Global Veterinary Software Market Size, Share & Industry Trends Analysis Report By Product (Practice Management Software and Imaging Software), By Delivery Mode, By End-use, By Practice Type, By Regional Outlook and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Veterinary Software Market
Market Report Description
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.
Veterinary software helps veterinary and equine practices, hospitals, and clinics to run smoothly. Patient data, patient’s certificates, customer history, and appointment administration are all included in these systems. Veterinary software includes various other features such as farm Management software, Horse software, and Kennel software.
In addition, veterinary medicine is the discipline of medicine that deals with animal disease, disorder, and injury diagnosis, prevention, control, and treatment. Aside from that, it also deals with animal husbandry, breeding, nutrition research, and product creation. Veterinary medicine covers a large range of animal species, including domesticated and wild, as well as a wide range of diseases that can affect them. Veterinary medicine is frequently practiced, both under professional supervision as well as without it.
Professional care is usually provided by a veterinary physician, also called a veterinarian, veterinary surgeon, or vet, although it can also be provided by para-veterinary workers like veterinary nurses and technicians. Other paraprofessionals with specific expertise, such as animal physiotherapy or dentistry, and species-specific jobs, such as farriers, can perform this.
Veterinary software can be used on a web or mobile device application, but it is often available for both, and it helps vet clinic employees to handle both the animals that are their patients and the pet owners who are their clients. Veterinarians and their staff work with both pets and their owners at the same time, using veterinary practice management software to keep track of everything.
COVID-19 Impact Analysis
The rapid diffusion of the COVID-19 pandemic had a significant impact on the economy of the world. Numerous businesses, irrespective of their sizes, were completely demolished by the advent of the novel coronavirus. Moreover, the COVID-19 pandemic also devastated the healthcare infrastructure of various developed, developing, and under-developed nations as they were unable to fulfill the healthcare requirements of the patients. In addition, for the containment of the spread of the infection, governments all over the world imposed an industrial lockdown, due to which, all the industries were either shut or slowed down.
However, veterinary services are considered vital services in most areas, and they were operational even throughout the lockdown. This has contributed significantly to the continued utilization of veterinary software.
Market Growth Factors:
An increasing number of companion pet owners
The number of pet owners has risen dramatically in recent years around the world, and this trend is estimated to continue in the following years. In the modern era, there is a significant number of people who are adopting companion pets such as dogs, cats, and others. In addition, companion pet adoption is rapidly becoming a trend all over the world. There are several benefits of adopting companion pets, for instance, adopting a companion pet tremendously reduces loneliness in people. According to the News in Health, having a companion pet significantly reduces the stress and heart health of pet owners.
Moreover, the organization also mentioned that interacting with a pet can dramatically reduce the risk of cortisol and lower blood pressure in people.
The advent of cloud and web-based models
The on-premise veterinary software offers various features to its users. However, it needs a heavy desktop to be operated. Due to this, the focus of people is considerably shifting toward cloud or web-based veterinary software. Web-based/cloud-based software is gaining popularity in the veterinary software industry because it offers numerous benefits such as reduced upfront, maintenance, and operational costs, data centralization capabilities, increased interoperability, storage flexibility, and automated upgradation.
Despite the fact that there are only a few manufacturers who are selling web-based/cloud-based veterinary software, several established players, as well as new entrants, are also focusing on this market sector to leverage the advantages of the possible growth prospects. Because this sector of the market has a small number of players, companies can enhance their market positions by efficiently fulfilling the customers’ demand for web and cloud-based veterinary software and services.
Marketing Restraining Factor:
Lack of government support and efforts
Animal welfare is continuously becoming a major focus of people and NGOs across the world. However, governments around the world offer minimal support to the veterinary software industry. In comparison to healthcare IT solutions, like human EHR, veterinary software adoption is quite low all over the world. This can be ascribed to the lack of government efforts and funds for veterinary software deployment in clinics and hospitals. This factor is restricting various new players from entering the veterinary software market. Moreover, there is a lack of government funds and investment in animal care, due to which, animal care clinics and hospitals are unable to deploy veterinary software across their infrastructure.
Additionally, government assistance for the installation of veterinary software is extremely limited in emerging nations. Companies find it difficult to operate in these areas as a result of this. Therefore, the lack of government efforts toward animal welfare is hindering the growth of the veterinary software market.
Based on Product, the market is segmented into Practice Management Software and Imaging Software. In 2020, the imaging software segment witnessed a substantial revenue share of the veterinary software market. The increasing growth of the market is attributed to the fact that the efficient veterinary radiology workflow allows integrated image management by scheduling numerous linked modalities, sites, or centers from a single location. This software is specially designed for veterinarians to offer enhanced treatment to animals in their veterinary clinics.
Delivery Mode Outlook
Based on Delivery Mode, the market is segmented into On-premise and Cloud. In 2020, the on-premise segment registered the largest revenue share of the veterinary software market. The growth of this segment is rising due to their low cost and widespread availability of these services. Moreover, the on-premise veterinarian software allows practitioners to manage all the pets and owners-related data on the databases of their own devices. This feature eliminates the risk of any unauthorized access to this data.
