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Advancement in the Software to Benefit the Global Veterinary Software Market
The Veterinary Practice Software is estimated to expand at a CAGR of 8.9% during the forecast period from 2018 to 2023. This growth is attributable to demand for the practice management system (PMS) from veterinary practitioners. Additionally, growing awareness about the benefits of using software solutions is likely to fuel the growth of the market.
Further, the animal health sector is primarily affected by the trend of adopting pets, coupled with concern about pet health. The increasing focus on the safety of livestock production and the efficiency of pet medications and devices is another key growth impactor for the market of veterinary software. Additionally, key players in the global veterinary software market are trying to improve products for the management of veterinarian’s offices for maintaining records and schedules, which is likely to fuel the veterinary software market.
Moreover, the increasing introduction of advanced technologies and software, which offer a platform to procedures in veterinary clinics, is likely to increase its adoption rate. The emergence of cloud-based practice management systems are one of the advanced and cost-efficient software solutions are driving growth of the global veterinary software market. This factor is estimated to offer robust growth opportunities in the coming future.
Competitive Analysis:
Some of the major companies in the global veterinary software market include IDEXX Laboratories, Onward Systems Inc., ClienTrax, Finnish Net Solutions, ezyVet Limited, FirmCloud Corporation, Vetter Software, Patterson Veterinary Supply Inc., MedaNext, Carestream, Provet Cloud, Timeless Veterinary Systems, Britton’s wise Computers Inc., and Animal Intelligence Software. The key players in the market are adopting several strategies for expansion, including collaborations, agreements, and partnerships.
Segmentation:
The veterinary software market is segmented on type, product, delivery mode, practice type, end user, and region.
On the basis of type, the veterinary software market report is segmented into integrated software and standalone software. On the basis of product, the market report is segmented into veterinary imaging software, veterinary practice management software, and other. On the basis of delivery mode, the veterinary software market is segmented into the on-premise model and web-/cloud-based model. On the basis of practice type, the veterinary software market is segmented into mixed animal practices, exclusive small animal practices, and exclusive large animal practices.
On the basis of the end user, the market is segmented into specialty and emergency hospitals, clinics and ambulatory practices, and veterinary hospitals and referral practices. Of these, the veterinary hospitals and referral practices segment is estimated to hold a substantial share in the veterinary software market.
Regional Analysis:
Regionally, the veterinary software market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America is estimated to remain dominant in the global veterinary software market in the coming period owing to the early adoption of advanced technologies in the region. Additionally, the increasing awareness availability of software is augmenting its adoption and fueling the growth of the global veterinary software market. Europe is estimated to be the region standing at the second position owing to increasing awareness about animal health in the region.
However, the Asia Pacific is estimated to be the fastest expanding region during the forecast period owing to robust opportunities in the region. The factors such as undiagnosed pool presence in the region coupled with several initiatives of governments for the adoption of facilities for pets, are fueling growth of the global veterinary software market.
Industry News:
October 2019, BabelBark, Inc., announced a partnership with the Independent Veterinary Practice Association (IVPA), for leveraging new marketing tools to help educate pet owners. Such initiatives are likely to increase awareness among people about their pet’s health and likely to result in benefiting the market growth in the coming years.
In 2019, Digitail, an IT startup, has received USD 2,45,371.50 as funding for further developing software and digital health care for pets. Such investment for research and development leads to increasing efficiency is driving growth of the global veterinary software market.
