Biologics Safety Testing Market Forecast, Scope by 2031
The Biologics Safety Testing Market is expected to register a CAGR of 11.4% 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 Product and Services (Kits and Reagents, Services, and Instruments), Test type (Endotoxin tests, Sterility tests, Cell line authentication & Characterization tests, Cell line authentication, Bioburden tests, Residual host contaminant detection tests, Adventitious agent detection tests, and Others), Application (Vaccine development, Blood products testing, Cellular and gene therapy, Tissue & tissue-related products testing, and Stem cell research), End user (Pharmaceutical & Biotechnology Company, CROs & CDMOs, Academic & Research Centers)
Purpose of the ReportThe report Biologics Safety Testing 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.
Biologics Safety Testing Market Segmentation
Product and Services- Kits and Reagents
- Services
- Instruments
- Endotoxin tests
- Sterility tests
- Cell line authentication & Characterization tests
- Cell line authentication
- Bioburden tests
- Residual host contaminant detection tests
- Adventitious agent detection tests
- Others
- Vaccine development
- Blood products testing
- Cellular and gene therapy
- Tissue & tissue-related products testing
- Stem cell research
- Pharmaceutical & Biotechnology Company
- CROs & CDMOs
- Academic & Research Centers
- Pharmaceutical & Biotechnology Company
- CROs & CDMOs
- Academic & Research Centers
Strategic Insights
Biologics Safety Testing Market Growth Drivers- Increasing Regulatory Requirements: The growth in the regulatory requirements for biologics safety testing is one primary driver of market growth. For example, the FDA and EMA have developed and enforced other standards for the testing of such biologics and if exercised to the letter, will compel the organizations to improve their safety testing techniques. This ‘up-scaling’ is driven not only by patent expiries but also by additional requirements for testing resulting in new exploration of markets.
- Rising Demand for Biologics: The increasing effectiveness of biologics in treating chronic and complex illnesses contributes to their increased acceptance. This leads to growth in the biologics safety testing market. The expansion of the biopharma industry signifies that more and more biologics will be developed and put onto the shelves. As a result, this calls for effective safety evaluations of such products. This means that there is large capacity for production without necessarily incurring large costs due to the manufacturing of these tests and other services associated with safety of these therapies.
- Growing Focus on Quality Assurance: The rise in quality assurance concerns within the biopharmaceutical market enhances the market with regards to biologics safety testing. Manufacturer's growing interest toward stringent testing processes to avoid product recalls and adverse reaction risks fuels the demand in this market. It is more than just the rise in the market that has ulterior motives such as the provision of a reliable biologics safety testing that will concern patients as another factor contributing to the rising market requirements.
- Adoption of Automation and High-Throughput Testing: This upward trend in this market indicates the adoption of automation and high-throughput testing. These technologies make it easier to optimize the flow of such testing processes by allowing big samples to be analyzed in laboratories. High productivity, reduced errors, and improved reliability of safety assessments are associated with increased demands for results. Moreover, these reduce timelines associated with biologics development.
- Integration of Advanced Analytical Techniques: The face of biologics safety testing is changing through advanced technologies in analytical technologies. There is next-generation sequencing and mass spectrometry, among others. These novel technologies are capable of more precise detection and heightened sensitivity to impurities, contaminants, and genetic variations. Biopharmaceutical companies, along with regulatory shifts, will change with the times, delivering increased accuracy for safety tests and compliance - and thus the safe-guarding of patients.
- Emphasis on Risk-Based Approaches: Biologics safety testing is a trend that results from greater emphasis on the implementation of risk-based approaches. Rather than just merely applying traditional testing methods, more firms are now searching for and mitigating specific biologic-specific risks that could adversely affect their products. This approach actively allows organizations to use resources more effectively and ensure the best conditions for safety at various development points.
- Growth in Personalized Medicine: The biologics safety testing market has huge scope in the landscape of personalized medicine. Customized treatment to patients based on profiles builds up further demands for particular safety testing. Companies can leverage on this by offering customized testing solutions to the specific needs of safety testing personalized biologics. Thus, enhanced outcome for patients and increased market share are achieved.
- Collaborations with Biopharmaceutical Companies: Collaboration with biopharmaceutical companies presents an otherwise much-needed window for testing providers regarding the safety of biologics. In that respect, collaboration with them equips the testing laboratory with up-to-date developments concerning biologics to adjust their services accordingly. Indeed, collaboration perfects the development of testing methodology, efficiency levels, and review process as followed in respect to the current industry standards and guidelines on the safety review process.