End Use Outlook
Based on End-use, the market is segmented into Hospitals/Clinics and Reference Laboratories. In 2020, the Hospitals/Clinics segment acquired the largest revenue share of the veterinary software market. These services are widely being adopted across hospitals and clinics due to the increasing number of technological advancements in pet care. These advancements include the introduction of effective information systems and pet owner mobile technologies. Moreover, a strong emphasis on animal health innovation has resulted in a number of initiatives that are being adopted or are in the process of being implemented, which is expediting the growth of this segment.
Practice Type Outlook
Based on Practice Type, the market is segmented into Food-producing Animals, Small Animals, Mixed Animals, Equine, and Others. In 2020, the small animals segment garnered a significant revenue share of the veterinary software market. The growth of this segment is attributed to the increase in the number of small companion animals. In the modern era, people are widely adopting small companion animals like rats, hamsters, and rabbits. Due to this, the demand for the treatment and well-being of these animals is rising.
|Market size value in 2020||USD 504.1 Million|
|Market size forecast in 2027||USD 919.2 Million|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 9.4% from 2021 to 2027|
|Number of Pages||226|
|Number of Tables||430|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, Delivery Mode, End-use, Practice Type, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, Europe recorded a significant revenue share of the veterinary software market. The growth of this segment is increasing due to the increasing disposable income of the people across this region. People are becoming capable to spend more money on the care of their pets. In addition, this kind of software is offering immense convenience, due to which, people are rapidly adopting this software and hence, propelling the growth of the segment.
Free Valuable Insights: Global Veterinary Software Market size to reach USD 919.2 Million by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
Recent Strategy Deployed in Veterinary Software Market
- Jun-2021: IDEXX Laboratories completed its acquisition of ezyVet, an innovative practice information management system. With this acquisition, the company aimed to expand its portfolio of world-class cloud software in order to offer enhanced technological solutions to its customers. In addition, it would increase practice efficiency and standard of care for patients, as well as allow more effective communication with the pet owner.
- Jan-2021: Patterson Veterinary partnered with Talkatoo, a vendor of desktop dictation solutions. With this partnership, the companies would offer a user-friendly dictation solution to facilitate veterinary practices. In addition, this partnership would enable Patterson's customers to leverage Talkatoo on any practice management software platform, such as NaVetor.
- Jan-2020: Patterson Veterinary entered into a partnership with Vetology, an AI-specialized portal. Through this partnership, Patterson would integrate Vetology's AI Radiograph Analysis Software into its software solutions portfolio. Moreover, this partnership would also complement Patterson's vision of best-in-class technology solutions to veterinarian practices.
- Sep-2018: Henry Schein rolled out OmniCore, an all-in-one network infrastructure solution. The new product would allow users to rely on TechCentral in order to offer a network-in-a-box solution. In addition, this solution would also offer greater peace of mind to customers while eliminating the need to worry about IT maintenance for dentists
- Jun-2018: Patterson Veterinary formed a joint venture with Cure Partners, under the name, Technology Partner Innovations. Following this joint venture, the companies would introduce NaVetor, practice management software based on the cloud. In addition, the new solution is an integration of Patterson’s excellence in sales, marketing, support, and training, with Cure Partners's developing portfolio.
- Dec-2017: Henry Schein acquired eVetPractice, a leader in providing cloud-based practice management solutions. This acquisition aimed to complement Henry Schein's technology solutions portfolio with the addition of eVetPractice's cloud-based practice management solutions offerings.
- Aug-2017: Henry Schein acquired Merritt Veterinary Supplies, an independent supplier of animal health products. With this acquisition, the company would enhance its animal health business across the United States in order to strengthen its position around the eastern U.S. Moreover, the acquisition would also benefit the health diagnostic and equipment, and surgical instruments businesses of Henry Schein.
- Jun-2017: IDEXX expanded its IDEXX range with the addition of rVetLink, a comprehensive referral management solution. This product would reinforce the company's commitment to bring more innovations across the industry.
Scope of the Study
Market Segments Covered in the Report:
- Practice Management Software
- Imaging Software
By Delivery Mode
- Reference Laboratories
By Practice Type
- Food-producing Animals
- Small Animals
- Mixed Animals
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Animal Intelligence Software, Inc.
- Onward Vet
- Veterinary Information Systems
- VetZ GmbH (Heska Corporation)
- Hippo Manager Veterinary Software, Inc.
- IDEXX Laboratories, Inc.
- Henry Schein, Inc.
- Patterson Companies, Inc.
- Esaote SpA
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What would be the size of the veterinary software market by 2027?
The veterinary software market size is projected to reach USD 919.2 million by 2027.
What are the key driving factors and challenges in the veterinary software market?
An increasing number of companion pet owners are driving the market in coming years, however, lack of government support and efforts limited the growth of the market.
Who are the leading players in the veterinary software market?
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.
Has COVID-19 impacted the veterinary software market?
Yes, COVID-19 pandemic also devastated the healthcare infrastructure of various developed, developing, and under-developed nations as they were unable to fulfill the healthcare requirements of the patients.
Which segment shows the high growth rate of the veterinary software market over the forecast period?
The Cloud market has shown high growth rate of 10.6% during (2021 - 2027).
Which region dominated the veterinary software market in 2020?
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.