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.
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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.
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https://www.marketsandmarkets.com/Market-Reports/veterinary-software-market-186264514.html
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