Veterinary Software Market to Cross USD 3.38 Billion by 2032, Says S&S Insider
The veterinary software market is thriving, fueled by rising pet ownership, increased spending on pet healthcare, and technological advancements like AI and telemedicine.
Austin, Nov. 12, 2024 (GLOBE NEWSWIRE) — The S&S Insider report indicates that, “The Veterinary Software Market was valued at USD 1.60 Billion in 2023 and is projected to reach USD 3.38 Billion by 2032, growing at a compound annual growth rate (CAGR) of 8.68% from 2024 to 2032.”
Growing Adoption of Veterinary Software Driven by Pet Care Spending and AI Advancements
The veterinary software market is increasing with owners’ increasing investment in their pets and growth in pet ownership. For example, in 2024, 66% of the U.S. households own pets, in which they spent a record USD 147 billion on pet-related expenses in 2023. The pet-care expense for dogs is averaging at USD 1,533 annually. There’s an increased demand for managing pet appointments, patient records, and treatment plans, thus becoming essential for veterinary practices.
Artificial intelligence is transforming the field, with AI-based diagnostic devices that can achieve an accuracy rate of 90%. The data on diagnostic errors is reduced by 40%. However, a significant number of veterinary experts have opted for AI solutions to enhance their ability to diagnose more efficiently and provide better patient care. Cloud-based solutions have also brought much about expansion in the veterinary market, especially in emerging markets, by extending quality veterinary care to more patients and increasing the operational efficiency of veterinary experts.
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Major Players:
- IDEXX Laboratories (Cornerstone, Neo)
- Covetrus Inc. (formerly Henry Schein) (AVImark, eVetPractice)
- Hippo Manager (Hippo Manager Practice Management, Hippo Manager TeleVet)
- Shepherd Veterinary Software (Shepherd Veterinary Software Platform, Shepherd Analytics)
- DaySmart Software (DaySmart Vet, Vetter)
- Digitail (Digitail Veterinary Software, Digitail Telemedicine)
- ProVet (by NordHealth) (Provet Cloud, Provet Telemedicine)
- OnwardVet (OnwardVet Cloud Practice Management, OnwardVet TeleVet)
- Asteris (Asteris Keystone PACS, Asteris VetPACS)
- Carestream Health (Vue PACS for Veterinary, Cloud-based Imaging Platform)
- Heska Corporation (Mars Inc.) (Heska View Imaging, Element AIM)
- Oehm und Rehbein GmbH (dicomPACS, ORCA Cloud)
- VetStoria (VetStoria Online Booking, VetStoria Analytiacs)
- Instinct Science, LLC (Instinct EMR, Instinct Treatment Plans)
Veterinary Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.60 Billion |
| Market Size by 2032 | USD 3.38 Billion |
| CAGR | CAGR of 8.68% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Practice Management Software, Imaging Software, Telehealth Software, Others) • By Delivery Mode (Cloud/Web-Based, On-premise) • By Practice Type (Small Animals, Mixed Animals, Equine, Food-producing Animals, Other Practice Types) • By End User (Veterinary Hospitals/Clinics, Other End Use) |
| Key Drivers | • Telemedicine and Remote Consultations Drive Growth in the Veterinary Software Market as Virtual Healthcare Expands • AI and Technological Advancements Drive Growth in the Veterinary Software Market by Enhancing Diagnostic Accuracy, Treatment Efficiency, and Overall Care |
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Telemedicine Boosts Veterinary Software Market by Expanding Virtual Care
Telemedicine and the use of remote consultations are significant growth drivers for veterinary software. They are more likely to be found creating growth in rural and under-served areas. The advancement of virtual healthcare keeps increasing, and with it increases the demand for telehealth platforms because veterinarians can offer their services remotely while monitoring the health of pets constantly. It improves accessibility but brings convenience too to the pet owners. This technology adoption is fast changing the delivery of veterinary care into a system that is more efficient and accessible.
AI and Tech Advancements Drive Growth in Veterinary Software Market
Artificial intelligence and machine learning change veterinary software markets through enhancing more accurate diagnosis and efficient treatments. AI-powered tools have increased customer satisfaction levels by 25% and minimized administrative tasks. Further, AI algorithms are yielding benefits in the dairy farming sector besides conserving wildlife and improving predictions about food allergies in pets. Such innovations are likely to proliferate the adoption of AI-based veterinary software worldwide and shape animal healthcare for the future.
Small Animals Dominate Veterinary Software Market, Specialized Practices See Rapid Growth
For 2023, small animals were the greatest share of veterinary software revenue, accounting for 42% given the increases in ownership of pets and people spending increasingly more on healthcare for their pets. The urban pet owner makes relatively a lot of investments in digital tools both on general and routine care, diagnostics, and preventive treatments on companion animals. The specialty practice types, such as exotic animals and wildlife conservation, have been marked to have a more promising future with a relatively faster CAGR of 12.01% from 2024 to 2032. This growth is attributed to more people being interested in better care options for a vast array of species, along with growing interests in conserving them.
North America Leads Veterinary Software Market; Asia Pacific Sees Rapid Growth
In 2023, North America held 43% of the veterinary software market share, driven by the high rates of pet ownership, significant investments in healthcare for pets, and early adoption of digital technology. The region has an well-established infrastructure with robust demands for advanced solutions in healthcare, including practice management and telehealth tools that have allowed veterinarians to handle increased caseloads better and improve client services.
The Asia Pacific is well-positioned to record an increase in veterinary software market size between 2024 and 2032, at a CAGR of 10.36%. Increased growth in pet ownership levels, rising awareness of veterinary care, and the modernization of veterinary practices in emerging markets drive the growth. Additionally, a rising interest from the government as well as the private sector regarding veterinary technology in the region boosts the demand for quality pet care, hence furthering software adoption.
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Key Developments in Veterinary Software Market
- In February 2024, IDEXX introduced Vello, a platform for pet owners that provides automated reminders, health notifications, online booking, and two-way communication, seamlessly integrated with its practice management software.
- In January 2024, Covetrus launched its NetSuite solution at VMX 2024, boosting veterinary practice efficiency, and collaborated with Zoetis Diagnostics for smooth data transfer to enhance diagnostic and patient care.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Adoption Rates, 2023
5.2 User Demographics, By User Type and Roles, 2023
5.3 Feature Analysis, by Feature Type
5.4 Cost Analysis, by Software
5.5 Integration Capabilities
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Veterinary Software Market Segmentation, by Delivery Mode
7.1 Chapter Overview
7.2 Cloud/Web-Based
7.3 On-premise
8. Veterinary Software Market Segmentation, by Product
8.1 Chapter Overview
8.2 Practice Management Software
8.3 Imaging Software
8.4 Telehealth Software
8.5 Others
9. Veterinary Software Market Segmentation, by End User
9.1 Chapter Overview
9.2 Veterinary Hospitals/Clinics
9.3 Other End Use
10. Veterinary Software Market Segmentation, by Practice Type
10.1 Chapter Overview
10.2 Small Animals
10.3 Mixed Animals
10.4 Equine
10.5 Food-producing Animals
10.6 Other Practice Types
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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