The veterinary telemedicine market has been anticipated to experience various growth opportunities in the foreseeable years. The market growth has been attributed to the increased spending on pet healthcare. In addition to this, the rising prevalence of chronic diseases and zoonotic diseases among animals is also driving demand opportunities in the global market during the forecast period. The pet parents are adopting IoT and AI at an increased rate in recent years, which further fuels the growth prospects in the upcoming years.
In recent years, there is a significant increase in the cases of obesity among pets because of different conditions, for example, osteoarthritis and joint diseases. Owing to this factor, there is a noteworthy increase in the treatment requirements. Along with this, disease outbreaks among livestock are likely to serve as the major socioeconomic threat. It further results in disruption of rural markets, international trade, and local markets. Owing to these factors, the global market has been expected to grow at a noticeable speed during the forecast period.
Veterinary Telemedicine Market: Key Trends
Telemedicine is about the use of medical information, for example, the clinical health status of patients that can be exchanged through electronic communications from one to another site. This technology enables a veterinarian to the digitalization of radiographic, microscopic, and ultrasound images. The technology further shares the same images through fax or the internet to the veterinary specialist. These specialists can share their interpretations without leaving their veterinary hospital or dispensary.
The sudden emergence of the COVID-19 cases around the world has put a positive impact on the growth prospects in the veterinary telemedicine market. The reason for this market growth includes the imposition of lockdown in order to maintain social distancing to control the spread of the coronavirus. All these factors have led to the increased adoption of telemedicine services across the world and this factor has further fueled the demand opportunities in the global market.
On the flip side, lack of awareness as well as accessibility to telemedicine services has been predicted to hinder the expansion avenues in the global market during the forecast period. Various rural areas around the world have low awareness about these novel technologies that are likely to develop the global market at the sluggish speed in the foreseeable years.
Veterinary Telemedicine Market: Competitive Dynamics and Key Developments
The key players operating in the veterinary telemedicine market provide a detailed competitive landscape and concentrating to launch novel products with required approvals. These prominent players have been incorporating novel strategies for the expansion of market prospects in the forthcoming years. Some of the commonly used growth strategies are product development, expansion of companies’ distribution network, mergers and acquisitions, portfolio diversion, regional expansion, analysis of organizations strengths and weaknesses, and expansion of the companies footprints through subsidiaries and partnership.
For instance, Practo, a leading healthcare company in India has announced to launch the veterinary telemedicine service in March 2021.
The key players in the veterinary telemedicine market are:
- Oncura Partners
- Petpro Connect
- WellHaven Pet Health
Veterinary Telemedicine Market: Regional Assessment
The veterinary telemedicine market has been segmented into Latin America, Asia Pacific, the Middle East & Africa, Europe, and North America. The North America region has been anticipated to hold a dominating position in the global market with its noticeable share in the revenue. This global dominance is attributed to innumerable factors, for example, the high rate of investment in animal health care and the presence of prominent players in the North America region. In addition to this, increased disposable income and technological advancements are also predicted to fuel the growth impetus in the regional market.
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