Healthcare Medical Devices Biotechnology

Veterinary Software Market is Expected to Reach USD 1,095.2 Million by 2031

May 2024

Healthcare Medical Devices Biotechnology

As per the report published by Kings Research, the global Veterinary Software Market was valued at USD 546.7 Million in 2023 and is projected to reach USD 1,095.2 Million by 2031, growing at a CAGR of 9.09% from 2024 to 2031.

The rising purchasing power of individuals is fostering a rise in pet ownership across the globe, particularly notable in developing economies. Moreover, increasing awareness of animal health and well-being is creating a strong demand for efficient veterinary care. Veterinary software emerges as a critical solution, streamlining practice management, enhancing data-driven decision-making, and improving communication with pet owners. The Asia-Pacific region is projected to witness exponential growth, spurred by factors such as favorable government initiatives promoting digitalization in veterinary practices and a growing focus on zoonotic disease control. Established markets such as North America and Europe, with high software adoption rates, are exhibiting a strong demand for sophisticated, integrated solutions that leverage cloud-based technologies while prioritizing data security. This globalized landscape necessitates a nuanced approach from veterinary software companies, requiring them to adapt their offerings to cater to regional variations in veterinary infrastructure, technological maturity, and regulatory frameworks. As the market matures, the integration of telehealth and advanced diagnostics is poised to revolutionize veterinary care delivery, thereby further propelling market expansion and fostering innovation.

Key Insights

  • Based on product type, the veterinary imaging segment held the largest market share of 44.81% in 2023
  • Based on practice type, the exclusive large animal practices segment generated the highest revenue of USD 322.1 million in 2023
  • Based on delivery mode, the on-premiss segment is anticipated to account for the largest market share of 62.00% by 2031
  • On the basis of region, Europe is likely to register a substantial CAGR of 9.49% over 2024-2031

IDEXX Launches New Platform for Vector-Borne Diagnostics

November 2023: IDEXX Laboratories, Inc., a prominent player in the pet healthcare advancement, revealed plans for the imminent release of the SNAP® Leish 4Dx® Test. This test offers a thorough screening for vector-borne diseases, encompassing canine leishmaniosis.

Increasing Animal Welfare and Prevalence of Animal Diseases to Aid Veterinary Software Market Growth

With rising awareness of animal welfare standards among pet owners and regulatory bodies, there is growing pressure on veterinary practices to deliver high-quality care and adhere to ethical treatment practices. Veterinary software solutions play a crucial role in supporting these efforts by enabling practitioners to efficiently manage patient records, track treatments, and monitor health trends. Moreover, the prevalence of animal diseases, including zoonotic diseases, emphasizes the need for accurate diagnosis, timely intervention, and effective disease management strategies. Veterinary software platforms equipped with advanced diagnostic tools, data analytics capabilities, and disease-tracking modules empower veterinarians to make informed decisions, implement preventive measures, and safeguard animal health.

Expansion of Telemedicine Services to Offer Promising Opportunities for Veterinary Software Market Development

The COVID-19 pandemic accelerated the adoption of telehealth solutions across various industries, such as veterinary medicine, leading to increased acceptance and demand for remote veterinary care. Telemedicine enables veterinarians to offer virtual consultations, follow-up appointments, and remote monitoring services, thereby enhancing accessibility and convenience for pet owners, while reducing the need for in-person visits. By integrating telemedicine features into the software platforms, veterinary software providers are capitalizing on this growing trend and are meeting the evolving needs of modern veterinary practices. Additionally, telemedicine presents new revenue streams for veterinary clinics, allowing them to expand their reach beyond traditional geographical boundaries and serve a broader client base.

Europe Captured a Prominent Market Share of 27.03% in 2023

Based on region, the global veterinary software market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Europe accounted for a significant share of the market in 2023 and is likely to showcase notable growth over the estimated timeframe. The region boasts a well-established veterinary infrastructure, supported by high pet ownership rates, particularly prevalent in Germany, France, and the UK. According to FEDIAF, the European pet food industry federation, the canine population in Germany alone grew from 11.9 million in 2020 to approximately 14 million in 2023, highlighting the rising demand for veterinary services. This has fostered a strong demand for efficient practice management software solutions that streamline workflows and optimize operations. Furthermore, several European governments are actively promoting digitalization in veterinary practices through financial incentives and policy initiatives, which is propelling the demand for veterinary software. Moreover, increasing integration of veterinary software with pet insurance platforms is projected to facilitate regional market growth. This integration is likely to create more streamlined processes for pet owners, allowing them to manage appointments, claims, and pet health information within a single ecosystem.

Companies Launch Cutting Edge Products to Expand Their Market Reach

The global veterinary software market is fragmented with key players such as IDEXX Laboratories, Inc., Hippo Manager, Nordhealth Finland Oy, Henry Schein, Inc., Covetrus, Engel Engineering Services GmbH, VitusVet, Oehm und Rehbein GmbH, Instinct Science, LLC, Asteris, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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