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Market Leader - Veterinary Software Market

The global veterinary software market is expected to reach USD 594.3 Million by 2022 from USD 442.5 Million in 2017, at a CAGR of 6.1%. Rising companion animal ownership and demand for pet insurance with growing animal health expenditure are some of the major factors responsible for driving this market.

Agreements and partnerships accounted for the largest share of the overall growth strategies followed by key players between 2014 and 2017. Some of the key players in the veterinary software market include Henry Schein, Inc. (US), IDEXX Laboratories, Inc. (US), Patterson Companies, Inc. (US), Vetter Software, Inc. (US), and Animal Intelligence Software, Inc. (US).

Henry Schein (US) led the global veterinary practice management software market in 2016. The leading position of the company can be attributed to its exhaustive product portfolio and strong geographic presence. Additionally, Henry Schein is a well-established company and one of the leading brand names in the animal health market. The company has an established customer base of over 1 million spread across 33 countries, which gives it a competitive edge in the market. The company focuses on inorganic growth strategies to enhance its market position, such as acquisitions that allow it to access the capabilities of complementary businesses and expand geographically. Some examples of the company’s acquisitions are eVetPractice (2017), RxWorks (2016), and Vetstreet (2016).

IDEXX Laboratories is the second-largest player in the veterinary software market with a market share in 2016. The company adopts organic and inorganic growth strategies to enhance its market share. It is an innovation-centric company and invests heavily in R&D. For example, in 2016, it spent 5.7% of its revenue in R&D activities. This high R&D investment helps the company to introduce and upgrade its products in the market. Some products launched by the company are rVetLink (June 2017), IDEXX Neo (January 2016), and IDEXX Web PACS (September 2015). Product launches help the company provide innovative IT solutions to its end users.

Related Reports:

Veterinary Software Market by Product (Practice Management, Imaging, BI, Marketing), Delivery Model (On Premise, Cloud), Practice (Small Animal, Mixed, Large, Equine, Bovine), End User (Hospitals, Clinics, ASC, Emergency) - Global Forecast to 2022

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