Veterinary Practice Management Software Statistics 2024

In the rapidly evolving veterinary industry, the role of practice management software has become increasingly pivotal. Understanding the latest trends and statistics in veterinary practice management software for 2024 is crucial for grasping the business landscape. This data offers profound insights into how veterinary practices can enhance operational efficiency, improve patient care, and ultimately drive business growth. Grasping these statistics not only illuminates current market conditions but also helps anticipate future developments and shifts in the industry.

Key stakeholders, including veterinary clinic owners, software developers, and investors, will find this data particularly valuable. For clinic owners, understanding software trends can inform decisions on adopting new technologies that streamline workflow and enhance client satisfaction. Software developers can leverage this information to innovate and tailor their products to meet the evolving needs of veterinary professionals. Meanwhile, investors can gain a clear picture of market potential and growth opportunities, ensuring well-informed financial decisions. These statistics serve as a blueprint for stakeholders to navigate the complexities of the industry effectively.

By leveraging this data, stakeholders can make informed decisions and devise robust strategies, fostering a competitive edge in the dynamic veterinary practice landscape. With the rapid pace of technological advancements, staying abreast of these trends is paramount for anyone involved in veterinary practice management. This article will delve into the crucial statistics and trends shaping the industry in 2024, offering a foundation for making strategic choices and embracing innovations that propel growth and efficiency.

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Top Veterinary Practice Management Software Statistics 2024

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Overview And Market Trends

• The global veterinary software market size was estimated at USD 1,292 million in 2023 and is projected to grow at a CAGR of 12.66% from 2024 to 2030. ^[?]
• The U.S. practice management system market size was estimated at USD 5.5 billion in 2023 and is expected to grow at a CAGR of 9.40% from 2024 to 2030. ^[2]
• The integrated segment dominated the market with a revenue share of over 74% in 2023 and is expected to witness the fastest CAGR from 2024 to 2030. ^[2]
• The web-based practice management systems segment accounted for the largest revenue share of over 47% in 2023, owing to their benefits, such as affordability, quick Return on Investment (RoI), and ease of deployment. ^[2]
• The global veterinary telehealth market is expected to expand at an annual growth rate of 17.6% between 2022 and 2030. ^[19]
• North America dominates the veterinary software market with the revenue share of 35.85% in 2023. ^[5]
• The veterinary telehealth software segment is anticipated to grow at the fastest CAGR of 19.65% during the forecast period due to increasing demand for remote healthcare services and the adoption of telemedicine in veterinary practices. ^[5]
• Based on delivery mode, the cloud/web-based segment led the market with the largest revenue share of 80.92% in 2023. ^[5]
• Based on practice type, the small animals segment led the market with the largest revenue share of 60.37% in 2023. ^[5]
• The practice management software (PMS) segment led the market with the largest revenue share of 56.80% in 2023, owing to wide usage in hospitals and clinics both in established and developing economies. ^[5]
• The global veterinary practice management software market was valued at USD 401.5 million in 2023 and is expected to reach 580.2 million by 2030, at a CAGR of 5.4% from 2024 to 2030. ^[23]

Technological Advancements

• In April 2023, eClinicalWorks announced integrating ChatGPT and AI models into its practice management system and EHR solutions. ^[2]
• In February 2024, IDEXX introduced Vello, a pet owner engagement software for veterinary practices, to reduce no-show rates by 19%. ^[5]
• For instance, in March 2024, Covetrus launched vRxPro, an advanced online prescription management solution within VetSuite to streamline veterinary practices’ operations. ^[5]
• In January 2024, Covetrus showcased its VetSuite solution at VMX 2024, offering integrated technology and services to improve veterinary practice efficiency and pet care. ^[5]
• In November 2023, Veradigm LLC launched Veradigm Intelligent Payments to help improve payment time, increase payment rates, and reduce reconciliation time for healthcare provider practices. ^[2]
• In December 2023, Veradigm LLC launched a conversational AI agent for Practice Fusion Billing Services. ^[2]
• In 2023, P1 Dental Partners selected Henry Schein, Inc.’s software: Dentrix Ascend, a cloud-based dental practice management software, and Jarvis Analytics, a dental analytics tool. ^[2]
• In October 2023, MWI Animal Health announced that its AllyDVM client engagement platform has fully integrated with Shepherd Veterinary Software, a provider of veterinary practice information management software (PIMS). ^[5]

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Market Drivers

• A need for efficient practice management, the adoption of digital solutions, and a focus on delivering high-quality patient care are what experts are attributing the projected 10.1% compound annual growth rate of the global dental practice management software market. ^[4]
• The demand for veterinary services has skyrocketed since COVID-19, increasing demand for services combined with a shortage of veterinarians, widespread burnout, and staffing challenges. ^[7]
• Increased adoption aided by government reforms and rising technological advancements in the field of healthcare IT contributed to the software segment dominating the market with a revenue share of over 66% in 2023. ^[2]
• The need to maximize productivity and efficiency has arguably never been greater given the state of the industry. ^[7]
• The global veterinary practice software market size is expected to reach USD 983.84 million by 2030 and exhibit a CAGR of 10.7% in the forecast period (2023-2030). ^[3]

Market Challenges

• The veterinary profession is facing various challenges such as livestock production intensification, shifting distribution of infectious diseases, growing focus on food safety alongside growing demand for companion animals veterinary services. ^[12]
• There is a significant shortage of veterinarians across all sectors of professional activities, both in food production and companion animals. ^[12]
• Only 10.2% of veterinary practices in Bosnia and Herzegovina had a business-associated website, and 54.9% were present on at least one social media platform, indicating low digital presence. ^[12]
• Only 8.2% of the surveyed practices advertised via the internet, indicating a low adoption of digital marketing strategies. ^[12]
• Financial challenges within the industry were indicated by 29.51% of surveyed practices reporting a negative annual profit. ^[12]

