3PL Healthcare Logistics Market Updates by 2031
Third-party logistics (3PL) is also called logistics outsourcing, is a service provider outsourced by a company in a supply chain management or logistic. Logistics is part of supply chain management, including planning, implementation, delivery, and control which mainly indicates the delivery of goods and services to meet different customer needs. In general, 3PL healthcare logistics refers to a concept of outsourced logistics in the healthcare and pharmaceutical industry, which means managing pharmaceutical, medical, and surgical supplies, medical devices and facilities, and other items acquired, stored, and transported to the customer. Increasing globalization for trade offers manufacturing companies a worldwide networking platform. Thus they rely on third-party logistics to suffice their transportation and packaging.
MARKET SCOPE
The "Global 3PL Healthcare Logistics Market Analysis to 2031" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the 3PL healthcare logistics market with detailed market segmentation by type, application, and geography. The report provides key statistics on the market status of the leading 3PL healthcare logistics market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on type, the global 3PL healthcare logistics market is segmented into transportation, warehousing, and value added services.
- On the basis of application, the market is bifurcated into pharmaceutical manufacturers, pharmaceutical distributors, and hospital.
MARKET DYNAMICS
Drivers:
- Government initiatives for the development of healthcare infrastructure in rural areas due to the less availability of medical devices and pharmaceutical products and increased government expenditure on logistic infrastructure are expected to fuel the market's growth.
- Pharmaceutical companies majorly use seaborne transportation over railways and airways to outsource the packaging and labeling activities by third-party providers, which boost the 3PL Healthcare Logistics Market.
- Rising research and development activities will also favor the growth of the market.
- Increased technological advancement has made the logistics process more manageable, which will propel market growth.
- The growing e-commerce industry is one of the major drivers for the development of the global 3PL healthcare logistics market as healthcare companies have adopted the online platform to sell their products and do not have their own logistics services, hence, increasing the demand for third party logistics.
Restraints:
- The reluctance of companies and organizations to rely on independent companies to settle with logistics operations.
- Lack of control of manufacturers on logistics service.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The 3PL healthcare logistics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the 3PL healthcare logistics market in these regions.
IMPACT OF COVID-19 ON 3PL HEALTHCARE LOGISTICS MARKET
COVID-19 first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Travel bans and quarantines, halt of indoor/outdoor activities, temporary shutdown of business operations, supply demand fluctuations, stock market volatility, falling business assurance, and many uncertainties impacted the global third -party logistics market, and it has been observed that the firms that are involved in storage, transportation, and movement of products have been disrupted due to the COVID-19 pandemic. In India, million people are employed in the logistics sector, and it is a leading contributor in the development of the economy. After the complete lockdown imposed to control the spread of virus, the demand for logistics decreased that led to an economic slump. Due to the lockdown and border closure, the movement of goods were restricted and thus negatively impacting the business.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The 3PL healthcare logistics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the 3PL healthcare logistics market in these regions.
IMPACT OF COVID-19 ON 3PL HEALTHCARE LOGISTICS MARKET
COVID-19 first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Travel bans and quarantines, halt of indoor/outdoor activities, temporary shutdown of business operations, supply demand fluctuations, stock market volatility, falling business assurance, and many uncertainties impacted the global third -party logistics market, and it has been observed that the firms that are involved in storage, transportation, and movement of products have been disrupted due to the COVID-19 pandemic. In India, million people are employed in the logistics sector, and it is a leading contributor in the development of the economy. After the complete lockdown imposed to control the spread of virus, the demand for logistics decreased that led to an economic slump. Due to the lockdown and border closure, the movement of goods were restricted and thus negatively impacting the business.
MARKET PLAYERS
The report covers key developments in the 3PL healthcare logistics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from 3PL healthcare logistics market are anticipated to have lucrative growth opportunities in the future with the rising demand for 3PL healthcare logistics in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the 3PL healthcare logistics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- DHL Supply Chain and Global Forwarding.
- DB Schenker Logistics.
- Sinotrans.
- DSV Panalpina.
- UPS Supply Chain Solutions.
- Kuehne and Nagel.
- Nippon Express.
- C.H. Robinson Worldwide.
- XPO Logistics.
