As per our research analysis, the Global Veterinary Software Market size was valued at USD 346.15 million in 2020 and is estimated to be growing at a CAGR of 5.5% to reach USD 452.4 million by 2025.
MARKET DRIVERS:
The rise in the companion of animal ownership and growth in the demand for the insurance of pets with healthcare expenditure are the significant factors that are driving the global veterinary software market.
The significant factor that is expanding the size of the veterinary software market is the rise in animal ownership companion. There is a rapid increase in the owners of pets across the globe, and expecting the expansion continues. As per the survey conducted by the National Pet Owners of the American Pet Products Association’s, in the U.S., 84.6 million are having the pet and becoming the owner of the pets. In the U.S., the canine population is increased from 69.90 to 89.70 million in the year 2012 to 2016 as the feminine growth is risen from 74.05 million to 94.20 million in the year 2012 to 2016. There is also development in countries like Germany and the UK. According to the FEDIAF (European Pet Food Industry Federation), the canine population is 5.30 million to 8.60 million from 2012 to 2016 in Germany. There is growth in the feline population that is 11.80 to 13.40 million from 2014 to 2016. Nearly 44% of the householders have their own pets in the UK country.
MARKET RESTRAINTS:
Across the globe, there is only minimal support for the veterinary software market by the government. Mainly the restraint of the veterinary software market is the lack of Government incentives. With a comparison of healthcare IT tools like human EHR, the US country is recording the low adoption rate of the veterinary software market. Because of the lack of incentives to implement the veterinary software. Startups and small companies operating in this market will face difficulties due to the slow adoption rate of veterinary software. However, there is a low rate of veterinary software in developed regions like Latin America, the Asia Pacific, making the companies difficult.
MARKET OPPORTUNITIES:
Web-based/ Cloud-based software is gaining traction due to the low upfront, maintenance, and capacity of the data centralization, flexibility of the storage, and significant levels of interoperability are the advantages. A limited number of players are offering the software of the veterinary based on the web-based/cloud-based. The market opportunities are growing potentially due to focusing on the new entrants. The options are to strengthen the market segment's positions by the limited number of companies to the players to grow the demand for web-based/cloud-based veterinary software and services.
MARKET CHALLENGES:
The veterinary software market is facing challenges such as meeting region-wise requirements for the software functions. Majorly the US region is dominating the veterinary software market globally with a share of 60.6%. Majorly the players in the US market are offering the practices of all the types, including the clinics and hospitals in the country. This software does not support emerging countries like India and China because they are designed as per the US government’s taxes and laws. There is a difference between country to country in functions like data, reporting, and requirements. In every country, they should modify the software standards with the specific needs of the players. These were the significant challenges facing the veterinary software market.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Type of Software, Delivery Model, Practice Type, End-User and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Challenges, Opportunities, Restraints, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This market research report on the global veterinary software market has been segmented and sub-segmented based on the type of software, delivery model, practice type, end-user, and region.
Veterinary Software Market - By Type of Software:
Veterinary Practice Management Software is the dominant segment by type of software due to its significant share of the highest CAGR in the market during the forecast period. Billing & invoicing, maintaining the patients' records, managing the veterinarian’s appointment, and labeling the management software provides the prescriptions. Reduction of the errors and overall cost are the driving factors of the veterinary practice management software.
Veterinary Software Market - By Delivery Model:
By the delivery model segment, the On-premise model is the dominant segment in the veterinary software market. The largest share is attributing by this segment with the advantages like flexible connection bandwidth, low risk of the data breach, and the availability of the customization in the ease way. These factors are contributing to the significant share in the veterinary software market.
Veterinary Software Market - By Practice Type:
Based on the practice type segment, the small animal practices segment contributes to the significant share of the veterinary software market's growth by recording the highest CAGR in the forecast period. The rise in the annual expenditure on pet care and the increasement in the small pet owners are the contributing factors in the small animal practices segment.
Veterinary Software Market - By End-Use:
Veterinary Software Market - By Region:
Geographically, In 2019, the North America region was holding a considerable revenue share and expecting that will maintain tit’s position all over the forecast period. Advance healthcare IT infrastructures, the Presence of the well-established companies, and spending on the pet by the owners are high were the responsible factors for the massive revenue by this region. A significant opportunity in this region is to implementing the PMS by offering enormous opportunities for investors.
Asia Pacific region is growing fruitfully with a high CAGR rate during the forecast period. Because increases in the demand for veterinary practice management, which results in the market for the animal-derived food products, continuity in growth of the livestock population and rise in the adoption of pets are the factors for growth in the region.
NOTABLE COMPANIES IN THIS MARKET
IDEXX Laboratories, Henry Schein, and Patterson Companies are the three dominating players in the Veterinary software market.
Among these three top companies, Henry Schein leads the significant share in veterinary software practices in the market globally, with 36.5%. The presence of the strong geography and exhaustive product portfolio are the attributing factors to lead the company as top one. Across the globe, Henry-Schein is the company with a well-established and having customer base of 1 million across the 33 companies, which has a competitive edge in the market. Acquisitions with companies like eVetPractice, Vetstreet, and RxWorks are the inorganic strategies followed by this company to expand its growth.
Some of the other promising companies leading the Global Veterinary Software Market profiled in this report are Britton's Wise Computer, Inc. (U.S.), Firmcloud Corporation (U.S.), Timeless Veterinary Systems, Inc. (Canada), ezyVET Limited (New Zealand), MedaNext Inc. (U.S.), and Animal Intelligence Software, Inc. (U.S.).
RECENT HAPPENINGS IN THIS MARKET:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product
5.1.1 Introduction
5.1.2 Practice Management Software
5.1.3 Imaging Software
5.1.4 Y-o-Y Growth Analysis, By Product
5.1.5 Market Attractiveness Analysis, By Product
5.1.6 Market Share Analysis, By Product
5.2 Delivery Model
5.2.1 Introduction
5.2.2 On-Premise
5.2.3 Web-based
5.2.4 Y-o-Y Growth Analysis, By Delivery Model
5.2.5 Market Attractiveness Analysis, By Delivery Model
5.2.6 Market Share Analysis, By Delivery Model
5.3 Practice Type
5.3.1 Introduction
5.3.2 Small Animal
5.3.3 Mixed
5.3.4 Large Animal
5.3.5 Equine
5.3.6 Y-o-Y Growth Analysis, By Practice Type
5.3.7 Market Attractiveness Analysis, By Practice Type
5.3.8 Market Share Analysis, By Practice Type
5.4 End-use
5.4.1 Introduction
5.4.2 Hospitals
5.4.3 Reference Laboratories
5.4.4 Y-o-Y Growth Analysis, By End-Use
5.4.5 Market Attractiveness Analysis, By End-Use
5.4.6 Market Share Analysis, By End-Use
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product
6.1.3.3 By Delivery Model
6.1.3.4 By Practice Type
6.1.3.5 By End Use
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product
6.1.4.3 By Delivery Model
6.1.4.4 By Practice Type
6.1.4.5 By End Use
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product
6.1.5.3 By Delivery Model
6.1.5.4 By Practice Type
6.1.5.5 By End Use
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Henry Schein, Inc.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Idexx Laboratories, Inc.
8.3 Patterson Companies, Inc.
8.4 Britton's Wise Computer, Inc.
8.5 Firmcloud Corporation
8.6 Timeless Veterinary Systems, Inc.
8.7 ezyVET Limited
8.8 MedaNext Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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