Blood Glucose Device Market Share and Growth (2021-2031)
The Blood Glucose Device Market is expected to register a CAGR of 8.3% 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 ( Self-Monitoring Blood Glucose Devices, Continuous Blood Glucose Monitoring Devices ). The report is segmented by Technique ( Invasive, Non-Invasive ). The report is segmented by Distribution Channel ( Hospital Pharmacy, Retail Pharmacy, Online Sales ). 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 Blood Glucose Device 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.
Blood Glucose Device Market Segmentation
Type- Self-Monitoring Blood Glucose Devices
- Continuous Blood Glucose Monitoring Devices
- Invasive
- Non-Invasive
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Blood Glucose Device Market Growth Drivers- Rising Prevalence of Diabetes: Causes of diabetes, particularly Type 2 diabetes are being referred to as epidemics in this modern age. As reported by the International Diabetes Federation (IDF), the diabetes population all over the world is more than five hundred million, in which figure an upward trend is observed in the following years. The number of diabetes cases increases with the aging of the population and due to lower dietary habits hence the need for blood glucose monitoring devices increases. The rise in diabetes prevalence is also one of the factors contributing to the growth of the market, following the fact that both patients and health care systems are in need of better and more accessible methods of controlling blood sugar levels.
- Technological Advancements in Blood Glucose Monitoring: The blood glucose monitoring device market is witnessing several advancements that include smart glucose meters, wearable devices with real-time glucose updates, and continuous glucose monitors The Comparative advantages of Glucose monitoring devices over conventional glucometers are as follows: CGM as compared to external monitoring devices are fixed on the body and monitor the glucose levels of the user on a 24hour basis all through the day. This helps in giving better control and management of diabetes. Better yet, this is complemented by mobile applications and cloud services that permit patients and their clinicians to view trends and adjust treatment in real-time. These improvements not only enhance accuracy but also improve the customer experience thereby increasing the purchases of the devices.
- Shift Towards Personalized Healthcare: There is a fashion for personal or precision medicine, and also in the case of diabetes, management has become more person-focused. Glucometer devices today come with additional functionalities such as data analytics which helps patient recognize their specific glucose tendencies in the course of his or her daily activities. Given these factors, there is a positive trend in the creation of devices that do not merely assess glucose but which look at lifestyle changes as well.
- Linkage with Smartphone Health Apps: The usage of blood glucose monitoring devices linked with mobile phones and mobile health applications is on a rise. In fact, several glucose meters are now being designed with Bluetooth connectivity features, which allows the users to connect the mobile application and upload their data. This helps in analyzing the trends over intervals, sending alerts for blood test schedules, and sending reports to their physicians. This changing landscape is likely to enhance and encourage more patient engagement as due to the increased adoption of smartphones and digital health tools, the trend will always be on the upsurge.
- Wearable Devices and Non-Invasive Monitoring: In fact, the blood glucose device market is benefitting from the wearable application in an unprecedented way. Non-invasive blood glucose monitors which do not involve pricking the skin, are also a welcome development that seeks to alleviate the suffering of diabetes patients in managing their conditions. Gadgets like the Dexcom G6 or Abbott’s FreeStyle Libre are external Continuous Glucose Monitors (CGMs) that provide realtime glucose readings 24 hours. In addition to Continuous Glucose Monitors (CGMs), there is ongoing research on devices like transdermal patches and sensors aimed at providing non-invasive options thereby enhancing possibilities for users.
- Concentrate on AI plus Data Analysis: One more significant tendency is the adoption of artificial intelligence (AI) and machine learning technologies to aid in controlling blood sugar levels especially in diabetics This Actually she introduced A1c levels and fixed A1c diabetes calculators but also affected how diabetes mellitus is managed Improving algorithms have been developed that allow more accurate predictions on glucose surges and even suggestions of food intake or exercises or drugs in administration when the bounty demands it. Arti?cial intelligence (AI) uses extensive data obtained from glucose meters and health devices to design the most effective and custom-fit treatment regimens for individuals. This innovative technology has the capability of reversing diabetes management from reactive to proactive thereby leading to better patient results.
