Veterinary Software Market Reach to USD 2.01 Billion by 2027 | Top Players such as - ClienTrax, Covetrus & Vetspire
Veterinary Software Market
Factors driving market are rising companion animal ownership, veterinary surgeries, pet insurance with growing animal health expenditure in developed countries.
PORTLAND, PORTLAND, OR, UNITED STATE, May 12, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " The Veterinary Software Market Reach to USD 2.01 Billion by 2027 | Top Players such as - ClienTrax, Covetrus & Vetspire." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global veterinary software market size was valued at USD 1.31 billion in 2019, and is projected to reach USD 2.08 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
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Rise in companion animal ownership, increase in need for streamlining daily tasks in veterinary hospitals, and surge in expenditure on animal health fuel the growth of the global veterinary software market. On the other hand, lack of veterinary infrastructure facilities in underdeveloped countries impedes the growth to some extent. However, growing adoption of cloud-based technologies and potential opportunities in developing markets are anticipated to pave the way for lucrative opportunities in the coming years.
The global veterinary software market is segmented into product type, deployment, software type, practice type, end user, and region. By product type, it is divided into veterinary practice management software, veterinary imaging software and others. In terms of type, it is bifurcated into integrated software and stand-alone software. Depending on deployment, it is categorized into cloud and on-premise. According to practice type, the veterinary software market is segregated into exclusive small animal practices, mixed animal practices and exclusive large animal practices. Exclusive large animal practices are further divided into equine and bovine practices. As per end user, it is fragmented into hospitals or clinics and reference laboratories. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on product type, the veterinary practice management software segment contributed to nearly two-fifths of the total market share in 2019 and is expected to rule the roost by the end of 2027. At the same time, the veterinary imaging software segment would exhibit the fastest CAGR of 7.7% throughout the forecast period.
Based on deployment, the on premise segment held the lion's share in 2019, generating more than two-thirds of the global market. The cloud segment, on the other hand, is projected to showcase the fastest CAGR of 7.8% from 2020 to 2027.
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Based on geography, North America accounted for more than two-fifths of the total market revenue in 2019 and is expected to lead the trail by 2027. Simultaneously, Europe would grow at the highest CAGR of 7.7% during the forecast period. The other two provinces analyzed in the report include North America and LAMEA.
The key market players analyzed in the global veterinary software market report include ClienTrax, Covetrus, Inc., Hippo Manager Software Inc., IDEXX Laboratories, Inc., MWI Animal Health, Patterson Companies Inc., Vetspire, Inc., VIA Information Systems, Vetter Software, Inc., Animal Intelligence Software, Inc., Three Plus Group, Timeless Veterinary Systems, Petabyte Technology, and VetZ GmbH. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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Impact of COVID-19 on Veterinary Software Market:
● The outbreak of Covid-19 led to increased demand for companion animals, since most of the people are working from home and they have adequate time to spend with their pets. This has been utterly advantageous for the veterinary software industry.
● At the same time, the global market for veterinary software is expected to boom even post pandemic, as the software offers custom client communications and telehealth & remote monitoring solutions.
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