Veterinary Software Market size to grow by USD 184.07 million from 2023-2027, Analyzing market growth in practice management software segment, Technavio

NEW YORK, March 27, 2024 /PRNewswire/ -- The global veterinary software market size is estimated to grow by USD 184.07 million 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 witnessing rapid growth due to its ability to streamline workflows and enhance patient care. With its affordability and effectiveness 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 of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 40%.  

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Segment Overview
Technavio has segmented the market based on type, Product (Practice management software and Imaging software), Deployment (On-premise and Cloud-based), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The practice management software (PMS) segment is poised for significant growth, particularly in veterinary practices. Valued at USD 232.68 million in 2017, it's expected to surge due to increased demand and affordability. PMS streamlines workflows, enhances patient care, and shortens treatment times by providing direct access to diagnostic results. Advanced software unifying clinic operations further drives adoption rates. These benefits are projected to fuel segment growth and subsequently propel the global market during the forecast period.

Geography Overview
By geography, the global veterinary software market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global veterinary software market.

• North America is expected to contribute 40% to the global market growth during the forecast period. The US dominates the region's market due to factors like increased pet ownership, rising pet insurance, and technological advancements in veterinary diagnostics. The market expansion is further propelled by a growing number of veterinary practices and the adoption of innovative software solutions. These factors collectively drive the growth of the North American veterinary software market in the forecast period.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) 

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What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong

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Market Dynamics

The rising pet population is notably driving market growth:

The increasing pet population is a major driver of market growth. With more households worldwide adopting pets, particularly dogs in the US, Brazil, and India, there's a growing demand for pet care and veterinary services. Studies show that pet ownership enhances 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.

• Rising awareness about disease prevention and pet insurance is driving market growth. Pet owners are increasingly concerned about their pets' well-being, leading to higher demand for veterinary visits and diagnostics. Preventive healthcare for pets is gaining popularity globally, with veterinary software aiding in data storage and analysis.
• High costs pose a significant challenge to market growth. Software expenses include hardware, server upkeep, database maintenance, installation, support, and upgrades. Server-based or cloud-based options vary in price, with server-based models requiring additional IT professionals, adding to expenses and hindering market growth.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)

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What are the key data covered in this Veterinary Software Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Veterinary Software Market between 2023 and 2027
• Precise estimation of the size of the Veterinary Software Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Veterinary Software Market industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Veterinary Software Market vendors

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Analyst Review:

The Veterinary Software Market is witnessing significant growth, driven 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, enabling veterinarians to focus more on patient care.

Practice Management Systems (PMS) like Covetrus and Ascend are pivotal in managing clinical visits efficiently, with Covetrus being a prominent player in the market. The market outlook remains positive, especially with the rising popularity of cloud-based software solutions, which offer greater flexibility and accessibility.

Product innovations 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 among the key market players, offering automation capabilities to enhance 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 both on-premises and web/cloud-based segments, catering to diverse consumer preferences.

Companies like Weave and Patterson Veterinary's NaVetor are making significant strides in the market through product launches and delivery model enhancements. Overall, the Veterinary Software Market is poised for continued growth, fueled by ongoing product innovations and increasing demand for efficient practice management solutions.

Market Overview:

The Veterinary Software Market is witnessing rapid growth, driven by the increasing adoption of advanced technology in veterinary clinics worldwide. Veterinary software plays a crucial 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 enhance communication with pet owners. Key market players like Covetrus, Ascend, and Shepherd Veterinary Software are driving product innovations, particularly in cloud-based software and software integration. With rising consumer demand for efficient patient communication and automation capabilities, veterinary PMS solutions are gaining traction across the globe. The web/cloud-based segment is experiencing significant growth, reflecting consumer preferences for flexible and accessible software delivery models. Companies like Weave are capitalizing on this trend with strategic product launches to meet the evolving needs of the veterinary industry.

Related Reports:

The global preclinical animal telemetry market size is estimated to grow by USD 21.55 million at a CAGR of 5.69% between 2023 and 2028.  

The global veterinary pain management market size is estimated to grow by USD 800.12 million, at a CAGR of 6.99% between 2023 and 2028. 

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SOURCE Technavio