- Disrupting the Status Quo of Glucometers: Non-invasive glucose monitoring has a thriving market potential and this is likely to attract device manufacturing companies. From wearable sensors to sweat based monitors and optical sensors, non invasive devices are bound to change the management of diabetes in a less painful and more convenient way than simply fingerstick tests. There is still an appetite for new ways of innovating, especially for companies who want to invest in the non-invasive research and development technologies.
- Integrating Blood Glucose Monitoring Devices with Digital Health Application: As the devices to measure blood glucose increase in numbers, so will the possibilities of their integration with the help of other devices and applications committed to similar goals. Without knowing, these players are adding to the combination of clinical solutions focused exclusively on diabetes - devices, medications, services, thence the need for glucose meters. Therefore, such collaborations can immensely enhance the value of the users experience by making it possible to monitor, track and keep in control over the patients health progress, offer reminders and recommendations specific to a patient, thus increasing adherence and health results.
- Personalized Solutions for Diabetes Management: A shift towards personalization in diabetes care opens an avenue that device manufacturers can take advantage of by making devices that allow integration of lifestyle variables with glucose levels. These are devices that monitor glucose and other health parameters such as physical activity, nutrition, and sleep. In practice, such devices will facilitate the development of better products which will seek to enable patients to manage their conditions, thus improving disease management and greater treatment satisfaction.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Blood Glucose Device 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 Blood Glucose Device 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
Self-Monitoring Blood Glucose Devices Market segment, by type, dominated the market in 2023.
Players operating in the market are Braun Melsungen AG, Medtronic, DiaMonTech GmbH, Terumo Medical Corporation, Lifespan Inc., Hoffmann-La Roche Ltd., Sanofi, Abbott, Ascensia Diabetes Care Holdings AG, Dexcom, Inc.
Linkage with Smartphone Health Apps act as a opportunity for growth of the market in forecast period.
North America region dominated the Blood Glucose Device Market market in 2023.
The Blood Glucose Device Market is estimated to witness a CAGR of 8.3% from 2023 to 2031
The major factors driving the Blood Glucose Device Market market are:
1. Rising Prevalence of Diabetes
2. Technological Advancements in Blood Glucose Monitoring
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Blood Glucose Device Market - By Type
1.3.2 Blood Glucose Device Market - By Technique
1.3.3 Blood Glucose Device Market - By Distribution Channel
1.3.4 Blood Glucose Device Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOOD GLUCOSE DEVICE 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. BLOOD GLUCOSE DEVICE 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. BLOOD GLUCOSE DEVICE MARKET - GLOBAL MARKET ANALYSIS
6.1. BLOOD GLUCOSE DEVICE - GLOBAL MARKET OVERVIEW
6.2. BLOOD GLUCOSE DEVICE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BLOOD GLUCOSE DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. SELF-MONITORING BLOOD GLUCOSE DEVICES
7.3.1. Overview
7.3.2. Self-Monitoring Blood Glucose Devices Market Forecast and Analysis
7.4. CONTINUOUS BLOOD GLUCOSE MONITORING DEVICES
7.4.1. Overview
7.4.2. Continuous Blood Glucose Monitoring Devices Market Forecast and Analysis
8. BLOOD GLUCOSE DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - TECHNIQUE
8.1. OVERVIEW
8.2. TECHNIQUE MARKET FORECASTS AND ANALYSIS
8.3. INVASIVE
8.3.1. Overview
8.3.2. Invasive Market Forecast and Analysis
8.4. NON-INVASIVE
8.4.1. Overview
8.4.2. Non-Invasive Market Forecast and Analysis
9. BLOOD GLUCOSE DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
9.1. OVERVIEW
9.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
9.3. HOSPITAL PHARMACY
9.3.1. Overview
9.3.2. Hospital Pharmacy Market Forecast and Analysis
9.4. RETAIL PHARMACY
9.4.1. Overview
9.4.2. Retail Pharmacy Market Forecast and Analysis
9.5. ONLINE SALES
9.5.1. Overview
