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The veterinary software market size is forecast to increase by USD 164.9 million, at a CAGR of 5.41% between 2023 and 2028. Market expansion is contingent upon several key factors. These include the increasing pet population, the surge in zoonotic diseases, and the swift integration of information systems within veterinary healthcare. As the number of pets rises, so does the demand for related products and services, driving market growth. Similarly, the escalation of zoonotic diseases heightens awareness about pet health and safety, prompting investments in preventive measures and treatments. Moreover, the rapid adoption of information systems in veterinary healthcare enhances efficiency and accuracy in diagnosis, treatment, and record-keeping, thereby fostering market advancement. Together, these factors create a conducive environment for the expansion of the veterinary market, catering to the evolving needs of both pets and their owners. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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In the realm of veterinary software, innovation is driving efficiencies in billing and invoicing, inventory control, and delivery models across small animal practices and large animal practices alike. Established economies are witnessing a surge in companion animal ownership, leading to increased animal health expenditure and a heightened focus on quality pet care. Companies like Maryland-based VetBilling, Business Infusions, and LifeLearn Animal Health are at the forefront, offering solutions such as Covetous, ClientEd, and Covetrus Pulse to streamline product insights and ensure compliance with health guidelines. Veterinary imaging software, including digital imaging systems, is revolutionizing diagnostics, with options for both on-premise delivery models and cloud-based solutions, catering to the diverse needs of modern veterinary practices. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising pet population is notably driving market growth. As more people adopt pets, the number of domestic pets worldwide is increasing. For instance, the majority of US households have at least one pet, usually a dog. In the US, people feel compelled to own pets because they think they enrich their owners' lives. The number of dogs kept as pets has significantly increased in the US over the past ten years. In the US, there are significantly more dogs kept as pets than cats, though both species are expanding fairly quickly. Brazil and India are also witnessing a significant increase in their pet populations.
Further, according to a study on the psychology of pet owners, most pet owners think that having a pet improves their physical and mental health, which has led to an expanding market for pets. As a result, there is now a greater need for pet care, veterinary services, and veterinary visits as pet adoption rates rise. Thus, such factors will boost the growth of the global market during the forecast period.
The rising awareness about disease prevention and pet insurance is an emerging trend in the market growth. The well-being, appearance, and health of pets are issues that pet owners are becoming more concerned with. The demand for veterinary visits and animal health diagnostics is driven by pet owners' concerns. Globally, preventive healthcare for pets and other animals is becoming more popular. The periodic examination of animals to establish vaccination regimens, nutrition, dental care, and other risk factor assessments is a component of preventive animal healthcare.
Thus, to enable veterinary professionals to concentrate on their work, veterinary software aids in the storage of data related to routine examinations and the necessary assessments to provide all types of animal-focused services. Due to growing awareness of various animal diseases, pet owners immunize their animals as advised. As people become more aware of these diseases, they are being diagnosed earlier, which improves clinical outcomes. Hence, such factors are expected to drive the growth of the global market during the forecast period.
The high cost is a major challenge impeding market growth. The price of the software services is deceiving because the software is much more expensive than the price would actually indicate. The price includes the cost of the software itself, in addition to costs associated with the sale of hardware, the upkeep of servers and databases, and fees associated with installation, support, add-ons, or upgrades. The price of the software varies depending on the kind of software selected by the end-user, i.e., whether it is server-based/on-premises or cloud-based veterinary software.
Moreover, the servers themselves will be one of the major cost factors in the server-based model. Furthermore, when using server-based/on-premises software, IT professionals are increasingly becoming a part of any modern veterinary team. This necessitates hiring in-house or contracting experts, which results in additional costs. Thus, these factors will hinder the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and trends report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the practice management software segment will be significant during the forecast period. The largest revenue share in 2022 went to veterinary practice management software because of the high consumer demand and low price. Practice management software helps medical professionals support and record various protocols and standards of care, track inventory, monitor patient health through resource management and billing, and manage treatment processes as a whole. By providing effective options for workflow management in veterinary practices, PMS contributes to the delivery of improved veterinary care.
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The practice management software segment was valued at USD 242.40 million in 2018. The way how animals are cared for has changed significantly over the past few years as a result of the expanding use of information systems in healthcare settings, including veterinary care. By giving veterinary hospitals and clinics direct access to diagnostic laboratory results, new management software for veterinary practices has significantly shortened treatment times and made life easier for pet owners. Such data exchange over the Internet enhances treatment effectiveness and lowers the chance of medical errors. In addition, higher adoption rates are anticipated as a result of the introduction of cutting-edge software that unifies all veterinary clinic operations onto a single platform. Therefore, it is anticipated that these advantages of PMS will fuel segment growth, which, in turn, will boost the growth of the global market during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US held the largest market share in North America. The main drivers of market growth in the US are an increase in pet insurance, a high level of pet ownership, and technological advancements in veterinary diagnostics. According to the American Pet Products Association's (APPA) 2019-2020 National Pet Owners Survey, 67% of US households, or nearly 85 million families, owned a pet. As a result, the market for veterinary software in North America is expanding due to an increase in veterinary services brought on by an increase in pet ownership.
Further, the regional market is expanding due to an increase in veterinarians, a rise in the demand for veterinary services, and improvements in veterinary services. Around 56,266 veterinary practices were established in the US as of 2021. Furthermore, product innovation and software integration provided by regional market players, along with expanding practice management opportunities and the quick uptake of information systems in veterinary healthcare will also drive the market growth. Hence, such factors will drive the growth of the regional market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the realm of veterinary software, addressing treatment procedure management and patient health conditions is pivotal for profitability and operational efficacy. Key players like MWI Animal Health and PetPage Patient Portal are pioneering advancements in delivery modes, particularly in the cloud/web-based segment, ensuring scalability for multilocation veterinary hospitals and independent clinics. These solutions empower clinics to manage patient data, streamline decision-making, and optimize appointment booking through email or SMS reminders and patient portals, enhancing client experience. Regular software updates cater to evolving practice types, including those focused on small animals, while facilitating product developments to elevate patient care and business operations, including surgery, emergency care, and specialized treatments. Further, with a focus on patient volume and records, coupled with improved customer satisfaction through digital tools, veterinary clinics can navigate complexities in delivery models, including on-premise delivery, with customization options, data centralization, and interoperability, catering to specific requirements while ensuring compliance with taxes, laws, and standard software in both established and emerging countries.
Industry Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.41% |
Market growth 2024-2028 |
USD 164.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.13 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key countries |
US, Germany, UK, France, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Animal Intelligence Software Inc., Brittons Wise Computer Inc., Carestream Health Inc., ClienTrax, DaySmart Software, Esaote Spa, FirmCloud Corp., Henry Schein Inc., Heska Corp., Hippo Manager Software Inc., IDEXX LABORATORIES INC., Nordhealth AS, Oehm und Rehbein GmbH, Onward Systems Inc., Petabyte Technology Inc., Timeless Veterinary Systems Inc., VETport LLC, Vetspire LLC, VIA Information Systems, and Vitus Animal Health Inc. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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