Veterinary Software Market: Unlocking Growth Secrets, Trends and Developments [2029]

According to TechSci Research, the global veterinary software market stood at USD 849.21 million in 2023 and is anticipated to grow at a CAGR of 7.75% through 2029.

Manhattan , 04/07/2024 (informazione.it - comunicati stampa - industria)

Introduction

According to TechSci Research, the global veterinary software market stood at USD 849.21 million in 2023 and is anticipated to grow at a CAGR of 7.75% through 2029. This growth is driven by the increasing number of pet owners globally, rising awareness about pet health, and a surge in demand for veterinary services. Veterinary software is becoming essential in delivering comprehensive care by enabling practitioners to efficiently manage patient records, schedule appointments, track vaccinations, and communicate with clients about their pets' health needs. The market is further fueled by the shift towards pet insurance and wellness plans, encouraging regular veterinary care and the adoption of advanced veterinary software solutions.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Veterinary Software Market”

Industry Key Highlights

Growth Drivers

Several key factors are propelling the growth of the veterinary software market. Product innovations, software integration, and increasing opportunities for practice management are at the forefront. According to the Veterinary Hospital Managers Association (VHMA) report published in 2021, the demand for more advanced equipment, processes, and systems has increased in response to the growing demand for pet care. Veterinarians are increasingly accepting and acknowledging the importance of professional management of veterinary practices using advanced and integrated software. This has encouraged key players to introduce innovative product lines in the market.

Technological Advancements

Technological advancements are significantly influencing the veterinary software market. Efforts are ongoing to integrate healthcare and IT to develop technologies beneficial for the management, diagnosis, and treatment of diseases in both humans and animals. These software solutions offer robust analytical capabilities that provide insights into patient demographics, treatment outcomes, and clinic performance. Veterinary clinics are seeking software that can integrate seamlessly with external databases and other platforms such as imaging software and telehealth solutions. This integration facilitates healthcare administration and data exchange, enabling clinics to optimize their operations and make data-driven decisions.

Integration Capabilities

Existing veterinary software offers integration with multiple other software in the market. This allows users to streamline data entry, retrieval, and various other tasks. For example, ezyVet Veterinary Software by Idexx Laboratories integrates with various other veterinary software for categories like finance & analytics, insurance, controlled drugs management, diagnostics, telemedicine, online pharmacy, patient care, and reference labs. Such integrations enable comprehensive management of veterinary practices, ensuring all necessary features are available for use.

Increasing Adoption and Market Penetration

The increasing number of veterinarians and the adoption of veterinary software by these professionals are also positively impacting the market. According to data published by the American Veterinary Medical Association in 2021, over 68,000 veterinarians in North America and around 22,000 in the United Kingdom were practicing privately. This number is expected to increase over the forecast period, fueling the demand for solutions to manage operations in clinics and reference laboratories. Veterinary practice software has been experiencing rapid technological advancements, integrating with diagnostic and laboratory equipment to streamline data, lab results, and images directly into a patient's medical record, which can be shared remotely with other veterinary practitioners for various purposes.

Emerging Trends

Cloud-Based Solutions

One of the significant emerging trends in the veterinary software market is the shift towards cloud-based solutions. These solutions offer the advantage of remote accessibility, enabling veterinarians to access patient records and manage practice operations from anywhere, anytime. Cloud-based software improves operational efficiency, reduces errors, and enhances overall practice productivity by automating routine tasks and centralizing data management.

Electronic Health Records (EHR) Systems

The implementation of electronic health records (EHR) systems is becoming increasingly prevalent in the veterinary industry, driven by regulatory requirements and the need for standardized record-keeping practices. Veterinary software solutions provide comprehensive EHR functionality, enabling practitioners to create, store, and manage patient records in compliance with industry regulations. These digital records improve data accuracy and accessibility, facilitate collaboration among veterinary professionals, and support continuity of care by providing a complete medical history of each patient.

Telemedicine and Telehealth

Telemedicine and telehealth are gaining traction in the veterinary software market. Platforms like Airvet and VetChip allow veterinarians to provide remote consultations and follow-up care, improving accessibility for pet owners and enhancing patient outcomes. The demand for telemedicine platforms is increasing, especially during the COVID-19 pandemic, as they provide a convenient and safe way for veterinarians to deliver care to their patients.

