Automotive Aftermarket Revenue Is Boosted By Advanced Technology Usage In Auto Parts Fabrication

Automotive Aftermarket Industry Overview

The global automotive aftermarket industry size is expected to reach USD 559.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.4% from 2022 to 2030. Digitalization of automotive repair and component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid and autonomous cars, in the years to come, is further expected to bolster the demand for new components.

Automotive Aftermarket Segmentation

Grand View Research has segmented the global automotive aftermarket industry based on replacement part, distribution channel, service channel, certification, and region:

Based on the Replacement Part Insights, the market is segmented into Tire, Battery, Brake parts, Filters, Body parts, Lighting & Electronic components, Wheels, Exhaust components, Turbochargers and Others.

• In terms of market size, the others segment dominated the market with a share of 48.7% in 2021.
• The tire segment would be the largest segment in terms of the replacement parts and is anticipated to dominate the market in terms of size.
• The modern age production technology, such as 3D printing of automotive parts, is extensively being deployed by major players in the industry to optimize their production costs, with 3D printing enabling efficient fabrication performance and reduction of emission toxicity.

Based on the Distribution Channel Insights, the market is segmented into Retailers and Wholesalers & Distributors.

• In terms of market size, the retail segment dominated the market with a share of 56.6% in 2021.
• The retail segment is anticipated to dominate the market arena in terms of size by 2030.
• The wholesale and distribution segment would witness relatively fast growth in terms of revenue from 2022 to 2030.

Based on the Service Channel Insights, the market is segmented into DIY (Do It Yourself), DIFM (Do It for Me) and OE (Delegating to OEM’s).

• In terms of market size, the original equipment segment dominated the market with a share of 72.0% in 2021.
• The OE segment is anticipated to dominate the aftermarket arena in terms of size by 2030.
• The DIY segment would witness relatively fast growth in terms of revenue from 2022 to 2030.

Based on the Certification Insights, the market is segmented into Genuine Parts, Certified Parts and Uncertified Parts.

• In terms of market size, the genuine parts segment dominated the market with a share of 52.0% in 2021.
• The genuine segment is anticipated to dominate the aftermarket arena in terms of size by 2030.
• Uncertified segment would witness relatively fast growth in terms of revenue from 2022 to 2030.

Automotive Aftermarket Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• MEA

Key Companies Profile & Market Share Insights

Technological proliferation and increasing investments in R&D activities by manufacturers and associations are expected to drive the industry growth. There are numbers of domestic and regional competitors prevailing in the market that are challenged to deliver innovative offerings, which help buyers to address the changing technologies, security needs, and business practices.

Some prominent players in the Automotive Aftermarket include

• 3M Company
• Continental AG
• Cooper Tire & Rubber Company
• Delphi Automotive PLC
• Denso Corporation
• Federal-Mogul Corporation
• HELLA KGaA Hueck & Co.
• Robert Bosch GmbH
• Valeo Group
• ZF Friedrichshafen AG

Order a free sample PDF of the Automotive Aftermarket Intelligence Study, published by Grand View Research.

The Aggressive Investments Being Made By Private Companies To Provide Lucrative Growth Opportunities To Fencing Market

Fencing Industry Overview

The global fencing market size is anticipated to reach USD 44.39 billion by 2030, growing at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The growing need to safeguard agricultural assets and the aggressive investments being made by private companies in strengthening the security and enhancing the aesthetics of their premises are expected to drive the growth of the market over the forecast period. The growth of the real estate market and the increase in the number of remodeling projects being undertaken are expected to contribute to the growth of the market.

Fencing Market Segmentation

Grand View Research has segmented the global fencing market based on material, distribution channel, installation, application, end use, and region:

Based on the Material Insights, the market is segmented into Metal, Wood, Plastic & Composite and Concrete.

• The metal segment accounted for the largest revenue share of over 50% in 2021.
• The growing preference for chain links fences and ornamental fences is expected to drive the growth of the segment.
• Wood fencing is a popular choice for residential applications, especially in semi-urban and rural areas, owing to its distinctive aesthetic appeal and the easy availability of wood at affordable prices.
• Plastic fencing is also emerging as a relatively economical, lightweight, and easy-to-install alternative.

Based on the Installation Insights, the market is segmented into Do-It-Yourself and Contractor.

• The contractor segment accounted for the largest revenue share of over 75% in 2021.
• The Do-It-Yourself segment is poised for significant growth over the forecast period in line with the customers’ growing preference for customized fences.

Based on the Application Insights, the market is segmented into Residential, Agricultural and Industrial.

• The residential segment accounted for the largest market share of over 60% in 2021. The increasing residential construction and remodeling activities allowed the segment to dominate the market.
• The growing need to safeguard farm animals, crops, and farm areas from wild animals and thieves is anticipated to drive the demand for fences for agricultural applications.
• Meanwhile, the industrial segment is anticipated to grow in line with the growing demand for fencing solutions from industrial and manufacturing units.

Based on the Distribution Channel Insights, the market is segmented into Online and Retail.

• The retail segment accounted for the largest market share of over 75% in 2021. The retail distribution channel provides customers with instant access to the products offered by key vendors.
• The online segment is expected to register the fastest growth over the forecast period.
• Numerous vendors are focusing on selling their products on e-commerce platforms as part of their efforts to reduce operating costs and increase profit margins, thereby creating growth opportunities for the online segment over the forecast period

Based on the End-use Insights, the market is segmented into Government, Petroleum & Chemicals, Military & Defense, Mining, Energy & Power, Transport and Others.

• The military & defense segment accounted for the largest market share of over 29% in 2021. The growing need for adequate border control and safety is expected to drive the growth of the segment.
• Meanwhile, the energy & power segment is expected to emerge as the fastest-growing end-use segment over the forecast period.
• The growing demand for high-security fencings, such as anti-cut and anti-climb perimeter fencing and partitioning to protect critical power grid infrastructure is estimated to drive the growth of the segment over the forecast period.

Fencing Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The market can be described as a highly competitive market characterized by a high degree of fragmentation and dominated by a large number of local manufacturers catering to the needs of the customers in their respective regions.

Some prominent players in the Fencing market include

• Allied Tube & Conduit
• Ameristar Fence Products Incorporated
• Associated Materials LLC
• Bekaert
• Betafence NV
• CertainTeed Corporation
• Gregory Industries, Inc.
• Jerith Manufacturing Company Inc.
• Long Fence Company Inc.
• Ply Gem Holdings Inc.
• Poly Vinyl Creations Inc.

Order a free sample PDF of the Fencing Market Intelligence Study, published by Grand View Research.

Data Annotation Tools Market: Rapid Penetration Of AI and Machine Learning Remain The Key Factor For Industry Growth

Data Annotation Tools Industry Overview

The global data annotation tools market size is expected to reach USD 5,331 million by 2030, exhibiting a CAGR of 26.6%, according to a new report by Grand View Research, Inc. The advent of big data is expected to drive the growth of the artificial intelligence market as a large volume of data is required to be recorded, stored, and analyzed. The adoption of artificial intelligence is expected to significantly boost the demand for data annotation tools as the annotated data acts as a catalyzer to train AI models and machine learning systems in critical areas such as speech recognition and image recognition. These tools offer AI its strength by directly providing data that is relevant to determining future outcomes and decision-making.

