The veterinary software market is projected to reach USD 594.3 million by 2022 from USD 442.5 million in 2017, at a CAGR of 6.1%. Market growth is largely driven by factors such as the rising companion animal population, growing product innovation and integration for better practice outcomes, rising demand for pet insurance with growing animal health expenditure, and growing consolidation of the veterinary healthcare industry. However, the lack of government incentives for the adoption of veterinary software, reluctance of veterinarians towards adopting new technologies, and low awareness about veterinary software in developing countries are the major factors restraining the growth of this market.
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Opportunities in web-based/cloud-based models
In the veterinary software market, web-based/cloud-based software are gaining traction as they offer advantages such as low upfront, maintenance, and operational costs; data centralization capabilities; greater level of interoperability; storage flexibility; and automatic software upgradation. Though only a limited number of players are currently offering web-based/cloud-based veterinary software, several existing players as well as new entrants are focusing on this market segment to leverage the potential growth opportunities. The limited number of companies in this market segment is a major factor offering players the opportunity to strengthen their market positions by effectively catering to the demand for web-based/cloud-based veterinary software and services.
Challenges in meeting region-wise requirements for software functions
In 2017, the US dominated the global veterinary software market with a share of 60.6%. Major players cater primarily to the US market and offer veterinary practice management software for all types of hospitals and clinics in the country. However, these software do not provide support for emerging countries such as India and China as their functions and reporting are designed as per the US government’s taxes and laws. Since data, reporting, and function requirements differ from country to country, market players have to modify their standard software with respect to the specific requirements in other countries. This is a major challenge faced by veterinary software vendors focusing on offering products and services across the globe.
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