The global veterinary telemedicine market is poised for strong growth over the next several years, according a new report by market research firm MarketsandMarkets. The market, valued at $530 million in 2023, is expected to reach $1.23 billion by 2028, reflecting an impressive 18.3% compound annual growth rate (CAGR).
Several key factors are contributing to the rise of veterinary telemedicine, which enables remote delivery of veterinary care through digital communication technologies. Most notably, with higher disposable incomes, pet owners are spending more on healthcare and wellness services for companion animals and livestock. This ties in with a broader trend of increasing pet ownership worldwide.
In addition, advanced technologies like artificial intelligence (AI), data analytics, and Internet of Things (IoT) devices are making telehealth more effective for animals. AI algorithms can monitor vital signs, analyze health data for trends, and aid diagnoses. Meanwhile, electronic health record systems driven by these emerging technologies allow for superior data management, monitoring, and preventative care from afar.
The Asia-Pacific region is expected to experience the fastest industry growth over the forecast period. Rising disposable incomes in countries across Asia have led to higher expenditures on pet care, supporting adoption of veterinary telemedicine to improve access and quality of care.
In terms of service types, internet-based platforms are projected to outpace telephonic services. The interactive nature of video chatting and ability to share visual documentation through internet platforms enhances the telemedicine experience for pet owners and clinicians. Additionally, artificial intelligence and other cutting-edge technologies are better integrated with internet-based, app-driven models.
While promising, there are barriers to mainstream adoption of veterinary telehealth. The high costs of implementing digital infrastructure, training staff, ensuring cybersecurity, and building user-friendly platforms contributes to expensive fee structures, which some pet owners may find prohibitive without insurance coverage or reimbursement.
Nonetheless, veterinary telemedicine alleviates many other burdens for pet owners, including saving time, increasing convenience, reducing animal transport stress, and facilitating better communication with specialists. For veterinary practices, it unlocks an array of opportunities to diversify service offerings, tap into new revenue streams, and overcome staffing and capacity challenges to meet rising pet healthcare demand.
As chronic diseases plague more pets and spending continues shifting online, forward-thinking veterinary businesses will find rewards in pivoting their care models toward tech-enabled delivery. With sound strategies backed by smart technologies, the nascent field of veterinary telemedicine is set to rapidly enter mainstream adoption.