Assistive Technology for Elderly Market Forecast and Scope - 2031
The Assistive Technology for Elderly Market is expected to register a CAGR of 5.8% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Living Aids Devices, Mobility Devices, Medical Furniture, Bathroom Safety Equipment). Also, the report is segmented based on End User (Hospital, Home Care Settings, Old Age Homes). The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments.
Purpose of the ReportThe report Assistive Technology for Elderly Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Assistive Technology for Elderly Market Segmentation
Type- Living Aids Devices
- Mobility Devices
- Medical Furniture
- Bathroom Safety Equipment;
- Hospital
- Home Care Settings
- Old Age Homes
Strategic Insights
Assistive Technology for Elderly Market Growth Drivers- Aging Population and Increased Life Expectancy: The prime driver for the assistive technology market for aged people around the world remains its rapidly increasing aging population. Secondly, with a rise in expectancy of life, it follows that the demand for means with which the elderly can live independently and improve their quality of life increases. To name a few of the technologies: mobility aids, smart home devices, and health monitoring systems, which are all driving huge market growth because of the widening older population.
- Technological Advancements in Smart Devices: The advancements that occurred in smart technology are really transforming the landscape of assistive technology for elderly consumers. Provide self-care for the elderly, in these areas, health, safety, and behavior; new devices like wearable health monitors, voice-activated assistants, and home automation systems impart to making all these effects possible. Emerging along with the above technological advancements will be the specialized developments in widely usable, accessible technologies for this age group. Thus, the forecast for the market is bright in services and independence for the elderly..
- Increasing Emphasis on Aging-in-Place Solutions: This has also now been the case with the old age population aging in place, meaning safer elderly adults can stay at home with age. The fall detection sensor, medication management smart, and remote health monitoring are some gizmos that have conditioned this. Demand for supporting device technologies has, therefore, been triggered by this emerging trend of changing settings of care.
- Artificial Intelligence: The integration between artificial intelligence (AI) and machine learning has resulted in much change in the market for assistive technology intended for elderly persons. Such intelligent devices would include voice assistants and smart home systems, which learn and anticipate their routines so that maximum personalized and proactive support can be given to improve safety, convenience, and quality of lives for elderly individuals.
- Telemedicine and Remotely Monitoring Personal Health: Distance and telehealth have enhanced aged assistive technology. An apparatus complemented by telehealth allows one to see a doctor via telemedicine, while the other monitoring apparatus for remote patients will help manage their health from home.. The freedom of such areas given to the elderly is hopeful and empowers them to take better control over their health affairs.
- Wearable Health Devices and Sensors: Indeed, bad examples are emerging in the assistive technologies market for old people. Wearable such as smartwatches and health fitness monitors that do not involve medical supervision become quite broad by programming into their features a constant monitoring of a person's vital signs. The alarms can be triggered by falls, leading to an alert in case of an emergency. An eye could become critical because it would always have the same real-time data that caregivers or family members would be able to know about them and respond quickly to health issues and accidents.
- Designing Individualized Assistive Devices: Yet a beautiful future seems to stamp its mark on personalized assistive technologies for older adults. It is this kind of information that will allow ai-sensor technology to set up a device specific to that user, who has specific health issues or classes of mobility impairment." Such devices will push efficiency, beforehand better the experience, and further stretch down to an increasingly heterogeneous elderly profile.
- Advanced Smart Home offers: The elderly's potential to use smart home technology is an incredible opportunity. Enabling automated lights, voice-activated appliances, and security detectors individuals can do much more in making the people within the walls comfortable while securing their own. With rising numbers of healthy aging adults who travel back to homes instead of nursing homes, it is wise business for companies that integrate into pretty simple but cost-effective homes.
