Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Veterinary Telehealth Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 26, 2021 (GLOBE NEWSWIRE) -- The Global Veterinary Telehealth Market is anticipated to grow at a CAGR of around 20.9% during the forecast period 2020 to 2027 and to reach around US$ 346.5 Mn by 2027.
Increasing pet ownership across the globe and the rise in pet healthcare spending are major factors expected to drive the growth of the global veterinary telehealth market.
North America is expected to account for a major revenue share in the global veterinary telehealth market due to increase in number of pet owners. Sixty-seven percent of U.S. households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). Rise in spending capacity of consumers on pet healthcare along with the availability of favorable insurance policies are factors expected to impact the growth of the target market in this region.
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According to the North American Pet Health Insurance Association (NAPHIA), the pet health insurance sector for the U.S. and Canada posted a combined gross premium of US$1.42 billion in 2018, up from US$1.15 billion in 2017. The total number of pets insured reached 2.43 million at year-end 2018, up by over 17 percent from 2017. With the availability of advanced infrastructure veterinarians are inclining towards providing solutions such as telehealth and telemedicine along with players focus on providing service platforms for pet owners to attract customers, are factors expected to positively impact the growth of the veterinary telehealth market in this region. In 2020, Vetster a pet service provider launched a pet wellness platform virtually connecting pet owners to a marketplace of licensed veterinary professionals for video, chat, and voice enabled appointments. The platform is expected to help the company to enhance the business presence and increase the customer base.
The market in Asia Pacific is expected to witness faster growth in the veterinary telehealth market over the forecast period due to rising awareness related to pet health among consumers. Government of developing countries is spending high on the development of IT infrastructure. Pet service is gaining traction in countries such as China, Australia, and India due to rise in pet owners. Players are focused on enhancing its business in developing countries are expected to help in enhancing the customer base and increase the revenue share. High focus on partnership in order to enhance the service offering is further expected to augment the growth of the veterinary telehealth market.
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Increasing pet healthcare spending by the pet owners and demand for better treatment options are major factors expected to drive the growth of the global veterinary telehealth market. In addition, rising covid-19 effect across the globe and considering the pet owners situation in times of illness, players are focused on providing various services and solutions for reliable and accessible veterinary care.
In 2021, MyTelemedicine Inc, a global virtual vet health service provider launched “GoLexi” a Nationwide Pet Telehealth Service. The service offers a timely solution by providing consumers with real-time veterinary consultations by phone or video call, day, or night. This is expected to help the company to enhance the customer base and increase the revenue share.
In 2020, Chewy, Inc., an online pet food provider launched a telehealth service that connects pet owners to a licensed veterinarian. The service will be available through Chewy’s website in 35 states. This is expected to help the company to attract new customers and increase revenue.
Factors such as high cost associated to service & implementation and lack of developed infrastructure in developing region is lowering the adoption of global veterinary telehealth market.
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In addition, high competition and low profit ratio is expected to challenge the growth of target market. However, increasing spending on infrastructure development and focus on mergers and acquisitions are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, increasing partnerships between regional and international players are expected to support the revenue transaction of the target market.
Players operating in the global veterinary telehealth market are Airvet, Activ4Pets, BabelBark, Inc., GuardianVets, PetDesk, Petzam, TeleTails, Televet, Vetster, Inc., VitusVet, and Whiskers Worldwide, LLC. The market is highly competitive due to the presence of a large number of players operating on a global level.
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