Asia Pacific Medical Device and Diagnostics Contract Research Organization Market to Grow at a CAGR of 8.0% to reach US$ 4,110.91 Million from 2021 to 2028
The medical device and diagnostics contract research organization market in APAC is expected to grow from US$ 2,394.72 million in 2021 to US$ 4,110.91 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028.
Australia, China, India, Japan, and South Korea are major economies in APAC. Market consolidation on rise is the major factor driving the growth of the APAC medical device and diagnostics contract research organization market. The CRO services industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large and full-service CROs. There are a few barriers for smaller CROs to enter the APAC market. However, the full-service CROs require efficient infrastructure with an ability to simultaneously manage multiple complex testing services across numerous geographies, establish the requisite relationships with strategic partners, and develop relevant therapeutic and expertise to meet the needs of end users. Over the past a few years, the consolidation across the industry is an emerging trend followed by most of the prime players to strengthen their service offerings and garner the major market share in the APAC medical device & diagnostics contract research organization market. For instance, PAREXEL International Corp. acquired The Medical Affairs Company in 2017. This has led to the generation of larger CROs with the wide geographic diversification, extensive therapeutic and development expertise, enormous capital and technical resources to manage the demanding drug development programs, medical device designing and research as well as management of regulatory affairs for pharmaceutical and biopharmaceutical companies. Countries in APAC are facing an increasing incidence of COVID-19. Accompanying the catastrophic loss of life that the virus has caused is the impact on the global economy, which has reeled from the effects of the pandemic. The COVID-19 pandemic has critically impacted the region; however, it has also provided an opportunity for stakeholders to realign their future path based on strategic intent and focus. COVID-19 has created an extraordinary emergency that is particularly affecting the supply chain. The supply chain disruptions, along with the enormous need for medical devices and protective health care material, have generated the need for new initiatives and the use of emerging technologies such as three-dimensional printing (3DP) to come forward and support health care professionals and supply chain. The COVID-19 pandemic has adversely impacted the region, but it has also provided an opportunity for stakeholders to realign their future path based on strategic intent and focus. India and China are the most preferred destinations for outsourcing, where a large pool of skilled labor is available at a lower cost. With increasing pressure to reduce manufacturing costs and accelerate time-to-market, many devices and diagnostics companies are looking to conduct clinical trial operations in APAC. Increasingly, third-party outsourcing service providers are playing a greater role in supporting and managing the delivery of key business functions like medical device development, sales and marketing, and regulatory compliance services in APAC.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC medical device and diagnostics contract research organization market. The APAC medical device and diagnostics contract research organization market is expected to grow at a good CAGR during the forecast period.
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APAC Medical Device and Diagnostics Contract Research Organization Market Segmentation
APAC Medical Device and Diagnostics Contract Research Organization Market – By Type
- Medical Devices
- Diagnostics
- Cardiac Biomarkers
- Diabetes Management
- Oncology
- Infectious Diseases
- Hematology
- Chemistry and Immunoassays
- Molecular Diagnostics
- Others
APAC Medical Device and Diagnostics Contract Research Organization Market – By Services
- Clinical Data Management
- Monitoring
- Clinical Project Management
- Medical Writing
- Clinical Auditing
- Digital Health
- Clinical Strategy
- Others
APAC Medical Device and Diagnostics Contract Research Organization Market, by Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Medical Device and Diagnostics Contract Research Organization Market - Companies Mentioned
- Charles River Laboratories, Inc
- ICON PLC
- IQVIA
- Laboratory Corporation of America Holdings
- North American Science Associates, Inc.
- PAREXEL International Corporation
- Qserve Group B.V.
