Global Veterinary Practice Management Software Market - 2023-2030

Global Veterinary Practice Management Software Market - 2023-2030

Global Veterinary Practice Management Software Market reached US$ XX billion in 2022 and is expected to reach US$ XX billion by 2030 growing with a CAGR of XX% during the forecast period 2023-2030.

Practice management software streamlines, coordinates, and automates administrative tasks in various healthcare organizations. It is helpful in tracking information, managing electronic health records, medical billing, patient record management, appointment scheduling, and inventory management. It integrates with patient electronic health records to produce medical history whenever necessary.

The EHR usage slightly increased over the 5 years. With regard to frequency of EHR usage, 30.5% of the respondents reported that they accessed their EHR at least 1–2 times in the past 12 months, and this rate increased to 31.4%, and then to 38.8% in the span of 5 years. increase in the usage of electronic health records directly lead to the increase in the use of practice management software as the EHR is stored in practice management software itself.

Integration of Artificial Intelligence and Machine Learning to improve the software Furthermore, the Rising need for an integrated healthcare system, usage of digital health records, rise in healthcare expenditure, government initiatives to maintain patient health records and technological advancements in the field of data storage will drive the practice management software market.

Market Dynamics

Rising Technological Advancements are Expected to Drive the Market Growth

Practice management software is experiencing significant technological advancements. These advancements were aimed at enhancing efficiency, automation, and integration within the healthcare industry. New features like AI-driven, telehealth integration, and improved security measures were becoming more prevalent to meet evolving needs of users.

For instance, On January 12, 2022, Global leader in animal health technology and services, Covetrus announced the launch of Covetrus Pulse, an innovative cloud-based veterinary operating system (vOS) that seamlessly connects veterinarians to the technology they need to manage their practices by freeing up more time to spend with the animals in their care. Secure and easy-to-use cloud platforms that enable improved efficiency, and security in animal health, client experiences, and business development.

Thus, owing to the above factors, rising technological advancements are expected to drive market growth in the forecast period.

Increasing Adoption of Electronic Health Records Systems over Paper records is Expected to Boost the Market Growth

The increase in adoption of electronic health record systems over conventional paperwork is due to easy access, storage, and security. It is a promising solution to improve the interoperability of patients’ information across healthcare settings and achieve a more cost-effective, efficient, and higher quality of care. The storage of data is done in the developed software application where it is stored in the form of electronic health records.

For instance, According to Centers for Disease Control and Prevention, 89.9% of office-based physicians used an electronic health record (EHR) system. 91.5% of primary care physicians used an EHR system. 88.5% of non-primary care physicians used an EHR system. 89.5% of pediatric specialty physicians used an EHR system. 84.0% of psychiatry specialty physicians used an EHR system which makes it a more reliable source than paper records.

Thus, owing to the above factor, increasing adoption of electronic health record systems over paperwork is estimated to boost the market growth in the forecast period.

Confidentiality, and Privacy Issues in Veterinary Healthcare Industry are expected to Hamper the Market Growth

The data is stored in the form of EHRs in practice management software. The information includes data related to diseases, diagnoses, exams, and treatments carried out, all together with information about the patient’s medical history. For instance, According to National Center for Biotechnology Information, the use of current and new technologies such as electronic health record systems (EHRs), telehealth platforms (TH), and remote collaboration tools opened opportunities for cybersecurity attacks to harm organizations handling protected health information.

COVID-19 Impact Analysis

The pandemic had impacted global supply chains, leading to shortages of goods and services. It has decreased demand for some products as people have been staying home more and spending less money on non-essential items. Many businesses have closed due to lockdown permanently due to social distancing measures. Some industries such as healthcare, online retail, and delivery services have seen an increase in demand during the pandemic.

During the pandemic, many veterinary practices turned to telemedicine solutions to provide remote consultations and support. Practice management systems with telemedicine solutions have increased the demand for virtual services. According to American Medical Association (AMA), productivity in veterinary practices decreased by 25% in 2020 due to covid 19 protocols. This had a negative impact on the subscriptions of practice management software in veterinary practices.

Russia-Ukraine Conflict Analysis

The Russia-Ukraine conflict has a wide range of effects on various industries, including technology markets. The veterinary practice management software market will experience disruptions or changes due to geopolitical factors, trade restrictions, or economic instabilities. Trade restrictions imposed by various countries in response to the conflict will affect the supply chain and availability of products and services, including software solutions like veterinary practice management software.

This may also lead to economic challenges which can affect consumer spending and business investments, veterinary practices, like other businesses may become cautious about spending on software upgrades or adopting new technologies during times of economic instability. Thus, the above factors affect practice management software.

Segment Analysis

The global veterinary practice management software market is segmented based on mode of delivery, functionality, practice type, end-user, and region.

Owing to Technological Advancements such as Introduction of AI, Electronic Health Record Segment Accounted for Approximately 37.7% of the Practice Management Software Market

EHRs are an essential tool for healthcare providers, allowing them to quickly access and update patient information, but they can also be burdensome, time-consuming, and prone to errors. Good use of technology simplifies things related to the workforce and workflow. By including AI algorithms to automatically fill in missing information, EHRs can become more complete, accurate, and easier to use, freeing clinicians to focus on animal care.

For instance, In 2023, Microsoft and Epic are teaming up to bring the power of generative artificial intelligence to improve the accuracy and efficiency of electronic health records that are used in disease management and treatment purposes. The companies aim to accelerate the adoption of generative AI in healthcare and improve patient outcomes.

Additionally, the partnership will integrate the Microsoft Azure OpenAI Service with Epic's EHR platform. For example, extending natural language queries and interactive data analysis to Epic’s self-service reporting tool SlicerDicer. Thus, Owing to the above factors, electronic health records are expected to hold the largest share of the market in the forecast period.

Geographical Analysis

North America Accounted for Approximately 39.8% of the Market Share in 2022, Owing to the Presence of Major Players and Advanced Healthcare Infrastructure

North America has a robust veterinary health industry and a strong focus on research and development activities related to new software applications which will give rise to an increase in the health information that needs to be stored safely electronically. The presence of these key players with expertise in practice management software has boosted the market in the region.

For instance, According to Becker’s health IT, The adoption of EHRs has increased rapidly around the world. In the United States, it has increased dramatically from 10% to nearly 96% in just 10 years fostering growth in the electronic health records and further practice management software market.

Competitive Landscape

The major global players in the veterinary practice management software market include VetZ GMBH, MWI Animal Health, Timeless veterinary systems, Petabyte Technology, Carestream Health, Hippo Manager Software, Inc., IDEXX Laboratories, Inc., AmerisourceBergen Corporation, Advanced Technology Corp., and ClienTrax among others.

Why Purchase the Report?
• To visualize the global veterinary practice management software market segmentation based on mode of delivery, Functionality, practice type, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of veterinary practice management software market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global veterinary practice management software market report would provide approximately 53 tables, 54 figures, and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies