Veterinary Telehealth Global Market Opportunities and Strategies to 2032

This report describes and explains the veterinary telehealth market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global veterinary telehealth market reached a value of nearly $1,061.3 million in 2022, having grown at a compound annual growth rate (CAGR) of 24.9% since 2017. The market is expected to grow from $1,061.3 million in 2022 to $3,365.4 million in 2027 at a rate of 26.0%. The market is then expected to grow at a CAGR of 26.0% from 2027 and reach $10,679.0 million in 2032.

Growth in the historic period resulted from strong emerging markets growth, increased spending on pets, supportive government initiatives, and increased penetration of pet insurance.

Going forward, the increasing pet ownership, the increasing consumption of animal-derived products, and the increasing urbanization will drive the market. Factors that could hinder the growth of the veterinary telehealth market in the future include the shortage of veterinarians.

The veterinary telehealth market is segmented by animal type into canine, feline, equine, bovine, swine, and other animal types. The other animal types market was the largest segment of the veterinary telehealth market segmented by animal type, accounting for 25.8% of the total in 2022. Going forward, the canine segment is expected to be the fastest growing segment in the veterinary telehealth market segmented by animal type, at a CAGR of 26.6% during 2022-2027.

The veterinary telehealth market is segmented by service type into telemedicine, teleconsulting, telemonitoring, and other service types. The teleconsulting market was the largest segment of the veterinary telehealth market segmented by service type, accounting for 33.4% of the total in 2022. Going forward, the telemedicine segment is expected to be the fastest growing segment in the veterinary telehealth market segmented by service type, at a CAGR of 27.1% during 2022-2027.

North America was the largest region in the veterinary telehealth market, accounting for 45.3% of the total in 2022. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the veterinary telehealth market will be Asia Pacific and the Middle East where growth will be at CAGRs of 29.5% and 28.2% respectively. These will be followed by Africa and Western Europe where the markets are expected to grow at CAGRs of 26.7% and 25.3% respectively.

The veterinary telehealth market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 5.84% of the total market in 2022. FirstVet was the largest competitor with 0.95% share of the market, followed by Whiskers Worldwide, LLC with 0.75%, Airvet with 0.74%, BondVet with 0.72%, Fuzzy Pet Health with 0.57%, Petzam with 0.48%, PetDesk with 0.48%, WellHaven Pet Health with 0.44%, VetCT with 0.37%, and TeleVet with 0.35%.

The top opportunities in the veterinary telehealth market segmented by animal type will arise in the other animal types segment, which will gain $609.5 million of global annual sales by 2027. The top opportunities in the veterinary telehealth market segmented by service type will arise in the teleconsulting segment, which will gain $776.8 million of global annual sales by 2027. The veterinary telehealth market size will gain the most in the USA at $896.3 million.

Market-trend-based strategies for the veterinary telehealth market include focus on advanced technologies such as artificial intelligence, new facility expansions, partnerships and collaborations, and launch of new veterinary telehealth services to improve their financial strength and product portfolio.

Player-adopted strategies in the veterinary telehealth market include enhancing business operations through the launch of new services and strengthening operational capabilities through business expansions.

To take advantage of the opportunities, the recommends the veterinary telehealth companies to focus on use of artificial intelligence, focus on new facility expansions, focus on new service launches, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events and focus on urban population.