Data Annotation Tools Market Segmentation

Grand View Research has segmented the global data annotation tools market based on type, annotation type, vertical, and regions:

Based on the Type Insights, the market is segmented into Text, Image/Video and Audio.

• The text segment led the market in 2021, accounting for over 36% share of the global revenue.
• The text annotation segment is expected to expand at a promising pace over the forecast period, owing to the rising applications in e-commerce and clinical research applications.
• The audio segment is expected to cater moderate share in the market.
• The image/video annotation segment is expected to dominate the market over the forecast period. Some of the major applications of image data annotation are in the medical industry in the field of medical imaging.

Based on the Annotation Type Insights, the market is segmented into Manual, Semi-supervised and Automatic.

• The manual segment led the market in 2021, accounting for over 81% share of the global revenue.
• The automatic annotation segment is expected to grow at a promising pace over the forecast period.
• AI is becoming vital to the data annotation industry as the technology allows the extraction of high-level and complex abstractions from the datasets using a hierarchical learning process.
• The need for mining and extracting meaningful patterns from voluminous data is driving the growth of AI, which is expected to further drive the demand for automatic data annotation tools.

Based on the Vertical Insights, the market is segmented into IT, Automotive, Government, Healthcare, Financial Services, Retail and Others.

• The IT segment led the market in 2021, accounting for a 33% share of the global revenue.
• The healthcare segment is expected to grow at a good pace over the forecast period. Artificial Intelligence is widely adopted in the healthcare sector for various applications such as treatment prediction, diagnostic automation, drug development, and gene sequencing.
• The automotive segment is anticipated to grow at the highest rate over the forecast period as data annotation tools find wide acceptance in self-driving vehicles.
• The growing R&D spending towards improving image annotation for pushing developments in the field of self-driving vehicles is boosting the market growth.

Data Annotation Tools Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• MEA

Key Companies Profile & Market Share Insights

Vendors in the market are taking several strategic initiatives, such as collaborations, acquisitions & mergers, and partnerships with other key players in the market. Moreover, these players are focusing on raising funds to support geographical expansion and product launches.

Some prominent players in the Data Annotation Tools market include

• Annotate
• Appen Limited
• CloudApp
• Cogito Tech LLC
• Deep Systems
• Labelbox, Inc
• LightTag
• Lotus Quality Assurance
• Playment Inc
• Tagtog Sp. z o.o
• CloudFactory Limited
• Clickworker GmbH
• Alegion
• Figure Eight Inc.
• Amazon Mechanical Turk, Inc
• Explosion AI GMbH
• Mighty AI, Inc.
• Trilldata Technologies Pvt Ltd
• Scale AI, Inc.
• Google LLC
• Lionbridge Technologies, Inc
• SuperAnnotate LLC

Order a free sample PDF of the Data Annotation Tools Market Intelligence Study, published by Grand View Research.

Increasing Construction Sector In China Is Predicted To Drive The Welding Products Market

Welding Products Industry Overview

The global welding products market size is expected to reach USD 19.94 billion by 2030, as per a new report by Grand View Research Inc. Rapid industrialization and growing investments in infrastructural developments in major economies such as the U.S., UK, China, India, and Brazil have propelled the market growth.

Welding Products Market Segmentation

Grand View Research has segmented the global welding products market based on technology, product, and region:

Based on the Technology Insights, the market is segmented into Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding and Others.

• The resistance welding technology segment led the market and accounted for more than 27.4% share of the global revenue in 2021.
• The growing use of resistance welding technology in the automotive industry for various processes such as spot welding, projection welding, and seam welding is likely to promote segmental growth over the forecast period.
• Oxy-fuel welding technology is gaining significant growth on account of its growing use in industrial manufacturing applications.
• The welding equipment and products used in this technology are highly cost-efficient which promotes its implementation in welding fillet, butt, and lap joints with the object thickness up to 5mm.

Based on the Product Insights, the market is segmented into Stick Electrodes, Solid Wires, Flux-Cored Wires, Saw Wires and Fluxes and Others.

• The stick electrodes product segment led the market and accounted for more than 37.0% share of the global revenue in 2021.
• The demand for stick electrodes for the welding of a wide range of components is witnessing growth in various application areas on account of their ability to increase the welding strength as well as their high corrosion resistance & tensile strength.
• The solid wire product segment is projected to register a CAGR of 4.0% in terms of revenue over the forecast period.
• The growing use of saw wire fluxes in the construction of the aforementioned applications is likely to fuel the segment growth.

Welding Products Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• MEA

Key Companies Profile & Market Share Insights

The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. The surging requirement for reliable and precise welding solutions is fueling the growth of the market.

Some prominent players in the Welding Products market include

• Colfax Corporation
• Veostalpine AG
• The Lincoln Electric Company
• Illinois Tool Works, Inc.
• Hyundai Welding Co., Ltd.
• Obara Corporation
• Kiswel, Inc.
• Sandvik AB
• Tianjin Bridge Welding Materials Co., Ltd.
• Kemppi Oy
• Mitco Weld Products Pvt. Ltd.
• Senor Metals Pvt. Ltd.
• Metrode Products Ltd.
• Ador Welding Limited

Order a free sample PDF of the Welding Products Market Intelligence Study, published by Grand View Research.

U.S. HVAC Systems Market Is Poised For Unprecedented Growth Of USD 26.93 Billion By 2030

U.S. HVAC Systems Industry Overview

The U.S. HVAC systems market size is anticipated to reach USD 26.93 billion by 2030, registering a CAGR of 5.6% over the forecast period, according to a new study by Grand View Research, Inc. Diverse and changing climatic conditions across the U.S. remain the prime factor favoring the HVAC equipment demand. Furthermore, to this the U.S. is a large country in terms of a geographic area as such the weather changes from extreme cold to extreme hot throughout the year across states, cities, or coasts, making HVAC installation in residential spaces a mandate. The need to control building temperature irrespective of the outdoor conditions helps the HVAC business thrive in the country. From the supply-side, stringent norms by regulatory bodies in the country to lower power consumption and carbon emission will play a key role in driving the market growth.

U.S. HVAC Systems Market Segmentation

Grand View Research has segmented the U.S. HVAC systems market on the basis of product, end-use, and region:

Based on the Product Insights, the market is segmented into Heating, Ventilation and Cooling.

• The cooling product segment dominated the market in 2021. The segment accounted for the largest share of more than 56.7% of the total revenue in the same year.
• The cooling segment is further projected to retain its dominant market position expanding at the fastest growth rate during the forecast period.
• The ventilation product segment is estimated to register a significant growth rate over the next eight years as the ventilation is pivotal to any closed space to remove odor, pollutants, humidity, etc.

