Veterinary Practice Management Software Market Size & Forecast
The Veterinary Practice Management Software Market is expected to grow at a CAGR of 7.7% from 2021 to 2028 to reach $539.7 million by 2028. Veterinarians use veterinary practice management software for treatment planning, managing patient information, scheduling, communicating with patients, and supporting back-office functions, such as accounting and payments. This software is used by veterinary hospitals, referral practices, and ambulatory veterinary clinics to assist in their daily operations.
Increasing pet ownership, the growing risk of developing chronic & infectious diseases in companion & livestock animals, and the growing number of strategic partnerships resulting in product innovation and software integration have been considered to have a positive impact on the veterinary practice management software market
Impact of COVID-19 on Veterinary Software Market
The COVID-19 pandemic impact has been sudden and varied across the veterinary professions globally. It was observed that the COVID-19 pandemic has positive and negative impacts on the veterinary practice management software market. A significant rise in global pet ownerships was reported due to travel restrictions and social isolation. For example, according to the German Pet Trade & Industry Association (ZZF), the German pet population grew by 1 million to reach 34.9 million pets in 2020.
Similarly, in 2020, pet ownership in the U.S. rose to an all-time high of 70% from 67% of households. According to Insurance Research Council, during the COVID-19 pandemic, 30% (nearly one in three) of Americans adopted a pet.
However, due to the nationwide lockdown imposed across various countries, the veterinary medical settings ran only for urgent care, limiting non-emergency veterinary services like annual wellness check-ups, vaccinations, and spaying or neutering. It created less client traffic, restricted care delivery, and reduced cash flows. According to the American Medical Association Report published in 2021, productivity in veterinary practices declined by 25% in 2020 due to the COVID-19 protocols. This had a negative impact on the subscriptions of practice management software in veterinary practices.
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Key Findings in the Global Veterinary Practice Management Software Market Study
On-Premise Veterinary Practice Management Software Generated Larger Proportion of Revenue Compared to Cloud/Web-based Practice Management Software
The on-premise veterinary practice management software segment is estimated to account for the largest share of the veterinary practice management software market in 2021. The large share of this segment is mainly attributed to the advantages associated with on-premise veterinary practice management software in terms of security, complete control, and lower total cost of ownership.
In 2021, Companion Animal Practices to Dominate the Market
The companion animal practices segment is estimated to account for the largest share of the veterinary practice management software market in 2021. The large share of this segment is mainly attributed to the rising pet population, rising awareness regarding animal health, and the growing prevalence of diseases in companion animals.
In 2021, the Veterinary Hospitals Segment to Register Largest Share in the Veterinary Practice Management Software Market
The veterinary hospitals segment is estimated to account for the largest share of the veterinary practice management software market in 2021. The large share of this segment is mainly attributed to the rising number of veterinary hospitals and the growing number of veterinarians.
Asia-Pacific: Fastest Growing Regional Market
North America is estimated to command the largest share of the global veterinary practice management software marketin 2021, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific will be the fastest-growing regional market due to rising pet ownership, growing number of farm animals, growing prevalence of zoonotic diseases, and rising animal health awareness.
Key Players
The report includes a competitive landscape based on extensive assessment of the key strategic developments that market participants adopted over the past four years. The key players profiled in the veterinary practice management software market report include IDEXX Laboratories, Inc. (U.S.), COVETRUS, INC. (U.S.), Hippo Manager Software, Inc. (U.S.), Advanced Technology Corp. (U.S.), VETport LLC. (U.S.), DaySmart Software (U.S.), AmerisourceBergen Corporation (U.S.), Animal Intelligence Software Inc. (U.S.), FirmCloud Corp. (U.S.), ClienTrax (U.S.), and ezofficesystems Ltd. (U.K.).
Scope of the Report
Veterinary Practice Management Software Market, By Delivery Mode
- On-premise
- Cloud/Web-based
Veterinary Practice Management Software Market, By Practice Type
- Companion Animal Practices
- Mixed Animal Practices
- Food Producing Animal Practices
- Equine Practices
Veterinary Practice Management Software Market, by End User
- Veterinary Hospitals
- Ambulatory Veterinary Services
- Referral & Specialty Practices
Veterinary Practice Management Software Market, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
Key questions answered in the report: