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Animal Healthcare Market Size, Growth & Share | 2033

The market for Animal Healthcare is anticipated to reach a value of US$ 40.9 billion in 2023 and US$ 62.3 billion by 2033. During the forecast period, animal healthcare sales are anticipated to increase significantly at a CAGR of 4.3%. There are several factors driving the demand for animal healthcare, including:

The global animal healthcare market was estimated to be valued at US$ 42.3 Billion in 2021. The market is likely to grow at a CAGR of 4.3% through 2027, reaching US$ 54.5 Billion by 2027.

Along with animal health care, the rapid expansion of the animal feed additive market has also been witnessed with an expected compound annual growth rate (CAGR) of 4.6% through 2027, surpassing a valuation of around US$ 25.3 Bn, whereas, the production of animal segment, by animal type, is expected to grow at 4.7% CAGR, reaching around US$ 35 Bn by 2027.

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Improved animal health is drastically becoming a top priority for people and governments across the world since they have a vital contribution to maintaining the balance of the ecosystem. Billions of dollars are being spent on vaccines, pharmaceuticals, and feed additives every year in order to protect animals from a wide range of diseases.

Key Takeaways

Surging demand for animal pharmaceuticals and vaccines will therefore continue to boost the growth of the animal healthcare market during the forecast period.
A huge variety of pharmaceuticals are being used to treat production and companion animals such as antibiotics, antiparasitics, anti-inflammatories, analgesics, and fertility drugs. Increasing awareness about animal care is set to spur growth in the animal healthcare market.
The rapid surge in animal healthcare product sales like pharmaceuticals is acting as a catalyst for the growth of the animal healthcare market and the trend is likely to continue in the future.
The increasing consumption of meat and dairy products, the rising prevalence of foodborne and zoonotic diseases, growing trend of pet adoption across the globe are some of the primary factors fueling demand in the animal healthcare market during the forecast period.
The account of rising pet adoption rates growing awareness about maintaining the proper health of animals, and surging demand for animal pharmaceuticals for enhancing the immunity system of animals over the last few decades have led to an increase in spending on animals significantly.
North America and Europe are projected to dominate the animal healthcare market, accounting for more than 60% of the market share and North America alone will command a market value of US$ 18.2 billion.

Competitive Landscape

Bayer AG, Cargill, Inc., Eli Lilly and Company, Boehringer Ingelheim GmbH, Ceva Sante Animale, Zoetis Inc., Merc & Co., Inc., Virbac S.A., and SeQuent Scientific Ltd. Etc. are some of the key companies profiled in the full version of the report.

Leading market players operating in the global animal healthcare market are constantly increasing in research and development for introducing new products at low costs. Besides this, they are adopting growth strategies such as partnerships, acquisitions, price reduction, and moving towards online platforms to expand tehri global footprint.

More Insights into the Animal Healthcare Market

The global animal healthcare market falls under the seven major regional segments such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA).

North America is leading the global animal healthcare market, accounting for the maximum market share and the revenue is expected to reach US$ 18,186.4 Mn by 2027 end. The Western Europe market is expected to account for the second largest market value share during the forecast period.

With the rapid expansion of the pet care market and surging demand for animal pharmaceuticals, North America and Europe will collectively constitute more than 60% of the market share over the forecast period.

Asia Pacific region is expected to grow at a phenomenal pace during the forecast period owing to the rising adoption of pets, expansion of the animal feed additives market, and penetration of new veterinary healthcare market entrants in countries like India and China.

Based on animal type, the global animal healthcare market has been segmented into production animals and companion animals.

The production animals segment is projected to grow at the fastest CAGR over the forecast period, reaching around US$ 35,041.9 Mn by 2027 end. The companion animals segment, on the other hand, is projected to grow at a CAGR of 3.6% over the forecast period.

Increased focus on protecting both production and companion animals from lethal diseases will continue to push the animal healthcare product sales during the forecast period.

Market Segmentation

Based on Product Type:

Feed Additives
Pharmaceuticals
Vaccines

Based on Animal Type:

Production Animals
Companion Animals

Optical Coherence Tomography Market Size & Share: 2023 - 2033

 the global optical coherence tomography market was estimated at US$ 1.1 billion in 2021 and is anticipated to grow to US$ 1.2 billion in 2022. The overall demand for optical coherence tomography is also expected to increase at an impressive CAGR of 9.8% from 2022 to 2032, reaching over US$ 3.0 Bn by the end of 2032 due to the growing use of optical coherence tomography in clinical and industrial applications.

ESOMAR-certified consulting firm Future Market Insights’ report, projects a healthy growth, for optical coherence tomography (OCT) market. As per the report, the market is forecast to reach a valuation of US$ 1349.09 Mn over the forecast period of 2021 and 2031.

Growing application of OCT in ophthalmology across China, the U.K., Germany and Japan will bolster the demand of optical coherence tomography across the globe.

As per the FMI’s analysis, the optical coherence tomography market across Japan and China is anticipated to expand at over 9.8% and 4.6%, respectively in 2021. Growing prevalence of eye related disorders such as diabetic retinopathy, glaucoma and others will improve the adoption of OCT imaging systems.

