Veterinary Practice Management Software Market
Number of pages: 100 | Report Format: PDF | Published date: April 26, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 310.35 million |
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Revenue Forecast in 2031 |
US$ 624.85 million |
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CAGR |
7.6% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Delivery Mode, Practice Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary practice management software market was valued at US$ 310.35 million in 2022 and is expected to register a revenue CAGR of 7.6% to reach US$ 624.85 million by 2031.
Veterinary Practice Management Software Market Fundamentals
Veterinary practice management software is a technology that aids in administering a veterinarian clinic's day-to-day activities. Traditionally, it enables the capture of patient demographics, appointment scheduling, and the essential day-to-day tasks of Veterinary operations. However, their abilities and roles have grown to the point that they are now essential to veterinary practice. They are being utilized in veterinary clinics and hospitals to simplify processes, decrease duplicate procedures, and generate informative business and operational data that are incredibly beneficial for making decisions for the company.
The primary goal of any practice management is to establish credibility by attracting and maintaining as many patients as possible while offering outstanding care. Veterinary practitioners spend much money and effort on documentation throughout this procedure. The paperwork will be drastically reduced with veterinary practice management systems. It will save the trouble of stacking files, flipping through hundreds of pages, and performing things manually. In small practices, the veterinarian does the majority of their duties. In the absence of a good veterinary practice management system, someone may wind up spending a significant amount of time on pointless tasks such as paperwork, which can divert the attention away from the main goal of business. Even in large-scale practices with several divisions managing diverse activities, paperwork occupies much of the subject specialists' time.
The majority of veterinary practice management systems are robust enough to assure compliance with numerous health and financial requirements. It is well known that such criteria differ between countries, and only a few practice management systems from large countries are compatible with these standards. In the absence of a comprehensive PMS (practice management system), it is extremely feasible to overlook some, resulting in a non-compliance concern.
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Veterinary Practice Management Software Market Dynamics
The growing demand for practice management systems (PMS) from veterinary practitioners is a major driver of market expansion. Furthermore, greater knowledge of the benefits of using software solutions and an increase in pet owners clinical visits are projected to drive the use of software solutions in veterinary offices in future years. The animal health sector is influenced by increased companion pet ownership and health concerns. Another development driver is an increasing emphasis on the efficiency and safety of animal production.
PMS system developers provide comprehensive solutions for managing a veterinarian's office, including scheduling and record keeping. According to data released by the American Veterinary Medical Association, around 68,000 veterinarians in North America and roughly 22,000 in the United Kingdom practice privately. This figure is likely to rise higher throughout the projection period. This growth in the number is expected to drive demand for these solutions for managing operations in clinics and reference laboratories.
For example, according to a Japan Pet Food Association poll, dog, and cat ownership increased by 15% in 2020 compared to the previous year. As of October 2020, an estimated 8.49 million dogs and 9.64 million cats were maintained as pets in Japan. As a result, demand for virtual pet care visits increased during the pandemic, resulting in the widespread use of veterinary software solutions. The number of pet owners has grown dramatically over the years, and this trend is projected to continue in the future years. According to the American Pet Products Association, around 33% of pet owners had a dog, and 27% had a cat.
Veterinary Practice Management Software Market Ecosystem
The global veterinary practice management software market is analyzed from the following perspectives by delivery mode, practice type, end user, and region.
Veterinary Practice Management Software Market by Delivery Mode
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Based on delivery mode, the global veterinary practice management software market into on-premises, cloud/web-based.
Due to their cheap cost and extensive availability, on-premises solutions will dominate the whole market. However, due to the related benefits, the cloud/web-based solutions market is expected to grow at a profitable CAGR throughout the projection period. Users have remote access to health information, and these solutions assist in reducing the risk of information misuse. Cloud-based practice management systems are the most modern and cost-effective software options for pet health practices. The veterinary region has followed in the human healthcare sector's footsteps, contributing to the total market growth. Furthermore, the growing animal health expenditure globally, the rising pet population, an increase in the number of veterinary practitioners, and the high demand for animal-derived food products, combined with the availability of pet insurance, are driving the practice management software segment. The emergence of novel solutions that provide accurate and timely results is also predicted to promote PMS adoption in the coming years.
