Portland, OR, Jan. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global veterinary software market was estimated at $1.31 billion in 2019 and is expected to hit $2.08 billion by 2027, registering a CAGR of 6.1% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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. On the other hand, lack of veterinary infrastructure facilities in underdeveloped countries impedes the growth to some extent. However, growing adoption of cloud-based technologies and potential opportunities in developing markets are anticipated to pave the way for lucrative opportunities in the coming years.
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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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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.
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.
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.
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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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