Veterinary Software Market Size to grow by USD 164.9 million between 2024-2028
According to a research report “ Veterinary Software Market” by Product (Practice management software, Imaging software) Deployment (On-premise, Cloud-based) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 164.9 million, at a CAGR of 5.41% during the forecast period. The global pet ownership trend is experiencing a notable surge, with approximately two-thirds of US households reporting at least one pet, the majority being dogs. The US pet population has witnessed substantial growth in the past decade, with dogs outnumbering cats. This trend is driven by the belief that pets contribute positively to their owners' lives. Notably, nations like China have made significant strides in pet ownership, transitioning from illegal to increasingly accepted practice. The pet industry, including veterinary software solutions, stands to benefit significantly from this growing demographic..
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By Product, the Practice management software segment is projected to dominate the market size in 2024
In the veterinary industry, practice management software (PMS) has become a crucial tool for healthcare professionals, accounting for the largest revenue share in 2023. This software streamlines workflows by assisting in documenting care protocols, managing billing and resources, tracking inventory, and overseeing treatment processes. By facilitating efficient workflow management, PMS significantly enhances the delivery of veterinary care. The integration of diagnostic laboratory results into veterinary software solutions further expedites treatment times, providing pet owners with a more convenient experience. The adoption of advanced information systems in veterinary practices has revolutionized animal healthcare, enabling veterinary hospitals and clinics to access crucial diagnostic data and improve overall patient care.
By Deployment, On-premise segment is expected to hold the largest market size for the year 2024
On-premises deployment of veterinary software is a preferred choice for many veterinary hospitals and related facilities due to its enhanced security features. With on-premises solutions, organizations retain full control over their software systems, as they are managed and maintained internally. Access to these systems is monitored and restricted, ensuring data confidentiality and security. Additionally, keeping confidential data in-house reduces the reliance on third-party cloud service providers and enables organizations to customize software solutions according to their unique requirements. Despite the advantages, the transition from on-premises deployment to cloud-based models is presenting a challenge to the growth of this segment.
North America is forecasted to hold the largest market size by region in 2024
The veterinary software market is experiencing significant growth due to the increasing demand for digital solutions in animal healthcare. This sector's expansion is driven by factors such as the need for efficient record-keeping, improved patient care, and regulatory compliance. Key players in this market are investing in advanced features, including telemedicine and electronic prescription management, to cater to evolving customer needs. The market's future looks promising, with a focus on innovation and integration with other healthcare systems.
The Veterinary Software Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The veterinary software market is experiencing significant growth due to the increasing demand for high-quality pet care and advanced technology in animal health. Veterinarians are increasingly adopting veterinary imaging software and digital imaging systems to enhance their diagnostic capabilities and provide better care for companion animals. According to market research, the global veterinary software market is expected to grow at a CAGR of 8.5% from 2021 to 2026, driven by factors such as rising animal health expenditure, companion animal ownership, and pet insurance. Veterinary software solutions offer various features such as inventory control, resource management, billing and invoicing, health guidelines, and practice management. These systems help veterinary clinics and hospitals streamline their operations, improve patient care, and increase efficiency. With the integration of digital imaging systems, veterinarians can easily access and analyze medical images, enabling faster and more accurate diagnoses. The use of veterinary software is essential for veterinary practices to stay competitive and provide the best possible care for their patients.
Market Research Overview
The veterinary software market is witnessing significant growth due to the increasing specific requirements of veterinarians for efficient and effective practice management. Standard software solutions are no longer sufficient as veterinary clinics and hospitals demand more advanced features such as automatic software upgradation, storage flexibility, interoperability, data centralization capabilities, customization options, and digital imaging systems for delivering quality pet care. The market is expanding in emerging countries with rising companion animal ownership, animal health expenditure, and pet insurance. The delivery model of veterinary software is shifting towards cloud-based solutions for operational efficacy and profitability. Veterinary imaging software is a crucial component of veterinary software, enabling decision-making through digital tools such as MRI, CT scans, and X-rays. The market caters to both large animal practices and small animal practices, with product developments focusing on specialized treatments, emergency care, inventory control, resource management, billing and invoicing, health guidelines, and patient data management. Important players in the veterinary software market include IDEXX Laboratories, Vetsuite, Zoetis, and Vetlandia. The market is witnessing significant product developments to enhance client experience through patient portals, appointment booking, and software integration. The market is also focusing on scalability and delivery mode to cater to independent clinics, multilocation veterinary hospitals, and practices of varying types and sizes.
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