Based on the End-use Insights, the market is segmented into Residential, Commercial and Industrial.

• The demand for HVAC systems in the commercial end-use sector is anticipated to witness the fastest growth rate of more than 6.00% from 2022 to 2030.
• The growth of the commercial segment can be attributed to the rapidly expanding real-estate sector in the U.S., particularly commercial spaces, such as malls, hotels, airports, and offices.
• HVAC also forms an integral part of the industrial sector, particularly in manufacturing plants or cold chain storage spaces.
• It is critical to maintaining the temperature in such spaces to maintain the quality of the products and, hence, the demand for HVAC systems is gaining traction in the industrial end-use segment.

U.S. HVAC Systems Regional Outlook

• Northeast
• Southeast
• Midwest
• Southwest
• West

Key Companies Profile & Market Share Insights

The industry is competitive and moderately consolidated with vendors with a global presence dominating the space. In addition, companies are also engaging in inorganic growth strategies, such as mergers & acquisitions, strategic partnerships, and geographical expansions, to stay afloat in the competitive market scenario.

Some prominent players in the U.S. HVAC Systems market include

• Carrier Corp.
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Johnson Controls International plc
• Lennox International, Inc.
• Trane Technologies

Order a free sample PDF of the U.S. HVAC Systems Market Intelligence Study, published by Grand View Research.

Cold Storage Market Demand Is Augmented By The Organized Retail Sectors In Emerging Economies

The global cold storage market size is expected to reach USD 372.29 billion by 2030, registering a CAGR of 13.4%, according to a new study conducted by Grand View Research, Inc. The retail sector in emerging economies, such as India and China, is getting more organized and this trend is expected to augment the demand for cold storage over the forecast period. Government policies to deregulate the entry of foreign companies have increased the Foreign Direct Investment (FDI) in the retail sectors of such regions.

Cold Storage Market Segmentation

Grand View Research has segmented the global cold storage market based on warehouse type, construction type, temperature type, application, and region:

Based on the Warehouse Type Insights, the market is segmented into Private & Semi-private and Public.

• The public warehouse segment led the market and accounted for more than 67.30% share of the global revenue in 2021.
• Public warehouses are also known as duty-paid warehouses that can be owned by an individual or agency.
• Private warehouses can also be called proprietary warehouses. They are constructed and owned by the same enterprise that owns the merchandise stored and handled at the facility.

Based on the Construction Type Insights, the market is segmented into Bulk Storage, Production Stores and Ports

• The production stores segment led the market and accounted for more than 51.71% share of the global revenue in 2021.
• The bulk storage segment is anticipated to expand at a CAGR of 14.8% over the forecast period.

Based on the Temperature Type Insights, the market is segmented into Chilled and Frozen.

• The frozen segment led the market and accounted for about 77.91% share of the global revenue in 2021.
• Rising consumption of frozen foods in emerging markets, such as India and China, is particularly driving the frozen food segment.
• Warehouses falling under the chilled segment are used to store fresh fruits & vegetables, eggs, dry fruits, milk, and dehydrated foods, among others.
• Changing consumer preferences toward ready-to-cook meals due to the rising awareness about convenience and hygiene will boost the frozen segment growth.

Based on the Application Insights, the market is segmented into Fruits & Vegetables, Dairy, Fish, Meat & Seafood, Processed Food and Pharmaceuticals.

• The seafood segment led the market and accounted for about 34.54% share of the global revenue in 2021.
• Refrigerated warehouses remain vital for safeguarding food items, such as milk and dairy products, against spoilage.
• The pharmaceutical segment is also projected to witness significant growth over the forecast period.

Cold Storage Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• MEA

Key Companies Profile & Market Share Insights

Companies are focusing on expanding their business across different regions to cater to consumer demand. The companies are targeting emerging markets to expand their customer base through acquisitions.

Some prominent players in the Cold Storage market include

• Americold Logistics, LLC
• Burris Logistics
• Barloworld Limited
• Cloverleaf Cold Storage
• Henningsen Cold Storage
• Swire Group
• Wabash National Corporation

Order a free sample PDF of the Cold Storage Market Intelligence Study, published by Grand View Research.

Business-to-Business E-commerce Market: The COVID-19 Pandemic Has Brought About A Shift In Consumer Preference For Online Shopping

Business-to-Business E-commerce Industry Overview

The global business-to-business e-commerce market size is anticipated to reach USD 33,317.37 billion by 2030, registering a CAGR of 19.7% from 2022 to 2030, according to a new study by Grand View Research Inc. Technologies enabling the adoption of B2B e-commerce platforms are promoting the market growth. For instance, the proliferation of 5G and smartphones worldwide is expected to be a key growth driver for the market. Moreover, the COVID-19 pandemic has resulted in an increased acceptance of B2B e-commerce among end-users. Companies across the globe are focused on adopting a mixed channel strategy with an emphasis on online channels to drive revenue.

Business-to-Business E-commerce Market Segmentation

Grand View Research has segmented the business-to-business e-commerce market based on deployment type, application, and region:

Based on the Deployment Type Insights, the market is segmented into Supplier-oriented, Buyer-oriented and Intermediary-oriented.

• The intermediary-oriented segment dominated the market in 2021, recording a revenue share of over 50.0%. This model regulates trade among manufacturers and consumers.
• The supplier-oriented business-to-business e-commerce model is also expected to witness an uptake, registering a CAGR of over 15.0% from 2021 to 2030. This model is a preferred choice among local businesses seeking to venture into unfamiliar regions or countries.

Based on the Application Insights, the market is segmented into Home & Kitchen, Consumer Electronics, Industrial & Science, Healthcare, Clothing, Beauty & Personal Care, Sports Apparel, Books & Stationery, Automotive and Others

• The home & kitchen segment was valued at a market size of USD 1,511.13 billion in 2021, accounting for the largest share of the overall B2B e-commerce market in the same year.
• The consumer electronics segment also witnessed significant growth in 2021. This growth can be attributed to the increasing demand for consumer electronics, particularly smartphones and laptops, along with other wearables during the COVID-19 pandemic.

Business-to-Business E-commerce Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The global business-to-business e-commerce market is fragmented, with several large, small, and medium-sized vendors. The COVID-19 pandemic has propelled many organizations in the B2B business to seek online platforms as an alternate option to meet their customers’ requirements.

Some prominent players in the Business-to-Business E-commerce market include

• Amazon, Inc.
• ChinaAseanTrade
• DIYTrade
• eBay Inc.
• eworldtrade
• Flexfire LEDs
• Flipkart
• IndiaMART InterMESH Ltd.
• KOMPASS
• Quill Lincolnshire, Inc.

Order a free sample PDF of the Business-to-Business E-commerce Market Intelligence Study, published by Grand View Research.

