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(Health-NewsWire.Net, April 01, 2021 ) 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%.
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.
Market Dynamics
Driver: Rising companion animal ownership
Over the years, the number of pet owners has increased significantly across the globe, and this trend is expected to continue in the coming years. According to the American Pet Products Association’s 2017– 2018 National Pet Owners Survey, 68% of households (84.6 million) in the US owned a pet. The canine population in the US increased from 69.90 million in 2012 to 89.70 million in 2016, while the feline population increased from 74.05 million in 2012 to 94.20 million in 2016.
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Restraint: Lack of Government incentives
The veterinary software market has minimal support from governments across the globe. In the US, the adoption rate of veterinary software is very low as compared to healthcare IT (HCIT) tools such as human EHR. This can be attributed to the lack of incentives or funding provided for implementing veterinary software. The slow adoption rate of veterinary software will make it difficult for small vendors to break even in the market.
Opportunity: Web-based/cloud-based models
In the veterinary software market, web-based/cloud-based software are gaining traction as they offer advantages such as low upfront, maintenance, and operational costs; data centralization capabilities; greater level of interoperability; storage flexibility; and automatic software upgradation. Though only a limited number of players are currently offering web-based/cloud-based veterinary software, several existing players as well as new entrants are focusing on this market segment to leverage the potential growth opportunities.
Challenge: Meeting region-wise requirements for software functions
In 2017, the US dominated the global veterinary software industry with a share of 60.6%. Major players cater primarily to the US market and offer veterinary practice management software for all types of hospitals and clinics in the country. However, these software do not provide support for emerging countries such as India and China as their functions and reporting are designed as per the US government’s taxes and laws.
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The North America veterinary software market is expected to grow at the highest CAGR during the forecast period
North America is expected to witness the highest growth from 2017 to 2022, owing to the growing demand for quality pet care. This, in turn, is encouraging veterinarian practices to adopt technology solutions such as digital imaging systems and veterinary practice management software for better diagnosis. Other growth factors include growing awareness about veterinary software and the easy availability of veterinary software and services in this region.
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). These players are adopting various organic and inorganic growth strategies, such as product launch & product upgradation, agreements, partnerships, and collaborations to strengthen their product portfolios and expand their presence in the market.
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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