- Expeditors International of Washington.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 3PL Healthcare Logistics Market - By Type
1.3.2 3PL Healthcare Logistics Market - By Application
1.3.3 3PL Healthcare Logistics Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. 3PL HEALTHCARE LOGISTICS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. 3PL HEALTHCARE LOGISTICS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. 3PL HEALTHCARE LOGISTICS MARKET - GLOBAL MARKET ANALYSIS
6.1. 3PL HEALTHCARE LOGISTICS - GLOBAL MARKET OVERVIEW
6.2. 3PL HEALTHCARE LOGISTICS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. 3PL HEALTHCARE LOGISTICS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. TRANSPORTATION
7.3.1. Overview
7.3.2. Transportation Market Forecast and Analysis
7.4. WAREHOUSING
7.4.1. Overview
7.4.2. Warehousing Market Forecast and Analysis
7.5. VALUE ADDED SERVICES
7.5.1. Overview
7.5.2. Value Added Services Market Forecast and Analysis
8. 3PL HEALTHCARE LOGISTICS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. PHARMACEUTICAL MANUFACTURERS
8.3.1. Overview
8.3.2. Pharmaceutical Manufacturers Market Forecast and Analysis
8.4. PHARMACEUTICAL DISTRIBUTORS
8.4.1. Overview
8.4.2. Pharmaceutical Distributors Market Forecast and Analysis
8.5. HOSPITAL
8.5.1. Overview
8.5.2. Hospital Market Forecast and Analysis
9. 3PL HEALTHCARE LOGISTICS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America 3PL Healthcare Logistics Market Overview
9.1.2 North America 3PL Healthcare Logistics Market Forecasts and Analysis
9.1.3 North America 3PL Healthcare Logistics Market Forecasts and Analysis - By Type
9.1.4 North America 3PL Healthcare Logistics Market Forecasts and Analysis - By Application
9.1.5 North America 3PL Healthcare Logistics Market Forecasts and Analysis - By Countries
9.1.5.1 Canada 3PL Healthcare Logistics Market
9.1.5.1.1 Canada 3PL Healthcare Logistics Market by Type
9.1.5.1.2 Canada 3PL Healthcare Logistics Market by Application
9.1.5.2 Mexico 3PL Healthcare Logistics Market
9.1.5.2.1 Mexico 3PL Healthcare Logistics Market by Type
9.1.5.2.2 Mexico 3PL Healthcare Logistics Market by Application
9.1.5.3 US 3PL Healthcare Logistics Market
9.1.5.3.1 US 3PL Healthcare Logistics Market by Type
9.1.5.3.2 US 3PL Healthcare Logistics Market by Application
9.2. EUROPE
9.2.1 Europe 3PL Healthcare Logistics Market Overview
9.2.2 Europe 3PL Healthcare Logistics Market Forecasts and Analysis
9.2.3 Europe 3PL Healthcare Logistics Market Forecasts and Analysis - By Type
9.2.4 Europe 3PL Healthcare Logistics Market Forecasts and Analysis - By Application
9.2.5 Europe 3PL Healthcare Logistics Market Forecasts and Analysis - By Countries
9.2.5.1 Germany 3PL Healthcare Logistics Market
9.2.5.1.1 Germany 3PL Healthcare Logistics Market by Type
9.2.5.1.2 Germany 3PL Healthcare Logistics Market by Application
9.2.5.2 France 3PL Healthcare Logistics Market
9.2.5.2.1 France 3PL Healthcare Logistics Market by Type
9.2.5.2.2 France 3PL Healthcare Logistics Market by Application
9.2.5.3 Italy 3PL Healthcare Logistics Market
9.2.5.3.1 Italy 3PL Healthcare Logistics Market by Type
9.2.5.3.2 Italy 3PL Healthcare Logistics Market by Application
9.2.5.4 Spain 3PL Healthcare Logistics Market
9.2.5.4.1 Spain 3PL Healthcare Logistics Market by Type
9.2.5.4.2 Spain 3PL Healthcare Logistics Market by Application
9.2.5.5 United Kingdom 3PL Healthcare Logistics Market
9.2.5.5.1 United Kingdom 3PL Healthcare Logistics Market by Type
9.2.5.5.2 United Kingdom 3PL Healthcare Logistics Market by Application
9.2.5.6 Rest of Europe 3PL Healthcare Logistics Market
9.2.5.6.1 Rest of Europe 3PL Healthcare Logistics Market by Type
9.2.5.6.2 Rest of Europe 3PL Healthcare Logistics Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific 3PL Healthcare Logistics Market Overview
9.3.2 Asia-Pacific 3PL Healthcare Logistics Market Forecasts and Analysis
9.3.3 Asia-Pacific 3PL Healthcare Logistics Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific 3PL Healthcare Logistics Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific 3PL Healthcare Logistics Market Forecasts and Analysis - By Countries
9.3.5.1 Australia 3PL Healthcare Logistics Market
9.3.5.1.1 Australia 3PL Healthcare Logistics Market by Type
9.3.5.1.2 Australia 3PL Healthcare Logistics Market by Application