- Linkages with Healthcare Institutions and Insurers: Partnerships with health care providers, health insurers, and senior living facilities offer a chance to get wide distribution and access to such assistive technologies. This helps companies to sell their products more easily within a care plan to a larger population of the old. Thus, there can even be further shifts towards the mainstreaming of using assistive technology in elderly health care, which will be good for the businesses and the customers.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Assistive Technology for Elderly Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Assistive Technology for Elderly Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
GN Resound Group, Siemens Ltd., Drive Medical accounted for more than 40% market shares in the year 2023
Living Aids Devices type segments accounts for major share in the market
Asia Pacific region is the fastest growing in the market
The Assistive Technology for Elderly Market is estimated to witness a CAGR of 5.8% from 2023 to 2031
Approximately 150-200 word file pages is the standard report
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Assistive Technology For Elderly Market - By Type
1.3.2 Assistive Technology For Elderly Market - By End User
1.3.3 Assistive Technology For Elderly Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ASSISTIVE TECHNOLOGY FOR ELDERLY 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. ASSISTIVE TECHNOLOGY FOR ELDERLY 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. ASSISTIVE TECHNOLOGY FOR ELDERLY MARKET - GLOBAL MARKET ANALYSIS
6.1. ASSISTIVE TECHNOLOGY FOR ELDERLY - GLOBAL MARKET OVERVIEW
6.2. ASSISTIVE TECHNOLOGY FOR ELDERLY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ASSISTIVE TECHNOLOGY FOR ELDERLY MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. LIVING AIDS DEVICES
7.3.1. Overview
7.3.2. Living Aids Devices Market Forecast and Analysis
7.3.3. Hearing Aids Market
7.3.3.1. Overview
7.3.3.2. Hearing Aids Market Forecast and Analysis
7.3.4. Visual Aids Market
7.3.4.1. Overview
7.3.4.2. Visual Aids Market Forecast and Analysis
7.4. MOBILITY DEVICES
7.4.1. Overview
7.4.2. Mobility Devices Market Forecast and Analysis
7.4.3. Wheelchairs Market
7.4.3.1. Overview
7.4.3.2. Wheelchairs Market Forecast and Analysis
7.4.4. Mobility Scooters Market
7.4.4.1. Overview
7.4.4.2. Mobility Scooters Market Forecast and Analysis
7.5. MEDICAL FURNITURE
7.5.1. Overview
7.5.2. Medical Furniture Market Forecast and Analysis
7.5.3. Medical Beds Market
7.5.3.1. Overview
7.5.3.2. Medical Beds Market Forecast and Analysis
7.5.4. Door Openers Market
7.5.4.1. Overview
7.5.4.2. Door Openers Market Forecast and Analysis
7.5.5. Others Market
7.5.5.1. Overview
7.5.5.2. Others Market Forecast and Analysis
7.6. BATHROOM SAFETY EQUIPMENT
7.6.1. Overview
7.6.2. Bathroom Safety Equipment Market Forecast and Analysis
7.6.3. Chairs Market
7.6.3.1. Overview
7.6.3.2. Chairs Market Forecast and Analysis
7.6.4. Commodes Market
7.6.4.1. Overview
7.6.4.2. Commodes Market Forecast and Analysis
7.6.5. Ostomy Products Market
7.6.5.1. Overview
7.6.5.2. Ostomy Products Market Forecast and Analysis
7.6.6. Others Market
7.6.6.1. Overview
7.6.6.2. Others Market Forecast and Analysis
8. ASSISTIVE TECHNOLOGY FOR ELDERLY MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. HOSPITAL
8.3.1. Overview
8.3.2. Hospital Market Forecast and Analysis
8.4. HOME CARE SETTINGS
8.4.1. Overview
8.4.2. Home Care Settings Market Forecast and Analysis
8.5. OLD AGE HOMES
8.5.1. Overview
8.5.2. Old Age Homes Market Forecast and Analysis
9. ASSISTIVE TECHNOLOGY FOR ELDERLY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Assistive Technology For Elderly Market Overview
9.1.2 North America Assistive Technology For Elderly Market Forecasts and Analysis
9.1.3 North America Assistive Technology For Elderly Market Forecasts and Analysis - By Type
9.1.4 North America Assistive Technology For Elderly Market Forecasts and Analysis - By End User
9.1.5 North America Assistive Technology For Elderly Market Forecasts and Analysis - By Countries
9.1.5.1 United States Assistive Technology For Elderly Market
9.1.5.1.1 United States Assistive Technology For Elderly Market by Type
9.1.5.1.2 United States Assistive Technology For Elderly Market by End User
9.1.5.2 Canada Assistive Technology For Elderly Market
9.1.5.2.1 Canada Assistive Technology For Elderly Market by Type
9.1.5.2.2 Canada Assistive Technology For Elderly Market by End User
9.1.5.3 Mexico Assistive Technology For Elderly Market
9.1.5.3.1 Mexico Assistive Technology For Elderly Market by Type
9.1.5.3.2 Mexico Assistive Technology For Elderly Market by End User
9.2. EUROPE
9.2.1 Europe Assistive Technology For Elderly Market Overview
9.2.2 Europe Assistive Technology For Elderly Market Forecasts and Analysis
9.2.3 Europe Assistive Technology For Elderly Market Forecasts and Analysis - By Type
9.2.4 Europe Assistive Technology For Elderly Market Forecasts and Analysis - By End User
9.2.5 Europe Assistive Technology For Elderly Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Assistive Technology For Elderly Market
9.2.5.1.1 Germany Assistive Technology For Elderly Market by Type
9.2.5.1.2 Germany Assistive Technology For Elderly Market by End User
9.2.5.2 France Assistive Technology For Elderly Market
9.2.5.2.1 France Assistive Technology For Elderly Market by Type
9.2.5.2.2 France Assistive Technology For Elderly Market by End User
9.2.5.3 Italy Assistive Technology For Elderly Market
9.2.5.3.1 Italy Assistive Technology For Elderly Market by Type
9.2.5.3.2 Italy Assistive Technology For Elderly Market by End User
9.2.5.4 Spain Assistive Technology For Elderly Market
9.2.5.4.1 Spain Assistive Technology For Elderly Market by Type
