Veterinary Software Market Size, Share & Trends Analysis Report By Practice Type (Small Animals, Equine), By Product (Imaging Software, PMS), By Delivery Mode (On-premise, Cloud/Web-based), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Veterinary Software Market Size, Share & Trends Analysis Report By Practice Type (Small Animals, Equine), By Product (Imaging Software, PMS), By Delivery Mode (On-premise, Cloud/Web-based), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Veterinary Software Market Growth & Trends

The global veterinary software market size is expected to reach USD 1.59 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 8.2% from 2023 to 2030. The market is primarily driven by the increasing demand for improved efficiency & productivity in practice management, pet population, medicalization rate, pet humanization, digitalization across veterinary care, and initiatives by key companies. Pet owners are becoming more aware of the importance of preventive healthcare for their animals, leading to a higher demand for diagnostic imaging services and, consequently, the software to support these services.

Pet health information systems that enable real-time analysis of the prevalence of diseases will help researchers develop therapeutics. The incorporation of these solutions in laboratories is another growth propeller for veterinary reference laboratories. Moreover, zoonotic diseases pose a major public health burden, especially in tropical regions due to the lack of funds and healthcare infrastructure. An increase in the willingness to pay for animal healthcare is expected to fuel the adoption of animal health diagnostics and imaging software over the forecast period. The practice management software (PMS) product segment is expected to witness lucrative growth over the forecast period.

Most veterinarians use veterinary PMS in managing patient information, scheduling appointments, and treatment planning. The most common features of the practice management software include a client-patient database, after-care instructions for clients, billing, boarding, client communications, capturing lost charges, electronic medical records, client reminders, electronic whiteboards, inventory control, and many others. The industry players are also involved in advancing and automating the PMS, which boosts market growth. For instance, in December 2022, NaVetor integrated its practice management platform with Weave’s customer communications & engagement platform.

Market players are focusing on entering into partnerships and launching new products, thus contributing to market growth. In May 2023, IMV Technologies acquired Belgium-based Veterinary Solutions-specializing in veterinary digital X-ray systems and Patient Archiving and Communication System (PACS) software. This added to IMV’s comprehensive product range and expanded its veterinary imaging portfolio across Europe. IDEXX Laboratories; Patterson Companies, Inc.; and Henry Schein, Inc. held dominant revenue shares in the industry owing to their wide regional presence and technologically advanced product offerings.

Competitive strategies, such as new product developments, regional expansion, and mergers & acquisitions, are expected to propel market growth. The COVID-19 pandemic has encouraged the use of veterinary software, particularly telemedicine, and contactless operations-supporting technologies. Even as things returned to normal, there was a requirement for remote capabilities, online communication tools, and digital record management. In response to these evolving requirements, the veterinary software industry has developed cutting-edge technologies to improve veterinary practices' productivity and adaptability in a post-pandemic environment.

Veterinary Software Market Report Highlights

• In terms of product, PMS held the dominant share of over 65.0% in 2022 due to the benefits associated with its usage including medical record maintaining, billing, appointment scheduling, and follow-up of patients
• The imaging software product segment is anticipated to register a lucrative CAGR over the forecast period due to an increase in investments from veterinary product manufacturers, coupled with the introduction of advanced solutions
• Based on practice type, small animals accounted for the largest revenue share in 2022 owing to the high demand from consumers. The high adoption of these pets has led to a substantial increase in the number of veterinary visits, driving the need for efficient practice management & patient record-keeping, which veterinary software provides
• The hospitals/clinics end-use segment dominated the market and is also expected to grow at the fastest CAGR of 8.42% from 2023 to 2030 due to increasing digitalization across the veterinary sector and the adoption of veterinary software by care providers
• North America held the dominant revenue share in 2022 owing to the high adoption of digital technologies, the presence of key companies, and the rising pet population

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