Top 10 Companies

Several companies are leading the veterinary software market, offering innovative solutions and contributing to the market's growth. Some of the major companies operating in the global veterinary software market are:

IDEXX Laboratories, Inc.
- Founded: 1983
- Headquarters: Westbrook, Maine, U.S.
- About: IDEXX Laboratories, Inc. is an American multinational corporation engaged in the development, manufacture, and distribution of products and services for the companion animal veterinary, livestock and poultry, water testing, and dairy markets.
Hippo Manager Software, Inc.
- Founded: 2012
- Headquarters: Lexington, KY
- Hippo Manager Software Inc. is a cloud-based veterinary practice management software. Hippo provides all the tools needed to run a clinic or hospital, including SOAP notes and medical records, a patient scheduler, reporting, point of sale, inventory, reminders, and more.
Antech Diagnostics, Inc. (Mars, Inc.)
- Founded: 1986
- Headquarters: Los Angeles, California, U.S.
- About: Antech Diagnostics, Inc. is a part of Mars, Inc. and provides diagnostic and imaging solutions.
Esaote SpA
- Founded: 1982
- Headquarters: Genoa, Italy
- Esaote SpA is an Italian company operating in the biomedical sector that deals with the design, production, sale, and maintenance of equipment for medical diagnostics.
Henry Schein, Inc.
- Founded: 1932
- Headquarters: Melville, NY
- Henry Schein, Inc. is an American distributor of health care products and services with a presence in 33 countries.
Patterson Companies, Inc.
- Founded: 1877
- Headquarters: Saint Paul, Minnesota
- Patterson Companies, Inc. provides products, technologies, services, and business solutions to oral and animal health customers in North America and the U.K..
ClienTrax
- Founded: 1987
- Headquarters: Grove City, Ohio, United States
- About: ClienTrax provides veterinary technology solutions.
Digitail Inc.
- Founded: 2016
- Headquarters: Palo Alto, California, United States
- About: Digitail is redesigning how pet care is delivered in today’s world.
Vetspire LLC (Thrive Pet Healthcare)
- Founded: 2010
- Headquarters: Greater New York Area, East Coast, Northeastern US
- About: Vetspire provides veterinary technology solutions.
DaySmart Software Inc.
- Founded: 1999
- Headquarters: Ann Arbor, Michigan
- DaySmart is the leading provider of business management tools designed to make it easier for entrepreneurs to run and grow their businesses.

Competitive Analysis

The competitive landscape of the veterinary software market is characterized by the presence of several key players who are focusing on product innovations, strategic partnerships, and mergers & acquisitions to strengthen their market position. Companies like IDEXX Laboratories, Inc. and Henry Schein, Inc. are investing in research and development to introduce advanced software solutions that cater to the evolving needs of veterinary practices. Strategic acquisitions, such as Zoetis acquiring Virtual Recall, are enabling companies to expand their product offerings and enhance the level of services provided to pet owners.

Future Outlook

The future of the veterinary software market looks promising, with several positive developments expected to drive market growth over the forecast period. The increasing number of pet owners, rising awareness about pet health, and the adoption of advanced veterinary software solutions are anticipated to continue propelling the market. Technological advancements, such as the integration of artificial intelligence and machine learning in veterinary software, are expected to enhance diagnostic accuracy and treatment outcomes. Additionally, the growing trend of telemedicine and telehealth in veterinary care is likely to further boost the market.

Download Free Sample Report

Customers can also request for 10% free customization on this report

10 Benefits of the Research Report

Comprehensive Market Analysis: Provides an in-depth analysis of the global veterinary software market, including current trends, growth drivers, and market challenges.
Market Forecast: Offers a detailed forecast of the market's growth potential up to 2029.
Competitive Landscape: Analyzes the competitive landscape, highlighting the key players and their strategies.
Technological Insights: Examines the latest technological advancements and their impact on the veterinary software market.
Integration Capabilities: Explores the integration capabilities of various veterinary software solutions.
Regional Analysis: Provides a detailed analysis of the market across different regions, including Asia Pacific, North America, and Europe.
Emerging Trends: Identifies emerging trends and their potential impact on the market.
Market Segmentation: Offers insights into the market segmentation based on product, delivery mode, practice type, and end-use.
Future Outlook: Presents a comprehensive future outlook of the veterinary software market.
Investment Opportunities: Highlights potential investment opportunities and growth areas in the market.