Vet management software to surpass 7% growth
by Katie Pfaff
The worldwide market for veterinary practice management software was projected to attain $539.7 million in value by 2028, according to a Meticulous Research analysis report. The market is forecast to grow by a CAGR of 7.7% during the period of 2021 to 2028.
The market, which includes differing levels of practice management software for clinics and large-scale hospitals, is expected to grow based on increasing number of companion animals and livestock animals, increasing rate of disease in both animal populations, and government efforts to improve animal health.
Early in the pandemic, subscriptions to veterinary management software platforms had dwindled as patient visits and revenue decreased for veterinary clinics. However, in tandem the number of pet adoptions increased during lockdowns, thereby later increasing veterinary care visits.
Within the veterinary practice management software market, segments are determined by delivery into cloud-based or on-premise software, type of practice as equine, companion, food animal, or mixed, geography, and by end user. By segments, cloud-based software is expected to lead with CAGR growth rate as the maintenance of such software is management offsite, and is portable for satellite locations or veterinarians who travel to provide care.
Not surprisingly given recent increases, the companion animal segment is expected to grow at the highest rate within the practice type segment. Ambulatory veterinary services are forecast to the grow at the quickest rate in the end-use segment. When evaluated by geography, the segment for North America is expected to garner the largest share in 2021 as rates of pet and farm animal ownership increase, the incidence of zoonotic diseases increase, and animal health care investment and knowledge increase.
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