Global Veterinary Software Market is expected to register a CAGR of 7.46% to reach USD 804.94 Million by 2027
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 2027.
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.
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.
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.
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 2027.
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.
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.
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:
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.
|Market Size||USD 804.94 Million: 2027|
|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|
Veterinary software market is expected to register 7.46% CAGR during the assessment period (2020-2027).
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
North America holds the largest share in the global veterinary software market followed by Europe and Asia Pacific, respectively.
Rising demand for animal health diagnostic & monitoring services.
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.