge in pet adoptions is leading to a growing number of pet owners seeking veterinary care, establishing a consistent demand for health monitoring, preventive measures, and emergency consultations. Many new pet owners, unfamiliar with health management, are turning to telehealth services for their convenience and accessibility. For instance, according to the American Veterinary Medical Association (AVMA) Pet Ownership and Demographic survey released in October 2024, the United States dog population reached 89.7 million in 2024, up from 80.1 million in 2023, while the cat population stood at 73.8 million. Consequently, dog-owning households now represent nearly 45.5% of all United States households, and cat-owning households make up about 32.1% in 2024.
This notable increase in pet numbers highlights an escalating demand for accessible veterinary care. Telehealth services emerge as a viable solution, granting pet owners easy access to veterinary consultations, minimizing the necessity for in-person visits, and ensuring timely follow-ups. Thus, this trend is set to drive market growth in the coming years.
Additionally, the increasing emphasis by companies on rolling out diverse veterinary telehealth platforms and services in the region is likely to further boost their adoption, contributing to market growth. For instance, in August 2024, the East Bay SPCA introduced a telemedicine service for California residents, offering consultations and prescription access.
Similarly, in February 2024, Veterinarians Without Borders North America inaugurated its inaugural veterinary telehealth initiative in Canada. This program, developed in collaboration with Animal HealthLink (AHL) and launched as a pilot in Gjoa Haven, Tuktoyaktuk, and Kugluktuk, aims to assist remote communities in Northwest Territories and Nunavut with limited veterinary access. The telehealth service enables pet guardians in these areas to connect round-the-clock with registered veterinary technologists (RVT) for any animal health inquiries.
Given the rising expenditures in pet healthcare, the burgeoning pet adoption rates, and the increasing rollout of telehealth services, the market is set for significant growth in the forecast period.
