The Global Veterinary Software Market is projected to grow at a CAGR of 6.8% from USD 445.2 million in 2019 to USD 771.6 million in 2030. A growing demand from veterinary practitioners for practices management systems (PMS) would drive growth on the market. Furthermore, increasing awareness of the benefits of software solutions contributes to the growth of the market.
Increase in pet ownership and concern for pet health affect the animal health industry. An additional growth driver in the demand for veterinary software is the increasing focus on the efficiency and safety of livestock production. Manufacturers of such systems offer complete solutions, including schedule and record keeping, for the management of the office of a veterinarian.
Furthermore, approximately 68,000 veterinarians and some 22,000 in the UK practice privately in Northern America, according to the American Veterinary Medical Association, and this figure is expected to grow over the forecast period. This shows that these approaches are increasingly being demanded for management in clinics and laboratories.
The introduction of advanced technology software which offers one platform solutions for each process in veterinary clinics is also expected to contribute to the growing rates of adoption. The best examples of high technological and economic-efficient software solutions for pet health practices are cloud-based practices management systems.
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Product Outlook:
In terms of the increased consumer demands and cost-effectiveness of these systems, PMS accounted for the largest market share in 2016. These programs help professionals to promote and record different standards of care protocols, recommendations for health care, keep track of patient health through invoicing & billing, resource management, inventory tracking and overall treatment management. These advantages of PMS are expected to boost segment growth over the forecast period. PMS contributes to better animal health by providing efficient workflow management solutions in veterinary facilities.
In the past few decades, the increasing use of information systems for healthcare has changed the way patients receive treatment significantly. The adoption of PMS is expected to be improved.
Further, the growing expenditure on animal health around the world, the rising population of animals, the increasing number of veterinarians and the high demand of food products from animals combined with pet insurance have driven this segment. In the following years it is also anticipated that creative approaches will drive the adoption of PMS, which will provide reliable and fast performance.
Delivery Mode Outlook:
On-demand solutions dominated the whole industry because these services were cheap and broadly available. The cost of these platforms is however higher since it comprises the total system costs and the total package of equipment and software. This should be a limiting factor in the growth of on-demand services.
Due to its associated benefits, the segment of cloud / web-based solutions will increase with lucrative CAGR. Users have remote access to information about health and these solutions help reduce the risk of misuse of information. Moreover, ease of access through the appropriate IT infrastructure that is used to deploy these services contributes to increased productivity and the company\’s profits. High costs for its deployment are expected by emerging players to limit its adoption.
The use of cloud-based solutions will, however, change the dynamics. These services offer a single platform through which medical information is available in patients, researchers and practitioners. These platforms minimize the risk of data robbery by providing a safe information sharing platform that allows veterinarians to track their information. In the following years, it is expected that this would further improve the deployment of cloud-based services.
Practice Type Outlook:
As a result of a higher demand for cheap products to sustain livestock safety, the food-producing sector held the predominant share. The increasing demand for such products from veterinary medicine manufacturers is helping in the dominance of this sector by controlling manufacturing processes, maintaining data related to product storage & quality and monitoring activities like pharmacovigilance.
According to the Organization for Food and Agriculture, one third of human protein intake is for food animal products in developing economies. This leads to an increase in livestock productivity requirements that are essential to satisfy the nutritional needs of the growing population. Such factors cumulatively account for the large proportion of animals providing milk.
Furthermore, in the years to come, veterinary control management systems are implemented which assist the identification and recording of animals and the maintenance of farms, including the owner\’s information. Some of these systems can also map diseases, therapy and vaccination prevalence. Therefore, broad applications of the program are expected to drive growth in food-producing, animal health care.
The equine segment will grow profitably due to increased ownership, awareness and requirements of efficient pet care by accompanying animals. The associated health benefits for humans are the result of an increase in pet ownership. The growth of other sub segments is expected to contribute over the forecast period. The health benefits include maintenance of blood pressure, psychological stability, lower heart arrhythmias frequency, and anxiety attacks that contribute to human well-being.
End-use Outlook:
Veterinary software solutions are the largest end-users of hospitals / clinics. The adoption of these services is driven by technological progress in the field of pet care and should be an opportunity for growth. These developments include the development of efficient IT systems and mobile technology for pet owners.
A strong emphasis on animal health innovation contributed to the introduction or adoption of such initiatives that drive business growth prospects. In the following years, the reference labs segment will show lucrative growth. These laboratories develop various techniques to identify and track different diseases.
Government animal protection agencies and policymakers encourage farmers to adopt veterinary care practices for food-produced species through targeted incentives. As a result, demand for animal health facilities is increased. Increased involvement among government organizations is expected to contribute to market growth by issuing guidelines to promote reference laboratory work across the globe
Regional Outlook:
The veterinary software regional market in North America had the highest share of sales and will remain in the forecast era. The most important revenue share in this segment is the involvement of well-known businesses, the advanced IT infrastructure in healthcare and the high spending potential of pet owners.
Throughout this region, the introduction of PMS provides considerable opportunities for investors in this field. There are significant opportunities. The growing number of animal health organizations, including the World Small Animal Veterinary Association, combined with the increasing costs of animal welfare by individuals and governments, is expected to further stimulate growth in the area.
Asia Pacific Regional Market is expected to be a lucrative CAGR in the forecast period as a result of increased demand for the management of veterinary practice resulting from the continued growth of cattle stocks, an increased demand for food derived from animals and an increased acceptance of animals in this region.
