U.S. Veterinary Telehealth Market Size to Worth USD 234.43 Bn by 2033
Shivani Mhatre
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In the rapidly growing field of the U.S. Veterinary Telehealth market size was worth around USD 49.19 billion in 2023 and is predicted to grow around USD 234.43 billion by 2033 with a compound annual growth rate (CAGR) of roughly 16.9% between 2024 and 2033.
Key Takeaways:
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The growing adoption of veterinary telehealth is due to the constant improvements in veterinary information & management systems for early disease detection. Furthermore, the widespread occurrence of zoonotic and chronic diseases in animals, coupled with the growing usage of Internet of Things (IoT) & artificial intelligence (AI) by pet owners, are key factors propelling the market. The increasing incidence of conditions like diabetes, obesity, kidney ailments, spinal disc issues, and blood pressure-related problems further fuel the market.
The U.S. accounted for over 32.9% of the global veterinary telehealth market in 2023. The rising prevalence of obesity in pets, linked to conditions like joint diseases and osteoarthritis, is increasing the need for improved treatment methods. In addition, disease outbreaks in livestock can pose significant socioeconomic risks, leading to disruptions in local, international, and rural markets, as well as production losses. These factors are propelling the veterinary market. Moreover, COVID-19 pandemic had a positive impact on the market. As per a 2020 article by the Veterinary Medical Association, the application of telemedicine has expanded to safeguard the health of veterinary teams and their patients. In response to the COVID-19 pandemic, TeleTails introduced a new software solution in May 2020, known as TeleTails Instant, a video conferencing tool. The growing awareness and benefits associated with telehealth platforms are bolstering their growth.
The increasing prevalence of zoonotic diseases & chronic animal diseases, and the awareness of these diseases in pet owners are also contributing to the market growth. As per the World Health Organization’s 2021 data, zoonotic diseases are responsible for millions of deaths and approximately 1 million illnesses annually. This surge in infections is leading pet and farm animal owners to turn to?telehealth services?to enhance and track the health of their animals. The market is expected to be further propelled by the increasing spending on animal healthcare. The American Pet Products Association’s (APPA’s) 2021 report indicates that total spending in the U.S. pet industry rose by 1.06% from 2019 to 2020.
The escalating concern of pet owners for their animals’ well-being has led to a rise in pet care spending, thereby driving market growth. In 2021, pet-related expenditure in the U.S. was approximately USD 1,09,600 million, up from USD 1,03,600 million in 2020. The growing investment in animal healthcare is also stimulating market expansion. In addition, the high demand and increasing consumption of animal-based products are expected to fuel the market. This surge in demand is subsequently heightening the necessity to safeguard animals from diseases. As per the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the demand for meat and milk production is projected to double by 2050 in developing nations. These factors are driving the adoption of?telehealth?in animal healthcare.
Recent Developments
Key U.S. Veterinary Telehealth Company Insights
Companies in the U.S. veterinary telehealth market are actively engaging in business strategies like forming strategic alliances, launching new products, and expanding into new regions to fortify their market position, as veterinary telehealth is still being adopted in the country. For example, in August 2020, Televet formed a partnership with Cornell University Hospital for Animals. This allowed the company to implement its telehealth platform for the University’s veterinary telehealth services, which helped expand the company’s market presence. Furthermore, in July 2020, Zoetis collaborated with telemedicine firms such as Vet-AI and Video With My Vet.
Key U.S. Veterinary Telehealth Companies:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Veterinary Telehealth market.
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