New York, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The worldwide veterinary software market is expected to grow by 7.9%, reaching US$1.37 billion by 2030 from its 2023 value of US$0.81 billion.
The increased need for practice management systems (PMS) among veterinary practitioners is a significant driver for market growth. Furthermore, a rising awareness of the benefits of software solutions and an increase in clinical visits by pet owners are likely to boost the adoption of such solutions in veterinary practices. The animal health industry is influenced by a surge in companion pet ownership and concerns about pet health, with a growing emphasis on improving the efficiency and safety of livestock production.
The global impact of the COVID-19 pandemic has also affected the veterinary software market, with drastic changes in people's routines due to social distancing and lockdowns, leading to challenges in the market.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 0.81 Bn | |
| Estimated Revenue 2030 | US$ 1.37 Bn | |
| Growth Rate - CAGR | 7.9% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 167 Pages | |
| Market Segmentation | By Product, Delivery Mode, Practice Type, End Use, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
| |
Key Trends in the Veterinary Software Market
Veterinary practice management software is a tool that aids in the day-to-day tasks of a veterinary practice. Veterinarians use it to handle patient information, treatment plans, scheduling, and back-office functions like accounting. This software assists clinics in diagnosing and managing patient treatments efficiently, allowing nurses or technicians to provide effective care. Administrative staff also utilize it for patient communication, intake, and payments. More advanced versions are available for hospitals, while smaller clinics or private practices can opt for scaled-down versions.
Veterinarians primarily use this software for managing patient info, treatment plans, and appointment scheduling. Common features include after-care instructions, client-patient databases, billing, boarding/grooming, lost charge capture, client communications, reminders, electronic medical records, electronic whiteboards, and inventory control.
Certain strategic moves in the market, like Covetrus introducing Ascend, a cloud-based practice management software, and Patterson Veterinary upgrading the NaVetor mobile app, are expected to accelerate segment growth. These developments, including strategic partnerships and the adoption of new technologies, are likely to enhance segment growth in the forecast period.
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Market Dynamics:
Drivers: The Surge in Pet Ownership
The number of pet owners worldwide has significantly risen over the years, and this trend is expected to continue. In the US, for example, 68% of households own pets, totaling 84.6 million households, according to a survey by the American Pet Products Association. In Germany, the canine population increased from 5.30 million in 2012 to 8.60 million in 2016, while the feline population in the UK reached 13.40 million in 2016.
Restraints: Government Support Lacking
Governments globally provide minimal support for the veterinary software market. In the US, the adoption of veterinary software lags behind healthcare IT tools due to the absence of incentives or funding. The slow adoption of this software poses challenges for small vendors. In regions like the Asia Pacific and Latin America, there is insufficient government support, making it tough for companies to operate.
Opportunities: Rise of Web-based/Cloud-based Models
Web-based/cloud-based veterinary software is gaining popularity, offering advantages like lower costs, data centralization, interoperability, storage flexibility, and automatic upgrades. While currently limited players offer such software, many existing and new entrants are targeting this segment to capitalize on growth opportunities. This provides companies with the chance to strengthen their market positions by meeting the demand for web-based/cloud-based veterinary software and services.
Challenges: Meeting Specific Software Needs Across Regions
In 2017, the US dominated the global veterinary software market, holding a 60.6% share. Major players focus on the US market, and their software may not support emerging countries like India and China due to differences in functions and reporting aligned with US regulations. Adapting standard software to meet country-specific requirements poses a significant challenge for vendors aiming to provide products and services globally.
Market Segmentation:
Practice Management Software Segment to Lead Growth
In the global veterinary software market, the practice management software segment is expected to experience the highest growth during the forecast period. This software assists veterinarians in appointment management, billing, patient records, and more, reducing errors and overall healthcare facility costs.
On-Premise Delivery Model Dominates Market
The on-premise delivery model is predicted to dominate the veterinary software market. This model, offering advantages like low data breach risk and customization options, is estimated to hold the largest market share in 2017.
Small Animal Practices Show Highest Growth
Exclusive small animal practices are anticipated to register the highest growth during the forecast period. This growth is attributed to the increasing number of small pet owners and rising spending on pet care in developed countries.
North America Leads in Market Growth
The North America veterinary software market is expected to grow the fastest due to the rising demand for quality pet care. Increased awareness, easy availability of software and services, and a growing number of veterinarians also contribute to this growth. The region witnesses high adoption of technology solutions like digital imaging systems and practice management software.
Competitive Intelligence and Business Strategy
Prominent players like IDEXX Laboratories, Henry Schein, Inc., and Covetrus are advancing their presence in the global veterinary software industry. They prioritize innovation, investing significantly in research and development to bring cutting-edge technologies to the field. For instance, IDEXX Laboratories leads in integrating artificial intelligence (AI) into its platforms for personalized pet care and improved diagnostics.
Strategic collaborations and partnerships are crucial for market share expansion. Dominant players, through alliances with pharmaceutical companies and diagnostic instrument manufacturers, create comprehensive ecosystems meeting diverse veterinary practitioner needs. Henry Schein, Inc. strengthens its market position through partnerships with software developers and healthcare service providers, offering integrated solutions as a one-stop-shop. These companies also prioritize customer-centric solutions, addressing both regulatory mandates and routine operational needs of hospitals and clinics.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Veterinary Software market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Veterinary Software market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Veterinary Software market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Veterinary Software industry?
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