In the coming years, patients and practitioners are expected to develop an unsatisfied clinical needs and an increasing level of awareness. Furthermore, due to the high number of Zoonotic diseases and the need for disease outbreaks to be handled, an alarming need to curb health problems is anticipated to boost market growth.
Market-O-Nomics
- Factors such as increasing ownership of animals, increasing animal health expenditures, increasing product innovations and the integration of software as well as consolidating the veterinary medicine industry have driven the growth of this market mainly.
- The software sector for veterinary practice management was the largest share of the market. Veterinarians require this software to reduce error potential and to improve the cost-effectiveness of operations.
- The market was dominated by the category of exclusive small animal practices and is expected to increase during the forecast period at the highest CAGR. This can be primarily attributed to the growing population of accompanying animals and the increased annual investment in developing countries on animal care.
- The largest end users of veterinary software were veterinary hospitals & referral practices. It is expected also that this segment will rise during the forecast period at the highest CAGR, mainly thanks to the extensive use of veterinary software.
- North America, followed by Europe, was the largest regional veterinary market. The high demand in North America for veterinary software is primarily due to the growing demand for quality pet treatment in the region.
Companies considered and profiled in this market study
IDEXX Laboratories, Inc., Hippo Manager Software, Inc., VetZ Limited, Esaote SpA, Henry Schein, Inc., Patterson Companies, Inc., ClienTrax, Onward Systems, Inc., VIA Information Systems and eVetPractice, among others, have been profiled in the report. They are the major manufacturers of the product.
The players operating in the market have undertaken a number of strategies. The key highlights are:
- In August 2018, Pet X-ray reading program is introduced by Vetology. Technology uses neural artificial networks that are trained in regular and unnatural X-ray images.
- In August 2020, The PROLIS veterinary laboratory software. In veterinary practice, the increasing role of technology has inspired to find a solution that completely embraces the demand and competitiveness of customers. Experts develop the applications to enhance the predictive ability and incorporate business functions. This will lead to better treatment.
- In August 2019, Covetrus launched Covetrus Connect, a new standard for safe connectivity with their favorite service partners in veterinary practice. Covetrus Connect provides an extended menu of safe, approved integrations, enhanced quality of service and productivity in driving practice to veterinary professionals.
Start-up Traction
The veterinary software technology sector provides small producers and start-ups a large number of opportunities to develop economical strategies for developing veterinary software. The demand from layer manufacturers is constantly growing and many start-ups can be encouraged to launch innovative products on this market. Some of the veterinary software startups are Weave, Shift Labs, Vetcove and Rex, among others.
Deals Landscape
Mergers and Acquisitions are an integral part of the Veterinary Software industry. Amongst those cases, few are highlighted below.
- In July 2020, Zoetis is acquiring Virtual Recall, a veterinary engagement service. Virtual Recall will help educate and increase compliance of pet owners and will provide veterinary practice with financial benefits.
- In December 2019, the software developer eVetPractice is bought by Henry Schein. The Henry Schein Veterinary Solutions cloud-based management system of eVetPractice.
- In December 2019, With Vetstoria Vetter Technology partnered to integrate the practice scheduling system from Vetter with the online booking tool for Vetstoria Vetter
Expert Insights:
Reports and Data forecast that the Veterinary Software Market industry can face some disruptions due to imbalance and turbulence in the global economy. The market should be healthy as the popularity of lightweight veterinary software products rises, according to analysts from industry experts. Comments and statements made by leading managers indicate that they plan to extend their capacity to create new strategies for addressing the costs of the ever more complex production process. Yet all market development plans and forecasts have been altered and re-established by the COVID-19 pandemic. Experts claim to have to reevaluate their strategies and build a secure relationship with their corporate partners in order for the COVID-19 situation to survive. If, due to this pandemic, real world income from disposability drop, then automotive and aerospace industry production is projected to decrease. New markets should continue to be found by the principal suppliers of the product.
Segments Covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2020 to 2030. The scope of the report can be defined as:
For the purpose of this report, Reports and Data have segmented into the global Veterinary Software Market on the basis of Product, Delivery Mode, Practice Type, End-Use, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2019-2030)
- Practice Management Software
- Imaging Software
Delivery Mode Outlook (Revenue: USD Billion; Volume: Million Tons; 2019-2030)
- On-premise
- Cloud/Web-Based
Practice Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2019-2030)
- Small Animals
- Mixed Animals
- Equine
- Food-producing Animals
- Others
End-Use Outlook (Revenue: USD Billion; Volume: Million Tons; 2019-2030)
- Hospitals/Clinics
- Reference Laboratories
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2019-2030)
- North America
- U.S
- Canada
- Europe
- U.K
- Germany
- France
- BENELUX
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
TABLE OF CONTENT
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2030
Chapter 3. Indicative Metrics
Chapter 4. Veterinary Software Market Segmentation & Impact Analysis
4.1. Veterinary Software Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing prevalence of zoonotic diseases
4.2.2.2. Rising number of veterinary practitioners
4.2.2.3. Technological advancements
4.2.3. Market restraints analysis
4.2.3.1. Lack of government initiatives
4.2.3.2. Lack of skilled labor due to COVID-19.
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Veterinary Software Market By Product Insights & Trends
….
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