- Expansion into Emerging Markets: Geographic expansion is one of the key growth drivers propelling biologics safety testing market growth. These geographies are constantly establishing their biopharmaceutical industries, and the need for safe testing services will only increase further. Companies that strategically start making their foray into these markets can capitalise on surging demand for biologics and their associated testing solutions, build out their global footprint, and contribute to better health care outcomes among underserved populations.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Biologics Safety Testing 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 Biologics Safety Testing 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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to country scope.
Frequently Asked Questions
North America dominated the biologics safety testing market in 2023
The market drivers include increasing regulatory requirements and rising demand for biologics are driving the biologics safety testing market
Adoption of automation and high-throughput testing are likely to remain the key trend during the forecast period
The biologics safety testing market majorly consists of the players such as Agilent Technologies, Inc.,Almac Group, and BioMérieux SA among others.
Asia Pacific region is likely to witness fastest growth rate during the forecast period.
The biologics safety testing market is estimated to grow with a CAGR of 11.4% from 2023 to 2031.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Biologics Safety Testing Market - By Product and Services
1.3.2 Biologics Safety Testing Market - By Test type
1.3.3 Biologics Safety Testing Market - By Application
1.3.4 Biologics Safety Testing Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. BIOLOGICS SAFETY TESTING 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. BIOLOGICS SAFETY TESTING 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. BIOLOGICS SAFETY TESTING MARKET - GLOBAL MARKET ANALYSIS
6.1. BIOLOGICS SAFETY TESTING - GLOBAL MARKET OVERVIEW
6.2. BIOLOGICS SAFETY TESTING - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BIOLOGICS SAFETY TESTING MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT AND SERVICES
7.1. OVERVIEW
7.2. PRODUCT AND SERVICES MARKET FORECASTS AND ANALYSIS
7.3. KITS AND REAGENTS
7.3.1. Overview
7.3.2. Kits and Reagents Market Forecast and Analysis
7.4. SERVICES
7.4.1. Overview
7.4.2. Services Market Forecast and Analysis
7.5. INSTRUMENTS
7.5.1. Overview
7.5.2. Instruments Market Forecast and Analysis
8. BIOLOGICS SAFETY TESTING MARKET - REVENUE AND FORECASTS TO 2028 - TEST TYPE
8.1. OVERVIEW
8.2. TEST TYPE MARKET FORECASTS AND ANALYSIS
8.3. ENDOTOXIN TESTS
8.3.1. Overview
8.3.2. Endotoxin tests Market Forecast and Analysis
8.4. STERILITY TESTS
8.4.1. Overview
8.4.2. Sterility tests Market Forecast and Analysis
8.5. CELL LINE AUTHENTICATION AND CHARACTERIZATION TESTS
8.5.1. Overview
8.5.2. Cell line authentication and Characterization tests Market Forecast and Analysis
8.6. CELL LINE AUTHENTICATION
8.6.1. Overview
8.6.2. Cell line authentication Market Forecast and Analysis
8.7. BIOBURDEN TESTS
8.7.1. Overview
8.7.2. Bioburden tests Market Forecast and Analysis
8.8. RESIDUAL HOST CONTAMINANT DETECTION TESTS
8.8.1. Overview
8.8.2. Residual host contaminant detection tests Market Forecast and Analysis
8.9. ADVENTITIOUS AGENT DETECTION TESTS
8.9.1. Overview
8.9.2. Adventitious agent detection tests Market Forecast and Analysis
8.10. OTHERS
8.10.1. Overview
8.10.2. Others Market Forecast and Analysis
9. BIOLOGICS SAFETY TESTING MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. VACCINE DEVELOPMENT
9.3.1. Overview
9.3.2. Vaccine development Market Forecast and Analysis
9.4. BLOOD PRODUCTS TESTING
9.4.1. Overview
9.4.2. Blood products testing Market Forecast and Analysis
9.5. CELLULAR AND GENE THERAPY
9.5.1. Overview
9.5.2. Cellular and gene therapy Market Forecast and Analysis
9.6. TISSUE AND TISSUE-RELATED PRODUCTS TESTING
9.6.1. Overview
9.6.2. Tissue and tissue-related products testing Market Forecast and Analysis
9.7. STEM CELL RESEARCH
9.7.1. Overview
9.7.2. Stem cell research Market Forecast and Analysis
10. BIOLOGICS SAFETY TESTING MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Biologics Safety Testing Market Overview
10.1.2 North America Biologics Safety Testing Market Forecasts and Analysis