Business Process Outsourcing Market To Showcase Huge Growth Worth USD 525.2 Billion By 2030

Business Process Outsourcing Industry Overview

The global business process outsourcing market is anticipated to reach USD 525.2 billion by 2030, registering a CAGR of 9.1% from 2022 to 2030, according to a new study by Grand View Research Inc. Factors such as the growing demand for outsourcing services across BFSI, IT & telecommunication, and human resource industries and the rising inclination of organizations to focus on their core competencies are expected to drive the market. Furthermore, the emergence of next-generation services, such as smart self-service and personalized consumer experience, and increasing consumer demand for multi-channel communication are expected to create opportunities for the BPO market during the forecast period. 

The growing popularity of cloud computing in business process outsourcing is one of the prominent factors influencing the growth of BPO services. Cloud computing assists BPO providers in increasing the time to market, improving the quality control process, and reducing costs. Additionally, cloud computing in BPO ensures instant computing support and system access, flexible provisioning, and universal access whenever needed to meet the business purposes. These benefits are anticipated to positively impact the adoption of cloud computing in the business process outsourcing market during the forecast period.

Business Process Outsourcing Market Segmentation

Grand View Research has segmented the business process outsourcing market based on service type, end use, and region:

Based on the Service Type Insights, the market is segmented into Finance & Accounting, Human Resource, KPO, Procurement & Supply Chain, Customer Services and Others.

• The customer services segment dominated the market in 2021, with a revenue share exceeding 30%. The segment is expected to retain its dominance, registering the fastest CAGR during the forecast period.
• The finance and accounting segment is expected to witness significant growth during the forecast period. This can be ascribed to the rising number of banking facilities and stringent regulatory requirements in the banking sector, resulting in the need for outsourcing services that can bring a significant reduction in operating costs.

Based on the End Use Insights, the market is segmented into BFSI, Healthcare, Manufacturing, IT & Telecommunications, Retail and Others.

• The IT & telecommunication segment held the largest revenue share in 2021, accounting for around 34.0% of the overall market.
• The rise in the number of IT companies and rapid industrialization worldwide are some of the key factors driving the demand for BPO services across IT and telecommunication companies.
• The BFSI segment is likely to witness the fastest growth by 2030, attaining a CAGR of over 9.0% during the forecast period.

Business Process Outsourcing Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

Apart from increasing their size and broadening their reach, companies focus on market trends to develop technologically advanced and differentiated services to gain a competitive edge.

Some prominent players in the Business Process Outsourcing market include

• Accenture
• Amdocs
• Capgemini
• CBRE Group, Inc.
• HCL Technologies Limited
• Infosys Limited (Infosys BPM)
• NCR Corporation
• Sodexo
• TTEC Holdings, Inc.
• Wipro Limited

Order a free sample PDF of the Business Process Outsourcing Market Intelligence Study, published by Grand View Research.

Continuous Advancements In 3D Technology Is Projected To Garner 3D CAD Software Market

3D CAD Software Industry Overview

The global 3D CAD software market size is estimated to reach USD 15.41 billion by 2028, registering a CAGR of 6.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. The significant deployment of CAD solutions in the packaging industry is driving the growth of this market. Furthermore, the continuous advancements in 3D technology and its adoption in the automotive sector are contributing to the growth of the market. Most industries are shifting from 2D CAD to 3D CAD software, making complex design structures easy and providing options between customized and predefined designs.

The advances in 3D printing are driving the demand for 3D CAD software as 3D printing enables the development of a three-dimensional model using computer-aided design technology. The growing funding for 3D printing technology allows the manufacturing of a wide range of items, from a variety of materials, depending on the needs of end-users.

3D CAD Software Market Segmentation

Grand View Research has segmented the global 3D CAD software market on the basis of deployment, application, and region:

Based on the Deployment Insights, the market is segmented into Cloud and On-premise.

• The on-premise segment accounted for the largest revenue share of over 82% in 2020. This can be attributed to the high information or data security feature of the technology.
• The cloud segment is anticipated to witness the fastest CAGR of over 11.0% from 2021 to 2028.
• The demand for cloud-based platforms has drastically augmented in the past couple of years owing to advantages, such as better collaboration, ability to share designs with stakeholders, minimal or no installation process, and integrated data management system.

Based on the Application Insights, the market is segmented into Architecture, Engineering, and Construction (AEC), Manufacturing, Automotive, Healthcare, Media & Entertainment and Others.

• The manufacturing segment accounted for the largest revenue share of more than 24.5% in 2020 and will expand further at a steady CAGR from 2021 to 2028. This can be attributed to the extensive use of 3D CAD software in prototype designing in the manufacturing sector.
• The healthcare segment is anticipated to register the highest CAGR from 2021 to 2028. This can be attributed to the ability of 3D CAD software in creating 3D models from the information received by medical images obtained from MRI and CT scans.

3D CAD Software Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The market is relatively fragmented due to the presence of several participants. With the help of 3D CAD software, companies focus on minimizing production errors, leading to efficient use of technology and resources.

Some prominent players in the 3D CAD Software market include

• Autodesk, Inc.
• Bentley Systems, Inc.
• Hexagon AB
• Oracle
• PTC
• Siemens
• Dassault Systèmes SolidWorks Corp.

Order a free sample PDF of the 3D CAD Software Market Intelligence Study, published by Grand View Research.

Preclinical CRO Market: Rising Outsourcing Trends Is Going To Play Important Role In Industry Growth By 2030

Preclinical CRO Industry Overview

The global preclinical CRO market size is expected to reach USD 9.67 billion by 2030, expanding at a CAGR of 7.9%, according to a new report by Grand View Research, Inc. The market is expected to show lucrative growth due to increasing R&D expenditure and rising outsourcing trends. The increasing volume of new drugs entering the preclinical phase is also anticipated to boost the market during the forecast period. However, the COVID-19 pandemic had temporarily affected the market owing to the shutdown of research sites due to the implementation of national lockdowns.

Preclinical CRO Market Segmentation

Grand View Research has segmented the global Preclinical CRO market on the basis of service, model type, end-use, and region:

Based on the Service Insights, the market is segmented into Bioanalysis and DMPK studies, Toxicology Testing, Compound Management, Chemistry, Safety Pharmacology and Others.

• The toxicology testing segment accounted for the largest revenue share of 25.48% of the global preclinical CRO market in 2021, owing to a rise in outsourcing of noncore preclinical CRO studies and high adoption of toxicology tests.
• The bioanalysis and DMPK studies segment is expected to register the fastest CAGR of 8.5% during the forecast period. The segment is expected to witness lucrative growth on account of a rise in the demand for pharmacokinetic services to support toxicology tests for IND-enabling studies.

Based on the Model Type Insights, the market is segmented into Patient Derived Organoid (PDO) Model and Patient derived xenograft model.

• The Patient Derived Organoid (PDO) Model segment held the largest share of 80.47% in 2021.
• The Patient derived xenograft model market has been analyzed to grow steadily during the forecast period. This is attributed to the growing number of CROs maintaining an in-house inventory of immunodeficient mice with patient-derived xenografts (PDXs).
• Furthermore, this type of analysis allows for researchers to co-relate the laboratory research with humans, owing to the maintenance of the original genetic makeup of the tumor cells.
• Also, the responses observed in clinical trials among patients have been found to correlate with the responses in these patient-derived xenografts, which in turn allows for a better safety profile and thus expedites the approval of New Drug Investigation (NDA).

Based on the End-use Insights, the market is segmented into Biopharmaceutical Companies, Government and Academic Institutes and Medical Device Companies.

• The biopharmaceutical companies segment is expected to hold the largest market share of 80.89% in 2021.
• The government and academic institutes segment is estimated to register the fastest growth of 8.2% during the forecast period.

Preclinical CRO Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The market players in the Preclinical CRO industry are competitive and are constantly implementing strategies for improving their share in the market. Various strategies adopted by the players are acquisitions, new trial launches, and collaborations, among others.

Some prominent players in the Preclinical CRO market include

• Eurofins Scientific
• PRA Health Sciences, Inc.
• Wuxi AppTec
• Medpace, Inc.
• Charles River Laboratories International, Inc.
• Pharmaceutical Product Development (PPD), LLC
• SGS SA (SGS)
• Intertek Group Plc (IGP)
• Laboratory Corporation of America, Inc.
• Crown Bioscience

Order a free sample PDF of the Preclinical CRO Market Intelligence Study, published by Grand View Research.

Healthcare Contract Research Organization Market: Phase III Clinical Trial Segment To Exhibit A Lucrative Growth Rate Of 6.5%

Healthcare Contract Research Organization Industry Overview

The global healthcare contract research organization market size is expected to reach USD 74.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2022 to 2030. The increasing cost of drug development is expected to drive market demand over the forecast period. Also, rising clinical trial costs and challenges pertaining to patient recruitment have led biopharmaceutical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and the Middle East for cost savings and quick patient recruitment.

Healthcare Contract Research Organization Market Segmentation

Grand View Research has segmented the global healthcare Contract Research Organization (CRO) market on the basis of type, service, and region:

Based on the Type Insights, the market is segmented into Drug Discovery, Pre-clinical and Clinical.

• The clinical services segment dominated the market for healthcare contract research organizations and held the highest revenue share of 76.4% in 2021.
• This growth is owing to the rising number of biologics, recent epidemic events leading to the demand for new treatments, the need for personalized medicines and orphan drugs, and the demand for advanced technologies.
• The preclinical studies segment is projected to witness a rapid growth of 8.1% during the forecast period.

Based on the Service Insights, the market is segmented into Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/ Assurance, Bio-statistics, Investigator Payments, Laboratory, Patient and Site Recruitment, Technology and Others.

• The clinical monitoring segment dominated the market for healthcare contract research organizations and accounted for the largest revenue share of 20.6% in 2021.
• This may be attributed to the increasing number of clinical trials & the need to monitor those studies that are creating more demand for these services.
• The regulatory/medical affairs segment is anticipated to witness the fastest growth rate of 10.8% in the Healthcare Contract Research Organization (CRO) market over the forecast period.
• The increasing demand to obtain approval for new products, maintain compliance, and do more with less is projected to support the growth of the segment.

Healthcare Contract Research Organization Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

In addition to offering improved services, healthcare contract research organizations are in the process of collaborating to promote their services at a global level.

Some prominent players in the Healthcare Contract Research Organization market include

• IQVIA
• LabCorp
• Thermo Fisher Scientific
• PAREXEL International Corporation
• Charles River Laboratories (CRL)
• ICON plc
• Medidata Solutions
• Syneos Health
• Pharmaron
• GVK Biosciences Private Limited

Order a free sample PDF of the Healthcare Contract Research Organization Market Intelligence Study, published by Grand View Research.

Drug Discovery Outsourcing Market Trends Analysis Report By Drug Type, Therapeutic Area and Workflow By 2030

Drug Discovery Outsourcing Industry Overview

The global drug discovery outsourcing market size is expected to reach USD 6.3 billion by 2030 at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. The COVID-19 pandemic has brought pharmaceutical companies in limelight. Drug discovery is a costly and lengthy process. This has urged pharmaceutical and biotech companies to opt for outsourcing their research activities to academic and private Contract Research Organizations (CROs). Rising partnerships between public or private entities accelerate drug discovery processes, which, in turn, increase the global demand for outsourcing services for drug discovery.

Drug Discovery Outsourcing Market Segmentation

Grand View Research has segmented the global drug discovery outsourcing market on the basis of workflow, therapeutics area, drug type, and region:

Based on the Workflow Insights, the market is segmented into Target Identification & Screening, Target Validation & Functional Informatics, Lead Identification & Candidate Optimization, Preclinical Development and Other Associated Workflow.

• Lead identification & candidate optimization dominated the workflow segment with a revenue share of more than 32.00% in 2021.
• The introduction of advanced in silico techniques to improve the lead identification process, such as Computer-Aided Drug Discovery (CADD) and structure-based drug designs, support segment growth.
• The rising need for skilled resources with combinational knowledge of metabolism, analytical chemistry, and computer software, along with the high cost associated with the integration of the latest computation technology, is enabling higher outsourcing for lead identification services.

Based on the Therapeutics Area Insights, the market is segmented into Respiratory System, Pain and Anesthesia, Oncology, Ophthalmology, Hematology, Cardiovascular, Endocrine, Gastrointestinal, Immunomodulation, Anti-infective, Central Nervous System, Dermatology and Genitourinary System.

• The respiratory systems segment accounted for the largest share of over 13.8% of the global revenue in 2021.
• High incidence of respiratory disorders, such as bronchitis, tuberculosis, Chronic Obstructive Pulmonary Diseases (COPD), and asthma, coupled with increasing cases of drug resistance, has influenced the segment growth.
• The oncology and anti-infective segments are both projected to witness significant CAGRs over the forecast period.
• Increased focus on the identification of novel targets to support cancer treatment contributes to the lucrative growth of the oncology segment.

Based on the Drug Type Insights, the market is segmented into Small Molecules and Large Molecules.

• The small molecules/pharmaceuticals segment accounted for the largest share of over 77.3% in 2021 and is projected to expand further at the fastest CAGR during the forecast period.
• Increased significance and highly effective components add up to the potential of small molecules in the pharmaceutical portfolio. Owing to this, the small molecules segment held the largest share in the market.

Drug Discovery Outsourcing Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

Some prominent players in the Drug Discovery Outsourcing market include

• Albany Molecular Research Inc.
• EVOTEC
• Laboratory Corporation of America Holdings
• GenScript
• Pharmaceutical Product Development, LLC
• Charles River
• WuXi AppTec
• Merck & Co., Inc.
• Thermo Fisher Scientific Inc.
• Dalton Pharma Services
• Oncodesign
• Jubilant Biosys
• DiscoverX Corp.
• QIAGEN

Order a free sample PDF of the Drug Discovery Outsourcing Market Intelligence Study, published by Grand View Research.

