(PharmaNewsWire.Com, August 29, 2020 ) [169 Pages Report] MarketsandMarkets forecasts the veterinary software market to grow from USD 442 million in 2017 to USD 594 million by 2022, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period.
The major factors that are expected to be driving the veterinary software market are rising companion animal ownership and demand for pet insurance with growing animal health expenditure. However, lack of government incentives for the adoption of veterinary software, reluctance of veterinarians towards adopting new technologies, and lack of awareness about veterinary software in the developing countries are restricting the growth of this market.
The North America veterinary software market is expected to grow at the highest CAGR during the forecast period
North America is expected to witness the highest growth from 2017 to 2022, owing to the growing demand for quality pet care. This, in turn, is encouraging veterinarian practices to adopt technology solutions such as digital imaging systems and veterinary practice management software for better diagnosis. Other growth factors include growing awareness about veterinary software and the easy availability of veterinary software and services in this region. This is because most vendors operating in this market have operations in North America. The increasing number of veterinarians is also a major driver for the veterinary software market in North America.
Key Market Players
The veterinary software market in 2016 was dominated by top 3 players, namely, Henry Schein, IDEXX Laboratories, and Patterson Companies.
Henry Schein led the global veterinary practice management software market in 2016 with a market share of 36.5%. The leading position of the company can be attributed to its exhaustive product portfolio and strong geographic presence. Additionally, Henry Schein is a well-established company and one of the leading brand names in the animal health market. The company has an established customer base of over 1 million spread across 33 countries, which gives it a competitive edge in the market. The company focuses on inorganic growth strategies to enhance its market position, such as acquisitions that allow it to access the capabilities of complementary businesses and expand geographically. Some examples of the company’s acquisitions are eVetPractice (2017), RxWorks (2016), and Vetstreet (2016).
In 2017, Vetter Software partnered with Vetstoria to integrate Vetter’s practice management solution with Vetstoria’s online appointment booking solution In 2017, Vetter Software partnered with Pawprint, (the mobile pet health app) to integrate Vetter’s practice management solution with Pawprint’s client engagement tools In 2017, Finnish Net Solutions signed an agreement with Tolnagro Ltd to distribute the Provet Cloud veterinary practice management system in Hungary. In 2016, Patterson Companies signed partnership agreement with Vetter Software to develop eShelf, a cloud-based software that provides veterinarians with a way to manage inventory in their clinics. The software allows veterinarians to set alerts for product reorders and place orders with Patterson directly from their Vetter Software accounts In 2016, Patterson Companies signed partnership agreement with VetSuccess as per which VetSuccess will join Patterson’s Signature Solutions Solutions suite of products and services providing Patterson’s customers access to customized VetSuccess reports
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