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Rising Zoonotic Disease: A Key Driver Transforming the Veterinary Telehealth Market 2024
Veterinary Telehealth Market
Are you aware of the sharp rise in the veterinary telehealth market size in recent years? Based on the comprehensive Veterinary Telehealth Global Market Report 2024, the market is projected to skyrocket from $3.74 billion in 2023 to $4.48 billion in 2024, demonstrating a compound annual growth rate CAGR of 19.8%. The remarkable growth during the historical period can be credited to the solid emergence of market growth in developing countries, increased spending on pets, government initiatives supporting the industry, and an increased uptake of pet insurance.
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Moving forward, the veterinary telehealth market size is forecasted to witness substantial growth in the years to come, reaching $8.99 billion by 2028 with a CAGR of 19.0%. The market expansion in the forecast period can be linked to an uptake in pet ownership, increased consumption of animal-derived products, and rising urbanization. Moreover, trends shaping the market outlook include the incorporation of advanced technologies such as artificial intelligence, the introduction of new veterinary telehealth services, and collaborations aimed at improving financial strength and product portfolios.
Perhaps what's even more intriguing is the rapid rise of zoonotic diseases amongst animals, which are expected to drive the growth of the veterinary healthcare market. Zoonotic diseases encompass a wide variety of infections and illnesses caused by viruses, bacteria, parasites, and fungi, leading to moderate to severe effects in both humans and animals. With the adoption of veterinary telemedicine services, managing and detecting these diseases become achievable thus curtailing the spread of these infections.
The World Health Organization reported in July 2022 a 64% increase in the number of zoonotic diseases in Africa, illustrating an alarming trend in emerging infectious diseases that account for 60% of human cases. Postulating from this, the spike in zoonotic diseases is a critical driving force for the burgeoning veterinary telehealth market.
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Complementing the veterinary telehealth market surge are the major market players, predominantly FirstVet, Whiskers Worldwide, LLC, Airvet, BondVet, Fuzzy Pet Health, Petzam, PetDesk, WellHaven Pet Health, VetCT, TeleVet, Practo, and VetFamily. These industry leaders have been pivotal in diversifying the market dynamics, with innovative solutions and expansions that have not only improved the scope of their product portfolio but have also bolstered their financial standing.
In keeping with the trend of the digital age, these companies are placing a considerable emphasis on new technologies such as artificial intelligence AI to consolidate their position in the market. For instance, PetHub Inc., through its AI-powered VetInsight, launched a wellness tool in May 2023 that provides pet owners with unlimited 24/7 veterinary telehealth services and a comprehensive AI symptom checker.
The veterinary telehealth market report shows segmentation based on two factors:
1 By Animal Type: Canine, Feline, Equine, Bovine, Swine, Other Animal Types
2 By Service Type: Telemedicine, Teleconsulting, Telemonitoring, Other Service Types
In terms of regional insight, North America dominated the veterinary telehealth market in 2023. The Asia-Pacific region is forecasted to exhibit the fastest growth moving forward. However, the comprehensive geographic coverage of the report also includes Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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