Collaborative Robots Market Study By Type, Trends, Applications and Regional Demand

Collaborative Robots Industry Overview

The global collaborative robots market size is expected to reach USD 10.14 billion by 2025, according to a new study by Grand View Research, Inc. it is anticipated to expand at a CAGR of 44.5% during the forecast period. Increasing investments in automation of manufacturing processes is boosting the demand for collaborative robots or cobots.

Collaborative Robots Market Segmentation

Grand View Research has segmented the global collaborative robots market based on payload capacity, application, vertical, and region:

Based on the Payload Capacity Insights, the market is segmented into Upto 5kg, Upto 10kg and Above 10kg.

• In 2018, cobots with up to 5 kg payload capacity segment accounted for the largest market share, attributed to the flexibility, lightweight, and the capacity of the machine to optimize low-weight collaborative processes such as placing, picking, and testing.
• Cobots above 10 kg payload capacity is expected to witness significant growth, owing to their capability of handling bigger tasks requiring precision, reliability, and collaborating heavier-weight processes. The robots are anticipated to witness an exponential CAGR of 46.2% over the forecast period.

Based on the Application Insights, the market is segmented into Assembly, Pick & Place, Handling, Packaging, Quality Testing, Machine Tending, Gluing & Welding and Others.

• In 2018, the assembly application segment accounted for the largest market share owing to the ability to combine both repetitive and easy work along with more complex assembly processes.
• Whereas, the rising adoption and applications of pick and place collaborative robots are expected to drive the segment growth over the forecast period.

Based on the Vertical Insights, the market is segmented into Automotive, Food & Beverage, Furniture & Equipment, Plastic & Polymers, Metal & Machinery, Electronics, Pharma and Others.

• The automotive industry accounted for a market share of 24% in 2018 and is expected to lead over the forecast period.
• The key factors such as reducing the cost of production downtime and reduction in the floor space are anticipated to boost the growth over the projected period.
• The growing shift toward automation to save time and cost is a key factor spurring the adoption of robotic materials handling equipment in the automotive industry.

Collaborative Robots Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• MEA

Key Companies Profile & Market Share Insights

To gain a competitive edge in the market, players have entered into partnerships for the expansion of their product portfolio.

Some prominent players in the Collaborative Robots market include

• ABB Group
• DENSO Robotics
• EPSON Robots
• Energid Technologies Corporation
• F&P Robotics AG
• Fanuc Corporation
• KUKA AG
• MRK-Systeme GmbH
• Precise Automation
• Rethink Robotics
• Robert Bosch GmbH
• Universal Robots A/S
• Yaskawa Electric Corporation
• MABI AG
• Techman Robot by Quanta Storage
• Franka Emika GmbH
• AUBO Robotics
• Comau S.p.A

Order a free sample PDF of the Collaborative Robots Market Intelligence Study, published by Grand View Research.

Commercial Refrigeration Equipment Market Is Projected To Garner Revenue Of $58.31 Billion By 2030

Commercial Refrigeration Equipment Industry Overview

The global commercial refrigeration equipment market size is estimated to reach USD 58.31 billion by 2030, registering an estimated CAGR of nearly 5.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. The major aspects driving the market growth are the increasing consumption of frozen foods and the significant expansion of the tourism and hospitality industries.

The worldwide outbreak of the COVID-19 crisis led to the establishment of stringent containment measures, resulting in a temporary halt in the manufacturing and shipment of commercial refrigeration equipment. However, the pandemic created a strong demand for vaccine production and storage, which triggered the demand for cold storage solutions to support the mass immunization program against the coronavirus. The accelerating usage of vaccine storage units is likely to propel the demand for transportation refrigeration equipment in the subsequent years.

Commercial Refrigeration Equipment Market Segmentation

Grand View Research has segmented the global commercial refrigeration equipment market based on product, application, system type, capacity, and region:

Based on the Product Insights, the market is segmented into Transportation Refrigeration Equipment, Refrigerators & Freezers, Beverage Refrigeration, Display Showcases, Ice Merchandisers & Ice Vending Equipment and Other Equipment.

• The refrigerators and freezers segment accounted for a revenue share of more than 24.0% in 2021 across the commercial refrigeration equipment market.
• This can be attributed to the worldwide expansion of the travel and tourism industry, leading to the opening of various food joints and restaurants.
• The beverage refrigeration segment is expected to record a CAGR of more than 5.0% over the forecast period owing to the increased deployment of medium-capacity beverage coolers for travelers and vacationers.

Based on the Application Insights, the market is segmented into Food Service, Food & Beverage Retail, Food & Beverage Distribution, Food & Beverage Production and Others.

• The food and beverage distribution segment is estimated to record a substantial CAGR of nearly 5.0% from 2022 to 2030.
• The ongoing developments in cold channel logistics for transporting temperature-sensitive items are positively impacting the segmental growth.
• The food service segment captured a revenue share of around 32.0% of the overall market in 2021.
• The sizable revenue share can be credited to the increasing trend of Quick-Service Restaurants (QSRs) and food trucks in the food service industry.

Based on the System Type Insights, the market is segmented into Self-contained and Remotely Operated.

• The self-contained segment held over 85.0% market share in 2021 on account of the rising product demand owing to its advantages such as easy and cost-effective installation and low maintenance and relocation costs of the appliances.
• Remotely operated refrigerators segment is expected to register a CAGR of close to 4% by 2030 with increasing adoption across the restaurants with limited kitchen space to reduce the heat produced by the refrigerators.

Based on the Capacity Insights, the market is segmented into Less than 50 cu. Ft, 50 to 100 cu. Ft and More than 100 cu. Ft.

• The 51 cu. Ft. to 100 cu. Ft. segment held a notable revenue share of around 48.0% in 2021, owing to the rising number of specialty food stores, hypermarkets, and supermarkets across the globe.
• The rapid adoption of reach-in refrigerators with a storage capacity of 50 cu. Ft to 75 cu. Ft in the commercial spaces is supporting the segment growth further.
• The less than 50 cu. Ft. segment captured a revenue share of nearly 30.0% of the overall market in 2021.

Commercial Refrigeration Equipment Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The increased adoption of sustainable technology equipment has urged the major market players to launch new and enhanced product offerings to effectively cater to consumer demands.

Some prominent players in the Commercial Refrigeration Equipment market include

• AB Electrolux
• Ali Group S.r.l. a Socio Unico
• AHT Cooling Systems GmbH
• Carrier
• Daikin Industries, Ltd.
• Dover Corporation
• Hussmann Corporation
• Excellence Industries
• Hillphoenix, A Dover Company
• Illinois Tool Works Inc.
• Imbera
• Lennox International Inc.
• Metalfrio Solutions S.A.
• Minus Forty Technologies Corp.
• Ojeda Usa Inc.
• Panasonic Corporation
• Qingdao Hiron Commercial Cold Channel Co., Ltd.
• True Manufacturing Co., Inc.
• Victory Refrigeration
• Whirlpool Corporation
• Zero Zone, Inc.

Order a free sample PDF of the Commercial Refrigeration Equipment Market Intelligence Study, published by Grand View Research.