Veterinary Practice Management Software Market by Practice Type
Based on the practice type, the global veterinary practice management software market into small animal practices, large animal practices, mixed animal practices, food-animal veterinarians.
With the increased need for cost-effective solutions to preserve livestock health, the food-producing animal segment had the lion's share. The growing need for such solutions from veterinarian medicine makers to regulate the production process, preserve product storage and quality information, and monitor activities such as pharmacovigilance is driving market expansion. According to the Edible and Agriculture Organization, edible animal products account for one-third of human protein intake in emerging nations. This increases demand for boosting cattle production, which is vital to satisfy the nutritional demands of the world's rising population. These reasons are driving the category collectively.
Veterinary Practice Management Software Market by End User
Based on the end user, the global veterinary practice management software market into veterinary hospitals, ambulatory veterinary services, referral & specialty practices.
The veterinary hospital segment is likely to expand rapidly as the global population increases. As a result, techniques for checking product quality are becoming increasingly important.
The rising demand for practice management software in developing economies raises the demand for various software. The segment is likely to expand due to significant expenditures in research and development and favorable reimbursement circumstances.
Veterinary Practice Management Software Market by Region
Based on the region, the global veterinary practice management software market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
The North American market has the highest revenue share, which will likely continue during the projection period. The existence of well-established enterprises, modern healthcare IT infrastructure, and pet owners' high spending capacity account for most of this segment's revenue share. There are several prospects for PMS implementation in this region, providing attractive potential for investors in this market. The growing number of pet health organizations, such as the global small animal veterinary association, together with increased pet care expenditure by people and governments, will likely drive market expansion in this region even further.
Some of the reasons driving the growth of the veterinary software market in the nation include key product releases, a high concentration of market participants or manufacturers' presence, acquisitions and collaborations among significant players, and the rising adoption of pets. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association, approximately 69.0 million Americans own a dog, 45.3 million own cats, 11.8 million own freshwater fish, 9.9 million own birds, 6.2 million own small animals, 5.7 million own reptiles, 3.5 million own horses, and 2.9 million own saltwater fish. With the rising ownership of pets and livestock, Americans have become more concerned about the health of these animals.
The Asia Pacific market is expected to grow the fastest revenue CAGR during the forecast period due to rising demand for veterinary practice management due to the region's constantly growing livestock population, demand for animal-derived food products, and rising pet adoption. Unmet clinical demands and rising awareness among patients and practitioners are projected to drive market expansion in the future years. Furthermore, the urgent need to address healthcare challenges caused by the increasing prevalence of zoonotic illnesses and the necessity to manage disease outbreaks are expected to drive market expansion.
Veterinary Practice Management Software Competitive Landscape
Because of the increased need for practice management software, the market is seeing serious competition. This market has grown because of substantial expansion plans, regional expansions, new product development, mergers and acquisitions, and joint research activities. To strengthen their position in the global market, established businesses are investing in imaging software, pursuing tactics such as mergers and acquisitions, and engaging in joint operations with hospitals and local players. Some of the prominent market players in the global practice management software market include,
Veterinary Practice Management Software Strategic Development
Veterinary practice management software is a technology that aids in administering a veterinarian clinic's day-to-day activities. Traditionally, it enables regular capture of patient demographics, appointment scheduling, and the essential day-to-day tasks of Veterinary operations.
Asia Pacific is the key growth region in the global veterinary practice management software market.
Product innovation and software integration and increasing opportunities for practice management are driving market growth.
The revenue CAGR of the veterinary practice management software market during the forecast period will be 7.60%.
Some of the prominent market players in the global practice management software market include COVETRUS, INC., Hippo Manager Software, Inc., and IDEXX Laboratories, Inc.
*Insights on financial performance are subject to the availability of information in the public domain