Veterinary Software Market Research Report - Forecast till 2027

Veterinary Software Market: Information By Software Type (Practice Management Software, Diagnostic Software, Inventory Management Software and Others), By Deployment (On-Premise, Cloud-based), By Data Type (Patient EMR (Pets), Customer Data, Medical Supplies & Stock Data and Others), By End User(Veterinary Hospitals & Clinics, Research Laboratories, Educational Institutes and Others) Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2027

ID: MRFR/HCIT/2278-CR | September 2020 | Region: Global | 140 pages

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Veterinary Software Market Overview


Veterinary Software Market is expected to register a CAGR of 7.46% to reach USD 804.94 Million by 2027. One of the major factors behind this growth is the rising demand for pet insurance along with a parallel rise in expenditure for the maintenance of animal health.


COVID 19 Analysis


The initial cases of the pandemic were not much of a concern but the rise in cases, infection rate, and the degree of fatality that came afterward were enough to create ruckus and havoc during the pandemic year of 2020 and the years that are following, as a part of the forecast period for analyzing the veterinary software market growth. One of the major issues was that people were not expecting the pandemic to unfold in the way it did. The rising rate of infection and deaths was enough to bring a change in the lifestyle changes of people. Also, the lockdown was imposed by the global governments due to which there has been major unavailability of the raw materials ideal for production followed by the unavailability of skilled professionals and labor that will impact the demand and supply chain mechanism of the market for the forecast period that will be ending in 2028. 


Owing to the rising need to attain normalcy and the businesses to cover the losses and produce as per the prevalent demand, the restrictions regarding the lockdown and functioning of the veterinary software market are being lifted that will help the market restore its working. Also, there has been huge funding and investment in the research and development activities that will help in introducing these products at a larger scale for the global audience and hence, help in developing a positive approach and demand towards the market products and services. 


Market Dynamics


Drivers


One of the major factors that are likely to propel the veterinary software market during the forecast period of 2021-2028 is inclusive of the availability of innovation and product creativity that retains along with the possibility of software integration presented by the global players of the veterinary software market. Also, there has been an excellent rise in the availability of opportunities related to practice management and the rapid adoption of information systems in the market of veterinary healthcare especially during the forecast period that will be ending in 2028. Based on the Veterinary Hospital Managers Association (VHMA) is responding to the increase in demand for pet care followed by the requirement of more advanced equipment and processes. 


Restraints


One of the major issues that the veterinary software market players functioning across various regions is that there is a high cost of treatment associated with the optimal care and treatment of pets. This factor might bar the veterinary software market operations restrain and stop growing in comparison to the predictions laid down by the market leaders during the forecast period. Another market factor that is restraining the veterinary software market from growing is that the market has the ignorant degree and the likeliness of the pet-owners to opt for less expensive treatment modes that may or may not promise the desired results. Lack of reliable and skilled professionals is another prominent issue that the market faces. 


Technology Analysis


The veterinary practice software is becoming subject to the availability of rapid technological advancements that have a relationship with the integration of laboratory and diagnostic equipment. Also, the streamlining of data and lab results along with images directly into the medical record belonging to a patient can be remotely shared with other people like the ones who are indulged in consultations, pieces of training, and dual treatments. The need for the availability of optimum care to animals is likely to help the veterinary software market witness great attributes during the forecast period that will be ending in 2028. 


Study Objectives



  • To study the major aspects of the veterinary software market that are responsible for the growth and the factors that will give rise to the possible opportunities that promise the market better and positive attributes for the forecast period of 2021-2028. Also, to study the basis on which the industry leaders and market experts have predicted the CAGR growth rate and the ideally achievable market revenue in terms of dollars, by the end of the forecast period.

  • To have a glance at the basis on which the veterinary software market has been bifurcated to meet the rising needs of the target audience that is a part of various global locations. Also, to understand the market scope and analyze whether these market segments can meet the needs of the audience and contribute to the value of attainable revenue predicted by the market during the period that ends in 2028.

  • To study the rising degree of competition and understand the basis of the steep rise. Also, to understand the drivers and opportunities that will lead the growth of the veterinary software market in the domestic and international market. The report also helps in understanding the seriousness of the market players by analyzing the recent developments undertaken by the players from 2021 through 2028. 


Segment Overview


The veterinary computer software programs show that the market’s rise is because of the splendid performance of the market segments based on which, the veterinary software market has been divided. The market has been segmented based on the following:


Based on the product:


The product segment includes veterinary practice management systems and imaging software amongst others.