Gaming Market Factors Affecting Buying Decision and Consumer Behaviour Analysis

Gaming Industry Overview

The global gaming market size was valued at USD 97.80 billion in 2016 and is expected to witness remarkable growth over the next eight years. Technological proliferation and innovation in both hardware and software are expected to be key factors driving the market. Growing penetration of internet services across the globe, coupled with easy availability and access to games on the Internet, is also expected to keep growth prospects upbeat over the coming years.

Gaming Market Segmentation

Grand View Research has segmented the global gaming market report on the basis of device, type, and region:

Based on the Device Insights, the market is segmented into Console, Mobile and Computer.

• The console device segment dominated the market in 2016 and was valued at USD 36.65 billion.
• Advantages such as availability of high-end displays and sound systems that provide an improved and rich experience to customers are anticipated to drive segment growth over the forecast period.
• The mobile device segment is expected to gain momentum owing to increasing smartphone penetration across the globe.
• Tablets are estimated to drive the growth of the mobile device segment owing to advantages such as larger displays and better viewing experience.

Based on the Type Insights, the market is segmented into Online and Offline.

• The online gaming segment is expected to gain traction over the forecast period.
• Increasing demand for multiplayer games is driving the demand for online games as they facilitate in-game communication and improve the overall experience.
• Social networking sites are influential in providing online games a virtual platform for expansion.

Gaming Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

Market players are laying significant emphasis on improving customer experience by offering products equipped with multi-utility features that enable users to play games and browse the Internet at the same time. These multi-utility gaming consoles are anticipated to drive market growth over the forecast period.

Some prominent players in the Gaming market include

• Microsoft Corporation
• Nintendo
• Rovio Entertainment Corporation
• NVIDIA Corporation
• Valve Corporation
• PlayJam
• Bluestack Systems
• Sony Corporation

Order a free sample PDF of the Gaming Market Intelligence Study, published by Grand View Research.

Enterprise Search Market Enterprise Size Outlook, PESTEL Analysis and Trend Estimates

Enterprise Search Industry Overview

The global enterprise search market is expected to reach USD 8.90 billion by 2024, according to a new study by Grand View Research, Inc. The increasing demand for solutions offering time-saving data search capabilities is expected to be a key factor driving the market growth over the next eight years. The growing need to efficiently supervise large volumes of data in an organization in order to improve the operational efficiency is propelling the adoption of enterprise search solutions. These solutions offer an enhanced security layer, allowing access to information only for the authorized personnel. This is also promoting the market growth over the forecast period. The increasing demand for several value-added services, along with the search capabilities, is encouraging the adoption of enterprise search solutions in the organization with large changes in operational practices.

The demand for relevant information and the emergence of technologies such as Software as a Service (SAAS) and cloud computing are further expected to favor the enterprise search market growth over the forecast period. The low maintenance and installation costs along with the elimination of technical support staff associated with these technologies are expected to fuel the enterprise search market growth. Data ambiguity and high implementation cost may act as a restraint to the market.

Enterprise Search Market Segmentation

Grand View Research has segmented the global enterprise search market on the basis of end-use, enterprise size, and region:

Based on the End-Use Insights, the market is segmented into Government & Commercial Offices, Banking & Financial Services, Healthcare, Retail and Others.

• Banking & finance is expected to remain a sizable end-use segment in the global enterprise search market over the next eight years.
• Interconnectivity and sharing of data in different outlets is a primary growth factor for the segment.
• The government and commercial offices are expected to grow at a considerable rate owing to the increasing use of intranet in order to share data and information over the forecast period.
• In the healthcare and medical segments, enterprise search tool solutions can be used to obtain critical treatment information, enabling the fast and efficient functionality of medical institutes.

Based on the Enterprise Size Insights, the market is segmented into Small Enterprises, Medium Enterprises and Large Enterprises.

• The large enterprises end-use segment is expected to dominate the market over the next eight years.
• This can be credited to the increasing need to search for accurate data across a vast database extracted from different sources.
• The pay-per-use model offered by the cloud (SaaS) enterprise search solutions providers is expected to have a wide adoption across the small and medium enterprises at a rate higher than the global average over the forecast period

Enterprise Search Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The leading companies are entering into strategic collaborations in order to provide mass-market solutions as well as serve the niche markets.

Some prominent players in the Enterprise Search market include

• IBM Corp
• Coveo Corp.
• Polyspot & Sinequa Inc.
• Expert System Inc.
• HP Autonomy
• Lucidworks
• Esker Software Corp.
• Dassault Systemes Inc.
• Perceptive Software Inc.
• Marklogic Inc.

Order a free sample PDF of the Enterprise Search Market Intelligence Study, published by Grand View Research.

Animal Health Market Type Estimates, Revenue Drivers and Restraint Analysis By 2030

Animal Health Industry Overview

The global animal health market size is expected to reach USD 92.8 billion by 2030, registering a CAGR of 10.0% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven by technological advancements in veterinary care, which are anticipated to offer the market future growth opportunities. For instance, MediLabSecure, a laboratory network project, was initiated with an aim of identifying emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, the emergence of veterinary health information systems, specifically in developed economies, is expected to provide high growth potential in the future.

Animal Health Market Segmentation

Grand View Research has segmented the global animal health market on the basis of animal type, product, distribution channel, end use, and region:

Based on the Type Insights, the market is segmented into Production Animal and Companion Animal.

• The production animal segment dominated the market for animal health and accounted for the largest revenue share of over 64.0% in 2021.
• The substantial share captured by the segment can be presumed a consequence of high concern for food safety and sustainability by government healthcare organizations globally.
• The companion animal segment is expected to grow lucratively during the forecast period owing to an increase in demand for efficient animal care and the pet-human bond due to the associated health benefits.

Based on the Product Insights, the market is segmented into Vaccines, Pharmaceuticals, Medicinal Feed Additives, Medicinal Feed Additives, Equipment & Disposables and Others.

• The pharmaceutical segment dominated the market for animal health and held the largest revenue share of over 33.7% in 2021.
• Pharmaceuticals primarily include anti-inflammatory drugs, parasiticides, antibiotics, and others.
• The veterinary diagnostics segment is expected to witness significant growth over the forecast period.
• Various factors such as growing animal health expenditure, rising incidence of zoonotic diseases, and increasing number of veterinary practitioners and their incomes in developed economies are also responsible for market growth.
• The others segment is expected to witness the fastest CAGR of 16.1% from 2022 to 2030.
• This segment is inclusive of the other vet care products and services such as grooming, veterinary telehealth, veterinary software, livestock monitoring, and others.

Based on the Distribution Channel Insights, the market is segmented into E-commerce, Retail and Veterinary Hospitals & Clinics.

• The veterinary hospital pharmacy segment accounted for a revenue share of over 51.0% in 2021.
• The increasing number of hospital pharmacies, coupled with high procedural volume as a consequence of frequent readmission of pets for treatment, has supported segment growth.
• Retail channels and e-commerce platforms also accounted for a significant share of the total market.
• The e-commerce segment is anticipated to witness exponential growth throughout the forecast period.