9.3.5.2 China 3PL Healthcare Logistics Market
9.3.5.2.1 China 3PL Healthcare Logistics Market by Type
9.3.5.2.2 China 3PL Healthcare Logistics Market by Application
9.3.5.3 India 3PL Healthcare Logistics Market
9.3.5.3.1 India 3PL Healthcare Logistics Market by Type
9.3.5.3.2 India 3PL Healthcare Logistics Market by Application
9.3.5.4 Japan 3PL Healthcare Logistics Market
9.3.5.4.1 Japan 3PL Healthcare Logistics Market by Type
9.3.5.4.2 Japan 3PL Healthcare Logistics Market by Application
9.3.5.5 South Korea 3PL Healthcare Logistics Market
9.3.5.5.1 South Korea 3PL Healthcare Logistics Market by Type
9.3.5.5.2 South Korea 3PL Healthcare Logistics Market by Application
9.3.5.6 Rest of Asia-Pacific 3PL Healthcare Logistics Market
9.3.5.6.1 Rest of Asia-Pacific 3PL Healthcare Logistics Market by Type
9.3.5.6.2 Rest of Asia-Pacific 3PL Healthcare Logistics Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa 3PL Healthcare Logistics Market Overview
9.4.2 Middle East and Africa 3PL Healthcare Logistics Market Forecasts and Analysis
9.4.3 Middle East and Africa 3PL Healthcare Logistics Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa 3PL Healthcare Logistics Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa 3PL Healthcare Logistics Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa 3PL Healthcare Logistics Market
9.4.5.1.1 South Africa 3PL Healthcare Logistics Market by Type
9.4.5.1.2 South Africa 3PL Healthcare Logistics Market by Application
9.4.5.2 Saudi Arabia 3PL Healthcare Logistics Market
9.4.5.2.1 Saudi Arabia 3PL Healthcare Logistics Market by Type
9.4.5.2.2 Saudi Arabia 3PL Healthcare Logistics Market by Application
9.4.5.3 U.A.E 3PL Healthcare Logistics Market
9.4.5.3.1 U.A.E 3PL Healthcare Logistics Market by Type
9.4.5.3.2 U.A.E 3PL Healthcare Logistics Market by Application
9.4.5.4 Rest of Middle East and Africa 3PL Healthcare Logistics Market
9.4.5.4.1 Rest of Middle East and Africa 3PL Healthcare Logistics Market by Type
9.4.5.4.2 Rest of Middle East and Africa 3PL Healthcare Logistics Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America 3PL Healthcare Logistics Market Overview
9.5.2 South and Central America 3PL Healthcare Logistics Market Forecasts and Analysis
9.5.3 South and Central America 3PL Healthcare Logistics Market Forecasts and Analysis - By Type
9.5.4 South and Central America 3PL Healthcare Logistics Market Forecasts and Analysis - By Application
9.5.5 South and Central America 3PL Healthcare Logistics Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil 3PL Healthcare Logistics Market
9.5.5.1.1 Brazil 3PL Healthcare Logistics Market by Type
9.5.5.1.2 Brazil 3PL Healthcare Logistics Market by Application
9.5.5.2 Argentina 3PL Healthcare Logistics Market
9.5.5.2.1 Argentina 3PL Healthcare Logistics Market by Type
9.5.5.2.2 Argentina 3PL Healthcare Logistics Market by Application
9.5.5.3 Rest of South and Central America 3PL Healthcare Logistics Market
9.5.5.3.1 Rest of South and Central America 3PL Healthcare Logistics Market by Type
9.5.5.3.2 Rest of South and Central America 3PL Healthcare Logistics Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. 3PL HEALTHCARE LOGISTICS MARKET, KEY COMPANY PROFILES
11.1. DHL SUPPLY CHAIN AND GLOBAL FORWARDING
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DB SCHENKER LOGISTICS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. SINOTRANS
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DSV PANALPINA
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. UPS SUPPLY CHAIN SOLUTIONS
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. KUEHNE AND NAGEL
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. NIPPON EXPRESS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. C.H. ROBINSON WORLDWIDE
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. XPO LOGISTICS
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. EXPEDITORS INTERNATIONAL OF WASHINGTON
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. DHL Supply Chain and Global Forwarding
2. DB Schenker Logistics
3. Sinotrans
4. DSV Panalpina
5. UPS Supply Chain Solutions
6. Kuehne and Nagel
7. Nippon Express
8. C.H. Robinson Worldwide
9. XPO Logistics
10. Expeditors International of Washington
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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