Technological Advances And Increased Internet Penetration In The Veterinary Services Market
The global veterinary services market, valued at around $104 billion in 2018, will grow to $124.4 billion in 2021 at an annual growth rate of more than 6%. Improvements in technology, internet and media penetration, specialized research and development, and animal genomics are some technological factors that will greatly benefit the vet services market.
Many veterinary care service providers are adopting big data technologies to offer treatment for pets, livestock and animals. This technology is used to diagnose and assess potential diseases. Big data enables veterinarians to identify diseases affecting cattle and pets in various locations and regions. For instance, Bayer Healthcare Animal introduced applications to assess potential signs of diseases in animals, thus enabling faster diagnosis and treatment of disease conditions.
Wearable technology is another area where veterinary service care providers and pet owners are increasingly shifting focus to monitor pet health. Wearables capture body temperature, heart rate, respiration rate, pH levels, and other health parameters, and transmit the information to farmers, owners and veterinarians. By tracking the vital health parameters through wearables, various stakeholders can diagnose and treat diseases faster and more accurately. For instance, Vital Herd’s e-pill technology can continuously transmit critical data such as body temperature and heart rate to the farmer.
The global access to online information about animal health and disabilities has led to increased awareness, involvement and concern about animals’ treatment and healthcare. The veterinary services market is expected to further benefit from growing internet penetration in developing countries. It has also introduced opportunities for new revenue streams through online veterinary consulting services. For instance, founded in 2014, PetCoach is an online veterinary services company that provides expert advice and consulting for all animal health conditions.
Social media penetration has also helped in spreading the pet culture to different parts of the world. NGOs and veterinary healthcare facilities are increasingly using social media to promote their brand and sensitize people about the importance of animal healthcare.
Another technological factor that affects the global veterinary services industry is research and development into different types of species, breeds, age groups and health concerns. The growing demand for specialized veterinary care services has led to increased R&D in animal health treatments, therapies and drugs. Such scientific and medical researchers are expected to increase specialization opportunities for veterinarians and veterinary service providers.
Going forward, higher quality of research and development and improved technologies, coupled with globalization, will lead to an increase in breeding, cross-breeding and genomics practices in the vet services industry. Animal genomics is expected to result in genetically modified animals, thus establishing new opportunities for market players in the veterinary services market.