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The veterinary software market size is estimated to increase by USD 184.07 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 6.25%. The growth of the market depends on several factors, including the rising pet population, the rise in the prevalence of zoonotic diseases, and the rapid adoption of information systems in veterinary healthcare.
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The rising pet population is notably driving the market growth, although factors such as the high cost of veterinary software may impede the market growth. Our researchers analyzed the data with 2022 as the base year and 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.
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. 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. 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 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global 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.
Animal Intelligence Software Inc. - The company focuses on providing practice management software solutions for innovative veterinary, medical, and research facilities. The key offerings of the company include veterinary software namely AIGenesis.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 232.68 million in 2017 and continued to grow until 2021. 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 40% 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.
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 Veterinary Software Market caters to veterinarian practices by streamlining administrative activities such as scheduling, invoicing, and patient records management. Practice Management Systems (PMS) facilitate clinical visits and treatments, with key players like Covetrus and Ascend driving market expansion. The market outlook favors cloud-based software solutions, fostering product innovations in veterinary PMS, imaging software, and more. Patient communication and intake, along with payments, are seamlessly managed by platforms like Shepherd Veterinary Software and Weave. Automation capabilities enhance consumer preferences, with delivery models ranging from on-premises to web/cloud-based segments, exemplified by Patterson Veterinary's NaVetor. The market sees continuous growth with ongoing product launches.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.25% |
Market growth 2023-2027 |
USD 184.07 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.33 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 40% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 Ltd., 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 forecasting, 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 the forecast period. |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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