Report ID:
SQMIG45A2369 |
Region:
Global |
Published Date: November, 2024
Pages:
192
|Tables:
0
|Figures:
0
Global veterinary software market size was valued at USD 1,292 Million in 2022 and is poised to grow from USD 1455.57 Million in 2023 to USD 3352.9 Million by 2031, growing at a CAGR of 12.66% in the forecast period (2024-2031).
The market is driven by factors such as the increasing adoption of veterinary software integration, the number of veterinary clinics/clinics, the widespread use of telehealth software, and the rise of veterinary diseases, the veterinary industry is undergoing a digital transformation. To improve efficiency, streamline administration and improve patient care, practices are slowly shifting from documentation to the use of software. Veterinary hospitals are looking for veterinary software that allows them to connect effortlessly to external databases and other platforms, such as imaging software, telehealth software, etc. Healthcare management and data exchange is enabled by such integration. Analytical technologies commonly integrated with veterinary software to provide insightful information about patient demographics, treatment outcomes, and clinical performance can help hospitals optimize their operations and share these findings make data-driven decisions. Various technological advances that drive innovation, improve software integration, and improve the overall performance of these veterinary software systems and impact the market. Healthcare facilities can use these insights to improve their operations and make data-driven decisions.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The veterinary software market is segmented by product type, type, deployment, practice type, end user, and region. Based on product type, the market is segmented as practice management software (PMS), veterinary practice management software, veterinary imaging software, veterinary telehealth software, and others. Based on type, the market is segmented as integrated software and standalone software. Based on deployment, the market is segmented as on-premises and cloud. Based on practice type, the market is segmented as exclusive small animal practices, mixed animal practices, exclusive large animal practices, exclusive equine practices, and exclusive bovine practices. Based on end user, the market is segmented as hospitals/clinics, reference laboratories. Based on Region the market is segmented as, North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Analysis by Product Type
The practice management software (PMS) segment led the market with the highest revenue share of 56.80% in 2023, supported by observing standard practices and numerous healthcare guidelines recorded by this system due to its widespread use in the clinics and hospitals in developed and developing countries. In addition to helping with billing and billing, inventory management, inventory management, and treatment plan management, it also monitors patient health status and consequently drives PMS benefits and operational efficiencies high. These factors are expected to fuel the growth of the market during the forecast period. Improvements in strategic planning by key players are expected to drive segment expansion during the forecast period. For example, MWI Animal Health launched an enhanced the PetPage Patient Portal, a web and mobile application platform for the pet wellness, in May 2023. The software is delivered to the Program through MWI's cloud-based AllyDVM veterinary software suite is for veterinary agencies and their customers for make it easier for pet owners to communicate by allowing them a smartphone remotely.
The veterinary telehealth software segment is expected to grow at the fastest pace at a CAGR of 19.65% during the forecast period, owing to increasing demand for telehealth services and adoption of telemedicine in veterinary practice.Together, the increasing adoption of centralized virtual consulting is driving the rapid growth of this segment. The veterinary telehealth software segment is playing a transformative role in the veterinary software market, significantly enhancing how veterinary services are delivered. As pet owners demand more convenient and convenient care for their animals, telehealth solutions provide essential access for remote consultations, assessments and follow-up appointments. This software allows veterinarians to with pet owners communicate via video calls, messages and digital notifications, allowing for customization, reduced visitation requirements, especially for routine inspections or non-emergency situations.
Veterinary telehealth software also streamlines the assessment process by allowing veterinarians to remotely assess a pet’s condition quickly and determine if hospitalization is warranted. It also helps veterinary agencies run their business more efficiently. The software is especially useful in rural or underserved areas where access to veterinary services is limited. Facilitating remote monitoring expands veterinary practices, allowing services to be delivered to a wider population.
Analysis by Practice Type
The exclusive small animal practices segment led the veterinary software market growth with the largest revenue share of 60.37% in 2023. This segment includes software revenue from veterinary services for small companion animals (dogs and cats) as their primary care source. Veterinarians and veterinary clinics can better manage their daily activities and provide higher quality veterinary care with the help of specialized equipment of small animal PMS support. The key drivers of market growth in this segment are factors a production, software integration and increasing practice management opportunities in small animal practices.
