A new report by MarketsandMarkets projects that the global veterinary software market will grow at a compound annual growth rate (CAGR) of 6.1% from 2017 to 2022. The growth drivers include rising companion animal ownership and demand for pet insurance. However, lack of government incentives and reluctance among some veterinarians to adopt new technologies could restrain market growth.
The veterinary software market can be segmented by product, delivery model, practice type, end user, and region. Practice management software is the largest and fastest growing product segment. This software helps vets with tasks like appointment booking, billing, medical records, and prescription management. The software reduces errors and costs, fueling its popularity.
Most customers still prefer the on-premise delivery model over cloud-based systems. On-premise systems are perceived to have lower data breach risks, more flexible bandwidth, and better customization options compared to the cloud. However, web and cloud-based systems are gaining share due to their lower upfront costs, easier upgrades, and data centralization capabilities.
Exclusive small animal practices make up the fastest growing market segment by practice type. The large and increasing number of small pet owners, coupled with higher spending on small animal vet care, is driving growth in this segment.
North America dominates the global market, holding a 60.6% share in 2017. Growing pet ownership, rising spending on quality care, increasing awareness of software benefits, and a large number of veterinarians make North America the highest growth region.
The top three companies in veterinary software are Henry Schein, IDEXX Laboratories, and Patterson Companies. Henry Schein leads with a 36.5% global market share thanks to its comprehensive portfolio and acquisitions strategy. Recent partnerships in the market include Henry Schein acquiring eVetPractice and Vetter Software partnering with Pawprint.
In summary, increasing pet ownership and insurance are fueling rapid growth for veterinary practice management and imaging software. Web and cloud-based delivery models are gaining share. North America will see the fastest regional growth at over 6% CAGR. Major players are pursuing acquisitions and partnerships to access new capabilities and customers.
SOURCE:https://www.marketsandmarkets.com/Market-Reports/veterinary-software-market-186264514.html