9.2.5.4.2 Spain Assistive Technology For Elderly Market by End User
9.2.5.5 United Kingdom Assistive Technology For Elderly Market
9.2.5.5.1 United Kingdom Assistive Technology For Elderly Market by Type
9.2.5.5.2 United Kingdom Assistive Technology For Elderly Market by End User
9.2.5.6 Rest of Europe Assistive Technology For Elderly Market
9.2.5.6.1 Rest of Europe Assistive Technology For Elderly Market by Type
9.2.5.6.2 Rest of Europe Assistive Technology For Elderly Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Assistive Technology For Elderly Market Overview
9.3.2 Asia-Pacific Assistive Technology For Elderly Market Forecasts and Analysis
9.3.3 Asia-Pacific Assistive Technology For Elderly Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Assistive Technology For Elderly Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Assistive Technology For Elderly Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Assistive Technology For Elderly Market
9.3.5.1.1 Australia Assistive Technology For Elderly Market by Type
9.3.5.1.2 Australia Assistive Technology For Elderly Market by End User
9.3.5.2 China Assistive Technology For Elderly Market
9.3.5.2.1 China Assistive Technology For Elderly Market by Type
9.3.5.2.2 China Assistive Technology For Elderly Market by End User
9.3.5.3 India Assistive Technology For Elderly Market
9.3.5.3.1 India Assistive Technology For Elderly Market by Type
9.3.5.3.2 India Assistive Technology For Elderly Market by End User
9.3.5.4 Japan Assistive Technology For Elderly Market
9.3.5.4.1 Japan Assistive Technology For Elderly Market by Type
9.3.5.4.2 Japan Assistive Technology For Elderly Market by End User
9.3.5.5 South Korea Assistive Technology For Elderly Market
9.3.5.5.1 South Korea Assistive Technology For Elderly Market by Type
9.3.5.5.2 South Korea Assistive Technology For Elderly Market by End User
9.3.5.6 Rest of Asia-Pacific Assistive Technology For Elderly Market
9.3.5.6.1 Rest of Asia-Pacific Assistive Technology For Elderly Market by Type
9.3.5.6.2 Rest of Asia-Pacific Assistive Technology For Elderly Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Assistive Technology For Elderly Market Overview
9.4.2 Middle East and Africa Assistive Technology For Elderly Market Forecasts and Analysis
9.4.3 Middle East and Africa Assistive Technology For Elderly Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Assistive Technology For Elderly Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Assistive Technology For Elderly Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Assistive Technology For Elderly Market
9.4.5.1.1 South Africa Assistive Technology For Elderly Market by Type
9.4.5.1.2 South Africa Assistive Technology For Elderly Market by End User
9.4.5.2 Saudi Arabia Assistive Technology For Elderly Market
9.4.5.2.1 Saudi Arabia Assistive Technology For Elderly Market by Type
9.4.5.2.2 Saudi Arabia Assistive Technology For Elderly Market by End User
9.4.5.3 U.A.E Assistive Technology For Elderly Market
9.4.5.3.1 U.A.E Assistive Technology For Elderly Market by Type
9.4.5.3.2 U.A.E Assistive Technology For Elderly Market by End User
9.4.5.4 Rest of Middle East and Africa Assistive Technology For Elderly Market
9.4.5.4.1 Rest of Middle East and Africa Assistive Technology For Elderly Market by Type
9.4.5.4.2 Rest of Middle East and Africa Assistive Technology For Elderly Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Assistive Technology For Elderly Market Overview
9.5.2 South and Central America Assistive Technology For Elderly Market Forecasts and Analysis
9.5.3 South and Central America Assistive Technology For Elderly Market Forecasts and Analysis - By Type
9.5.4 South and Central America Assistive Technology For Elderly Market Forecasts and Analysis - By End User
9.5.5 South and Central America Assistive Technology For Elderly Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Assistive Technology For Elderly Market
9.5.5.1.1 Brazil Assistive Technology For Elderly Market by Type
9.5.5.1.2 Brazil Assistive Technology For Elderly Market by End User
9.5.5.2 Argentina Assistive Technology For Elderly Market
9.5.5.2.1 Argentina Assistive Technology For Elderly Market by Type
9.5.5.2.2 Argentina Assistive Technology For Elderly Market by End User
9.5.5.3 Rest of South and Central America Assistive Technology For Elderly Market
9.5.5.3.1 Rest of South and Central America Assistive Technology For Elderly Market by Type
9.5.5.3.2 Rest of South and Central America Assistive Technology For Elderly Market by End User
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL ASSISTIVE TECHNOLOGY FOR ELDERLY MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. ASSISTIVE TECHNOLOGY FOR ELDERLY MARKET, KEY COMPANY PROFILES
12.1. AI SQUARED
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. DRIVE MEDICAL
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. GN RESOUND GROUP
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. INVACARE
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. NORDIC CAPITAL
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. PRIDE MOBILITY PRODUCTS CORPORATION
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. SIEMENS LTD.
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. SONOVA HOLDING AG
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
12.9. LIBERATOR LTD.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. INCLUSIVE TECHNOLOGY LTD.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. AI Squared
2. Drive Medical
3. GN Resound Group
4. Invacare
5. Nordic Capital
6. Pride Mobility Products Corporation
7. Siemens Ltd.
8. Sonova Holding AG
9. Liberator Ltd.
10. Inclusive Technology Ltd.
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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