The global veterinary software market is expected to reach USD 594.3 million by 2022 from USD 442.5 million in 2017, at a CAGR of 6.1%. The growth of this market is mainly driven by rising companion animal ownership and demand for pet insurance with growing animal health expenditure. Growing product innovation and software integration by market players to help their clients with better practice outcomes, and the growing consolidation of the veterinary healthcare industry are the key drivers for the global veterinary software market.
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The veterinary software market is segmented on the basis of product, type, delivery model, practice type, end user, and region. By product, the market is segmented into veterinary practice management software, veterinary imaging software, and other software. In 2017, the veterinary practice management software segment commanded the largest share of the global veterinary software market. Veterinary practice management software helps veterinarians in appointment management, billing & invoicing, boarding management, maintaining patient records, prescription labeling, and treatment management. This software reduces the possibilities of error and the overall cost of a veterinary healthcare facility. Such factors are likely to drive the market for veterinary practice management software.
Based on delivery model, the market is segmented into on-premise model and web-based/cloud-based model. In 2017, the on-premise model segment accounted for the largest share of the market. The large share of this segment can be attributed to the advantages of the on-premise delivery model, such as the low risk of data breach, flexible connection bandwidth, and the availability of easy customization options.
Based on practice type, the market is segmented into exclusive small animal practices, mixed animal practices, and exclusive small animal practices. The exclusive small animal practices segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be attributed to the increasing number of small pet owners and rising annual spending on pet care in developed countries.
Based on type, the market is segmented into integrated software and standalone software. In 2017, the integrated software segment accounted for the largest share of the veterinary software market. This segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be attributed to various advantages offered by these systems such as ease of use, real-time data availability, flexibility, increased patient compliance and safety, elimination of interfacing cost between software, and regulated workflow in hospitals.
Based on end user, the market is segmented into veterinary hospitals & referral practices, clinics & ambulatory practices, and specialty & emergency hospitals. The veterinary hospitals and referral practices segment accounted for the largest of the global veterinary software market in 2017. This large share can be attributed to the extensive usage of veterinary software for the preparation, management, and analysis of patient databases for daily/weekly/annual animal hospital visits, monitoring veterinarians, and for easy and quick data accessing and sharing.
The global veterinary software market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to continue to dominate this market and grow at the highest CAGR during the forecast period. The large share of the North American market can be attributed 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.
