Veterinary Software Market Size, Share, Growth, Trends, Application Analysis and Forecast
by Susan Hill Business ConsultantThe 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
Access full research report on global veterinary
software market:
www.grandviewresearch.com/industry-analysis/veterinary-software-market
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Created on Aug 29th 2019 04:10. Viewed 395 times.