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Veterinary Software Market Revenue To Touch $1.07 Billion Till 2030, Based on High Demand For Practice Management Systems From Veterinary Practitioners | Grand View Research, Inc.

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Veterinary Software Market Revenue To Touch $1.07 Billion Till 2030, Based on High Demand For Practice Management Systems From Veterinary Practitioners | Grand View Research, Inc.

June 07
07:40 2022
Veterinary Software Market Revenue To Touch $1.07 Billion Till 2030, Based on High Demand For Practice Management Systems From Veterinary Practitioners | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the outbreak of COVID-19 is estimated to have a considerable impact on the growth of the veterinary software industry. In most regions, veterinary services are considered essential services and remained functional even during the lockdown.

Veterinary Software Industry Overview

The global veterinary software market size was valued at USD 494.0 million in 2021 and is expected to reach USD 1.07 billion by 2030, expanding at a CAGR of 9.0% during forecast period.

Increasing demand for Practice Management Systems (PMS) from veterinary practitioners is a key contributor to the market growth. In addition, growing awareness regarding the benefits of the use of software solutions and an increasing number of clinical visits by pet owners are expected to boost the adoption of software solutions in veterinary practices in the coming years. The animal health industry is impacted by an increase in companion pet ownership and concerns over pet health. A growing focus on the efficiency and safety of livestock production is also another growth propeller.

Gather more insights about the market drivers, restrains and growth of the Global Veterinary Software Market

Developers of PMS systems offer complete solutions for the management of a veterinarian’s office including maintaining schedules and records. As per the data published by the American Veterinary Medical Association, approximately 68,000 veterinarians in North America and around 22,000 in the United Kingdom are practicing privately. This number is further expected to increase over the forecast period. This increase in the number is anticipated to propel the demand for these solutions for managing operations in clinics and reference laboratories.

 

U.S. Veterinary Software Market size, by product, 2020-2030 (USD Million)

 

The outbreak of COVID-19 is estimated to have a considerable impact on the growth of the market. In most regions, veterinary services are considered essential services and remained functional even during the lockdown. This has contributed notably to the continuation of revenue generation across veterinary practices, in turn, leading to the growth of this market. The COVID-19 pandemic brought drastic changes to patients’ normal routine with lockdown and social distancing measures across the world. Understandably due to loneliness and disturbed mental health experienced by most of the population during the pandemic, the adoption of companion animals witnessed an upsurge.

Citing an example, according to the Japan Pet Food Association survey, there has been a 15% increase in dog and cat ownership in 2020, as compared to the previous year. There were an estimated 8.49 million dogs and 9.64 million cats being kept as pets in Japan as of October 2020. This thereby resulted in an increase in the demand for virtual pet care visits during the pandemic and thus high adoption of veterinary software solutions. Over the years, the number of pet owners has increased significantly, and this trend is expected to continue in the coming years. According to the American Pet Products Association, approximately 33% of the owners owned a dog and 27% of the pet owners owned cats. Overall, it was estimated around 59% in 2021. Hence, the increasing adoption of pets further accelerates market growth.

 

Veterinary Software Market Segmentation

Based on the Product Insights, the market is segmented into practice management software and imaging software

  • Practice management software accounted for the largest revenue share of over 65.0% in 2021 due to the growing demand from consumers and the cost-effective nature of these systems. These systems help practitioners to support and record different standards of care protocols, healthcare recommendations, keep track of the patient’s health with invoicing and billing, resource management, inventory tracking, and overall management of treatment procedures. Such benefits of PMS are anticipated to propel the segment growth over the forecast period.
  • The growing adoption of information systems in healthcare practices has significantly changed the way of care delivery to patients over the past decades. Novel veterinary practice management software permits hospitals and clinics to directly access results from diagnostic labs, hence bringing down the treatment time considerably and making life easier for pet proprietors. Such sharing of data through the web also advances treatment efficiency and brings down the possibility of a medical error.

