Veterinary Software Market Size Worth $1.07 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 1, 2022 /PRNewswire/ -- The global veterinary software market size is expected to reach USD 1.07 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.0% from 2022 to 2030. An increase in the prevalence of zoonotic diseases is a key factor for the growth of this market. Rising prevalence has triggered the demand for animal health diagnostics and monitoring services, which is expected to propel market growth over the forecast period. The growing adoption of integrated software systems for diagnostics and treatment is anticipated to fuel the market growth over the following years.
Key Insights & Findings from the report:
- In terms of product, practice management software held the dominant share of over 65.0% in 2021 due to the benefits associated with its usage including medical record maintaining, billing, appointment scheduling, and follow up of patients
- The imaging software product segment is anticipated to register a lucrative CAGR over the forecast period due to an increase in investments from veterinary product manufacturers, coupled with the introduction of advanced solutions
- Based on practice type, food-producing animals accounted for the largest revenue share in 2021 owing to the increasing demand from consumers. The rise in the production of animal-based food products is expected to lead to a significant price reduction and help meet the increasing demand for these food products, globally. In addition, animal welfare organizations are consistently striving to achieve high food security
- By end use, reference laboratories are expected to register the fastest CAGR of 9.4% during the forecast period owing to the growing demand from veterinary practitioners
- The North American market held the dominant revenue share in 2021 owing to the increasing number of pet owners in this region
- The Asia Pacific market is anticipated to register a lucrative CAGR over the forecast period due to an increase in the number of mergers & acquisitions by established players in this region
Read 120 page market research report, "Veterinary Software Market Size, Share & Trends Analysis Report By Product (Practice Management Software, Imaging Software), By Delivery Mode, By Practice Type, By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Pet health information systems that enable real-time analysis of the prevalence of diseases will help researchers develop therapeutics. The incorporation of these solutions in laboratories is another growth propeller for veterinary reference laboratories. Moreover, zoonotic diseases pose a major public health burden, especially in tropical regions due to the lack of funds and healthcare infrastructure. An increase in the willingness to pay for animal healthcare is expected to fuel the adoption of animal health diagnostics and imaging software over the forecast period.
The practice management software product segment is expected to witness lucrative growth over the forecast period. Most veterinarians use veterinary practice management software in managing patient information, scheduling appointments, and treatment planning. The most common features of the practice management software include client-patient database, after-care instructions for clients, billing, boarding, client communications, capturing lost charges, electronic medical records, client reminders, electronic whiteboards, inventory control, and many others. For instance, in January 2021, Patterson Veterinary publicized a partnership with Talkatoo to provide cloud-based software that offers a user-friendly dictation solution for veterinary practices.
Market players are focusing on entering into partnerships and launching new products, thus contributing to the market growth. Citing an example, in January 2020, IDEXX Laboratories launched Rapid Digital Cytology. It helps in connecting veterinarians digitally at the global level and helps to receive cytology interpretation within a short period. Additionally, in June 2020, IDEXX Laboratories acquired ezyVet. With this acquisition, the company has expanded cloud software technology solutions.
IDEXX Laboratories; Patterson Companies, Inc.; and Henry Schein, Inc. held the dominant revenue share in the industry owing to their wide regional presence and technologically advanced product offerings. Competitive strategies such as new product developments, regional expansion, and mergers and acquisitions are expected to propel market growth. For instance, in August 2021, Petabyte Technology proclaimed a partnership to advance the lives of veterinarians, their teams, and pet parents through innovative software. Together, the two corporations proposed to advance the next development of Petabyte's software to revolutionize animal hospital operations and transform the pet parent experience.
Grand View Research has segmented the global veterinary software market on the basis of product, delivery mode, practice type, end use, and region:
- Veterinary Software Product Outlook (Revenue, USD Million, 2017 - 2030)
- Practice Management Software
- Imaging Software
- Veterinary Software Delivery Mode Outlook (Revenue, USD Million, 2017- 2030)
- Veterinary Software Practice Type Outlook (Revenue, USD Million, 2017 - 2030)
- Small Animals
- Mixed Animals
- Food-producing Animals
- Veterinary Software End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Reference Laboratories
- Veterinary Software Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- United Arab Emirates
List of Key Players of Veterinary Software Market
- IDEXX Laboratories, Inc.
- Hippo Manager Software, Inc.
- VetZ Limited
- Esaote SpA
- Henry Schein, Inc.
- Patterson Companies, Inc.
- VIA Information Systems
- Onward Systems, Inc.
Check out more studies related to veterinary healthcare solutions, published by Grand View Research:
- Veterinary Imaging Market – The global veterinary imaging market size was valued at USD 2.01 billion in 2018 and is expected to grow at a CAGR of 6.8% during the forecast period. An increase in demand for veterinary diagnostics is expected to fuel the demand as these devices are primarily used for disease diagnosis.
- Veterinary Telehealth Market – The global veterinary telehealth market size was valued at USD 119.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030. The growing adoption of these management systems can be attributed to the steady growth in the focus on veterinary telehealth along with disease detection.
Browse through Grand View Research's coverage of the Global Animal Health Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
Upcoming Life Sciences Events
- July 2022
- Piscataway: Bio-Manufacturing Innovation Summit
- BIO Asia-Taiwan
- August 2022
- Biotechgate Digital Partnering August 2022