Veterinary software market to near 6% growth
by Katie Pfaff
The global market for veterinary software is expected to grow to a value of $161.37 million, according to the market research firm, Technavio, in a recent report. The market segment was forecast to grow by a CAGR of 5.8% during the forecast period of 2021 to 2026. Growth in the new year alone is expected to be 5.13%.
Geographically, the United States is expected to lead the market’s increase based on growth rates of ownership of pets, rates of adoption of pet insurance, and the degree of technology available for diagnosing health conditions. With these factors, America is anticipated to surpass European, South American, and MEA regions.
While other areas of the world such as APAC is not expected to grow at the same pace due to a lack of standardized regulations for pet health and safety.
Value across the market will be generated significantly by the segment for “on-premises” software which is used at a physical location of a veterinary clinic or hospital. In these usage scenarios, the end-user manages the software, customizes to their needs, and is able to maintain the security of software and information as access is restricted to those within the facility.
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