Global Veterinary Software Market is expected to register a CAGR of 7.46% to reach USD 804.94 Million by 2027. Veterinary software is a tool that helps in day to day activities performed in veterinary practices. It is used to give streamline flow in the organization and provide insightful information for business and for the operational report that helps the organization for decision making. Factors such as a rise in companion animal ownership, growing prevalence of animal diseases, and an increase in pet insurance with growing animal health expenditure have boosted the demand and propelled the market growth. However, lack of government encouragements for software acceptance and unwillingness to adopt the latest technologies are the posing hurdles to the market growth on the country level.
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Market Dynamics
The companion animals are those animals who share our homes and lives, such as dogs, cats, and horses. The rising number of pet owners in the North American region is expected to support market growth over the forecast period. For instance, according to the American Society for the Prevention of Cruelty to Animals (ASPCA), around 6.5 million companion animals enter the US animal shelters nationwide each year. Moreover, according to PDSA Animal Wellbeing (PAW) Report 2019, 50% of the UK adults own a pet. It further stated that 26% of the UK adult population have a dog with an estimated population of 9.9 million pet dogs. With this increase in the number of companion animals, owners are becoming aware of their pets’ health and nutrition and therefore seeking veterinary services. This, in turn, is increasing the demand for veterinary software in veterinary hospitals & clinics.
Segmentation
Global Veterinary Software Market has been segmented by Software Type, Deployment, Data Type, and End User.
Global Veterinary Software Market, by software type, has been segmented into practice management software, diagnostic software, inventory management software, and others. The global veterinary software market, by deployment, has been segmented into on-premise and cloud based. The global veterinary software market, by data type, has been segmented into patient EMR (Pets), medical supplies & stock data, customer data, and others. The global veterinary software market, by end user, has been segmented into veterinary hospitals & clinics, research laboratories, educational institutes, and others. The veterinary hospitals & clinics held the largest share of 59.76% in 2019. This is attributed to access to a large patient pool and high demand for advanced software solutions in hospital settings.
Regional Analysis
Global Veterinary Software Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is likely to dominate the global veterinary software market. This large share is majorly attributed to the rise in companion animal ownership, increasing spending on animal healthcare, growing prevalence of animal diseases, and the rising number of veterinarians in the region. For instance, in 2017, according to the Centers for Disease Control and Prevention (CDC), about 4,454 cases of rabies were reported in animals in 49 states and Puerto Rico in the US.
North America holds the largest veterinary software market share followed by Europe and Asia Pacific, respectively.
The European market for veterinary software is expected to be the second-largest during the review period. There are a number of players providing services in the European region, which are involved in the development of veterinary software. Some of these are Covetrus and ezyVet, among others.
The market in Asia-Pacific is expected to register a significant growth rate during the forecast period owing to the include increasing nuclear families preferring to have pets, increasing investments in clinics and care facilities by vets, and increasing disposable income.
The Veterinary Software market in the Middle East & Africa is projected to show gradual growth during the forecast period. There are no specific laws with respect to pet ownership in the Middle East. Also, Middle Eastern countries have less pet ownership as compared to other regions. As a result, the requirement of animal care is relatively less in the region.
Key Players
The Prominent Players in the Global Veterinary Software Market are 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), and others.
Some of the key strategies followed by players operating in the global market were innovation, product development, expansion, and acquisition & mergers.
- In June 2020, Vetter Software Inc. announced a partnership with Trupanion, a medical insurance provider for pets. This partnership lets Trupanion’s software reach veterinary practitioners across North America through Vetter Software’s practice management software. This partnership will help the company attracting new customers.
- In June 2019, Covetous launched the next-generation functionality in the AVImark practice management software in the market. This new function allows better coordination between the medical record and Covetrus’ prescription management technology.
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