(MENAFN- EIN Presswire) Veterinary Software Market
The major factors propelling the growth of the market include product innovations, software integration, and increasing opportunities for practice management.
PORTLAND, PORTLAND, OR, UNITED STATE, March 28, 2023 /einpresswire.com / -- Allied Market Research published a new report, titled, "veterinary software market Expected to Reach USD 2.08 Billion by 2027 | Top Players such as-ClienTrax, Covetrus and Vetspire." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global veterinary software market size was valued at USD 1.31 billion in 2019, and is projected to reach USD 2.08 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
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Rise in companion animal ownership, increase in need for streamlining daily tasks in veterinary hospitals, and surge in expenditure on animal health fuel the growth of the global veterinary software market. By product type, the veterinary practice management software segment held the major share in 2019. By region, on the other hand, Europe would register the fastest CAGR by 2027.
The global veterinary software market is analyzed across type, deployment, product type, practice type, end user, and region. Based on product type, the veterinary practice management software segment contributed to nearly two-fifths of the total market share in 2019 and is expected to rule the roost by the end of 2027. At the same time, the veterinary imaging software segment would exhibit the fastest CAGR of 7.7% throughout the forecast period.
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According to end user, the hospital or clinic segment accounted for the highest share in the global veterinary software market in 2019, as clinics or hospitals are primary users of veterinary software. In addition, presence of large number of veterinary hospitals or clinics as compared to laboratories is driving the growth of this segment. The increase in demand for veterinary practice management as well as veterinary imaging software by vet hospitals is further fueling the growth of this market.
Based on deployment, the on premise segment held the lion's share in 2019, generating more than two-thirds of the global market. The cloud segment, on the other hand, is projected to showcase the fastest CAGR of 7.8% from 2020 to 2027.
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Based on geography, North America accounted for more than two-fifths of the total market revenue in 2019 and is expected to lead the trail by 2027. Simultaneously, Europe would grow at the highest CAGR of 7.7% during the forecast period. The other two provinces analyzed in the report include North America and LAMEA.
The key market players analyzed in the global veterinary software market report include ClienTrax, Covetrus, Inc., Hippo Manager Software Inc., IDEXX Laboratories, Inc., MWI Animal Health, Patterson Companies Inc., Vetspire, Inc., VIA Information Systems, Vetter Software, Inc., Animal Intelligence Software, Inc., Three Plus Group, Timeless Veterinary Systems, Petabyte Technology, and VetZ GmbH. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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Impact of COVID-19 on Veterinary Software Market:
● The outbreak of Covid-19 led to increased demand for companion animals, since most of the people are working from home and they have adequate time to spend with their pets. This has been utterly advantageous for the veterinary software industry.
● At the same time, the global market for veterinary software is expected to boom even post pandemic, as the software offers custom client communications and telehealth & remote monitoring solutions.
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