The Veterinary Software market is majorly driven by the factors such as product innovation and software integration in the veterinary healthcare, increasing opportunities for practice management, adoption of information systems in the veterinary healthcare and growth in the demand for farm animals.
According to the Veterinary Hospital Managers Association (VHMA), as a result of the growing demand for pet care, the requirement for more advanced equipment, processes, and most importantly, systems and software, has also increased. It has been acknowledged by veterinarians that the professional management of veterinary practices has become a prime concern, to remain competitive by fulfilling every possible requirement of the client. Being involved in various levels and aspects of responsibility regarding how a veterinary hospital works, a veterinary hospital manager needs to create scope for the team to deliver efficient and quality healthcare to animals. For example, a hospital administrator has the responsibility of supervising all financial, operational, human resource, and business development activities.
Owing to the fact that technological solutions help improve patient communication, diagnostic potential, and in incorporating the business, it can be inferred that software integration has the potential to reduce labor time and rate of error, and enhance productivity and the quality of patient care.
Moreover, veterinary practice software has experienced advancements in terms of integrating with diagnostic and laboratory equipment, and also for streamlining data, lab results, and images, directly into a patient’s medical record, which can be remotely shared with other veterinary practitioners for various purposes, such as consultations, dual treatments, training, etc. Thus, the increasing need for providing optimum care to animals by proper practice management is expected to drive the growth of the market studied.
Key Market Trends
Practice Management Software is Expected to Witness a Healthy CAGR Over the Forecast Period
Veterinary practice management software is used by veterinarians to manage patient information, treatment planning, and scheduling, as well as back-office functions, such as accounting. Some of the features of practice management software are after-care instructions for clients, billing, boarding/grooming, capturing lost charges, client-patient database, client communications, client reminders, electronic medical records, electronic whiteboards, inventory control, and many others.
Certain strategic movements that are seen in the market are helpful for the growth of the same. For instance, recently, in May 2018, Cornell University College of Veterinary Medicine partnered with ezyVet to use the company’s cloud-hosted veterinary practice management software (PMS).
Such partnerships, along with the adoption of new technology, are expected to boost the overall growth of the veterinary software market, over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to retain the largest market share in market studied, over the forecast period, owing to the rising companion animal adoption and increasing per capita animal healthcare expenditure.
In addition, growing awareness about pet health among the pet owners, rise in product innovation, software integration, sophisticated technology, a high percentage of tech-savvy owners, advanced healthcare IT infrastructure, and ample scope for the implementation of PMS are some other factors propelling the growth of the Veterinary Software in North America. Veterinary software has various benefits, as they help manage the administrative function and patient data, and also helps in billing and maintaining the client-patient database.
Some of the major players in the region are Henry Schein Inc. (US), Idexx Laboratories Inc. (US), Patterson Companies Inc. (US), and Britton's Wise Computer Inc. (US).
The Veterinary Software market is moderately competitive and currently, adoption of information systems in veterinary healthcare is allowing more companies to penetrate the market and gain profits. Global players such as IDEXX laboratories and Carestream are providing their services worldwide whereas, certain countries like the United States, Germany, etc are having a large number of local players as well.
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