Veterinary Software Market to Reach Valuation of USD 780 Million by 2028 - Increasing Demand for Pet Insurance with the Growing Animal Healthcare Expenditure and the Increasing Companion Animal Ownership is Driving the Market Growth

Vantage Market Research

May 03, 2022

In terms of revenue, the Global Veterinary Software Market is probable to reach USD 780 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 8.7% from 2022 to 2028.

The increasing requirement for the daily tasks in the veterinary hospitals is also one of the prime factors that are driving the Veterinary Software Market growth during the forecast period.

Key Highlights from the Report:

  • The Veterinary Practice Management Software sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The veterinary practice management software assists veterinarians in appointment management, boarding management, billing and invoicing, prescription labeling, maintaining patients’ records, and treatment management. Moreover, this software reduces the error possibility and the overall cost of the veterinary healthcare facilities, and thus these factors are likely to drive the Veterinary Software Market growth during the forecast period.
  • The on-premise delivery model sub-segment holds a substantial market share in 2021. The highest growth of the on-premise segment is mainly attributed to the advantages of the on-premise delivery model like the low risk of data breach, availability of easy customization options, and flexible connection bandwidth.
  • Asia Pacific is the fastest regional segment. The growth of the Asia Pacific is attributed to the increasing awareness among consumers about Veterinary Software and the increasing number of veterinary doctors in the Asia Pacific. The increase in the adoption of pets in emerging countries like India is also fueling the growth of Veterinary Software in the Asia Pacific during the forecast period.

Market Dynamics:

the growth in the awareness regarding the benefits of the utilization of the software solutions and the rising number of clinical visits by the owners of the pets are projected to boost the demand for veterinary practices in the upcoming years. Furthermore, the animal healthcare industry is affected by the increasing companion pet ownerships and the worries associated with pet health which is expected to fuel the growth of the Veterinary Software Market during the forecast period.

Additionally, the increasing focus of the consumers on the safety and efficiency of livestock production is also another growth propeller factor for the market during the forecast period. Whereas, the rising adoption of cloud-based technologies is expected to provide lucrative opportunities for the growth of the Veterinary Software Market in the years to come.

North America is the largest market. The growth of North America is mainly attributed to the rising demand for quality pet care, and this in turn encourages vegetarian practices in order to adopt technology solutions like veterinarian practices management software, and digital imaging systems for better diagnosis.