Published Date: 31-Mar-2022
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According to a new report, published by KBV research, The Global Veterinary Software Market size is expected to reach $919.2 million by 2027, rising at a market growth of 9.4% CAGR during the forecast period.
The Practice Management Software segment acquired the maximum revenue share in the Global Veterinary Software Market by Product in 2020, thereby, achieving a market value of $569 million by 2027. The growth of this segment is increasing due to the attribute that it maintains various operations such as tracking resource management, invoicing and billing, inventory tracking, and the overall administration of treatment operations remotely.
The Cloud market has shown high growth rate of 10.6% during (2021 - 2027). The rising growth of this segment is owing to the ease of access that cloud or web-based software offers. Cloud-based software provides considerable convenience with adequate IT infrastructure that is used in the implementation of it. This type of software allows the user to store all the data on a third-party database that is provided by any company.
The Reference Laboratories market is showcasing a CAGR of 10.8% during (2021 - 2027). These laboratories are working on a variety of technologies for illness detection and monitoring. Farmers are being encouraged to adopt veterinary care techniques for food-producing species by government animal welfare agencies and policymakers through targeted incentives. As a result, the requirement for animal health care facilities is rising, which is further accelerating the growth of the segment.
The Food-producing Animals segment is leading the Global Veterinary Software Market by Practice Type in 2020, thereby, achieving a market value of $360.8 million by 2027. The increasing growth of this segment is owing to the high demand for cost-effective livestock health products across the world. Moreover, a surge in the demand for such items from veterinarian medication manufacturers to control the manufacturing process, keep track of product storage & quality, and monitor activities like pharmacovigilance would also contribute to the growth of this segment.
The North America is the fastest growing region in the Global Veterinary Software Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $379 million by 2027. The Europe market is estimated to witness a CAGR of 8.9% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 10.2% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Animal Intelligence Software, Inc., Onward Vet, Veterinary Information Systems, ClienTrax, VetZ GmbH (Heska Corporation), Hippo Manager Veterinary Software, Inc., IDEXX Laboratories, Inc., Henry Schein, Inc., Patterson Companies, Inc., and Esaote SpA.
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