Based on the delivery model:


The market’s delivery models include the on-premise models, and the web-based or cloud-based models.


Based on practice type:


The practice type segment includes exclusive equine practices, bovine practices, small animal practices, and mixed animal practices. 


Regional Analysis


The veterinary practice management software market was dominated by the North American market during the historic forecast period that ended in 2019 and attained a growth rate of 60.6%. Similar trends are expected to prevail due to the increase in the number of hospitals and clinics in various parts of the US and Canadian markets. However, the software developments are not complying with the Indian and Chinese market as they have been developed by the US-based government taxes and laws. 


Competitive Landscape


The global growth of the veterinary software market during the forecast period ending in 2028 is likely to propel based on the performance of the companies and the recent developments are undertaken. The veterinary software market players are as follows:



  • IDEXX Laboratories, Inc. (US)

  • Timeless Veterinary Systems, Inc. (Canada)

  • Animal Intelligence Software, Inc. (US)

  • ezyVet Limited (New Zealand)

  • Patterson Companies, Inc. (US)

  • Britton's Wise Computer, Inc. (US)

  • Vetter Software, Inc. (US) 


Recent Developments



  • One of the prominent market players - Patterson Companies entered into a partnership agreement with another market player with the name of VetSuccess. This company will join Patterson’s signature solutions suits that deal in products and services with a motive to help the company’s customers access related to customized reports that are a part of VetSuccess. This is likely to help the market establish a niche for itself in the ongoing forecast period.

  • Vetter Software is another company that is helping the market grow at an elaborated rate during the period owing to its partnerships with Vetstoria and Pawprint regarding the online appointment booking solution and the practice management solution along with the client engagement tools respectively. Pawprint is a mobile pet health application that helps in the integration of the solutions and software that will help the veterinary software market grow at a very good rate especially during the forecast period that ends in 2028.

  • Finnish Net Solutions is another reliable player of the market that agreed with another market player with the name of Tolnagro Limited to enter into a partnership deed. The main aim behind this partnership was for the distribution of the Provet Cloud veterinary practice management system in the Hungarian country. This development took place in 2017, and this is likely to provide great results and hence, help the veterinary software market grow at the predicted rate for the forecast period between 2021 to 2028. 


Report Overview


The veterinary software market report discusses the impact of the pandemic on the market operations followed by the dynamics available to the veterinary software market. The report discusses the performance of various market segments in various domestic regions and international markets. The report discusses the rising competitive degree that will predict the possibility of the regional players to compete in the international market.


 


 



Report Scope:
Report Attribute/Metric Details
  Market Size   804.94 Million
  CAGR   7.46%
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Software Type, Deployment, Data Type, and End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   ServiceVet Technologies LLC (US), Clientrax (US), ezyVet (New Zealand), Covetrus (US), Hippo Manager Software Inc. (US), Idexx Laboratories Inc. (US), Patterson Vet Supply, Inc. (US), Vetter Software Inc. (US), OR Technology (Germany), Finnish Net Solutions (Finland)
  Key Market Opportunities   Collaborations, expansion, and technology/ product launch
  Key Market Drivers   Rising demand for animal health diagnostic & monitoring services


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Frequently Asked Questions (FAQ) :

Veterinary software market is expected to register 7.46% CAGR during the assessment period (2020-2027).

Rising demand for animal health diagnostic & monitoring services.

North America holds the largest share in the global veterinary software market followed by Europe and Asia Pacific, respectively.

IDEXX Laboratories (US), Henry Schein, Inc. (US), Patterson Veterinary Supply, Inc. (US), Animal Intelligence Software (US), Vetter Software (US), Timeless Veterinary Systems (Canada), ezyVet Limited (New Zealand), Britton's Wise Computers Inc. (US), FirmCloud Corporation (US), VIA Information Systems (US), MedaNext (US), OR Technology (Oehm Und Rehbein GmbH) (Germany), Hippo Manager Software, Inc. (US), Carestream (Canada), Finnish Net Solutions (Finland), ClienTrax (US), Provet Cloud - Finnish Net Solutions Ltd (US), Onward Systems, Inc. (US), VETPORT (US), and VetBlue (US), are some of the major players operating in the veterinary software market

Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global veterinary software market adopt to gain a larger competitive advantage.