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Teleconsultation - The game-changer for the Animal Healthcare Industry

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Teleconsultation - The game-changer for the Animal Healthcare Industry

Twitter Handle: @shuchi_nahar

Telemedicine, telehealth and teleconsulting are currently top of mind to the animal health and pet owners alike, however, leading veterinarians in the industry elaborated that this digital offering of veterinary services has been on the rise for the past five years and has only been accelerated with the Coronavirus pandemic.

The global veterinary telehealth market size was valued at USD 92.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.5% from 2021 to 2028. The growing adoption of these management systems can be attributed to the steady growth in the focus on veterinary telehealth along with disease detection.

Furthermore, there is high demand and an increasing rate of consumption for animal-derived products is anticipated to drive the market. This growing demand is eventually increasing the need to protect animals from diseases. Telehealth is the overarching term that encompasses all uses of technology geared to remotely deliver health information or education. Telemedicine is the use of medical information exchanged from one site to another via electronic communications regarding a patient's clinical health status.

Significant revenue opportunity in multiproduct cross-selling
Source: Teladoc Health
Given the current state of technological capabilities, available research, and the current state and federal regulatory landscape, the veterinary telemedicine should only be conducted within an existing Veterinarian-Client-Patient Relationship (VCPR), with the exception for advice given in an emergency until that patient can be seen by a veterinarian.

Telehealth can be divided into categories based on who is involved in the communication. For communication between veterinarians and animal owners, there are two important categories that are distinguished by whether a VCPR has been established.

Without a VCPR, telehealth includes the delivery of general advice, educational information, and teletriage (to support the care of animals in emergency situations). Telemedicine includes the delivery of information specific to a particular patient and is allowable only within the context of an established VCPR.
Source: American Veterinary Medica Association
The VCPR ensures that a veterinarian is readily available for follow-up evaluation, or has arranged for veterinary emergency coverage and continuing care and treatment. The veterinarian is expected to provide oversight of treatment, compliance, and outcome, as well as document the patient’s continuing care and treatment in the medical record. The animal owner’s consent for the use of telemedicine must also be obtained and documented.

The veterinary diagnostics segment is expected to witness a lucrative CAGR of 11.7% from 2021 to 2028. Various factors, such as the increasing number of veterinary practitioners & their incomes in developed economies, growing animal health expenditure, and rising incidence of zoonotic diseases, are responsible for segment growth. Companies are investing in the expansion of their manufacturing facilities, which is expected to positively influence the market growth over the forecast period.

Source: Grandview Research
The teleconsulting segment held the majority of the revenue share of 29.1% in 2020. The segment growth is attributed to the rising usage among veterinarians to seek consultation from the veterinary specialist via telehealth tools to gain advice and insights regarding the care of the animal. Further, teleconsultation saves transportation costs and reduces ancillary expenses. Thus, expert advice can be taken on an immediate basis without wasting the time for long waiting hours. Such factors are propelling the segment market growth.

The key advantages of veterinary telehealth such as saving transportation costs and reduction of ancillary expenses are driving the growth of the market. In addition, the doctor's advice and virtual care can be obtained on an immediate basis. Further, it also saves time as animal caretakers can skip the time consumed during long waiting hours. Such factors are boosting the market growth.
Source: Life MD+
There is increased adoption of animals by farmers and pet parents. This can be attributed to the increase in internet penetration and user-friendly animal healthcare websites or apps. Such factors are anticipated to increase the demand for veterinary telehealth over the forecast period. In addition, increasing cases of zoonotic diseases coupled with the concern of owners about their animal health is also propelling the growth of the market.

According to the survey results, 64% of consumers showed an increased willingness to adopt teleconsultation post—Covid-19. On the other hand, doctors are also trying to reduce the non-essential visits of the patients with approximately 80% of them being consulted using informal means of consultation such as audio, video, and texts messages through various apps.
Source: American Animal Health Association
Telemedicine is creating pathways for pet parents to engage with veterinarians, get advice, and obtain some level of treatment with less friction. “The train has left the station in the adoption of telemedicine or telehealth going forward. Pet parents have already seen that for some cases, for triage or small questions, they can work with telemedicine from their armchair at the hours that they like.”

Thus, there is an immediate need for a strong regulatory framework in the interest of patients /consumers. As per the study, India’s e-pharmacy market is projected to reach 10%-12% of overall pharmaceutical sales in the next five years driven by strong regulations, increased funding and the creation of digital infrastructure. The pandemic has highlighted the need to build a simplified and holistic teleconsultation platform, guided by the robust regulatory and policy framework, encompassing all key stakeholders.

Link to previous Animal Healthcare Articles:

Twitter Handle: @shuchi_nahar

Disclaimer: The information provided on Shuchi Nahar’s Weekend Blog is for educational purposes only. The articles may contain external links, references, and a compilation of various publicly available articles. Hence all the authors are given due credit for the same. All copyrights and trademarks of images belong to their respective owners and are used for Fair Educational Purpose only.

Comments

  1. entrepreneurindia September 26, 2021 at 6:15 PM

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