Veterinary Practice Management Software Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Veterinary Practice Management Software Market is Segmented By Mode of Delivery (On-Premise, Cloud-based, Others) By Functionality (Appointment Scheduling, Electronic Medical Records, Inventory Management, Billing and Invoicing, Others), By Practice Type (Equine Practices, Companion Animal Practices, Mixed-Type Animal Practices, Food Producing Animal Practices, Others), By End User (Veterinary Hospitals and Clinics, Ambulatory Surgical Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Veterinary Practice Management Software Market Overview

Global Veterinary Practice Management Software Market reached US$ YY billion in 2023 and is expected to reach US$ YY billion by 2031 growing with a CAGR of YY% during the forecast period 2024-2031. 

Practice management software streamlines, coordinates, and automates administrative tasks in various healthcare organizations. It is helpful in tracking information, managing electronic health records, medical billing, patient record management, appointment scheduling, and inventory management. It integrates with electronic health records to produce medical history whenever necessary. 

Veterinary Practice Management Software Market Scope

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Veterinary Practice Management Software Market Dynamics

Rising Software Applications in Veterinary Healthcare Industry are Expected to Drive the Market 

Innovations in the veterinary industry mainly focus on enhancing the user-friendliness of existing software, resulting in improved client experience and enhanced animal health. There is a growing need among vets for more efficient practice management and real-time insights. The recent, rapid development of digital technologies offers new possibilities for more efficient practice management software. 

For instance, In 2022, ezyVet is the first practice management software to be fully integrated with Trupanion, one of the leading providers of medical insurance for pets in North America. The integration allows veterinary clinics to manage insurance claims within ezyVet, streamlining the claims approval process for practices and pet parents alike. Trupanion is free for veterinary practices to use which is now collaborated with Ezyvet.

The collaboration helps the pet owners to easily access the data and claim the insurance as it is cost-free for everyone. Thus, owing to the above factor, rising software applications in veterinary healthcare are expected to boost the market in the forecast period. 

Rising EHR Usage for Disease Management is Expected to Drive the Market

The use of electronic health records (EHRs) has grown significantly in the past decade. The rise in the use of EHRs for disease management and treatment purpose had been observed in the aging animals mostly as the prevalence of chronic diseases is observed in them. Because of cost-effectiveness, efficiency, and higher quality of care, the shift from paper records to electronic health records has been on rise which will increase the use of practice management software. 

Cybercrimes in Veterinary Healthcare Industry is  Expected to Hamper the Market Growth

Software applications benefit a lot of people in data management and medical billing and so on but it comes with their own risks such as cybersecurity attacks, phishing, and other data breaches. These data privacy issues can be lessened by the use of cloud-based practice management software but it cannot be trusted completely. 

For instance, according to the Australian Cyber Security Centre, Australian businesses lose an estimated $300 million per year to cybercrime. veterinary practice magazines, SMB (Small and Medium Business) veterinary practices struggle with cyber threats with inadequate cybersecurity measures, shortage of IT security personnel, and difficulty understanding the complex nature of cybersecurity. 

Veterinary Practice Management Software Market Segment Analysis

The global veterinary practice management software market is segmented based on mode of delivery, functionality, practice type, end-user and region.

Owing to Technological Advancements, Cloud Based software in the Mode of Delivery Type Segment Accounted for Approximately 37.7% of the Veterinary Software Market Share

Increased adoption of cloud-based veterinary software solutions for easy accessibility and data management. It will streamline operations and improve efficiency, a key concern for veterinary practices, including medical records management, medical billing, and inventory management.  

For instance, in 2022, MWI Animal Health U.K., a part of the global healthcare company, AmerisourceBergen (AB) launched a new technology offering designed to help veterinary practices increase engagement with the clients by reducing administrative burden on the teams. The new offering seamlessly integrates with Merlin practice management system, which is a cloud-based technology that offers a wide range of integrated tools and applications which support key workflows. 

It is an easy-to-use admin tool with simple configuration settings that allows practices to manage workflows. The MWI Pet portal appears like an extension of practice website and doesn't require clients to download any apps or software. These advancements make it more user-friendly and hence more traffic visits the application. Thus, owing to the above factor, cloud-based software is expected to hold the largest share of the market in the forecast period. 

Veterinary Practice Management Software Market Geographical Share

North America Accounted for Approximately 39.8% of the Market Share in 2022, Owing to the Presence of Major Players and Advanced Healthcare Infrastructure 

North America has a robust veterinary health industry and a strong focus on research and development activities related to new software applications which will give rise to an increase in the health information that needs to be stored safely electronically. The presence of these key players with expertise in practice management software has boosted the market in the region.

For instance,  According to Becker’s health IT, The adoption of EHRs has increased rapidly around the world. In the United States, it has increased dramatically from 10% to nearly 96% in just 10 years. The regulatory environment in North America has been conducive to innovation and commercialization, attracting investments and fostering growth in the electronic health records and further practice management software market. 

Competitive Landscape

The major global players in the veterinary practice management software market include VetZ GMBH, MWI Animal Health, Timeless veterinary systems, Petabyte Technology, Carestream Health, Hippo Manager Software, Inc., IDEXX Laboratories, Inc., AmerisourceBergen Corporation, Advanced Technology Corp., and ClienTrax among others. 

COVID-19 Impact 

During the pandemic, many veterinary practices turned to telemedicine solutions to provide remote consultations and support. Practice management systems with telemedicine solutions have increased the demand for virtual services. According to American Medical Association (AMA), productivity in veterinary practices decreased by 25% in 2020 due to covid 19 protocols. This had a negative impact on the subscriptions of practice management software in veterinary practices. 

Russia-Ukraine Conflict Analysis

The Russia-Ukraine conflict has a wide range of effects on various industries, including technology markets. Veterinary practice management software market will experience disruptions or changes due to geopolitical factors, trade restrictions, or economic instabilities. Trade restrictions imposed by various countries in response to the conflict will affect the supply chain and availability of products and services, including software solutions like veterinary practice management software. 

This may also lead to economic challenges which can affect consumer spending and business investments, veterinary practices, like other businesses may become cautious about spending on software upgrades or adopting new technologies during times of economic instability. 

Key Developments

• In June 2021, COVETRUS Inc. enhances its practice management software AVImark and EVetpractice by integrating Covetrus Prescription Management Platform to provide access to digital scripts for streamlining prescribing.
• In July 2022, REX, a Berlin-based pet tech startup raised €5 million to build veterinary practices of the future. It aims to offer more advanced wide range of digital services including mobile appointment booking, telehealth services, and regular vaccinations and checkups. The new funding will be used to boost product optimization, technical updates, etc.  

Why Purchase the Report?

• To visualize the global veterinary practice management software market segmentation based on mode of delivery, functionality, practice type, end-user, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of veterinary practice management software market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global veterinary practice management software market report would provide approximately 53 tables, 54 figures, and 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies