(PharmaNewsWire.Com, May 19, 2020 ) The growth of this market is majorly driven by factors such as the rising companion animal ownership, growing animal healthcare expenditure, growing product innovation and software integration, and the consolidation of the veterinary healthcare industry.
The Veterinary Software market is projected to reach USD 594 million by 2022 from USD 421 million in 2017, at a CAGR of 6.1%.
Market Dynamics
+ Drivers
+ Rising Companion Animal Ownership
+ Growing Product Innovation and Integration for Better Practice Outcomes
+ Rising Demand for Pet Insurance with Growing Animal Health Expenditure
+ Growing Consolidation of the Veterinary Healthcare Industry
The veterinary software market is segmented into veterinary practice management software, veterinary imaging software, and other software. The veterinary practice management software segment accounted for the largest share of the market in 2017. The demand for this software is higher among veterinarians as it helps reduce the possibilities of errors and improve the cost-efficiency of operations.
The veterinary software market is segmented into exclusive small animal practices, mixed animal practices, and exclusive large animal practices. The exclusive small animal practices segment dominated the market in 2017 and is estimated to grow at the highest CAGR during the forecast period. This can primarily be attributed to the increasing companion animal population and the rising annual spending on pet care in developed countries.
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