10.1.3 North America Biologics Safety Testing Market Forecasts and Analysis - By Product and Services
10.1.4 North America Biologics Safety Testing Market Forecasts and Analysis - By Test type
10.1.5 North America Biologics Safety Testing Market Forecasts and Analysis - By Application
10.1.6 North America Biologics Safety Testing Market Forecasts and Analysis - By Countries
10.1.6.1 United States Biologics Safety Testing Market
10.1.6.1.1 United States Biologics Safety Testing Market by Product and Services
10.1.6.1.2 United States Biologics Safety Testing Market by Test type
10.1.6.1.3 United States Biologics Safety Testing Market by Application
10.1.6.2 Canada Biologics Safety Testing Market
10.1.6.2.1 Canada Biologics Safety Testing Market by Product and Services
10.1.6.2.2 Canada Biologics Safety Testing Market by Test type
10.1.6.2.3 Canada Biologics Safety Testing Market by Application
10.1.6.3 Mexico Biologics Safety Testing Market
10.1.6.3.1 Mexico Biologics Safety Testing Market by Product and Services
10.1.6.3.2 Mexico Biologics Safety Testing Market by Test type
10.1.6.3.3 Mexico Biologics Safety Testing Market by Application
10.2. EUROPE
10.2.1 Europe Biologics Safety Testing Market Overview
10.2.2 Europe Biologics Safety Testing Market Forecasts and Analysis
10.2.3 Europe Biologics Safety Testing Market Forecasts and Analysis - By Product and Services
10.2.4 Europe Biologics Safety Testing Market Forecasts and Analysis - By Test type
10.2.5 Europe Biologics Safety Testing Market Forecasts and Analysis - By Application
10.2.6 Europe Biologics Safety Testing Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Biologics Safety Testing Market
10.2.6.1.1 Germany Biologics Safety Testing Market by Product and Services
10.2.6.1.2 Germany Biologics Safety Testing Market by Test type
10.2.6.1.3 Germany Biologics Safety Testing Market by Application
10.2.6.2 France Biologics Safety Testing Market
10.2.6.2.1 France Biologics Safety Testing Market by Product and Services
10.2.6.2.2 France Biologics Safety Testing Market by Test type
10.2.6.2.3 France Biologics Safety Testing Market by Application
10.2.6.3 Italy Biologics Safety Testing Market
10.2.6.3.1 Italy Biologics Safety Testing Market by Product and Services
10.2.6.3.2 Italy Biologics Safety Testing Market by Test type
10.2.6.3.3 Italy Biologics Safety Testing Market by Application
10.2.6.4 Spain Biologics Safety Testing Market
10.2.6.4.1 Spain Biologics Safety Testing Market by Product and Services
10.2.6.4.2 Spain Biologics Safety Testing Market by Test type
10.2.6.4.3 Spain Biologics Safety Testing Market by Application
10.2.6.5 United Kingdom Biologics Safety Testing Market
10.2.6.5.1 United Kingdom Biologics Safety Testing Market by Product and Services
10.2.6.5.2 United Kingdom Biologics Safety Testing Market by Test type
10.2.6.5.3 United Kingdom Biologics Safety Testing Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Biologics Safety Testing Market Overview
10.3.2 Asia-Pacific Biologics Safety Testing Market Forecasts and Analysis
10.3.3 Asia-Pacific Biologics Safety Testing Market Forecasts and Analysis - By Product and Services
10.3.4 Asia-Pacific Biologics Safety Testing Market Forecasts and Analysis - By Test type
10.3.5 Asia-Pacific Biologics Safety Testing Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Biologics Safety Testing Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Biologics Safety Testing Market
10.3.6.1.1 Australia Biologics Safety Testing Market by Product and Services
10.3.6.1.2 Australia Biologics Safety Testing Market by Test type
10.3.6.1.3 Australia Biologics Safety Testing Market by Application
10.3.6.2 China Biologics Safety Testing Market
10.3.6.2.1 China Biologics Safety Testing Market by Product and Services
10.3.6.2.2 China Biologics Safety Testing Market by Test type
10.3.6.2.3 China Biologics Safety Testing Market by Application
10.3.6.3 India Biologics Safety Testing Market
10.3.6.3.1 India Biologics Safety Testing Market by Product and Services
10.3.6.3.2 India Biologics Safety Testing Market by Test type
10.3.6.3.3 India Biologics Safety Testing Market by Application
10.3.6.4 Japan Biologics Safety Testing Market
10.3.6.4.1 Japan Biologics Safety Testing Market by Product and Services
10.3.6.4.2 Japan Biologics Safety Testing Market by Test type
10.3.6.4.3 Japan Biologics Safety Testing Market by Application
