Veterinary Software Market size is projected to reach $2.08 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Veterinary Software Market by Product Type, Deployment, Type, Practice Type, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,” the global market was valued at $1.31 billion in 2019, and is projected to reach $2.08 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

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Veterinary software is mainly used to manage and streamline the operations in veterinary and equine practices, clinics, hospitals, and laboratories. They provide functionalities such as automated billing, appointment scheduling, reminders, patient records management, inventory management, and more.

Factors such as rise in companion animal ownership, increase in awareness regarding animal healthcare, rise in spending on animal welfare initiatives, growing adoption of advanced technologies in veterinary industry across the world are driving the demand of global veterinary software market.

The exclusive small animal practices segment is anticipated to hold the majority of the veterinary software market share in 2027 due to large number of companion animal owners, increasing popularity of pet keeping, rise in awareness of pet health, and large number of small animal practice clinics/hospitals across the world.

The veterinary practice management software accounted for the highest share among product type segment in veterinary software industry in 2019. This is attributed to the increasing need for streamlining the day-to-day operations in the veterinary clinic or hospitals. Further, requirement for automating appointment scheduling, online payment integration, invoicing, inventory management, imagery records management are also influencing the need for this software.

As per region, the global veterinary software market size was dominated by North America in 2019 and is expected to maintain this trend during the forecast period. Factors such as presence of leading companies designing veterinary software in North America and majority of digitalization adoption in animal healthcare sector in this region are the major drivers for the veterinary software market growth in this region. In addition, rise in demand for veterinary practice management solutions is propelling the growth in this region.

Although lockdown has been enforced in majority of the countries around the world, the healthcare industry is expected to remain operational, as it is considered under essential services. With alarming increase in cases of coronavirus in 2020, many players have adopted various business and marketing strategies. For instance, in March 2020, IDEXX launched the series of webinars featuring practice managers and owners discussing strategies and real-world tactics to help veterinarians respond and deliver continued care during COVID-19 pandemic. Some of the key vendors in the veterinary software market are witnessing increased revenue due to spike in demand for veterinary practice management solutions.

Key Findings Of The Study

By product type, the veterinary practice management segment accounted for highest share in 2019.
On the basis of veterinary software deployment, the cloud segment is expected to witness highest CAGR during the forecast period.
Depending on type, the integrated software segment accounted for the highest veterinary software market size in 2019.
As per practice type, the exclusive small animal practices segment is anticipated to exhibit highest growth during the forecast period.
In terms of end user segment, hospitals/clinics held the largest share in veterinary software market in 2019.
Region wise, North America accounted for the highest revenue in 2019; however, Asia-Pacific is anticipated to exhibit highest growth during the veterinary software market forecast period.
The global veterinary software market analysis includes some of the key market players such as Animal Intelligence Software, Inc., ClienTrax, Covetrus, Inc., Hippo Manager Software Inc., IDEXX Laboratories, Inc., MWI Animal Health, Patterson Companies Inc., Petabyte Technology, Three Plus Group, Timeless Veterinary Systems, Vetspire, Inc., Vetter Software, Inc., VetZ GmbH, and VIA Information Systems.

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This release was published on openPR.