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FDA Approval of Telemedicine During Coronavirus Pandemic Boosts Market Growth

Telehealth, telemedicine, and virtual care have become frequently used buzzwords during the COVID-19 pandemic. When the FDA announced that veterinarians can use telemedicine during the pandemic, it opened up revenue opportunities for stakeholders in the veterinary teleradiology market. Since pet and livestock owners are concerned about the health of their animals now more than ever, the FDA has decided to temporarily ease restrictions on veterinarians to use telemedicine.

With the help of telemedicine, it has been possible for pet and livestock owners to speak with veterinarians over the phone or video chat with low to no extra costs. Service providers in the veterinary teleradiology market have played an important role during the coronavirus outbreak to control and minimize panic among pet owners over severe and general health symptoms in animals.

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Digital Medical Imaging Training Gains Importance to Improve Diagnostic Outcomes

The emergence of the digital technology in western countries has enabled the development and modernization of medical imaging technologies. However, there is a need for veterinary imaging training for professionals due to the onset of new digital medical imaging technologies.

Besides understanding the techniques, there is a need for anatomical knowledge to thoroughly understand diagnostic imaging. Veterinary curriculum is overloaded with educational content and needs the accommodation of imaging component for training programs. Thus, service providers in the veterinary teleradiology market are gaining awareness about this issue and extending their arms to offer digital medical imaging training to radiologists.

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Cost Efficiency, Acceleration in Diagnosis Achieved with AI-based Computer Software

The proliferation of artificial intelligence (AI) in the veterinary radiology is translating into incremental opportunities for stakeholders in the veterinary teleradiology market. Two U.S.-based startups, SignalPET and Vetology AI, are gaining recognition, since several thousand practitioners are opting for their AI-based products catering to veterinary radiology. Companies in the veterinary teleradiology market are focusing on developing computer software that employ AI to read X-rays and provide an interpretation within minutes.

Computer software integrated with AI are gaining prominence for their cost efficiency, since users and radiologists can access the software by simply signing into a website and avail the option of linking it to their practice management systems. AI is receiving further boost due to the shortage of veterinary radiology specialists. AI is making it possible to diagnose pets and livestock animals.

Experienced Radiologists Gravitating toward AI-based Veterinary Teleradiology

Artificial intelligence and Machine Learning (ML) have become a recurring trend in the global veterinary teleradiology market. Embrace Pet Insurance is promoting Vetology’s veterinary teleradiology and other innovative products based on AI and ML that help boost the turnaround time, and make the technology more accessible for radiologists and other users in the value chain.

Quick results, fewer expenses, and more accuracy in diagnostics are being achieved with AI-based teleradiology. Companies in the veterinary teleradiology market are capitalizing on this opportunity to offer its AI products to experienced radiologists to accurately evaluate X-rays or radiographs.

Mobile Apps Create Growth Prospects for Service Providers of Veterinary Teleradiology

The veterinary teleradiology market is expected to surpass US$ 600 Mn by 2031. Telemedicine is becoming increasingly mainstream in the veterinary profession. Veterinary teleradiology services are a great way of dealing with animal health that do not warrant an emergency visit to a local vet.

Companies in the veterinary teleradiology market are anticipated to unlock growth opportunities by developing mobile apps after the popularity of the TeleVet App, which helps the user to navigate if a veterinarian is in-network and know the exact charges for the services or diagnosis. On the other hand, there is a growing demand to incorporate clinically validated AI in software and other radiology platforms.

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Analysts’ Viewpoint

The coronavirus pandemic made telemedicine and teleservices more prominent not only in the U.S. after the FDA’s approval in easing the tele-triage, but also in India to minimize panic among pet owners. Even as AI-based computer software are connecting pet owners with veterinary radiology specialists, a shortage of these specialists is anticipated to affect the expansion of the veterinary teleradiology market. Hence, service providers are offering training programs to budding veterinary professionals to generate employment opportunities, fuel market growth, and enhance medical outcomes of animals. Mobile apps are projected to further streamline and increase a user’s access to veterinary teleradiology services.

Veterinary Teleradiology Market: Overview

  • The global veterinary teleradiology market was valued over US$ 200 Mn in 2020. The market is projected to expand at a high CAGR from 2021 to 2031. Technological advancements, rise in disease prevalence in animals, and remote consultations are major factors estimated to propel the market during the forecast period. Teleradiology is a booming field in the veterinary industry, which connects hospitals and clinics to experts.
  • Moreover, cloud-based teleradiology services are cost-effective and offer easy access to a patient’s records. These attributes are expected to boost the veterinary teleradiology market across the globe.
  • Rise in pet ownership across the globe and an increase in awareness about the treatment of various diseases are also anticipated to fuel the global veterinary teleradiology market
  • Veterinary teleradiology is a service offered by veterinarians to interpret medical images without being physically present at the location when the images are generated. Various hospitals, imaging facilities, urgent care facilities, and private clinics prefer teleradiology services than radiologists on site. Veterinary teleradiology has improved animal care by images generated through X-rays, CT scan, Ultrasound scan, MRI, and nuclear scan, which are subsequently interpreted by radiologists. Veterinary teleradiology has become a universal practice.
  • Companies focus on mergers and collaborations to enhance product portfolio with latest advanced techniques. Collaborations in the hospital industry benefiting both patients and teleradiology product manufacturers, especially in terms of reimbursement. The number of partnerships among hospitals has increased significantly since 2008. Rather than working alone, several veterinary associations, and private hospitals are currently a part of the veterinary healthcare system.