9.5.2. Online Sales Market Forecast and Analysis
10. BLOOD GLUCOSE DEVICE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Blood Glucose Device Market Overview
10.1.2 North America Blood Glucose Device Market Forecasts and Analysis
10.1.3 North America Blood Glucose Device Market Forecasts and Analysis - By Type
10.1.4 North America Blood Glucose Device Market Forecasts and Analysis - By Technique
10.1.5 North America Blood Glucose Device Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Blood Glucose Device Market Forecasts and Analysis - By Countries
10.1.6.1 United States Blood Glucose Device Market
10.1.6.1.1 United States Blood Glucose Device Market by Type
10.1.6.1.2 United States Blood Glucose Device Market by Technique
10.1.6.1.3 United States Blood Glucose Device Market by Distribution Channel
10.1.6.2 Canada Blood Glucose Device Market
10.1.6.2.1 Canada Blood Glucose Device Market by Type
10.1.6.2.2 Canada Blood Glucose Device Market by Technique
10.1.6.2.3 Canada Blood Glucose Device Market by Distribution Channel
10.1.6.3 Mexico Blood Glucose Device Market
10.1.6.3.1 Mexico Blood Glucose Device Market by Type
10.1.6.3.2 Mexico Blood Glucose Device Market by Technique
10.1.6.3.3 Mexico Blood Glucose Device Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Blood Glucose Device Market Overview
10.2.2 Europe Blood Glucose Device Market Forecasts and Analysis
10.2.3 Europe Blood Glucose Device Market Forecasts and Analysis - By Type
10.2.4 Europe Blood Glucose Device Market Forecasts and Analysis - By Technique
10.2.5 Europe Blood Glucose Device Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Blood Glucose Device Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Blood Glucose Device Market
10.2.6.1.1 Germany Blood Glucose Device Market by Type
10.2.6.1.2 Germany Blood Glucose Device Market by Technique
10.2.6.1.3 Germany Blood Glucose Device Market by Distribution Channel
10.2.6.2 France Blood Glucose Device Market
10.2.6.2.1 France Blood Glucose Device Market by Type
10.2.6.2.2 France Blood Glucose Device Market by Technique
10.2.6.2.3 France Blood Glucose Device Market by Distribution Channel
10.2.6.3 Italy Blood Glucose Device Market
10.2.6.3.1 Italy Blood Glucose Device Market by Type
10.2.6.3.2 Italy Blood Glucose Device Market by Technique
10.2.6.3.3 Italy Blood Glucose Device Market by Distribution Channel
10.2.6.4 Spain Blood Glucose Device Market
10.2.6.4.1 Spain Blood Glucose Device Market by Type
10.2.6.4.2 Spain Blood Glucose Device Market by Technique
10.2.6.4.3 Spain Blood Glucose Device Market by Distribution Channel
10.2.6.5 United Kingdom Blood Glucose Device Market
10.2.6.5.1 United Kingdom Blood Glucose Device Market by Type
10.2.6.5.2 United Kingdom Blood Glucose Device Market by Technique
10.2.6.5.3 United Kingdom Blood Glucose Device Market by Distribution Channel
10.2.6.6 Rest of Europe Blood Glucose Device Market
10.2.6.6.1 Rest of Europe Blood Glucose Device Market by Type
10.2.6.6.2 Rest of Europe Blood Glucose Device Market by Technique
10.2.6.6.3 Rest of Europe Blood Glucose Device Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Blood Glucose Device Market Overview
10.3.2 Asia-Pacific Blood Glucose Device Market Forecasts and Analysis
10.3.3 Asia-Pacific Blood Glucose Device Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Blood Glucose Device Market Forecasts and Analysis - By Technique
10.3.5 Asia-Pacific Blood Glucose Device Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Blood Glucose Device Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Blood Glucose Device Market
10.3.6.1.1 Australia Blood Glucose Device Market by Type
10.3.6.1.2 Australia Blood Glucose Device Market by Technique
10.3.6.1.3 Australia Blood Glucose Device Market by Distribution Channel
10.3.6.2 China Blood Glucose Device Market
10.3.6.2.1 China Blood Glucose Device Market by Type
10.3.6.2.2 China Blood Glucose Device Market by Technique
10.3.6.2.3 China Blood Glucose Device Market by Distribution Channel
10.3.6.3 India Blood Glucose Device Market
10.3.6.3.1 India Blood Glucose Device Market by Type
10.3.6.3.2 India Blood Glucose Device Market by Technique
10.3.6.3.3 India Blood Glucose Device Market by Distribution Channel
10.3.6.4 Japan Blood Glucose Device Market
10.3.6.4.1 Japan Blood Glucose Device Market by Type
10.3.6.4.2 Japan Blood Glucose Device Market by Technique
10.3.6.4.3 Japan Blood Glucose Device Market by Distribution Channel
