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North America And Europe Veterinary Telehealth Market (2021 - 2028)

2021-04-2400

Report Overview

North America and Europe veterinary telehealth market size was valued at USD 63.4 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.0% from 2021 to 2028. The rising animal population along with the increasing expenditure on pets and initiatives by the government and private sectors are some of the key drivers of this market. According to the American Pet Products Association (APPA), in 2020, Americans spent USD 103.6 billion on pets, which was about USD 6.0 billion more than the previous year.

The COVID-19 pandemic fueled the rapid adoption of veterinary telehealth solutions as pet parents and veterinarians sought contactless ways to care for animals and their health issues. Many veterinary clinics and hospitals began offering telehealth services to their customers in combination with curbside services. This trend is expected to continue even after the pandemic, as more and more people opt for a veterinarian’s opinion on a digital platform first before visiting a clinic or hospital.

In the U.K., the Royal College of Veterinary Surgeons (RCVS) is the chief regulatory body for standards and guidance regarding the veterinary practice and profession. In view of the COVID-19 pandemic, the RCVS allowed remote prescribing of veterinary medicine without a physical examination. However, the RCVS Standards Committee is poised to press on with its review of telemedicine rules post the pandemic.

Increasing availability and adoption of pet insurance is another factor driving the market for veterinary telehealth in North America and Europe. As per the May 2020 press release by the North American Pet Health Insurance Association (NAPHIA), Canada’s pet health insurance sector has been growing at an average annual growth rate of 15.4%. A similar trajectory is observed for the U.S. market as well. Many pet insurance providers provide telehealth either as a complementary service to onboard new customers or as part of its reimbursed services. For example, Prudent Pet covers a variety of e-visits under its accident plus illness plan.

Service Type Insights

The teleconsulting segment dominated the market for veterinary telehealth in North America and Europe and accounted for the largest revenue share of 30.0% in 2020. Teleconsulting services are increasingly used by veterinarians to seek advice from veterinary experts via telehealth tools. Teleconsultation also saves transportation costs and decreases ancillary expenses. In addition, expert advice can be received in a short span of time without much waiting period.

The telemedicine segment, on the other hand, is anticipated to witness the fastest growth rate from 2021 to 2028. This growth can be attributed to growing pet health concerns resulting in increased vet visits and the number of insured pets in the region. Telemedicine saves pet parents from making unnecessary clinic or hospital visits while getting their pet health issues resolved quickly. Clinics and hospitals can also focus on animals that need the most urgent attention by prioritizing their assets and resources. These factors are expected to contribute to segment growth over the forecast period.

Animal type Insights

The others segment dominated the market for veterinary telehealth in North America and Europe and accounted for the largest revenue share of 29.0% in 2020. This is owing to market players launching new services to capture a larger share of the market along with supportive regulations. For example, VetCheq by PonyUp Technologies is a telemonitoring system that helps monitor cardiac function and administration of pain medication in horses. Many such product launches and R&D into monitoring the health of companion and livestock animals are expected to fuel segment growth in the coming years. The canine segment is expected to witness significant growth in the coming years.

The feline segment is anticipated to register the highest CAGR over the forecast period owing to the rising preference for cats as pets and the humanization of pets. In Germany, for example, cats are more popular as pets as per the 2019 findings of the Accapi Group.

Regional Insights

The presence of key players in North America and Europe is another growth propeller for this market. These players are actively involved in various strategic initiatives contributing to market growth. For example, in October 2020, FirstVet partnered with the U.K.’s dog activity monitor and life plan provider, PitPat. This enabled PitPat’s members to use FirstVet’s service free of cost as part of their pet life plan benefits. Funding activity has also intensified since the COVID-19 thus driving the market for veterinary telehealth in North America and Europe. In June 2020, Dindog Tech received EUR 500,000 funding from multiple investors. This supported its growth strategy that included international expansion, R&D, marketing, hiring, and other activities.

The U.S. has the highest population of pet dogs and cats in the world and thus dominated the market for veterinary telehealth with a share of 49.0% in 2020. Pet owners are also more aware and willing to spend on their pet’s health, as per the American Pet Products Association. According to the Canadian Animal Health Institute (CAHI), the Canadian dog population has been on the rise. It went up from 7.6 million to 7.7 million from 2018 to 2020. In fact, in 2020, 58% of the households in the country owned at least one cat or dog. This is expected to fuel the regional growth as more and more pet parents opt for veterinary telehealth services at the first sign of health issues in their pet before visiting a clinic.

In Germany, the market for veterinary telehealth is estimated to grow at the fastest rate over the next few years. Even before the COVID-19 pandemic, 1 in 5 households had a dog and 1 in 4 had a cat in the country. According to the German Kennel Club, around 20% more dogs were purchased in 2020 compared to previous years. Also, as per the Economist, in 2019, Germany was one of the top 5 countries in terms of pet expenditure per person. In addition, the growing adoption of pet insurance and well-established veterinary care facilities is expected to drive the market in the country.

Key Companies & Market Share Insights

North America and Europe veterinary telehealth market is competitive in nature and prominent industry players are undertaking strategies, such as increasing their customer base, distribution network, partnerships, and improving product features, among other initiatives. For instance, in March 2021, PetsApp launched PetsApp Widget and PetsApp Web to onboard more clients and to enable users to experience the app features on their desktop computers, respectively. Some of the prominent players in the North America and Europe veterinary telehealth market include:

North America And Europe Veterinary Telehealth Market

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