 

Based on the Delivery Mode Insights, the market is segmented into on-premise and cloud/web-based

  • On-premise solutions dominated the overall industry in 2021 with a revenue share of over 50.0% owing to their low cost and widespread availability of these services. However, the cost of these platforms is higher as it includes the cost of the overall system and hardware and software package. This is expected to act as a restraining factor for the growth of on-premise services.
  • The cloud/web-based solutions segment is anticipated to expand at a lucrative CAGR over the forecast period owing to its associated benefits. Users get remote access to health information and these solutions help in reducing the threat of information misuse. Moreover, the ease of access with proper IT infrastructure used in the deployment of the cloud/web-based solutions helps in increasing productivity and generating more profits for the organization.

 

Based on Practice Type Insights, the market is segmented into small animals, mixed animals,equine, food-producing animals and others

  • The food-producing animals segment held the dominant share of over 40.0% in 2021 due to the higher demand for cost-effective products to maintain livestock health. Increasing demand for such products from vet medicine manufacturers to control the process of manufacturing, maintain information related to product storage and quality, and monitor activities such as pharmacovigilance is fueling the segment growth.
  • The equine segment is expected to grow lucratively in the years to come owing to an increase in companion animal ownership, awareness, and demand for efficient pet care. An increase in pet ownership is a consequence of associated health benefits for humans. This is expected to contribute to the growth of the others segment over the forecast period.

 

Based on End-Use Insights, the market is segmented into hospitals/clinics and reference laboratories

  • The hospitals/clinics segment dominated the market for veterinary software and held a revenue share of over 50.0% in 2021. The adoption of these services is driven by technological advancements in pet care and this is anticipated to serve as a growth opportunity. These advancements include the advent of efficient information management systems and pet owner mobile technology.
  • The reference laboratories segment is expected to witness lucrative growth in the following years. These labs are developing various technologies for the detection and monitoring of various diseases. Government animal welfare authorities and policymakers are encouraging farmers through targeted incentives about the adoption of veterinary care practices for food-producing species. This thereby increases the demand for animal health care facilities.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • The North American market held the largest revenue share of over 40.0% in 2021 and is expected to maintain its position throughout the forecast period. The presence of well-established companies, advanced healthcare IT infrastructure, and high spending capacity of pet owners are responsible for the largest revenue share of this segment. There are substantial opportunities for the implementation of PMS in this region, which offers lucrative opportunities for investors in this industry.
  • The increasing volume of pet health organizations such as the World Small Animal Veterinary Association, coupled with the rising pet care expenditure by individuals and governments, is further expected to boost the market growth in this region.
  • The Asia Pacific market is anticipated to register a lucrative CAGR of 11.1% during the forecast period due to the growing demand for veterinary practice management, which is a result of a continuously growing livestock population, increasing demand for animal-derived food products, and rising pet adoption in this region.

 

Market Share Insights:

  • August 2021: Petabyte Technology proclaimed a partnership to advance the lives of veterinarians, their teams, and pet parents through innovative software. Together, the two corporations proposed to advance the next development of Petabyte’s software to revolutionize animal hospital operations and transform the pet parent experience.
  • June 2021: The Veterinary Hospitals Association has entered a partnership contract with PetDesk. This agreement is to offer all Veterinary Hospitals Association members special access to enhanced, simplified client communication solutions.

 

Key Companies Profile:

The market for veterinary software is competitive. The industry is witnessing fierce competition owing to the increasing demand for practice management software. The registered growth in this sector is a consequence of undertaking extensive expansion strategies, geographical expansions, new product development, mergers & acquisitions, and collaborative research initiatives. The companies are focusing on significantly investing in R&D for veterinary software development in a probe to maintain a competitive edge. 

Some prominent players in the global veterinary software market include:

  • IDEXX Laboratories, Inc.
  • Hippo Manager Software, Inc.
  • VetZ Limited
  • Esaote SpA
  • Henry Schein, Inc.
  • Patterson Companies, Inc.
  • ClienTrax
  • VIA Information Systems
  • Onward Systems, Inc.

 

Order a free sample PDF of the Veterinary Software Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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