According to a report by Grand View Research, Inc., the veterinary health market size is expected to reach more than $400 million by 2028. The key contributors to this market growth are the increase in the number of pet owners acquiring virtual vet services as well as the advantages provided by veterinary telehealth.
How the pandemic impacted telemedicine for pets
Veterinary care, like many other industries, has been greatly affected by the pandemic. Pet owners are pushed to the brink of despair trying to care for their pets while conforming to strict COVID protocols around the world. This led to a number of pet clinics and independent veterinarians diving into telemedicine services to provide better care to their clients.
Telemedicine has been an emerging trend in the veterinary industry but the pandemic’s onset has greatly impacted an increase and is already considered a necessity more than ever. Telehealth has been a great help to both veterinarians and pet owners and is expected to grow even post-COVID.
Market leaders in the veterinary telehealth industry
ZumVet was founded by Athena Lee and Dr. Grace Su in 2019 after realising the lack of quick medical help available for pets.
Two years into the business, ZumVet has about 6,000 active users in Singapore and over 30 vets registered on the platform. Aside from virtual consultations, ZumVet also offers house visits for services such as wound-cleaning, vaccinations, and check-ups.
ZumVet don't cater to cross-border services just yet, so for clients outside of Singapore or recently launched Hong Kong, they partner with local vets in order to cover more patients in need. They are looking to expand to Malaysia this year and have included Thailand, Indonesia, and Australia as key markets for expansions in the future.
Joii Pet Care app is a British veterinary telemedicine app. Founder Sarah Warren says the app has calculated that more than 80% of the consultations were possible to be dealt with online, and just a few instances needed more serious medical assistance. This shows the importance and effectiveness of virtual care because aside from immediate care provided, pet owners didn’t need to make their way to clinics especially during the pandemic.
US-based HelloRalphie has announced at the start of the year that they’ve raised over $1 million for their veterinary telehealth marketplace. CEO and founder Felicity Johnson shared that their primary investors were HeartsLab and WPMC Fund and have received initial ventures from Contour Ventures and Switch VC. Initially, Johnson said that one of the biggest challenges while raising capital was the question of how ready people are to adapt to telemedicine practice for their pets. But they’ve overcome this obstacle since raising $1.135 million last January.
What’s in it for business leaders
There are many ways entrepreneurs can get involved in the industry, as televet services are quickly dominating the market with high growth revenue.
Pet insurance providers
There’s a great synergy between pet insurance companies and televet services, with many partnerships already forming across the industry. With both the benefits of fully-protected healthcare on a financial level, as well as on an on-demand, diagnostic level, both work as a value-added service to each other and can help formulate fair dynamic pricing models based on real data.
Pet nutrition and healthcare companies
Similarly, a number of pet food and healthcare companies have begun working with televet services, on an exclusive supplier basis, and we expect to see more of this. Televets are at the forefront of interaction with pet owners, and the treatment plans for each unique diagnosis can include foods, supplements and medication. As a result, these companies can ensure a steady supply of clients.
Veterinarian chains and clinics
As another value added service for the classic bricks and mortar veterinary services, we have already seen many partnering with televet services on a whitelabel basis. Although often not as flexible, it has given pet owners the opportunity to speak to their regular veterinarian when otherwise not able to physically.
One market leader VS many regional players
It is safe to say that more and more veterinary clinics and individual veterinarians are getting into providing telehealth pet services. For pet owners, this means having more options on which provider would better suit their needs, depending on where they are, and how much they are willing to spend.
Partnering with other businesses also plays an important role in determining the success of having one market leader as compared to many regional players. Since partnership can help expand the services in different countries, telehealth service providers can work towards this advantage to further expand and grow as a market leader.
Our main focus venture right now, MyPetGo, is looking to make partnerships with televet services worldwide. Please get in touch below if you'd like to get listed!
- Sign up as televet info@mypetgo (all languages)