For example, spending on pets in 2013 was $57.8 million, according to November 2023 data from the U.S. Department of Agriculture. According to the Bureau of Labor Statistics. By the end of 2021, this amount has grown to $102.8 million, an increase of 77.9% in just 8 years. This shows how the importance of equipment, advanced systems, and above all programs and software has increased. Major companies are introducing new products to the market due to the growing veterinary interest in small-animal software.
The mixed animal practices segment plays an important role in the demand for veterinary software, as these practices deal with a variety of species including companions, livestock, and exotic species. The demand of veterinary software providers is pushing to develop scalable, flexible solutions to meet these demands.
Additionally, mixed-animal practices are increasingly adopting mobile-enabled cloud-based veterinary software to increase accessibility and streamline collaboration in both clinical and field settings. This capability provides veterinarians can access critical information remotely, improving the quality and speed of care, especially for livestock animals. Consequently, growth in the livestock business mix segment includes innovation and flexibility from software providers, expanding the capacity of the veterinary software industry to handle a variety of veterinary applications a extends the solution.
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North America dominates the veterinary software industry with a revenue share of 35.85% in 2023. The presence of well-established competitors and the increasing need for maintenance from veterinary hospitals to support the daily operations and it is driving this market. This lets you know the number of patients, appointments, and routine tasks that go along with running a veterinary clinic. With so many big animal health companies, the U.S. has a lot to offer in the market forecast. Growing innovations in veterinary software are expected to help expand the veterinary software market industry. For example, in April 2023, DaySmart Software acquired ReCPro Software, a specialist leisure management software provider, expanding its portfolio to support the leisure vertical. The purpose was to provide ReCPro customers with DaySmart based solutions cloud based and customer service -Strengthened to service departments.
The veterinary software market in Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. The market is expanding rapidly in Asia-Pacific, which can be attributed to the increasing number of pets, demand for animal products and increasing incidence of viral diseases including veterinary practices in developing countries such as China and India and to save time and focus on patient care. Software is gradually adopted. Availability of well-established competitors and cutting-edge software solutions has helped the market expansion significantly. For example, FUJIFILM Healthcare Asia-Pacific Pte. Ltd. expanded its healthcare business in Thailand in February 2023. As part of a single facility, Total Healthcare Solution, the company unveiled cutting-edge diagnostic image and case solutions with cutting-edge medical image analysis & Artificial Intelligence.
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Drivers
Increasing Adoption of Pet Insurance
Growing Need for Effective Behavior Management
Restraints
Initial High Cost of Implementing Software
Lack of Technical Knowledge
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There is intense competition in the veterinary software market growth due to the presence of well-established companies and new start-ups. These organizations are actively pursuing strategic initiatives aimed at increasing their market share and market presence. Large and small businesses use different strategies to gain competitive advantage. Furthermore, advanced and comprehensive support management strategies can be facilitated through strategic alliances and collaborative software development partnerships with other players in the industry.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the veterinary software market share is growing exponentially due to increasing adoption of pet insurance and demand for effective behaviour management. However, high implementation costs and the lack of technical expertise are limitations for the small hospitals. Key trends such as the integration of cloud-based solutions and AI are changing veterinary practice, enabling access and technological advancements. These trends are driving the digital revolution in the industry and promise to improve veterinary services and enhance the quality of care. Veterinary clinics are looking for veterinary software that allows them to connect effortlessly to external databases and other platforms, such as imaging software, telehealth software, etc. Healthcare management and data exchange is enabled by such integration. Analytical technologies commonly integrated with veterinary software to provide insightful information about patient demographics, treatment outcomes, and clinical performance can help hospitals optimize their operations and share these findings make data-driven decisions. A variety of technological advances that create new services, improve software integration, and enhance the overall performance of these veterinary software systems. Continued efforts to integrate healthcare and IT to create useful technologies for consumption, diagnose and treat the effects of diseases in human animals.
Report Metric | Details |
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Market size value in 2022 | USD 1,292 Million |
Market size value in 2031 | USD 3352.9 Million |
Growth Rate | 12.66% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Veterinary Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Veterinary Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Veterinary Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Veterinary Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45A2369
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