The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Veterinary Practice Management Software Global Market Report 2024, the veterinary practice management software market is expected to show significant growth in the forecast period.

Market Overview

The veterinary practice management software market has experienced significant growth in recent years. The market size was valued at $0.35 billion in 2023 and is projected to increase to $0.37 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.4%. This growth is driven by several factors, including the rise in zoonotic illnesses, the expansion of companion animal ownership, and increased spending by pet owners. The need for telemedicine and remote services, along with the increased adoption of software applications in veterinary healthcare, has also contributed to this upward trend.

Future Projections

Looking ahead, the veterinary practice management software market is expected to continue its robust growth. By 2028, the market is anticipated to reach $0.5 billion, with a CAGR of 7.6%. This forecasted growth is attributed to several factors:

• Increasing Pet Ownership: The rise in the number of pets is driving demand for veterinary services and management software.
• Awareness of Animal Health: Growing awareness about animal health is fueling the need for advanced veterinary solutions.
• Growing Farm Animal Numbers: An increase in farm animals necessitates better management tools.
• Expansion of Veterinary Hospitals: More veterinary facilities are being established, requiring efficient management systems.
• Rising Demand for Pet Insurance: The increase in pet insurance coverage is also contributing to market growth.

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Key Trends

Several key trends are shaping the future of the veterinary practice management software market:

• Technological Advancements: Continuous improvements in technology are enhancing the capabilities of veterinary software.
• Artificial Intelligence and Machine Learning: AI and machine learning are being integrated to improve diagnostic accuracy and operational efficiency.
• Cloud-Based Solutions: The shift towards cloud-based software offers better accessibility and scalability.
• Expansion of Telemedicine Services: The rise in telemedicine is making remote consultations and monitoring more prevalent.
• Integration with Wearable Technology: Integration with wearable devices is improving the monitoring of pet health.

Impact of Pet Ownership on Market Growth

The surge in pet ownership is a major driver of the veterinary practice management software market. Pet ownership provides companionship and emotional support, influenced by social media trends and pet-friendly policies. Veterinary practice management software helps clinics manage operations efficiently, meeting the high expectations of pet owners for quality care. For example, in April 2024, the American Pet Products Association reported that 86.9 million U.S. households owned pets in 2023, up from 62% in 2022. This growing pet ownership is fueling market demand for sophisticated veterinary management solutions.

Innovative Solutions in Veterinary Practice Management

Leading companies in the market are developing innovative solutions to enhance pet owner engagement. For example, IDEXX Laboratories, Inc. launched Vello in February 2024. This appointment scheduling system streamlines communication between veterinarians and pet owners, offering features like automated appointment reminders and confirmations. Vello has reportedly reduced no-show rates by an average of 19% and provides convenient access to pet health records and appointment information via a mobile web browser.

Strategic Acquisitions

In a strategic move to expand its portfolio, IDEXX Laboratories acquired ezyVet in June 2021. ezyVet, a New Zealand-based company, provides cloud-based veterinary practice management software. This acquisition allows IDEXX to offer a comprehensive suite of cloud-based solutions for veterinary hospitals, corporate groups, and universities, catering to both general and specialty clinics.

Market Segmentation

The veterinary practice management software market is segmented as follows:

• By Product: Appointment Scheduling Software, Electronic Medical Records, Integrated Veterinary Practice Solutions, Inventory Management, Medical Billing Software
• By Deployment: On-Cloud, On-Premise
• By Practice Type: Companion Animals, Mixed Animal, Food Producing, Equine, Other Practice Types
• By End-User: Veterinary Hospitals, Veterinary Referral and Specialty Practices, Ambulatory Veterinary Services, Veterinary Clinics

Regional Insights

In 2023, North America was the largest region in the veterinary practice management software market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period due to increasing pet ownership and expanding veterinary services in the region.

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