Veterinary Software Market Growth and Business Opportunities for New Market Entrants

Veterinary Software Market

Veterinary software market are rising companion animal ownership and demand for pet insurance with growing animal health expenditure. However, lack of government incentives for the adoption of veterinary software, reluctance of veterinarians towards adopting new technologies, and lack of awareness about veterinary software in the developing countries are restricting the growth of this market.

MarketsandMarkets forecasts the veterinary software market to grow from USD 442 million in 2017 to USD 594 million by 2022, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period.

Practice management software segment is expected to grow at the highest rate during the forecast period.

On the product, the global veterinary software market is segmented into practice management software, veterinary imaging software, and other software. In 2017, the veterinary practice management software segment is expected to grow at the highest CAGR during the forecast period. Veterinary practice management software helps veterinarians in appointment management, billing & invoicing, boarding management, maintaining patient records, prescription labeling, and treatment management. This software reduces the possibilities of error and the overall cost of a veterinary healthcare facility. Such factors are likely to drive the market for veterinary practice management software.

Delivery model, the on-premise delivery model segment is expected to dominate the veterinary software market.

On the basis of delivery model, the global veterinary software market is segmented into two broad categories—on-premise model, and web-based/cloud-based model. The on-premise model segment is estimated to account for the largest share of the global veterinary software market in 2017. The large share of this segment can be attributed to the advantages of the on-premise delivery model, such as the low risk of data breach, flexible connection bandwidth, and the availability of easy customization options.

Practice type, the exclusive small animal practices segment is expected to register the highest CAGR during the forecast period.

On the basis of practice type, the veterinary software market is segmented into exclusive small animal practices, mixed animal practice, and exclusive large animal practices. The exclusive small animal practices segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can be attributed to the increasing number of small pet owners and rising annual spending on pet care in developed countries.

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North America veterinary software market is expected to grow at the highest CAGR during the forecast period.

North America is expected to witness the highest growth from 2017 to 2022, owing to the growing demand for quality pet care. This, in turn, is encouraging veterinarian practices to adopt technology solutions such as digital imaging systems and veterinary practice management software for better diagnosis. Other growth factors include growing awareness about veterinary software and the easy availability of veterinary software and services in this region. This is because most vendors operating in this market have operations in North America. The increasing number of veterinarians is also a major driver for the veterinary software market in North America.

Leading Companies

Henry Schein, Inc. (US), IDEXX Laboratories, Inc. (US), Patterson Companies, Inc. (US), Vetter Software, Inc. (US), Animal Intelligence Software, Inc. (US), Timeless Veterinary Systems, Inc. (Canada), Britton’s Wise Computer, Inc. (US), ezyVet Limited (New Zealand), FirmCloud Corporation (US), OR Technology (Oehm Und Rehbein GmbH) (Germany), VIA Information Systems (US), Hippo Manager Software, Inc. (US), Finnish Net Solutions (Finland), Carestream Health (Canada), and ClienTrax (US).

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