Veterinary Telehealth Market Seen Soaring 18% Growth to Reach USD 450 Million by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 24, 2023
- HEALTHCARE, NEWS
- Veterinary Telehealth Market Analysis, Veterinary Telehealth Market Forecast, Veterinary Telehealth Market Growth, Veterinary Telehealth Market Outlook, Veterinary Telehealth Market Share, Veterinary Telehealth Market Size, Veterinary Telehealth Market Trends
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According to a new report by Univdatos Market Insights, Veterinary Telehealth Market is expected to reach USD 450 Million in 2030 by growing at a CAGR of 18%. Veterinary Telehealth is a method of getting consultations and treatment from specialized vet professionals for your pets while sitting in remote locations. Available technological assets have allowed consultations through text, call, or even video calls. Telehealth can be seen as an alternative to regular face-to-face consultations in non-emergency situations, not their replacement. A veterinarian must possess all the required documents valid veterinary-client-patient relationship (VCPR) for practicing telemedicine. Based on animal type, the market is segmented into canine, feline, equine, bovine, swine, and others. The other segment held the maximum share in the global market of veterinary telehealth, which comprises poultry, sheep, and goats. While telehealth services can be provided through telemedicine, teleconsulting, telemonitoring, and others. The raging issue is the rising concern of pet owners for their pets which is leading to a bulky expenditure on veterinary care like routine check-ups, medications, pet food, pet grooming, insurance, training in sitting, and other services. This factor is leading the market of veterinary telehealth in this forecast period.
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The report suggests that the Rising Expenditure on Animal Health is one of the major factors driving the growth of the veterinary telehealth market during the forthcoming years. Veterinary Telehealth is a healthcare service for animals who need consultations for treating their non-emergency ailments. Money is an essential factor for gaining prominence in the market and veterinary telehealth is gaining much of it. This expenditure is driving the market for the development of new technological advancements in veterinary telehealth. In recent years, there has been an increasing number of telehealth app launches focused on veterinary telehealth. For example, Canadian veterinary telemedicine company Vetster launched its telehealth app in November 2022, which aims to provide an alternative way for veterinary professionals to treat animals. They are also investigating artificial intelligence and machine learning to analyze health stats and respond accordingly. The increasing number of technological advancements for veterinary telehealth is driving the growth of the market, as it indicates a greater interest in developing new integrated technologies in telehealth apps. Other strategies such as the development of user-friendly apps with efficient customer support are also being targeted to bring out effective treatment of the disease. It also provides hope for pets to get better care and support through veterinary telehealth, also telehealth is a trending doorway of opportunities for offering better consultation and treatment options in the future.
Fig1: Total U.S. Pet Industry Expenditures, 2012-2021
Apart from this, growing technological advancements including data analytics, the Internet of things, artificial intelligence, and virtual reality, amongst others in the veterinary telehealth market will also have a positive impact on the market’s growth during the forecast period. Telemedicine gives the power vet professionals to digitalize ultrasound, microscopic and radiographic images and deliver them via the Internet to a veterinary specialist for analysis. They are able to provide service to remote pets without leaving their clinics or hospitals. This approach has led to improved outcomes for pets and their owners through veterinary telehealth and has helped to reduce hussle and chaos in veterinary hospitals and clinics.
Artificial Intelligence Gaining Support in the Market
Traditional report diagnosis and analysis involved human interaction, which had the risk of missing a tinge amount of data due to human errors, which satisfies a popular saying “Humans are bound to make mistakes”. This led to the adoption of newer trends focused on Artificial Intelligence, which would offer far less to the negligible scope of making errors while analyzing data. Here are some key points to understand why targeted artificial intelligence is gaining traction in the veterinary telehealth market:
Personalized Medicine: AI can provide accurate precision medicine through telehealth which will be designed to attack specific genetic or molecular abnormalities, potentially making them more effective than traditional medications.
Unmet Need: Without AI-integrated veterinary telehealth, a pet owner is often restricted to traditional face-to-face consultations and diagnosis. This makes AI-integrated veterinary telehealth effective for pet owners who are unable to visit hospitals regularly for consultations and earlier detection of diseases.
Accurate diagnosis: AI helps in making an accurate diagnosis of the disease and can help in providing better assistance for treating that ailment.
Patient Survival and Quality of Life: Because they are often more precisely directed at cells, AI-integrated veterinary telehealth may offer a better quality of life for animals and their owners by providing health assistance at their homes.
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Conclusion
The global veterinary telehealth market is a rapidly growing field, with advancements in technology leading to improved outcomes for animals. Veterinary Telehealth is a type of remote consultation facility which provides health assistance from vet specialists. The global veterinary telehealth market is expected to continue to grow in the coming years, as new technologies are developed. Overall, the global veterinary telehealth market represents a significant opportunity for telehealth companies and professionals in the field of software and technology. With continued research and development, it is likely that even more effective and personalized treatments will become available in the future, leading to improved outcomes for pets and their owners through veterinary telehealth.
