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Pharmacy benefit management market
Veterinary Management Software Market Report Overview
The global veterinary management software market size expanded rapidly in 2021, as per our research, the market is expected to generate substantial revenue by 2031, with a robust CAGR during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the veterinary management software market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Veterinarians employ veterinary management software to assist with back-office tasks including accounting and payments as well as treatment planning, patient information management, scheduling, and patient communication. Veterinary hospitals, referral practices, and mobile veterinary clinics all use this software to help with daily operations. The veterinary management software market has been thought to benefit from rising pet ownership, rising chronic and infectious disease risks in companion and livestock animals, and rising numbers of strategic alliances resulting in product innovation and software integration.
Another veterinary management software market growth driver is the increasing attention being paid to the effectiveness and safety of livestock production. The creators of PMS systems provide comprehensive administration options for veterinary practices, including the upkeep of schedules and records. According to information provided by the American Veterinary Medical Association, there are about 22,000 veterinarians working privately in the United Kingdom and about 68,000 in North America. Over the projection term, this number is expected to rise even more. The need for these solutions for managing operations in clinics and reference laboratories is predicted to rise as a result of this increase in the number.
COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth
According to estimates, the COVID-19 outbreak will significantly slow veterinary management software market expansion. Veterinary services are typically regarded as vital services and were nevertheless available throughout the shutdown. As a result, veterinary clinics have continued to generate revenue, which has significantly aided in the expansion of the veterinary management software market. With lockdown and social segregation measures implemented all around the world, the COVID-19 epidemic drastically altered patients' daily routines. Unsurprisingly, the adoption of companion animals saw a rise due to the loneliness and mental health issues that the majority of people suffered throughout the pandemic.
LATEST TRENDS
"Expanding Pet Ownership to Boost Market Growth"
The most cutting-edge and economical software options for veterinary businesses are cloud-based management systems. The veterinary industry has been following in the footsteps of the healthcare industry for people, contributing to the expansion of the veterinary management software market as a whole. Also, the veterinary management software market is primarily driven by expanding pet ownership, an increase in veterinarians, an increase in the number of veterinary clinics, and a strong demand for foods derived from animals, all of which are accompanied by the availability of pet insurance. Throughout the next years, it is also anticipated that the emergence of creative solutions that provide precise and quick results would accelerate the use of PMS.
Veterinary Management Software Market Segmentation
- By Type Analysis
As per the type, the market is classified as on-premise and cloud-based. Due to their low cost and wide availability of these services, on-premise solutions had a revenue share of over 50.0% in 2021 and dominated the veterinary management software market share as a whole.
- By Application Analysis
Based on application, the market is segmented as follows: Veterinary hospitals, Veterinary Clinics, and Others. Veterinary hospitals dominate the veterinary management software market share.
DRIVING FACTORS
"Increasing Use of Information Technologies to Facilitate Market Development"
Throughout the past few decades, the increasing use of information technologies in healthcare operations has fundamentally altered how patients are cared for. By allowing hospitals and clinics to directly obtain test data from diagnostic labs, new veterinary management software significantly reduces treatment times and makes life easier for pet owners. Such online data exchange improves treatment effectiveness and reduces the risk of a medical error. Additionally, it is anticipated that the advent of technologically advanced software that provides solutions on a single platform for all processes in veterinary clinics would help the adoption rate rise.
"Rising Veterinary Professionals to Promote Industry Progress"
The increasing use of information technologies market is expanding mostly as a result of the rising veterinary professionals' need for Practice Management Systems (PMS). The use of veterinary management software in veterinary practices is also anticipated to increase in the next years due to rising knowledge of the advantages of doing so and the number of clinical visits by pet owners. Growth in the number of people keeping pets as companions and worries about pet health has an impact on the animal health business.
RESTRAINING FACTORS
"Lack of Awareness to Hinder Market Growth"
The development of the veterinary management software market is being constrained by factors such as a lack of government incentives for the adoption of veterinary software, a lack of awareness regarding advanced imaging software solutions for veterinary surgeries, and a reluctance among veterinarians in developing nations to adopt new technologies. These platforms are more expensive because they come with the full system, hardware, and software package. The expansion of on-premise services is anticipated to be constrained by this.
Veterinary Management Software Market Regional Insights
"Increase in Demand to Propel Market Progress in North America"
The greatest revenue share, which was over 40% in the North American veterinary management software market in 2021, is anticipated to remain there for the duration of the projection period. The highest revenue share of this market is attributed to the presence of well-established businesses, sophisticated healthcare IT infrastructure, and the high spending capacity of pet owners. In this area, there are many chances for the adoption of PMS, which presents profitable opportunities for industry investors. Another anticipated veterinary management software market growth in this region is the expansion of pet health organizations such as the International Small Animal Veterinary Association, as well as increased consumer and government spending on pet care.
KEY MARKET PLAYERS
"Market Players Focus on New Product Launches to Strengthen Market Position"
Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Covetrus Software Services (U.K)
- Digitail (U.S.)
- Vetter Software (U.S.)
- Vetstoria (U.K)
- Vetport (U.S.)
- ClienTrax Software (U.S.)
- Patterson Veterinary (U.S.)
- DVMAX (Belgium)
- OpenVPMS (Australia)
- VIA Information Systems (U.S.)
- VetBlue (U.S.)
- Vetstreet (U.S.)
- Virtual Recall (U.K)
- VETbuddy (U.S.)
- VitusVet (U.S.)
REPORT COVERAGE
The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.
Frequently Asked Questions
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What value is the veterinary management software market expected to touch by 2031?
Based on our research, the veterinary management software market is projected to generate substantial revenue by 2031.
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What CAGR is the veterinary management software market expected to exhibit by 2031?
The veterinary management software market is expected to exhibit a robust CAGR by 2031.
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What are the driving factors of the veterinary management software market?
The increasing use of information technologies and the rising number of veterinary professionals are the driving factors in the veterinary management software market.
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Which are the top companies operating in the veterinary management software market?
Covetrus Software Services, Digitail, Vetter Software, Vetstoria, Vetport, ClienTrax Software, Patterson Veterinary, DVMAX, OpenVPMS, VIA Information Systems, VetBlue, Vetstreet, Virtual Recall, VETbuddy, and VitusVet are the top companies operating in the veterinary management software market.