PUBLISHER: The Business Research Company | PRODUCT CODE: 1436777
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436777
Veterinary software aids veterinary practices, clinics, and specialists in managing daily operations, offering tools such as electronic medical records, staff management, appointment scheduling, and facilitating data-driven business management.
Veterinary software encompasses distinct categories, primarily veterinary practice management software, veterinary imaging software, and other specialized products. Veterinary practice management software functions as an online solution facilitating the daily operations of veterinary clinics and hospitals. These software variants are categorized into integrated or stand-alone systems and cater to diverse veterinary practices, including exclusive small animal, mixed animal, and exclusive large animal practices. These tools are delivered through various modes such as on-premise installations, cloud/web-based applications primarily utilized by hospitals and clinics, and systems utilized in reference laboratories.
The veterinary software market research report is one of a series of new reports from The Business Research Company that provides veterinary software market statistics, including veterinary software industry global market size, regional shares, competitors with a veterinary software market share, detailed veterinary software market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary software industry. This veterinary software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary software market size has grown strongly in recent years. It will grow from $0.92 billion in 2023 to $0.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period stemmed from several key drivers. There was a notable increase in pet ownership, which expanded the market for veterinary services and products. Regulatory compliance needs prompted advancements and investments in the industry to meet evolving standards and regulations. Furthermore, the emphasis on enhanced patient care within veterinary practices drove innovations and improvements in service offerings. Integration with laboratory services allowed for comprehensive and streamlined diagnostics, contributing to overall patient care and treatment. Moreover, advancements in business management efficiency through technological solutions also played a role in fostering growth within the veterinary industry.
The veterinary software market size is expected to see strong growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. Anticipated growth in the forecast period within the veterinary industry will be driven by several key factors. The adoption of telemedicine in veterinary care is expected to play a significant role, providing remote access to consultations and expanding healthcare reach. There will be a heightened focus on preventive care, emphasizing wellness programs and early intervention to improve animal health outcomes. Increased utilization of data analytics will further drive informed decision-making and treatment strategies. Moreover, the emphasis on interoperability and integration of systems will streamline workflows and enhance overall efficiency, benefiting both veterinary practices and patients.
The veterinary software market is poised for growth due to increased spending on animal health. With pets becoming integral family members, there's a surge in spending on pet healthcare. This trend is reflected in the US, where 90.5 million households owned pets in 2021, spending $124 billion on pet care, marking a 17% increase from the prior year. As hospitals and clinics invest more in veterinary software for better customer experiences, the market is expected to thrive.
The ascent of pet insurance is projected to drive the growth of the veterinary software market. This insurance, aiding in covering veterinary expenses for pets, is managed effectively through veterinary software, streamlining claims, managing policies, and facilitating communication between pet owners, veterinarians, and insurers. In 2021, over 4.41 million pets in North America were insured, reflecting a substantial 27.7% surge from 2020's figure of over 3.45 million. Consequently, the rise of pet insurance is stimulating growth in the veterinary software market.
A prevailing trend is the adoption of technological advancements. Companies within this sector prioritize innovation, evident in Covetrus Inc.'s January 2022 launch of Covetrus Pulse. This cloud-based veterinary operating system streamlines prescription management, customizes dashboards, integrates third-party apps, and facilitates seamless communication among colleagues and clients. All data is securely stored in the cloud, ensuring convenient access when needed.
Within the veterinary software market, prominent companies are directing their efforts toward the development of AI-powered diagnostic tools, specifically AI-based dermatology, to effectively handle frequent dermatologic conditions and achieve a competitive edge. For instance, in March 2023, Zoetis, a US-based animal health company, collaborated with Techcyte to introduce AI Dermatology for VETSCAN IMAGYST. This AI-based dermatology feature swiftly analyzes digitized slides, offering veterinarians efficient diagnostic results and more time for patient care alongside other AI-based indications on the platform.
In June 2021, IDEXX Laboratories, Inc., a US-based leader in veterinary diagnostics, acquired ezyVet, a New Zealand-based cloud-based veterinary software developer. This strategic acquisition bolsters IDEXX Laboratories' cloud-based Practice Information Management Systems (PIMS), catering comprehensively to specialty clinics and general veterinary practices, further strengthening their offerings for veterinary hospitals, universities, and corporate groups.
Major companies operating in the veterinary software market report are Henry Schein Inc., Zoetis, Patterson Companies Inc., Covetrus Inc., IDEXX Laboratories Inc., Carestream Health Inc., 2i Nova, MWI Animal Health, Sure Petcare, Ezyvet Ltd., Hippo Manager Software Inc., Timeless Veterinary Systems, Petabyte Technology, ImproMed, Finnish Net Solutions Oy, Clientrax, Business Infusions, Vetspire, Firmcloud Corporation, OR Technology, Vetter Software Inc., Animal Intelligence Software Inc., VetZ Limited, Via Information System, VetVision, Quantified Veterinary Care, GalaxyVet, Animal Practice Management Solutions, Masterpiece Veterinary
North America was the largest region in the veterinary software market in 2023. The regions covered in the veterinary software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the veterinary software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The veterinary software market includes revenues earned by entities by providing software tools that automate administrative processes by keeping patient notes, tracking treatments, managing schedules, and handling billing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Veterinary Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.