NEW YORK, March 27, 2024 /PRNewswire/ — The global veterinary software market size is estimated to grow by 184.07 million dollars from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.25% during the forecast period. The veterinary practice management software segment is experiencing rapid growth thanks to its ability to streamline workflow and improve patient care. With its affordability and efficiency in providing direct access to diagnostic results, the segment is expected to expand further, driving growth in the global market. North America held the largest share in the global market in 2022, and the market in the region is estimated to witness an incremental growth of 40%.
Technavio has published its latest market research report titled Global Veterinary Software Market 2023-2027.
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Report coverage |
details |
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Page number |
155 |
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Base year |
in 2022 |
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Historical period |
2017-2021 |
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Estimated period |
2023-2027 |
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Growth momentum and CAGR |
Accelerating at a CAGR of 6.25% |
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Market growth 2023-2027 |
184.07 million dollars |
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Market structure |
Fragmented |
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Year-on-year growth in 2022-2023 (%) |
5.33 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa and South America |
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Market contribution to performance |
North America at 40% |
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Key countries |
USA, China, Germany, Great Britain and France |
Overview of segments
Technavio has segmented the market based on type, product (practice management software and imaging software), deployment (on-premises and cloud-based), and geography (North America, EuropeAPAC, Middle East and Africaand South America).
- The practice management software (PMS) segment is poised for significant growth, especially in veterinary practices. Estimated at 232.68 million dollars in 2017, an increase is expected due to increased demand and affordability. PMS streamlines workflow, improves patient care and shortens treatment time by providing direct access to diagnostic results. Advanced software that unifies the clinic’s work further increases adoption rates. These advantages are anticipated to drive segment growth and subsequently drive the global market over the forecast period.
Geographical overview
Geographically, the global veterinary software market is segmented into North America, EuropeAPAC, Middle East and Africaand South America. The report provides useful insights and assesses the contribution of all regions to the growth of the global veterinary software market.
- North America expected to contribute 40% to the global market growth during the forecast period. The US dominates the market in the region owing to factors such as increasing number of pet owners, growing pet insurance and technological advancements in veterinary diagnostics. The expansion of the market was further stimulated by the growing number of veterinary practices and the adoption of innovative software solutions. These factors conjointly propel the growth of the North American veterinary software market over the forecast period.
Insights into the market contribution of various segments including country and region, historical (2017 to 2021) and forecast (2023 to 2027) market size.
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What’s up?
- Special coverage on Russia–Ukraine war; global inflation; analysis of recovery from COVID-19; supply chain disruptions, global trade tensions; and the risk of recession
- Global competitiveness and key competitive positions
- Market presence across multiple geographic footprints – Strong
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Market dynamics
The growing population of pets is particularly driving the market growth:
The increasing population of pets is the main driver of the market growth. As more households around the world adopt pets, especially dogs in the US, Braziland India, there is an increasing demand for pet care and veterinary services. Studies show that owning pets improves physical and mental well-being, further fueling market expansion. As pet adoption rates rise, the need for veterinary visits and related services increases, driving growth in the global market.
- Growing awareness about disease prevention and pet insurance is driving market growth. Pet owners are increasingly concerned about the well-being of their pets, leading to a greater demand for veterinary visits and diagnostics. Preventive pet health care is gaining global popularity, with veterinary software helping to store and analyze data.
- High costs represent a significant challenge to market growth. Software costs include hardware, server maintenance, database maintenance, installation, support and upgrades. Server-based or cloud-based options vary in price, and server-based models require additional IT professionals, increasing costs and slowing market growth.
Insights into market drivers, trends and challenges, historical period (2017 to 2021) and forecast period (2023 to 2027)
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What are the key insights covered in this Veterinary Software market report?
- CAGR of the market during the forecast period
- In-depth information about factors that will drive the growth of the Veterinary Software market between 2023 and 2027.
- A precise estimation of the size of the veterinary software market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the veterinary software market worldwide North America, EuropeAPAC, Middle East and Africaand South America
- Detailed analysis of the market competitive landscape and detailed information on suppliers
- A comprehensive analysis of the factors that will drive the growth of the Veterinary Software market vendors
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Analyst overview:
The veterinary software market is experiencing significant growth, fueled by the increasing adoption of medical software in veterinary clinics and practices. These software solutions streamline administrative activities, such as patient record management, treatment tracking, scheduling and invoicing, allowing veterinarians to focus more on patient care.
Practice management systems (PMS) such as Covetrus and Ascend are critical to effectively managing clinical visits, and Covetrus is a prominent player in the market. The market outlook remains positive, especially with the growing popularity of cloud-based software solutions, which offer greater flexibility and affordability.
Product innovation and software integration are key trends in the veterinary software market, with veterinary PMS and imaging software leading the product segment. Shepherd veterinary software is one of the key players in the market offering automation capabilities to increase practice efficiency.
Consumer demand for veterinary software is driven by its ability to improve patient communication, intake processes and payment management. The market is characterized by the presence of on-premise and web/cloud-based segments, catering to different consumer preferences.
Companies like Weave and Patterson Veterinary’s NaVetor are making significant strides in the market through product launches and delivery model improvements. Overall, the veterinary software market is poised for continued growth, driven by constant product innovation and increasing demand for effective practice management solutions.
Market overview:
The veterinary software market is experiencing rapid growth, fueled by the increasing adoption of advanced technology in veterinary clinics worldwide. Veterinary software plays a key role in streamlining administrative activities such as scheduling and invoicing, leading to improved efficiency and productivity. Practice Management Systems (PMS) are at the forefront of this market expansion, offering comprehensive software solutions to manage clinical visits and improve communication with pet owners. Key market players such as Covetrus, Ascend and Shepherd Veterinary Software are driving product innovation, particularly in cloud-based software and software integration. With increasing consumer demand for effective patient communication and automation capabilities, veterinary PMS solutions are gaining traction worldwide. The web/cloud-based segment is experiencing significant growth, reflecting consumer preferences for flexible and affordable software delivery models. Companies like Weave are capitalizing on this trend by strategically launching products to meet the growing needs of the veterinary industry.
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Technavio is a leading global technology research and consulting company. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With more than 500 specialized analysts, Technavio’s report library consists of more than 17,000 and growing reports, covering 800 technologies, in 50 countries. Their client base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research and market insights that can be undertaken to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