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Development of advanced OCT imaging systems coupled with increasing government & private organizations initiatives for eye care programs across the globe are propelling the adoption of OCT imaging systems.

Growing awareness and increasing innovation for the advanced OCT devices for the treatment of skin cancer and eye diseases have urged the manufacturers to incorporate real-time data for better outcomes, expanding their existing product ranges.

Based on the aforementioned factors, the OCT market is slated to expand at a robust pace of over 6.7% CAGR during the assessment period of 2021 and 2031.

Key Takeaways from FMI’s Optical Coherence Tomography Market Study

Hospitals are anticipated emerge as primary end users of optical coherence tomography market, accounting for leading market share
Preference for spectral domain-OCT will be higher as compared to swept source-OCT over the forecast period
Increasing application of OCT in ophthalmology is expected to drive sales through 2031
Germany and the U.K. will lead the Europe’s optical coherence tomography market on the back of rising cases of eye disorders across the region
Japan is anticipated to emerge as a lucrative market backed by the rising development of advanced OCT imaging systems within healthcare sector
China is anticipated to lead the East Asia market during the forecast period, accounting for over 4.6% market sales
The U.S. is estimated to be the largest market for optical coherence tomography market attributed to be growing prevalence of eye related disorders

“Key players are increasing research and development activities for the development of advanced OCT imaging system for the early detection & treatment of eye-related disorders. This, in turn, is likely to omprovegrowth opportunities for the market players over the coming years,” says the FMI analyst. 

Optical Coherence Tomography Market Competitive Landscape

Future Market Insights, in its updated report, have profiled prominent players operating in optical coherence tomography market which include Leica Microsystems, Optovue Inc., Carl Zeiss Meditec AG, Santec Corporation, Heidelberg Engineering GmbH, Optopol Technology SP Z.O.O., Topcon Corporation, Michelson Diagnostic Ltd., Tomophase Inc., Moptim Imaging Technique, NIDEK Co. Ltd., and Sonostar Technologies Co. Ltd among others.

Optical coherence tomography systems manufacturers are actively focusing on expanding their product portfolios to improve their revenue generation.

Incorporation of advanced technology combined with the upgradation of its existing range of products is also one of the core strategies of market players to maintain their position in the industry.

The global optical coherence tomography market is dominated by top tier-1 market players that include Leica Microsystem (Sub. Danaher), Optovue Inc., and Zeiss Group (Carl Zeiss Meditec AG).

Targeted mergers and collaborations with top distribution channel partners is anticipated to be the key strategy to maintain their top position in the industry. Around 20% to 25% of global market revenue is contributed by the tier-1 players over the forecast period.

New product launches with the expansion of their existing product range is one of the common market strategy for the key players. For instance:

In March 2021, Premier Medical Imaging AI Inc., a medical technology company focusing to transform cancer surgery with ultra-high resolution, announced the 510 (k) clearance for its Perimeter’s Optical Coherence Tomography imaging system (v2.1) from the U.S. Food & Drug Administration (FDA), designed to examine tissue microstructures during surgical procedures.

In January 2021, Notal Vision announced the launch of its first ‘US Home-Based’ optical coherence tomography platform which was patient self-operated.

More Insights on the Global Optical Coherence Tomography Market

Future Market Insights, in its latest report, offers an incisive coverage on the global optical coherence tomography market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is classified on the basis of product type (spectral domain-OCT, swept source-OCT, and others), application type (ophthalmology, dermatology, cardiovascular, dental, and others), and end user (hospitals, ophthalmology clinics, dermatology clinics, dental clinics, ambulatory surgical centers, and others) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)

Optical Coherence Tomography Market by Category

By Product Type:

Spectral Domain-OCT
Swept Source-OCT
Others

By End User:

Hospitals
Ophthalmology Clinics
Dermatology Clinics
Dental Clinics
Ambulatory Surgical Centers
Others

By Application:

Ophthalmology
Dermatology
Cardiovascular
Dental
Others

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Digital marketing these days are booming!
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This article will speak about the best digital marketing courses in Mysore for MBA.
Most MBA colleges are staffed by instructors who know nothing of internet marketing, this is a major reason why most of the students are not aware of digital marketing and find it difficult to match the pace of digital world post-graduation. The ever-changing digital field makes it difficult for college instructor to keep themselves updated and old curriculum of digital marketing in MBA adds-on to it.
A student pursuing MBA can take up extra part-time certification course in digital marketing which is the best combination for aspiring minds and master him/herself in the digital domain. A certified digital marketer has a lot of opportunity outside world and requirements for digital marketer is increasing day by day, now it would be bad to speak about the job opening for digital marketers without a proof, there are around 1.5 Lakh jobs all over India!! According to http://Naukri.com. But how can a digital marketer be in such high demand? All that boils down to one simple reason.
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Here is a little something about the academy.
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Digital Marketing Courses in Malleshwaram, Bangalore: The Marketing Hub
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