Skip to main content

Veterinary Software Market: Rising Companion Animal Ownership


The veterinary software market to grow from USD 442 million in 2017 to USD 594 million by 2022, at a CAGR of 6.1% during the forecast period.

 

Rising companion animal ownership and demand for pet insurance with growing animal health expenditure are the major factors that are expected to be driven by the veterinary software market. 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.

MarketsandMarkets forecasts the veterinary software market to grow from USD 442 million in 2017 to USD 594 million by 2022, at a CAGR of 6.1% during the forecast period.

Driver: Rising companion animal ownership

Over the years, the number of pet owners has increased significantly across the globe, and this trend is expected to continue in the coming years. According to the American Pet Products Association’s 2017– 2018 National Pet Owners Survey, 68% of households (84.6 million) in the US owned a pet. The canine population in the US increased from 69.90 million in 2012 to 89.70 million in 2016, while the feline population increased from 74.05 million in 2012 to 94.20 million in 2016. Similarly, according to the European Pet Food Industry Federation (FEDIAF), the canine population in Germany increased from 5.30 million in 2012 to 8.60 million in 2016, whereas the feline population in the country increased from 11.80 million in 2014 to 13.40 million in 2016. In the UK, as of 2017, 44% of households own pets (Source: Pet Food Manufacturers Association).

Restraint: Lack of Government incentives

The veterinary software market has minimal support from governments across the globe. In the US, the adoption rate of veterinary software is very low as compared to healthcare IT (HCIT) tools such as human EHR. This can be attributed to the lack of incentives or funding provided for implementing veterinary software. The slow adoption rate of veterinary software will make it difficult for small vendors to break even in the market. Moreover, in developing regions such as the Asia Pacific and Latin America, government support for the implementation of veterinary software is very low. This makes it difficult for companies to operate in these regions. Thus, the lack of government incentives is restraining the growth of the veterinary software market.

Download a PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=186264514

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.

Request a Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=186264514

Key Market Players

Henry Schein, Inc. (US), IDEXX Laboratories, Inc. (US), Patterson Companies, Inc. (US), Vetter Software, Inc. (US), Animal Intelligence Software, Inc. (US), Timeless Veterinary Systems, Inc. (Canada), Britton's Wise Computer, Inc. (US), ezyVet Limited (New Zealand), FirmCloud Corporation (US), OR Technology (Oehm Und Rehbein GmbH) (Germany), VIA Information Systems (US), Hippo Manager Software, Inc. (US), Finnish Net Solutions (Finland), Carestream Health (Canada), and ClienTrax (US).

 



###

This news release was originally published at EmailWire.com:
https://www.emailwire.com/release/1112981-Veterinary-Software-Market-Rising-Companion-Animal-Ownership.html#

Comments

Post a Comment

Popular posts from this blog

Muralidharan Venkataraman Joins Accely as a Global Delivery and Pre-Sales Head

DUBAI, UAE -- ( Arab Newswire ) --  Accely is pleased to announce the appointment of Muralidharan Venkataraman as Global Delivery and Pre-Sales Head. We strongly believe that his experience and expertise will strengthen Accely’s sales strategy and strategic positioning, allowing it to effectively provide customers with a superior value proposition and business solutions. Accely offers comprehensive SAP consulting services using modern methodologies and innovation, resulting in a combination of cutting-edge technology and expertise. Muralidharan has over three decades of experience working with one of the world's leading management and IT consultancies on projects related to Enterprise Application, Business, and Digital Transformation engagements for key players. As a provider of both products and services, his experience and, as well as ours, can complement each other with the unique selling point of our technical expertise, project management, and problem-solving abilities....
Post a Comment
Read more

Inaugural Saudi WoodShow 2024: Bridging Giga Projects with Wood and Woodworking Machinery Potential

  Riyadh, Saudi Arabia – ( ARAB NEWSWIRE ) -- As the Kingdom of Saudi Arabia embarks on its ambitious Giga projects, the inaugural Saudi International Wood and Woodworking Machinery Exhibition (Saudi WoodShow) is set to play a pivotal role in linking these grand endeavors with the burgeoning wood and woodworking machinery market. Organized under the banner of the renowned WoodShow Global platform, Saudi WoodShow is slated to take place in Riyadh from May 12 to 14, 2024. Saudi WoodShow capitalizes on Saudi Arabia's Giga projects, like NEOM and the Red Sea Development Project, fostering growth in the woodworking industry. With a projected 2.85% CAGR until 2028, the sector aligns with MENA's thriving construction market. McKinsey forecasts a tripling of Saudi Arabia's annual spending on projects, exceeding $175 billion by 2024. Current ventures, including NEOM and Red Sea resorts, value at $1.3 trillion, set to increase spending by $180 billion annually in 2026-2027. The WoodS...
Post a Comment
Read more

Accely Announces Appointment of Alok Bapna, Ex DXC/CSC Leader as President

Accely has appointed sales and new business development veteran Alok Bapna as its new President . DUBAI, UAE -- ( Arab Newswire ) -- At Accely, we will align his experience in the IT industry with our business goals to achieve new milestones. We look forward to utilizing his expertise in various areas so Accely can offer clients tailored and refined business solutions. Over the years, Accely has been recognized as a trustworthy SAP consulting service for its innovative solutions. With a new leader in the senior management, we can enrich our core services such as IT, enterprise application support, and consulting services. As a result of Alok's diverse experience, Accely can expand into wholesale, retail, consumer goods, life sciences, engineering and construction, and manufacturing markets. Alok's approach to leadership will enhance Accely's ability to solve business problems and deliver high-quality results. His ability to address and resolve issues in the IT industry is ...
Post a Comment
Read more