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Veterinary Software Market Size, Share, Growth, Outlook Report 2024 To 2033
Veterinary Software Market
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According to The Business Research Company's, The veterinary software market size has grown strongly in recent years. It will grow from $0.92 billion in 2023 to $0.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increase in pet ownership, regulatory compliance needs, enhanced patient care, integration with laboratory services, business management efficiency.
The veterinary software market size is expected to see strong growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to telemedicine adoption, focus on preventive care, increased data analytics use, interoperability and integration, expansion of specialty services. Major trends in the forecast period include electronic health records (EHR) for animals, remote monitoring of animal health, inventory management for veterinary clinics, client communication and education platforms, compliance with veterinary regulations.
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Market Drivers and Trends:
The surge in spending on animal health is expected to propel the growth of the veterinary software market. Pet owners across the globe are considering their pets as part of their family and are spending equally on their health. The increase in animal spending and the growing number of pets are allowing hospitals and clinics to spend more on veterinary software to provide a seamless and customer-friendly experience. For instance, according to the report published by Finmasters 2022, a Romania-based media company, 2 out of 3 American households have pets which equals to 90.5 million houses in 2021, and Americans spent $124 billion on pets overall in 2021 which is 17% rise from the previous year. Such an increase in health spending is expected to boost the veterinary software market during the forecast period.
Technological advancements are a key trend gaining popularity in the veterinary software market. The companies operating in the veterinary software market are focusing on developing innovative products with advanced technologies to increase the operational capabilities of entities operating in the veterinary care sector. For instance, in January 2022, Covetrus Inc., a US-based provider of animal health products and related services, launched Covetrus Pulse, an innovative cloud-based veterinary operating system. Covetrus Pulse creates, renews, and approves the prescriptions; personalizes dashboards; customizes them with preferred third-party apps; and communicates with co-workers and clients through a central operating system. All of this information is stored in the cloud, through which data can be retrieved as and when required.
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Major Key Players of the Market:
Henry Schein Inc., Zoetis, Patterson Companies Inc., Covetrus Inc., IDEXX Laboratories Inc., Carestream Health Inc., 2i Nova, MWI Animal Health, Sure Petcare, Ezyvet Ltd., Hippo Manager Software Inc., Timeless Veterinary Systems, Petabyte Technology, ImproMed, Finnish Net Solutions Oy, Clientrax, Business Infusions, Vetspire, Firmcloud Corporation, OR Technology, Vetter Software Inc., Animal Intelligence Software Inc., VetZ Limited, Via Information System, VetVision, Quantified Veterinary Care, GalaxyVet, Animal Practice Management Solutions, Masterpiece Veterinary
Veterinary Software Market 2024 Key Insights:
• The veterinary software market size is expected to see strong growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Rising Pet Health Expenditure Fuels Growth In Veterinary Software Market
• Tech Advancements Propel Growth Of Veterinary Software Market
• North America was the largest region in the veterinary software market in 2023
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