Newark, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the veterinary software market will grow from USD 561.92 Million in 2022 to USD 1107.45 Million by 2032. The veterinary software market is witnessing a rise in demand due to the increasing clinical visits by pet owners. Further, the increasing demand to maintain the quality of livestock has led to the high adoption of veterinary software in developed and developing regions. Further, the increasing advancements in digital technology provide lucrative opportunities to the market players.
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Key Insight of the Veterinary Software Market
North America region to account for the largest market size during the forecast period.
North America will have the most major veterinary software market share during the forecast period. The factors supporting the growth of the regional veterinary software market include the increasing number of launches in the U.S. and Canada. Many agencies are performing due diligence on high-end research and development for software leading to an increase in preference for veterinary software in hospitals and clinics. The majority of the global players have their R&D base in the region owing to the availability of required infrastructure.
The veterinary imaging software segment is expected to augment the market during the forecast period.
The product type segment is divided into veterinary imaging software, veterinary practice management software and others. The veterinary imaging software segment is expected to augment the market during the forecast period. Veterinary imaging software helps clinics and hospitals to access the database from the central directory. It helps reduce the overall procedure time and effectively treat the animals.
The mixed animal practices segment is expected to grow at the highest CAGR during the forecast period.
The practice type segment is divided into mixed animal practices, small animal practices, equine practices, bovine practices and food-producing animal practices. The mixed animal practices segment is expected to augment the market during the forecast period. The term mixed animal practice refers to a clinic treating both large and small animals. The mixed practice programmes are housed in clinics with the necessary resources to care for practically any species.
The cloud segment is expected to augment the market during the forecast period.
The deployment mode segment is divided into cloud and on-premise. The cloud segment is expected to augment the market during the forecast period. The cloud-based veterinary software helps healthcare professionals to access the software from multiple locations at a time. The cloud-based software can be accessed from anywhere, and thus, this helps to increase productivity.
The reference laboratories segment is expected to grow at the highest CAGR during the forecast period.
The end-users segment is divided into reference laboratories, hospitals and & clinics, and ambulatory services. The reference laboratories segment is expected to augment the market during the forecast period. The reference laboratories pursue all scientific and technological issues connected to a specific ailment. Thus, these laboratories deploy veterinary software to streamline their operations.
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Market Dynamics
Driver: Ensures profitability for the end-users
Similar to other types of medical software, veterinary software enables practices to track patients more effectively and manage their everyday administrative tasks. Veterinarian clinics need to be able to record patient information, monitor treatments, control scheduling, and manage invoicing, just like other medical facilities. All of these many procedures are streamlined by veterinary software to improve the patient experience. Veterinarian offices require a solution to assist in managing administrative tasks and patient data, much like other medical facilities. Veterinarian software is offered to optimize processes for a better patient experience, from initial interaction with patients and pet owners to automated reminders and billing.
Restraint: Lower investment in developing regions
The underdeveloped regions need to be made aware of the functioning of the veterinary software market. The stakeholders in these regions need to be made aware of the use of veterinary software in the animal healthcare industry. Also, the veterinary industry in these regions is still under development, leading to lower demand for high-end software.
Opportunity: Increasing adoption of pets
The pet industry has witnessed tremendous growth in the recent decade. Over the last 30 years, pet ownership has increased from about 56% to 68% in households. The drastic increase in pet ownership can be attributed to easy access to preferred bread through online sites. However, this reason accounts for a small percentage, whereas the majority of the credit goes to the change in culture due to the increasing millennial population. Generation Z adults embrace pet-owning and provide a better lifestyle to their pets. Due to the increasing adoption of pets among young working individuals, pet healthcare businesses have gotten an opportunity to leverage the trends. Also, with an increasing incidence of diseases, consumers are gradually becoming more conscious of their pet lifestyle. The number of pet dogs and cats in the United States increased by almost 7% from 140 million in 2019 to 149 million in 2020.
Challenges: Data security issues
Veterinary software is used in hospitals and clinics to maintain and provide access to the database, which sometimes leads to data security issues. The cases of cyber data hacking have increased a lot in the recent decade. Many verified platforms have been found guilty of using the data of their end-consumers. Thus, all these factors highlight the risk of sharing crucial data with software providers. This also overlaps the benefit of using these platforms on a long-term basis.
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Some of the major players operating in the veterinary software market are:
• Hippo Manager Software, Inc.
• IDEXX Laboratories, Inc.
• VetZ Limited
• Henry Schein
• Esaote SpA, Inc.
• Patterson Companies, Inc.
• Genetics
• ClienTrax
• Onward Systems, Inc.
• VIA Information Systems
• DaySmart Software
• Provet Cloud
• VitusVet
• NaVetor
• ezyVet
• Animal Intelligence Software
Key Segments Cover in the Market:
By Product Type:
• Veterinary Imaging Software
• Veterinary Practice Management Software
• Others
By Practice Type:
• Mixed Animal Practices
• Small Animal Practices
• Equine Practices
• Bovine Practices
By Deployment Mode:
• Cloud
• On-Premise
By End-users:
• Reference Laboratories
• Hospitals & Clinics
• Ambulatory Services
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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