(PharmaNewsWire.Com, June 10, 2020 ) Rising companion animal ownership and demand for pet insurance with growing animal health expenditure are the major factors driving the growth of veterinary software industry. However, lack of government incentives for the adoption of veterinary software, reluctance of veterinarians towards adopting new technologies, and lack of awareness about veterinary software in the developing countries are restricting the growth of this market.
The Veterinary Software Market is projected to reach USD 594 million by 2022 from USD 442 million in 2017, at a CAGR of 6.1%. North America is expected to register the highest growth rate during the forecast period mainly due to the growing demand for quality pet care in the region.
Veterinary practice management software segment dominated the market in 2017
Based on product, the veterinary software industry 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.
Exclusive small animal practices segment dominated the veterinary software industry, by practice type, in 2017
Based on practice type, 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.
Veterinary hospitals & referral practices were the largest end users of veterinary software in 2017
Based on end user, the veterinary software market is segmented into veterinary hospitals & referral practices, clinics & ambulatory practices, and specialty & emergency hospitals. Veterinary hospitals & referral practices were the largest end users of veterinary software in 2017.
This end-user segment is also estimated to grow at the highest CAGR during the forecast period majorly due to the extensive usage of veterinary software for the preparation, management, and analysis of patient databases for daily/weekly/annual animal hospital visits, monitoring veterinarians, and for easy and quick data accessing and sharing.
North America was the largest regional market for veterinary software in 2017
Geographically, the veterinary software industry is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2017, followed by Europe.
The growing awareness about veterinary software and the easy availability of veterinary software & services are the major factors that are expected to drive market growth in North America during the forecast period.
Leading Companies
Henry Schein (US), IDEXX Laboratories (US), Patterson Companies (US), Vetter Software (US), Animal Intelligence Software (US), Timeless Veterinary Systems (Canada), Brittons Wise Computers (US), ezyVet Limited (New Zealand), FirmCloud Corporation (US), MedaNext (US), OR Technology (Oehm Und Rehbein GmbH, Germany), VIA Information Systems (US), Hippo Manager Software (US), Finnish Net Solutions (Finland), Carestream (Canada), and ClienTrax (US).
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