- WUXI APPTEC
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Services
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Medical Device and Diagnostics Contract Research Organization Market – By Type
1.3.2 APAC Medical Device and Diagnostics Contract Research Organization Market – By Services
1.3.3 APAC Medical Device and Diagnostics Contract Research Organization Market – By Country
2. APAC Medical Device and Diagnostics Contract Research Organization Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Medical Device and Diagnostics Contract Research Organization Market – Market Landscape
4.1 Overview
4.2 APAC PEST Analysis
4.3 Experts Opinion
5. APAC Medical Device & Diagnostics Contract Research Organization Market– Key Market Dynamics
5.1 Drivers
5.1.1 Clinical Trials Numbers Rising
5.1.2 Rising Outsourcing Activity Adoption in Conjunction with Rising R&D Expenditures
5.1 Market Restraints
5.1.1 CRO Services Market Having Strong competition
5.2 Market Opportunities
5.2.1 Low Business Cost in Emerging Markets
5.3 Future Trends
5.3.1 Market Consolidation on Rise
5.4 Impact Analysis
6. Medical Device and Diagnostics Contract Research Organization Market – APAC Analysis
6.1 APAC Medical Device and Diagnostics Contract Research Organization Market Revenue Forecast and Analysis
7. APAC Medical Device and Diagnostics Contract Research Organization Market Analysis – By Type
7.1 Overview
7.2 APAC Medical Device and Diagnostics Contract Research Organization Market Share, by Type, 2020 and 2028 (%)
7.3 Medical Devices
7.3.1 Overview
7.3.2 Medical Devices: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4 Diagnostics
7.4.1 Overview
7.4.2 Diagnostics: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.1 Cardiac Biomarkers
7.4.2.1.1 Overview
7.4.2.1.2 Cardiac Biomarkers: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.2 Diabetes Management
7.4.2.2.1 Overview
7.4.2.2.2 Diabetes Management: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.3 Oncology
7.4.2.3.1 Overview
7.4.2.3.2 Oncology: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.4 Infectious Diseases
7.4.2.4.1 Overview
7.4.2.4.2 Infectious Diseases: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.5 Haematology
7.4.2.5.1 Overview
7.4.2.5.2 Haematology: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.6 Chemistry and Immunoassays
7.4.2.6.1 Overview
7.4.2.6.2 Chemistry and Immunoassays: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.7 Molecular Diagnostics
7.4.2.7.1 Overview
7.4.2.7.2 Molecular Diagnostics: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.8 Others
7.4.2.8.1 Overview
7.4.2.8.2 Others: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
8. APAC Medical Device and Diagnostics Contract Research Organization Market– By Services
8.1 Overview
8.2 APAC Medical Device and Diagnostics Contract Research Organization Market Share, by Services, 2020 and 2028 (%)
8.3 Clinical Data Management
8.3.1 Overview
8.3.2 Clinical Data Management: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
8.4 Monitoring
8.4.1 Overview
8.4.2 Monitoring: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
8.5 Clinical Project Management
8.5.1 Overview
8.5.2 Clinical Project Management: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
8.6 Medical Writing
8.6.1 Overview
8.6.2 Medical Writing: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
8.7 Clinical Auditing
8.7.1 Overview
8.7.2 Clinical Auditing: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
8.8 Digital Health
8.8.1 Overview
8.8.2 Digital Health: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
8.9 Clinical Strategy
8.9.1 Overview
8.9.2 Clinical Strategy: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
8.10 Others
8.10.1 Overview
8.10.2 Others: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
9. APAC Medical Devices and Diagnostics Contract Research Organization Market – Country Analysis
9.1 Overview
9.1.1 APAC: Medical Devices and Diagnostics Contract Research Organization Market - Revenue and Forecast to 2028 (USD Million)
9.1.2 APAC: Medical Devices and Diagnostics Contract Research Organization Market, by Country, 2020 & 2028 (%)
9.1.3 China: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.3.1 China: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.3.2 China Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
9.1.3.2.1 China Medical Devices and Diagnostics Contract Research Organization Market, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
9.1.3.3 China Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
9.1.4 Japan: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.4.1 Japan: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.4.2 Japan Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
9.1.4.2.1 Japan Medical Devices and Diagnostics Contract Research Organization Market, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
9.1.4.3 Japan Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
9.1.5 India: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.5.1 India: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.5.2 India Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
9.1.5.2.1 India Medical Devices and Diagnostics Contract Research Organization Market, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
9.1.5.3 India Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
9.1.6 South Korea: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.6.1 South Korea: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.6.2 South Korea Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
9.1.6.2.1 South Korea Medical Devices and Diagnostics Contract Research Organization Market, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
9.1.6.3 South Korea Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
9.1.7 Australia: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.7.1 Australia: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.7.2 Australia Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
9.1.7.2.1 Australia Medical Devices and Diagnostics Contract Research Organization Market, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
9.1.7.3 Australia Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
9.1.8 Rest of APAC: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.8.1 Rest of APAC: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
9.1.8.2 Rest of APAC Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
9.1.8.2.1 Rest of APAC Medical Devices and Diagnostics Contract Research Organization Market, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
