Veterinary Software Market to grow at a CAGR of 6.1%

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A new report by MarketsandMarkets Research forecasts strong growth for the global veterinary software market over the next few years. The market is projected to grow at a CAGR of 6.1% from 2017-2022, reaching $504 million by 2022.

The report cites several key factors driving this growth, including rising companion animal ownership, increasing pet insurance and animal health expenditure, and demand for technologies like digital imaging and practice management software to improve veterinary care.

However, a lack of government incentives, reluctance among some veterinarians to adopt new technologies, and limited awareness in developing countries are challenges restricting faster growth.

The practice management software segment is expected to see the fastest growth globally based on product segmentation. Geographically, North America is poised to witness the highest CAGR during the forecast period thanks to rising awareness and demand for quality pet care.

Major players in the veterinary software market include Henry Schein, IDEXX Laboratories, Patterson Companies, Vetter Software, and Animal Intelligence Software. Recent developments like partnerships and integration agreements among vendors are indicative of the dynamic nature of this market.

Overall, with increasing pet ownership and expenditure on animal health worldwide, the report presents a positive picture for the veterinary software market in the coming years. Companies already operating in this space or looking to enter it have significant opportunities, especially in developed regions like North America.