10.3.6.5 Rest of Asia-Pacific Blood Glucose Device Market
10.3.6.5.1 Rest of Asia-Pacific Blood Glucose Device Market by Type
10.3.6.5.2 Rest of Asia-Pacific Blood Glucose Device Market by Technique
10.3.6.5.3 Rest of Asia-Pacific Blood Glucose Device Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Blood Glucose Device Market Overview
10.4.2 Middle East and Africa Blood Glucose Device Market Forecasts and Analysis
10.4.3 Middle East and Africa Blood Glucose Device Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Blood Glucose Device Market Forecasts and Analysis - By Technique
10.4.5 Middle East and Africa Blood Glucose Device Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Blood Glucose Device Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Blood Glucose Device Market
10.4.6.1.1 South Africa Blood Glucose Device Market by Type
10.4.6.1.2 South Africa Blood Glucose Device Market by Technique
10.4.6.1.3 South Africa Blood Glucose Device Market by Distribution Channel
10.4.6.2 Saudi Arabia Blood Glucose Device Market
10.4.6.2.1 Saudi Arabia Blood Glucose Device Market by Type
10.4.6.2.2 Saudi Arabia Blood Glucose Device Market by Technique
10.4.6.2.3 Saudi Arabia Blood Glucose Device Market by Distribution Channel
10.4.6.3 U.A.E Blood Glucose Device Market
10.4.6.3.1 U.A.E Blood Glucose Device Market by Type
10.4.6.3.2 U.A.E Blood Glucose Device Market by Technique
10.4.6.3.3 U.A.E Blood Glucose Device Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Blood Glucose Device Market
10.4.6.4.1 Rest of Middle East and Africa Blood Glucose Device Market by Type
10.4.6.4.2 Rest of Middle East and Africa Blood Glucose Device Market by Technique
10.4.6.4.3 Rest of Middle East and Africa Blood Glucose Device Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Blood Glucose Device Market Overview
10.5.2 South and Central America Blood Glucose Device Market Forecasts and Analysis
10.5.3 South and Central America Blood Glucose Device Market Forecasts and Analysis - By Type
10.5.4 South and Central America Blood Glucose Device Market Forecasts and Analysis - By Technique
10.5.5 South and Central America Blood Glucose Device Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Blood Glucose Device Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Blood Glucose Device Market
10.5.6.1.1 Brazil Blood Glucose Device Market by Type
10.5.6.1.2 Brazil Blood Glucose Device Market by Technique
10.5.6.1.3 Brazil Blood Glucose Device Market by Distribution Channel
10.5.6.2 Argentina Blood Glucose Device Market
10.5.6.2.1 Argentina Blood Glucose Device Market by Type
10.5.6.2.2 Argentina Blood Glucose Device Market by Technique
10.5.6.2.3 Argentina Blood Glucose Device Market by Distribution Channel
10.5.6.3 Rest of South and Central America Blood Glucose Device Market
10.5.6.3.1 Rest of South and Central America Blood Glucose Device Market by Type
10.5.6.3.2 Rest of South and Central America Blood Glucose Device Market by Technique
10.5.6.3.3 Rest of South and Central America Blood Glucose Device Market by Distribution Channel
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL BLOOD GLUCOSE DEVICE MARKET
11.1 North America
11.2 Europe
11.3 Asia-Pacific
11.4 Middle East and Africa
11.5 South and Central America
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. BLOOD GLUCOSE DEVICE MARKET, KEY COMPANY PROFILES
13.1. BRAUN MELSUNGEN AG
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. MEDTRONIC
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. DIAMONTECH GMBH
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. TERUMO MEDICAL CORPORATION
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. LIFESPAN INC.
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. HOFFMANN-LA ROCHE LTD.
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. SANOFI
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. ABBOTT
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. ASCENSIA DIABETES CARE HOLDINGS AG.
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. DEXCOM, INC.
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
1. Braun Melsungen AG
2. Medtronic
3. DiaMonTech GmbH
4. Terumo Medical Corporation
5. Lifespan Inc.
6. Hoffmann-La Roche Ltd.
7. Sanofi
8. Abbott
9. Ascensia Diabetes Care Holdings AG.
10. Dexcom, 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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