DUBLIN--(BUSINESS WIRE)--The "Veterinary Telehealth Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The veterinary telehealth market is projected to register a CAGR of more than 19% during the forecast period.
Companies Mentioned
- Airvet
- GuardianVets
- TeleVet
- TeleTails
- VitusVet
- FirstVet
- PetDesk
- Whiskers Worldwide, LLC
- Virtuwoof, LLC
- Petriage Inc.
- Petzam
- Animan Technologies Inc.
Key Market Trends
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, in December 2020, Whiskers Worldwide, LLC, one of the largest pet telehealth providers in North America, announced the plan of launching its proprietary telemedicine service for pet owners in the United States in January 2021. In addition, in July 2020, Zoetis UK announced entered a partnership with telemedicine companies such as Vet-AI and Video With My Vet. The telemedicine platforms follow the developing telemedicine guidelines for the United Kingdom and will enable veterinarians to derive information with the existing client on their smartphones via virtual consultations. Thus, in view of the aforementioned service launches, the segment is expected to grow significantly over the forecast period.
North America is Anticipated to Observe a Significant Growth in the Global Veterinary Telehealth Market
Within North America, the United States has held the major share of the market and 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 fueling the utilization of veterinary telehealth services.
As per the North American Pet Health Insurance Association (NAPHIA), the United States witnessed gross written premiums of USD 1.99 billion in 2020, an increase of 27.5 percent from USD 1.56 billion in 2019. Moreover, the increase in consumption of livestock products is contributing to the high demand for veterinary healthcare in the region, thereby further fueling 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. Thus, in view of the aforementioned factors, the veterinary telehealth market in North America is anticipated to grow significantly over the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Pet Ownership Across the Globe
4.2.2 Increase in Pet Healthcare Spending
4.2.3 Growing Prevalence of Zoonotic Diseases
4.3 Market Restraints
4.3.1 High Cost Associated With the Services
4.3.2 Lack of Awareness and Accessibility to Telehealth Services in Developing Countries
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 Animal Type
5.2 Service Type
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/292g8
