Global Veterinary Software Market is expected to register a CAGR of 7.46% during the forecast period, with a market value of USD 804.94 Million by 2027.
Veterinary software is a system, which is used by veterinarians to manage the veterinary practice. The software is developed to improve the performance of veterinary practice through the easily accessed and well-organized computerized system. Diagnostic software gives access to lab technicians. Vets have all the information they need for monitoring the health of pigs or poultry. Inventory management software is used in hospitals clinics to track the inventory, including sales tracking, stock level management, purchase order creation/tracking, and tracking margins, among others. The rise in companion animal ownership, growing prevalence of animal diseases, and rise in pet insurance with increasing animal health expenditure are expected to drive the growth of the global veterinary software market. However, lack of government encouragements for software acceptance and unwillingness to adopt the latest technologies are expected to hamper the growth of the market.
The veterinary software programs show that the market’s rise is because of the splendid performance of the market segments based on which, the veterinary software market has been divided.
The Global Veterinary Software Market, by Software Type, has been segmented into practice management software, diagnostic software, inventory management software, and others. The global veterinary software market, by deployment, has been segmented into on-premises and cloud based. The global veterinary software market, by data type, has been segmented into patient EMR (Pets), medical supplies stock data, customer data, and others. The global veterinary software market, by end-user, has been segmented into veterinary hospitals clinics, research laboratories, educational institutes, and others.
Global Veterinary Software Market, on the basis of region, is divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas accounted for the largest share in the Global Veterinary Software Market. The largest share is majorly attributed to the increased adoption of practice management software, rise in veterinary healthcare expenditure, increasing demand for pet insurance, and growing pet ownership. According to the report published by the American Pet Products Association, from 2017 to 2018, 68% of the US households or 85 million families have a pet. Europe is the second-largest market for veterinary software owing to the presence of large market players, innovative advanced technologies, increasing companion animal ownerships, and the presence of veterinaries.
The Asia-Pacific region is the third-largest market owing to the presence of large animal population, growing disposal income, increasing nuclear families preferring to have pets and rise in investments by the American and European market players in countries such as China and India. Moreover, the accepted and established pet food industry is fueling the growth of the veterinary software market in this region. The market in the Middle East Africa is constrained due to the poor development of the animal industry and the low productivity of most of the breeds in the region.
Key Findings of the Study
- The Global Veterinary Software Market was valued at USD 21 Million in 2019 and is expected to register a CAGR of 7.46% during the assessment period of 2019 to 2027
- The Americas accounted for the largest share of the global veterinary software market
- Based on the software type, the practice management software segment is expected to register the highest CAGR of 7.95% during the forecast period
- Based on deployment, the cloud-based segment is expected to register the highest CAGR of 8.53% during the forecast period
- Based on data type, the patient EMR segment accounted for a larger market share in 2019
- Based on end user, the veterinary hospitals clinics segment accounted for a larger market share of 59.76% in 2019
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