Veterinary Software Market Size, Share, Growth, Trends, Application Analysis and Forecastby Susan Hill Business Consultant
The global veterinary software market is expected to reach USD 696.0 million by 2025, growing at a CAGR of 8.9%, according to a new report by Grand View Research, Inc. Increase in prevalence of zoonotic diseases is a key market driver for the growth of this market. Rising prevalence has triggered the demand for animal health diagnostics & monitoring services, which is expected to drive the market growth over the forecast period.
The growing adoption of integrated software systems for diagnostics & treatment is anticipated to fuel the growth over the following years. Pet health information systems that enable real-time analysis of 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 lack of funds and healthcare infrastructure. Increase in willingness to pay for animal healthcare is expected to fuel the adoption of animal health diagnostics and imaging software over the forecast period.
Further Key Findings from the Study Suggest:
- Practice management systems held the dominant share due to benefits with its usage including medical record maintaining, billing, appointment scheduling, and follow up of patients
- The imaging software segment is anticipated to witness lucrative CAGR over the following years due to increase in investments from veterinary product manufacturers coupled with introduction of advanced solutions
- Food-producing animals accounted for largest revenue share in 2016 owing to increasing demand from consumers
- The rise in production of animal-based food products is expected to lead to significant price reduction and help meet the increasing demand for these food products, globally. In addition, animal welfare organizations are consistently striving to achieve high food security
- Reference laboratories are expected to grow with the fastest CAGR during the forecast period owing to growing demand from veterinary practitioners
- The North America veterinary software market held the dominant share as of 2016, owing to increasing number of pet owners in this region
- Asia Pacific regional market is anticipated to show lucrative CAGR due to increase in number of mergers & acquisitions by established players in this region
- IDEXX Laboratories; Patterson Companies, Inc.; and Henry Schein, Inc. held the dominant revenue share of the industry owing to their wide regional presence and technologically advanced product offerings
- Competitive strategies such as new product developments, regional expansion, and merger & acquisitions are expected to propel growth
- For instance, in February 2016, the company completed the
acquisition of RxWorks with an intention to set up veterinary practice
management software business, primarily in the UK, Australia, New Zealand,
Netherlands, and other countries
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Created on Aug 29th 2019 05:10. Viewed 91 times.