10.3.6.5 South Korea Biologics Safety Testing Market
10.3.6.5.1 South Korea Biologics Safety Testing Market by Product and Services
10.3.6.5.2 South Korea Biologics Safety Testing Market by Test type
10.3.6.5.3 South Korea Biologics Safety Testing Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Biologics Safety Testing Market Overview
10.4.2 Middle East and Africa Biologics Safety Testing Market Forecasts and Analysis
10.4.3 Middle East and Africa Biologics Safety Testing Market Forecasts and Analysis - By Product and Services
10.4.4 Middle East and Africa Biologics Safety Testing Market Forecasts and Analysis - By Test type
10.4.5 Middle East and Africa Biologics Safety Testing Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Biologics Safety Testing Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Biologics Safety Testing Market
10.4.6.1.1 South Africa Biologics Safety Testing Market by Product and Services
10.4.6.1.2 South Africa Biologics Safety Testing Market by Test type
10.4.6.1.3 South Africa Biologics Safety Testing Market by Application
10.4.6.2 Saudi Arabia Biologics Safety Testing Market
10.4.6.2.1 Saudi Arabia Biologics Safety Testing Market by Product and Services
10.4.6.2.2 Saudi Arabia Biologics Safety Testing Market by Test type
10.4.6.2.3 Saudi Arabia Biologics Safety Testing Market by Application
10.4.6.3 U.A.E Biologics Safety Testing Market
10.4.6.3.1 U.A.E Biologics Safety Testing Market by Product and Services
10.4.6.3.2 U.A.E Biologics Safety Testing Market by Test type
10.4.6.3.3 U.A.E Biologics Safety Testing Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Biologics Safety Testing Market Overview
10.5.2 South and Central America Biologics Safety Testing Market Forecasts and Analysis
10.5.3 South and Central America Biologics Safety Testing Market Forecasts and Analysis - By Product and Services
10.5.4 South and Central America Biologics Safety Testing Market Forecasts and Analysis - By Test type
10.5.5 South and Central America Biologics Safety Testing Market Forecasts and Analysis - By Application
10.5.6 South and Central America Biologics Safety Testing Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Biologics Safety Testing Market
10.5.6.1.1 Brazil Biologics Safety Testing Market by Product and Services
10.5.6.1.2 Brazil Biologics Safety Testing Market by Test type
10.5.6.1.3 Brazil Biologics Safety Testing Market by Application
10.5.6.2 Argentina Biologics Safety Testing Market
10.5.6.2.1 Argentina Biologics Safety Testing Market by Product and Services
10.5.6.2.2 Argentina Biologics Safety Testing Market by Test type
10.5.6.2.3 Argentina Biologics Safety Testing Market by Application
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. BIOLOGICS SAFETY TESTING MARKET, KEY COMPANY PROFILES
12.1. AVANCE BIOSCIENCES INC.
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. CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
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. CYTOVANCE BIOLOGICS, INC.
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. EUROFINS SCIENTIFIC SE
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. LONZA GROUP LTD.
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. MERCK KGAA
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. SGS S.A.
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. WUXI APPTEC
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. SARTORIUS AG
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. TOXIKON CORPORATION
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
12.11. THERMO FISHER SCIENTIFIC INC.
12.11.1. Key Facts
12.11.2. Business Description
12.11.3. Products and Services
12.11.4. Financial Overview
12.11.5. SWOT Analysis
12.11.6. Key Developments
12.12. PACE ANALYTICAL SERVICES INC.
12.12.1. Key Facts
12.12.2. Business Description
12.12.3. Products and Services
12.12.4. Financial Overview
12.12.5. SWOT Analysis
12.12.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Avance Biosciences Inc.
2. Charles River Laboratories International, Inc.
3. Cytovance Biologics, Inc.
4. Eurofins Scientific Se
5. Lonza Group Ltd.
6. Merck KGaA
7. SGS S. A.
8. Wuxi Apptec
9. Sartorius AG
10. Toxikon Corporation
11. Thermo Fisher Scientific Inc.
12. Pace Analytical Services Inc.
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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