Veterinary Teleradiology Market: Segmentation

  • The global  veterinary teleradiology market has been segmented based on service type, animal type, application, and end user
  • In terms of service type, the global veterinary teleradiology market has been segregated into emergency care, daytime coverage, second opinion, and sub-specialty reading. The daytime coverage segment accounted for a prominent share of the global market in 2020, owing to benefits such as providing variable costs, staffing flexibility, and proper interpretations within a shorter period of time.
  • The market on the basis of animal type has been classified into livestock animals and companion animals. The companion animals segment accounted for a prominent share of the market in 2020 attributable to an increase in pet ownership of companion animals across the globe. For instance, as per the American Society for the Prevention of Cruelty to Animals, 78 million dogs and 85.5 million cats are owned in the U.S., which is expected to boost pet care and pet diagnostics through teleradiology at a rapid pace.
  • In terms of modality, the global veterinary teleradiology market has been split into X-ray, Computed Tomography (CT) Scan, Magnetic Resonance Imaging (MRI), Ultrasound Scan, and nuclear scan. The X-ray segment accounted for a major share of the global market in 2020, owing to rise in popularity and adoption of digital X-ray veterinary practice, as it is environment-friendly and offers high-quality images for veterinarians to understand the animal’s condition.

Veterinary Teleradiology Market: Regional Segmentation

  • In terms of region, the global veterinary teleradiology market has been divided into North America, Europe, Latin America, and Middle East & Africa
  • North America dominated the global veterinary teleradiology market in 2020. This can be ascribed to technological advancements, increase in pet ownership, number of companion animals in the U.S. and Canada, and healthcare spending on animal research. These factors are also expected to boost the veterinary teleradiology market in the region during the forecast period.
  • The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period. Rise in pet adoption, increase in demand for veterinarians & radiologists, and focus on wellness of pets are expected to drive the market in Asia Pacific over the next few years. Presence of a large number of veterinary clinics and professionals in developed countries, such as Japan, is anticipated to propel the market in Asia Pacific.

Veterinary Teleradiology Market: Major Players

  • Key players operating in the global veterinary teleradiology market include
    • Veterinary Imaging Consultations, Inc.
    • VetRad
    • VetCT
    • Lynks Group plc
    • BluePearl Veterinary Partners
    • Veterinary Medical Center
    • Animal Imaging
    • VEDIM
    • VICSD Teleradiology Group
  • These players focus on adopting various strategies to strengthen the company’s position and expand its product offerings. Investments about the awareness of teleradiology and its application to veterinary care is a boon for the industry.

Veterinary Teleradiology Market – Scope of the Report

TMR’s report on the global veterinary teleradiology market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2021 to 2031. The report provides the overall revenue of the global veterinary teleradiology market for the period 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global veterinary teleradiology market for the forecast period.

The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global veterinary teleradiology market.

Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global veterinary teleradiology market.

The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global veterinary teleradiology market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global veterinary teleradiology market. The next section of the global veterinary teleradiology market report highlights the USPs, which include pricing analysis, technological advancements, radiologist compensation and availability trends, COVID-19 pandemic impact on global veterinary teleradiology market.

The report delves into the competition landscape of the global veterinary teleradiology market. Key players operating in the global veterinary teleradiology market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global veterinary teleradiology market report.

Key Questions Answered in Veterinary Teleradiology Market Report

  • What are the sales/revenue generated by veterinary teleradiology across the globe during the forecast period?
  • What are the key trends in the global veterinary teleradiology market?
  • What are the major drivers, restraints, opportunities, and threats in the market?
  • Which veterinary teleradiology segment will have the highest revenue by 2031 and which segment will grow at the highest CAGR during the forecast period?
  • What were the strengths and weaknesses of major players in 2019–2020?
  • Competitive analysis of major players in 2019–2020

Veterinary Teleradiology Market – Research Objectives and Research Approach

The comprehensive report on the global veterinary teleradiology market begins with an overview of the market, followed by scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global veterinary teleradiology market. It is followed by market introduction, market dynamics, and an overview of the global veterinary teleradiology market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global veterinary teleradiology market.

For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.

Revenue generated by key product manufacturers has been mapped to ascertain the size of the global veterinary teleradiology market in terms of value. The forecast presented here assesses the total revenue generated in the global veterinary teleradiology market. In order to provide an accurate forecast, we initiated by sizing up the current global veterinary teleradiology market with the help of the parent market.

The report analyzes the global veterinary teleradiology market in terms of service type, animal type, modality, end user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2031 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global veterinary teleradiology market.

Veterinary Teleradiology Market – Segmentation

Service Type
  • Emergency Care
  • Day Time Coverage
  • Second Opinion
  • Sub-specialty Reading
Animal Type
  • Companion Animals
  • Livestock Animals
Modality
  • X-ray
  • Computed Tomography (CT) Scan
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound Scan
  • Nuclear Scan
End User
  • Veterinary Hospitals
  • Veterinary Clinics
  • Veterinary Radiology Centers
  • Others
Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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