9.1.8.3 Rest of APAC Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
10. Impact of COVID-19 Pandemic on APAC Medical Devices and Diagnostics Contract Research Organization Market
10.1 APAC: Impact Assessment of COVID-19 Pandemic
11. Medical Devices and Diagnostics Contract Research Organization Market– Industry Landscape
11.1 Overview
11.2 Key Developments Done by Companies
12. Company Profiles
12.1 PAREXEL INTERNATIONAL CORPORATION
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 ICON PLC
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 WuXi AppTec
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 CHARLES RIVER LABORATORIES, INC.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 North American Science Associates, Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Qserve
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Proxima Clinical Research, Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 IQVIA Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. China Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 2. China Medical Devices and Diagnostics Contract Research Organization, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
Table 3. China Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
Table 4. Japan Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 5. Japan Medical Devices and Diagnostics Contract Research Organization, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
Table 6. Japan Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
Table 7. India Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 8. India Medical Devices and Diagnostics Contract Research Organization, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
Table 9. India Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
Table 10. South Korea Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 11. South Korea Medical Devices and Diagnostics Contract Research Organization, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
Table 12. South Korea Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
Table 13. Australia Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 14. Australia Medical Devices and Diagnostics Contract Research Organization, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
Table 15. Australia Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
Table 16. Rest of APAC Medical Devices and Diagnostics Contract Research Organization Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 17. Rest of APAC Medical Devices and Diagnostics Contract Research Organization, by Diagnostics – Revenue and Forecast to 2028 (USD Million)
Table 18. Rest of APAC Medical Devices and Diagnostics Contract Research Organization, by Services – Revenue and Forecast to 2028 (USD Million)
Table 19. Glossary of Terms, Medical Devices and Diagnostics Contract Research Organization Market
LIST OF FIGURES
Figure 1. APAC Medical Device and Diagnostics Contract Research Organization Market Segmentation
Figure 2. APAC Medical Device and Diagnostics Contract Research Organization Market – By Country
Figure 3. APAC Medical Device and Diagnostics Contract Research Organization Market Overview
Figure 4. APAC Medical Devices Segment Held Largest Share of Medical Device and Diagnostics Contract Research Organization Market in 2020
Figure 5. APAC Medical Device and Diagnostics Contract Research Organization Market in Asia Pacific Region to Show Remarkable Growth During Forecast Period
Figure 6. APAC PEST Analysis
Figure 7. Experts Opinion
Figure 8. APAC Medical Device and Diagnostics Contract Research Organization Market – Revenue Forecast and Analysis – 2019 - 2028
Figure 9. APAC Medical Device and Diagnostics Contract Research Organization Market Share, by Type, 2020 and 2028 (%)
Figure 10. APAC Medical Devices: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 11. APAC Diagnostics: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 12. APAC Cardiac Biomarkers: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 13. APAC Diabetes Management: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Oncology: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Infectious Diseases: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 16. APAC Hematology: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Chemistry and Immunoassays: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC Molecular Diagnostics: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC Others: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 20. APAC Medical Device and Diagnostics Contract Research Organization Market Share, by Services, 2020 and 2028 (%)
Figure 21. APAC Clinical Data Management: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 22. APAC Monitoring: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 23. APAC Clinical Project Management: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 24. APAC Medical Writing: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 25. APAC Clinical Auditing: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 26. APAC Digital Health: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 27. APAC Clinical Strategy: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 28. APAC Others: Medical Device and Diagnostics Contract Research Organization Market– Revenue and Forecast to 2028 (US$ Million)
Figure 29. APAC: Medical Devices and Diagnostics Contract Research Organization Market, by Key Country – Revenue (2020) (USD Million)
Figure 30. APAC: Medical Devices and Diagnostics Contract Research Organization Market, by Country, 2020 & 2028 (%)
Figure 31. China: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
Figure 32. Japan: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
Figure 33. India: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
Figure 34. South Korea: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
Figure 35. Australia: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
Figure 36. Rest of APAC: Medical Devices and Diagnostics Contract Research Organization Market – Revenue and Forecast to 2028 (USD Million)
Figure 37. Impact of COVID-19 Pandemic in APAC Country Markets
- Charles River Laboratories, Inc
- ICON PLC
- IQVIA
- Laboratory Corporation of America Holdings
- North American Science Associates, Inc.
- PAREXEL International Corporation
- Qserve Group B.V.
- WUXI APPTEC
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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