Key Players And Acquisitions

• In November 2023, Thoma Bravo acquired NextGen Healthcare, a cloud-based healthcare technology solutions provider, for USD 1.8 billion. ^[2]
• In August 2023, Henry Schein, Inc. acquired majority shares of Large Practice Sales (LPS) LLC, a leading consultant to individual dental practices. ^[2]
• In April 2023, DaySmart Software acquired ReCPro Software, a veteran provider of recreation management software, expanding its portfolio to support the recreation vertical. ^[5]
• For example, in March 2024, Covetrus launched vRxPro, an advanced online prescription management solution within VetSuite to streamline veterinary practices’ operations. ^[5]
• For instance, in February 2024, DaySmart Software acquired Time To Pet, integrating pet sitting and dog walking features into its business management software for pet care providers. ^[5]

Pricing And Cost Management

• The price per month for a single user of IDEXX’s cloud-based Practice Management software, ezyVet, is USD 230. ^[5]
• For more than 190 users, this cost can reach USD 3,100 per month. ^[5]
• Pricing for veterinary practice management software starts at $99 per month for one user and goes up to $399 per month for 15 users. ^[7]
• DaySmart Vets customer service is 24/7 and notoriously excellent across multiple practice review sources. ^[7]
• Hippo Manager’s team has put new subscriptions on pause for the remainder of the year as they are transitioning into Hippo 2.0. ^[7]

Customer Support And Service

• All of the programs are capable of appointment scheduling, billing and invoicing, confirmation/reminders, have 24/7 customer support, and are cloud-based. ^[7]
• For example, if your practice is open 24/7, does the PIMS supplier offer 24/7 customer support? ^[7]
• The program is easy to set up, and the company boasts it has gotten practices up and running in just 48 hours. ^[7]
• DaySmart Vets customer service is 24/7 and notoriously excellent across multiple practice review sources. ^[7]
• 24/7 support, product upgrades, and anywhere accessibility have been incorporated into the price. ^[5]

Financial Metrics And Reporting

• On average, Reminders users saw 300+ more clients in a year-over-year comparison. ^[8]
• On average, practices using Reminders increased weekly revenue by $1,610 ($81,000 annually). ^[8]
• On average, practices improved preventative care compliance by 50-70% using Reminders. ^[8]
• Our award-winning SOAP format e-medical record has been used to create 50+ million patient health records to date. ^[9]
• The practice management software (PMS) segment led the market with the largest revenue share of 56.80% in 2023, owing to wide usage in hospitals and clinics both in established and developing economies. ^[5]

Regional Insights

• The veterinary software market in the U.S. held the largest share of North America in 2023. ^[5]
• North America dominates the veterinary software market with the revenue share of 35.85% in 2023. ^[5]
• Approximately 60% of UK households have pets that need to be seen by a veterinarian, which has driven up demand for veterinary software. ^[5]
• The global practice management software market is currently valued at USD $11.69 billion and is expected to hit USD $17.92 billion by 2029. ^[17]
• Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). ^[11]

User Experience And Adoption

• Today’s news reports that 50% of all new client business comes through websites. ^[1]
• Studies show veterinary practices lose as much as $60,000 in revenue per year per full-time doctor due to missed charges for simple add-ons and procedures. ^[15]
• The estimated completion times are based on completion times for learners enrolled in this program from November 2020 – October 2021, excluding withdrawals. ^[18]
• 95% of survey respondents have either booked a medical appointment online or would if it was available. ^[10]
• With nearly 30 video interviews available, the information you want is On Demand at your fingertips! ^[8]

Security And Compliance

• The cloud-based software for veterinarians is known for its 256-bit encryption system that ensures security and safety. ^[22]
• In the realm of practice management software, the most important global security standard is ISO 27001 and achieving this standard means that the software, and the company behind the software, are tested and verified against international standards, providing the highest levels of security. ^[21]
• Power Diary is one of the only practice management systems to be certified with ISO 27001, the highest global security standard for healthcare data. ^[21]
• According to a recent American Medical Association report, nearly 75% of people worry about the privacy of their health data. ^[20]
• The COVID-19 pandemic has, among other things, changed the face of veterinary medicine. ^[19]

Future Outlook And Innovations

• The veterinary practice management software market is projected to reach $674.5 million by 2028, at a CAGR of 7.7% during the forecast period. ^[13]
• Approximately 10,000 dogs included in the Dog Aging Project will have whole genome DNA sequencing performed. ^[14]
• The Dog Aging Project anticipates enrolling over 100,000 dogs without limit to the total number of participants. ^[14]
• The MARS PETCARE BIOBANK™ will include data collected from 10,000 dogs and 10,000 cats over a 10-year period with the goal of driving breakthroughs in scientific knowledge for the future of veterinary medicine. ^[24]

Workload And Efficiency

• With the right practice management platform, accountants can complete client work up to 50% faster. ^[6]
• The time savings are immense – some firms report efficiency gains of 20-30%. ^[6]
• A study done in 2021 where an entire clinical staff was trained in the software proved that the right PIMS can help boost productivity through automation, and operational efficiency was boosted by 46%. ^[7]
• For non-veterinary staff revenue contribution, a minimum of $190,000 with high performers exceeding $215,000 indicates optimal staff utilization. ^[16]
• Effective practices can have a staff-to-veterinarian ratio as high as 7:1. ^[16]

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