BANGALORE, India | 23rd October: According to the Latest Market Research Report “Veterinary Software Market By Product type (Veterinary Practice Management Software, Veterinary Imaging Software, Others), By Type (Integrated Software, Standalone Software), By Deployment (On-premise, Cloud) By Practice type (Exclusive Small Animal Practices, Mixed Animal Practices, Exclusive Large Animal Practices, Exclusive Equine Practices, Exclusive Bovine Practices ) and Region – Global Forecast to 2027″, published on Valuates Reports
The Global Veterinary Software Market size was valued at USD 1.31 Billion in 2019 and is projected to reach USD 2.08 Billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Major factors driving the growth of veterinary software market size are the rise in companion animal ownership, the increase in spending on animal welfare, and the need to streamline everyday activities in veterinary hospitals.
The study focuses on industry dynamics in growth opportunities, constraints, and global veterinary software. The course also includes Porter’s five-force industry analysis to understand the effect of various factors on the market’s growth, such as supplier bargaining power, competitive strength of rivals, and the threat of new entrants.
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COVID-19 IMPACT VETERINARY SOFTWARE MARKET
Veterinary facilities are known as vital services in most nations and have remained functional even throughout the lockdown imposed worldwide. Furthermore, the fear of transmitting novel coronavirus has accelerated veterinary practice’s involvement, which has a positive effect on the growth of veterinary software market size.
TRENDS INFLUENCING THE VETERINARY SOFTWARE MARKET SIZE
The growing emphasis on the quality and safety of livestock production is expected to increase the veterinary software market size. Manufacturers of veterinary software systems have full solutions, including holding timetables and documents, for the management of a veterinarian’s office.
The rise in animal health awareness and the increase in demand for protein-rich foods are expected to fuel the veterinary market size.
Furthermore, the growing cloud-based technology adoption and rises in growth opportunities in emerging markets are expected to provide the veterinary market with lucrative opportunities during the forecast period.
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VETERINARY SOFTWARE MARKET SHARE ANALYSIS
As of 2016, due to their low cost and widespread availability of these facilities, on-demand solutions held the largest veterinary software market share. However, the expense of these platforms is higher, as the total device and hardware & software package costs are included.
The cloud / web-based solutions segment is expected to witness the highest CAGR during the forecast period. Users get access to health information remotely, and these solutions help reduce the risk of misuse of information. In addition, the ease of access to the right IT technology used in the deployment of these resources helps to improve efficiency and produce more organizational income.
Based on the region, North America is expected to hold the largest market share. This dominance of North America is attributed to the rising demand for quality pet care. This, in essence, allows veterinary practices to incorporate technical solutions for improved diagnoses, such as digital imaging systems and veterinary practice management software. Other growth drivers in this area include rising knowledge of veterinary software and the easy accessibility of veterinary software and services.
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LEADING KEY MARKET PLAYERS
- Animal Intelligence Software, Inc.
- Covetrus, Inc.
- Hippo Manager Software Inc.
- IDEXX Laboratories, Inc.
- MWI Animal Health
- Patterson Companies Inc.
- Petabyte Technology
- Three Plus Group
- Timeless Veterinary Systems
- Vetspire — fgspire, Inc.
- Vetter Software, Inc.
- VetZ GmbH
- VIA Information Systems
VETERINARY SOFTWARE MARKET SEGMENTS
By Product type
- Veterinary Practice Management Software
- Veterinary Imaging Software
- Integrated Software
- Standalone Software .
By Practice type
- Exclusive Small Animal Practices
- Mixed Animal Practices
- Exclusive Large Animal Practices
- Exclusive Equine Practices
- Exclusive Bovine Practices.
By End user
- Reference Laboratories.
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