The global veterinary software market is projected to reach USD 594 million by 2022 from USD 442 million in 2017, at a CAGR of 6.1%. The growth of this market is majorly driven by the rising companion animal population, product innovations for better practice outcomes, rising demand for pet insurance, and the consolidation of the veterinary healthcare industry.
Some of the key players operating 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).
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Henry Schein (US) dominated the global veterinary 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 base of over 1 million customers spread across 33 countries. The company focuses on inorganic growth strategies to strengthen its market position. The strategic acquisitions made by the company allow it to access the capabilities of complementary businesses and expand geographically. eVetPractice (2017), RxWorks (2016), and Vetstreet (2016) are some of the recent acquisitions made by the company.
IDEXX Laboratories was the second-largest player in the veterinary software market in 2016. IDEXX is an innovation-centric company and invests heavily in R&D (in 2016, it spent 5.7% of its revenue on R&D). Its major focus on innovation helps the company to introduce novel products in the market as well as upgrade its existing products. IDEXX Neo (January 2016), rVetLink (June 2017), and IDEXX Web PACS (September 2015) are some of the products launched by the company in the last few years.
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 Forecasts To 2022
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