Redding, California, Jan. 03, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled “Veterinary Practice Management Software Market by Delivery Mode (On-Premise, Cloud), Practice Type (Companion Animals, Mixed Animals, Food-Producing, Equine), End-User (Hospitals, Referral/Specialty, Ambulatory Services) - Global Forecast to 2028”, published by Meticulous Research®, the veterinary practice management software market is expected to grow at a CAGR of 7.7% from 2021 to 2028 to reach $539.7 million by 2028.
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Veterinarians use veterinary practice management software to manage patient information, treatment planning, and scheduling, as well as back-office functions, such as accounting. This type of software helps veterinary clinics with patient diagnosis and treatment management and allows nurses or technicians to efficiently deliver treatments. Administrative personnel uses veterinary practice management software to manage patient communications, influx, and payments. More advanced veterinary practice management software is available for veterinary hospitals, while small clinics or private practices can use scaled-down versions. The growth of this market is driven by key factors such as the growing pet & livestock population, the growing risk of developing chronic & infectious diseases in companion & livestock animals, and government initiatives to promote animal welfare.
Impact of COVID-19 on Veterinary Practice Management Software Market
The COVID-19 pandemic impact has been sudden and varied across the veterinary professions globally. The control measures implemented for managing the pandemic largely impacted all the sectors, including veterinary care, on the onset of the pandemic. Due to the nationwide lockdown imposed across various countries, the veterinary medical settings were running only for urgent care, limiting non-emergency services like annual wellness check-ups, vaccinations, and spaying or neutering. It created less client traffic, restricted care delivery, and reduced cash flows. According to the American Medical Association Report published in 2021, productivity in veterinary practices declined by 25% in 2020 due to the COVID-19 protocols. This had a negative impact on the subscriptions of practice management software in veterinary practices.
However, on the other side, it was observed that the pet ownerships across various countries were rising mainly due to travel restrictions and social isolation. For instance, the Banfield Pet Hospital (U.S.) reported that around 9.2% more juvenile dogs and 12.4% more juvenile cats were brought to a hospital for veterinary visits in 2020 compared to 2019. Due to the increased demand for practice management software, many companies have developed and enhanced practice management software. For example, in June 2021, COVETRUS Inc. (U.S.) enhanced its practice management software AVImark and eVetPractice by integrating Covetrus Prescription Management Platform to provide access to digital scripts for streamlined prescribing.
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Similarly, when the veterinary practices operated with reduced capacity to maintain COVID-19 protocol, the appointment scheduling for non-emergency services experienced growth. For instance, as revealed in American Medical Association Report published in 2021, the appointment scheduling in veterinary practices was on track and growing with 7% in 2021. This increased the demand for veterinary practice management software subscriptions to facilitate workflow and automated appointment scheduling.
Veterinary Practice Management Software Market: Future Outlook
The veterinary practice management software market is mainly segmented based on delivery mode (on-premise and cloud/web-based model), practice type (companion animal practices, mixed animal practices, food-producing animal practices, and equine practices), end user (veterinary hospitals, referral & specialty practices, and ambulatory veterinary services), and geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
Based on delivery mode, the cloud/web-based model segment is expected to grow at the fastest CAGR in the forecast period. Big or medium-sized veterinary settings generally use cloud/web-based veterinary practice management software. Cloud/web-based veterinary practice management software eliminates the need for a physical server and any maintenance costs that go hand-in-hand with a physical on-premise server.Cloud/web-based software works well with veterinarians who often work out of the clinic (or travel) to visit their patients on farms.
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Based on practice type, the companion animal practices segment is expected to show the fastest growth rate in the forecast period. Companion animal practices are the most common type of veterinary practice specializing in caring for small animals like cats, dogs, birds, rabbits, and some pocket pets. Companion animal practices generally use veterinary practice management software to assist daily operations such as scheduling appointments, communicating with patients, generating e-medical records, invoicing & accounting, reporting (revenues, products or services sold, end of the day reports), generating invoices, inventory tracking, and generating client database. The veterinary practice management software helps veterinarians deliver the best care to their patients by streamlining workflows and automating time-consuming tasks.
Based on end-user, the ambulatory veterinary services segment is expected to show the fastest growth rate in the forecast period. Ambulatory clinics and veterinarians work in conjunction with local veterinary hospitals to provide in-house animal care services. Ambulatory services may include cardiology, neurology, dentistry, surgery, imaging, among others. Ambulatory clinics and services offered are less expensive compared to veterinary hospitals. This further saves time and the cost of the animal owner of transportation and manpower. Ambulatory veterinary services can also be beneficial during medical emergencies and manage the health of many animals.
Geographically, North America is estimated to command the largest share of the global veterinary practice management software market in 2021, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific will be the fastest-growing regional market due to rising pet ownership, a growing number of farm animals, a growing prevalence of zoonotic diseases, and rising animal health awareness.
Some of the prominent players operating in the global veterinary practice management software market are IDEXX Laboratories, Inc. (U.S.), COVETRUS, INC. (U.S.), Hippo Manager Software, Inc. (U.S.), Advanced Technology Corp. (U.S.), VETport LLC. (U.S.), DaySmart Software (U.S.), AmerisourceBergen Corporation (U.S.), Animal Intelligence Software Inc. (U.S.), FirmCloud Corp. (U.S.), ClienTrax (U.S.), and ezofficesystems Ltd. (U.K.) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/veterinary-practice-management-software-market-1432
Scope of the Report:
Veterinary Practice Management Software Market, by Delivery Mode
- On-premise
- Cloud/Web-based
Veterinary Practice Management Software Market, by Practice Type
- Companion Animal Practices
- Mixed Animal Practices
- Food Producing Animal Practices
- Equine Practices
Veterinary Practice Management Software Market, by End User
- Veterinary Hospitals
- Ambulatory Veterinary Services
- Referral & Specialty Practices
Veterinary Practice Management Software Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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