(PharmaNewsWire.Com, September 01, 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.
Market Dynamics
Opportunity: Web-based/cloud-based models
In the veterinary software market, web-based/cloud-based software are gaining traction as they offer advantages such as low upfront, maintenance, and operational costs; data centralization capabilities; greater level of interoperability; storage flexibility; and automatic software upgradation. Though only a limited number of players are currently offering web-based/cloud-based veterinary software, several existing players as well as new entrants are focusing on this market segment to leverage the potential growth opportunities. The limited number of companies in this market segment is offering players the opportunity to strengthen their market positions by effectively catering to the demand for web-based/cloud-based veterinary software and services.
Challenge: Meeting region-wise requirements for software functions
In 2017, the US dominated the global veterinary software market with a share of 60.6%. Major players cater primarily to the US market and offer veterinary practice management software for all types of hospitals and clinics in the country. However, these software do not provide support for emerging countries such as India and China as their functions and reporting are designed as per the US government’s taxes and laws. Since data, reporting, and function requirements differ from country to country, market players have to modify their standard software with respect to the specific requirements in other countries. This is a major challenge faced by veterinary software vendors focusing on offering products and services across the globe.
North America was the largest regional market for veterinary software in 2017
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.
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.
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