Based on the End-use Insights, the market is segmented into Point-of-care Testing/In-house Testing, Reference Laboratories, Veterinary Hospitals & Clinics and Others.

• The veterinary hospitals and clinics segment accounted for the largest revenue share of over 73.0% in 2021.
• The dominant share captured by this segment is a consequence of various applications such as clinical pathology, toxicology tests, and therapy.
• An increase in the incidence of zoonotic diseases caused by globalization and climate changes is expected to drive the demand for diagnostic procedures, which is expected to drive the point-of-care testing/in-house testing segment in the coming years.

Animal Health Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

Major players operating in the market witnessed growth during the pandemic in spite of the restriction and supply chain disruption.

Some prominent players in the Animal Health market include

• Merck Animal Health
• Ceva Sante Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• Elanco
• IDEXX
• Heska Corporation
• Covetrus
• DRE Veterinary
• Mars Inc.
• Virbac
• Televet
• Phibro Animal Health Corporation
• Vetoquinol S.A
• Braun Vet Care

Order a free sample PDF of the Animal Health Market Intelligence Study, published by Grand View Research.

Digital Health Market PESTEL Analysis and Key Growth Opportunities Study By 2030

Digital Health Industry Overview

The global digital health market size is expected to reach USD 1.5 trillion by 2030 and is expected to expand at a CAGR of 27.7% over the forecast period, according to a new report by Grand View Research, Inc. Advancements in the internet connectivity, growing smartphone penetration, rising healthcare IT expenses, developing IT infrastructure, technology readiness, a growing shortage of healthcare providers, overburdened healthcare facilities, and rising medical expenses are driving the market growth.

Digital Health Market Segmentation

Grand View Research, Inc. has segmented the digital health market report based on technology, component, and region.

Based on the Technology Insights, the market is segmented into Tele-healthcare and mHealth.

• In 2021, the tele-healthcare segment accounted for a market revenue share of 37.6% and dominated the market.
• This growth rate is attributable to the advancing internet connectivity, growing smartphone penetration, advanced technology readiness, growing shortage of healthcare providers, increasing medical expenses, wide availability of tele health applications, and rising adoption of these technologies by patients & physicians.
• Constant evolution of telehealth applications and rapid technological innovations is further boosting the segment growth.
• Moreover, growing demand for virtual healthcare consultation due to the increasing COVID-19 pandemic and the integration of advanced IoT technology and advancing connectivity is further supporting to the high growth rate of the segment.

Based on the Component Insights, the market is segmented into Software, Hardware and Services.

• In 2021, the services segment dominated the market and accounted for the market revenue share of 45.6% attributable to the growing demand for various services such as installation, staffing, training, maintenance, and other such services.
• Furthermore, with advancements in healthcare IT infrastructure and the adoption of digital health solutions in emerging economies is expected to boost the growth of the services segment to successfully implement these systems.
• On the other hand, software segment is anticipated to register the fastest growth rate in coming years owing to the rapid adoption of software systems amongst patients, healthcare facilities, providers, and insurance payers.

Digital Health Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The growing demand is driving key players to focus on their innovative product development strategies and devise collaboration & partnership strategies to expand their product portfolios and serve multiple regional markets.

Some prominent players in the Digital Health market include

• Cerner Corporation
• Allscripts
• Apple, Inc
• Telefonica S.A.
• McKesson Corporation
• Epic Systems Corporation
• QSI Management, LLC
• AT&T
• Vodafone Group
• Airstrip Technologies
• Google, Inc
• Samsung Electronics Co. Ltd
• HiMS
• Orange
• Softserve
• Qualcomm Technologies, Inc
• MQure
• Computer Programs and Systems, Inc.
• Vocera Communications
• IBM Corporation
• Cisco Systems Inc

Order a free sample PDF of the Digital Health Market Intelligence Study, published by Grand View Research.

Pet Supplements Market Revenue Opportunities and Gross Margin Analysis By 2030

Pet Supplements Industry Overview

The global pet supplements market size is expected to reach USD 3.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2022 to 2030. Increasing adoption of pets across the globe is driving the demand for pet supplements. For instance, according to the U.S. Pet Food Industry’s pet ownership study, pet ownership rose from 67.0% of households in 2018 to an all-time high of 70% in 2020 as confirmed by the American Pet Product Association APPA. These statistics foretell high market growth over the forecast period.

Pet supplements provide essential nutrients that help improve the immune system and reduce the risk of heart diseases, cancer, inflammation, and diabetes. In addition, these supplements such as fish oil, biotin, and amino acid improve skin health and enhance the ability to fight common problems, such as bacterial infection, itchy skin, and environmental allergies.

Pet Supplements Market Segmentation

Grand View Research has segmented the global pet supplements market based on pet type, form, application, distribution channel, and region:

Based on the Pet Type Insights, the market is segmented into Dogs, Cats and Others.

• The dogs segment dominated the market for pet supplements and held the largest revenue share of 43.2% in 2021. The segment is expected to maintain dominance over the forecast period.
• However, the cats’ segment is projected to register the fastest CAGR of 6.1% in the market for pet supplements from 2022 to 2030.

Based on the Form Insights, the market is segmented into Pills/Tablets, Chewables, Powders and Others.

• Chewables is one of the most preferred forms of supplements around the world, accounted for approximately 69.9% of global revenue in 2021.
• The powders segment is anticipated to register a faster CAGR of 6.6% from 2022 to 2030. Supplements in powder form are absorbed more quickly than tablets or pills, are easy to consume, and can be easily mixed into foods and beverages.

Based on the Application Insights, the market is segmented into Skin & Coat, Hip & Joint, Digestive Health and Others.

• The hip and joint-segment dominated the market for pet supplements and held the largest revenue share of more than 60.5% in 2021 and is expected to maintain its dominance over the forecast period.
• Many of the supplements pertaining to joints comes with soothing ingredient such as glucosamine and chondroitin which help protect the joints from severe wear and tear and also prevent arthritis.
• The skin and coat segment is projected to register the fastest CAGR of 6.3% during the forecast period from 2022 to 2030.

Based on the Distribution channel Insights, the market is segmented into Online and Offline.

• The offline distribution channel dominated the market for pet supplements and accounted for the largest revenue share of around 88.7% in 2021.
• The online distribution channel is anticipated to register a CAGR of 8.5% in the market for pet supplements from 2022 to 2030.

 

Pet Supplements Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• MEA

Key Companies Profile & Market Share Insights

The key players account for a significant share and have a strong presence across the globe. The market also comprises small-to-midsized players that offer a selected range of pet care products and mostly serve regional customers.

Some prominent players in the Pet Supplements market include

• Nestlé Purina Petcare
• Virbac
• Bayer AG
• NOW Foods
• Food Science Corporation
• Ark Naturals
• Zoetis Inc.
• Nutramax Laboratories, Inc.
• PetHonesty
• Zesty Paws

Order a free sample PDF of the Pet Supplements Market Intelligence Study, published by Grand View Research.