The veterinary software market is projected to reach USD 594 million by 2022 from USD 421 million in 2017, at a CAGR of 6.1%.
The growth of Veterinary Software market is majorly driven by factors such as the rising companion animal ownership, growing animal healthcare expenditure, growing product innovation and software integration, and the consolidation of the veterinary healthcare industry.
The veterinary software market is segmented into veterinary practice management software, veterinary imaging software, and other software. The veterinary practice management software segment accounted for the largest share of the market in 2017. The demand for this software is higher among veterinarians as it helps reduce the possibilities of errors and improve the cost-efficiency of operations.
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The veterinary software market is segmented into exclusive small animal practices, mixed animal practices, and exclusive large animal practices. The exclusive small animal practices segment dominated the market in 2017 and is estimated to grow at the highest CAGR during the forecast period. This can primarily be attributed to the increasing companion animal population and the rising annual spending on pet care in developed countries.
In 2017, North America was the largest regional market for veterinary software, followed by Europe. The high demand for veterinary software in North America can primarily be attributed to the growing demand for quality pet care in the region. Also, the growing awareness about veterinary software and the easy availability of veterinary software & services are the major factors that are expected to drive market growth in North America during the forecast period.
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The veterinary software market is a fragmented market, with several large as well as emerging players operating in it. The prominent players in the veterinary software market include Henry Schein (US), IDEXX Laboratories (US), Patterson Companies (US), Vetter Software (US), Animal Intelligence Software (US), Timeless Veterinary Systems (Canada), Brittons Wise Computers (US), ezyVet Limited (New Zealand), FirmCloud Corporation (US), MedaNext (US), OR Technology (Oehm Und Rehbein GmbH, Germany), VIA Information Systems (US), Hippo Manager Software (US), Finnish Net Solutions (Finland), Carestream (Canada), and ClienTrax (US). These players are adopting various organic and inorganic growth strategies, such as product launch & product upgradation, agreements, partnerships, and collaborations to strengthen their product portfolios and expand their presence in the market.