Global Veterinary Software Market Grows at a Staggering CAGR of 6.36%

Introduction

The needs of veterinarians require software that does more than optimize practice administration. A few of the capabilities in veterinary software include integrations with animal clinics and hospitals, a drug database for use by veterinary-focused pharmacies, improved processes and compliance monitoring, and client interface tools. For veterinarians to give full attention to their work, veterinary software should make animal care faster and easier. Several different kinds of veterinary software are available, some of which are made specifically for use with veterinary practice management systems and others that can stand independently.

Market Dynamics

Increase in Companion Animal Ownership Drives the Global Market

An animal kept as a pet by its owner for emotional and social companionship is considered a companion animal. A growing number of people worldwide are bringing pets into their homes. With their positive effects on human health, pets considerably boost the quality of life and living for their owners. Due to this trend, there has been a massive uptick in the number of homes that include pets. As pet ownership becomes more mainstream, so makes the demand for veterinary software. The rising pet-owning population is a significant factor propelling the veterinary software market.

Growth Opportunities in Emerging Markets Creates Tremendous Opportunities

Opportunities in underserved emerging economies like China, Brazil, and India are likely to boost the growth of the veterinary software industry as more people in those nations become concerned about the welfare of their animals. Therefore, the worldwide market for veterinary software and imaging systems is anticipated to grow. Moreover, the growing awareness of the importance of employing imaging and practice management systems is contributing to expanding the market in countries like India, where the number of qualified veterinary professionals is rising. One reason the veterinary software business is growing in low-income nations is the affordability of solutions like these.

Regional Analysis

North America is the most significant shareholder in the global veterinary software market. Faster Internet is increasingly in demand as more people use cloud services. The adoption of lockdowns in data centers has also opened up a new market for software-based balancing solutions, which is expected to increase the demand for veterinary software. It is a mature market and the most prosperous part of the Americas. The market for veterinary software is also expected to grow thanks to the maturation of the pet health insurance sector and the introduction of more lenient pet insurance policies.

Europe is expected to grow during the forecast period. The veterinary software market in Europe is analyzed, focusing on the countries of Germany, France, the United Kingdom, and the rest of Europe. As a result of advances in Europe's healthcare system, various veterinary applications have been implemented, raising the bar for animal treatment throughout the continent. Increasing demand for veterinary services, increased numbers of veterinarians, and higher animal healthcare prices have contributed to Europe's thriving veterinary software business.

The rising demand for pet ownership and the resulting rise in public awareness of the necessity of animal care bodes well for the veterinary imaging market in the Asia-Pacific region. Increases in per capita income, improved animal health spending, the increasing value of livestock animals, the increasing demand for protein-rich animal food, rising meat, and dairy product consumption, and a rise in the number of veterinary hospitals equipped with advanced imaging systems are all contributing factors to the expansion of the market in the Asia-Pacific region. Growth in the market is expected to be spurred by factors such as the growing popularity of pet ownership and the increasing need for advanced imaging systems.

Key Highlights

• The global veterinary software market was valued at USD 1594 million in 2022. It is projected to reach USD 2776 million by 2031, growing at a CAGR of 6.36% during the forecast period (2023–2031).
• Based on product, the global veterinary software market is bifurcated into veterinary practice management software, veterinary imaging software, and others. The veterinary practice management software segment is the highest contributor to the market.
• Based on type, the global veterinary software market is bifurcated into integrated software and standalone software. The integrated software segment is the highest contributor to the market.
• Based on deployment, the global veterinary software market is bifurcated into on-premise and cloud. The on-premise segment is the highest contributor to the market.
• Based on practice, the global veterinary software market is bifurcated into exclusive small animal practices, mixed animal practices, and exclusive large animal practices. The exclusive small animal practices segment is the highest contributor to the market.
• Based on end-user, the global veterinary software market is bifurcated into hospitals/clinics and reference laboratories. The hospitals/clinics segment is the highest contributor to the market.
• North America is the most significant shareholder in the global veterinary software

Competitive Players

1. Animal Intelligence Software Inc.
2. Onward Vet
3. Veterinary Information Systems
4. ClienTrax
5. VetZ GmbH (Heska Corporation)
6. Hippo Manager Veterinary Software Inc.
7. IDEXX Laboratories Inc.
8. Henry Schein Inc.
9. Covetrus Inc.
10. Patterson Companies Inc.
11. Esaote SpA.

Recent Developments

Recent Developments

• May 2024 - In order to meet the issues facing the veterinary business head-on, Evette, the pioneer in veterinary relief staffing, announced a partnership with Shepherd Veterinary Software, the Practice Information Management System (PIMS) with the fastest growth in the United States. Veterinarians and veterinary technicians are experiencing extreme burnout and turnover because of the veterinary industry's decades-long lag behind human healthcare.
• February 2024 - The world leader in innovative pet healthcare, DEXX Laboratories, Inc. (NASDAQ: IDXX), announced the release of Vello. This software program uses cutting-edge digital tools to provide a smooth connection between veterinary clinics and their customers. Vello is the only pet owner engagement solution designed specifically for IDEXX practice management software. It allows veterinarian practices that utilize ezyVet®, Neo®, and Cornerstone® software to interact with pet owners effectively through a unified, user-friendly platform.

Segmentation

1. By Product Type
   1. Practice Management Software
   2. Imaging Software
   3. Telehealth Software
   4. Others
2. By Delivery Mode
   1. Cloud-Based
   2. On-premise
3. By Practice Type
   1. Exclusive Small Animal
   2. Mixed Animal
   3. Exclusive Large Animal
   4. Others
4. By End-User
   1. Veterinary Hospitals & Clinics
   2. Research Laboratories & Academic Institutes
   3. Others