Cancer Diagnostics Market Analysis, Opportunities by 2031
The Cancer Diagnostics Market is expected to register a CAGR of 7.5% 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 (Consumables and Instrument), Technology (IVD Testing, Imaging, and Biopsy Technique), Application (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, and Other Cancers), End Users (Hospitals and Diagnostic Laboratories). 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 Cancer Diagnostics 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.
Cancer Diagnostics Market Segmentation
Product- Consumables and Instrument
- IVD Testing
- Imaging
- Biopsy Technique
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Other Cancers
- Hospitals and Diagnostic Laboratories
- Hospitals and Diagnostic Laboratories
Strategic Insights
Cancer Diagnostics Market Growth Drivers- Rising Incidence of Cancer: The growing prevalence of many types of cancers around the world is a major driving factor. With the increase in cancer incidences, the emphasis on the need for advanced diagnostic mechanisms to improve the early detection of the disease and treatment of the patients rises. In this case, it calls for the emergence and incorporation of modern diagnostic systems.
- Growth of Private Diagnostic Centers: Further, the advancement of diagnostic centers helps in the growth of the market. Such facilities tend to offer exceptional services and more sophisticated diagnostic equipment, which promotes cancer screening to patients.
- Government Initiatives and Funding: The Government Activities and Support: Various countries allocate funds for cancer control and early detection activities, thus creating a market for diagnostic services. A health system approach has often been included due to the goals of these initiatives, which are to promote a healthier population and minimize the impact of cancer on the healthcare system.
- Integration of Artificial Intelligence (AI): The integration of Artificial Intelligence in cancer diagnostics development is gaining significance. Innovative AI systems are improving existing diagnostic devices through significant volume data engagement, image processing in radiology, and helping with the diagnostics of biopsies. This propensity will enhance the speed and accuracy of cancer diagnoses, thus benefiting the patients and facilitating processes within the hospitals.
- Increased Focus on Early Detection: There is a shift towards early cancer detection as more people are educated on the risks of cancer and as cancer screening technologies improve. This is mainly because early detection enhances the quality of care that is given; hence, a more comprehensive range of screening tests, such as liquid biopsy as well as high-end imaging, is done. This phenomenon will most probably lead to an increased market as more people will now be willing to undergo opportunistic screening examinations.
- Personalized Medicine: There is also a noticeable trend toward the provision of more personalized medicine, such that diagnostics are performed based on patient profiles, which include genomic and biomarker analysis. This enables the use of better-focused medications, which help to enhance the efficacy of treatment while reducing the adverse effects. With the growing knowledge of more and more biomarkers, there will be an increasing need for corresponding tests, and this will dictate the emergence of new diagnostic therapies.
- Increased Awareness and Screening Programs: The increasing knowledge and understanding of people regarding the need to screen for cancers at an early stage are the primary factors spurring the growth of screening programs. As a more significant proportion of the population begins to adopt preventive practices, it is projected that the market for cancer diagnostics will overgrow. This is also enhancing the market with different health bodies advocating for periodic screening.
- Expansion in Emerging Markets: As access to healthcare services in developing countries improves, there is an opportunity in the cancer diagnostics market. Growth in the demand is attributed to increased access to healthcare services and improved awareness of cancer screening. Any enterprise capable of developing solutions appropriate for these economies will experience heightened growth prospects.
- Collaboration and Partnerships: Involvement of diagnostic companies, pharmaceutical companies, and research centers increases the innovative capabilities of the entire partnership and broadens the markets for the products. Co-development opportunities, especially those based on data solutions and assay advancements, will be conducive to a more extensive product range and more accurate diagnostics.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Cancer Diagnostics 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 Cancer Diagnostics 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.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Technology, Application, End Users
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Frequently Asked Questions
The Instrument
segment accounts for highest revenue in product the Cancer Diagnostics Market in 2023
Asia Pacific region dominated the Cancer Diagnostics Market in 2023
The Cancer Diagnostics Market is estimated to witness a CAGR of 7.5% from 2023 to 2031
The major factors driving the Cancer Diagnostics Market are:
1.Rising Incidence of Cancer
2. Growth of Private Diagnostic Centers
3. Government Initiatives and Funding
North America region dominated the Cancer Diagnostics Market in 2023
GE Healthcare, Abbott Laboratories, Hologic Inc., Agilent Technologies Inc, Roche Diagnostics,FUJIFILM Corporation, Danaher Corporation accounting for higesh market shares and are some of the major players operating in the market
Table of Contents
1. INTRODUCTION
1.1. SCOPE OF STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
2. KEY TAKEAWAYS
3. CANCER DIAGNOSTICS MARKET LANDSCAPE
3.1. MARKET OVERVIEW
3.2. MARKET SEGMENTATION
3.2.1. Cancer Diagnostics Market – By Technology
3.2.2. Cancer Diagnostics Market – By Application
3.2.3. Cancer Diagnostics Market – By Region
3.2.3.1. By Country
4. CANCER DIAGNOSTICS MARKET – KEY INDUSTRY DYNAMICS
4.1. KEY MARKET DRIVERS
4.2. KEY MARKET RESTRAINTS
4.3. KEY MARKET OPPORTUNITIES
4.4. IMPACT ANALYSIS
5. CANCER DIAGNOSTICS MARKET – GLOBAL ANALYSIS
5.1. GLOBAL CANCER DIAGNOSTICS MARKET OVERVIEW
5.2. GLOBAL CANCER DIAGNOSTICS MARKET REVENUE FORECASTS AND ANALYSIS (US$ MN)
5.3. PERFORMANCE OF KEY PLAYERS
5.4. EXPERT OPINIONS
6. CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS TO 2028 – BY TECHNOLOGY
6.1. OVERVIEW
6.2. TECHNOLOGY MARKET REVENUE AND FORECASTS ANALYSIS (US$ MN)
6.3. FLUORESCENT IN SITU HYBRIDIZATION (FISH) MARKET
6.3.1. Overview
6.3.2. Fluorescent In Situ Hybridization (FISH) Market Revenue Forecasts and Analysis (US$ Mn)
6.4. COMPARATIVE GENOMIC HYBRIDIZATION (CGH) MARKET
6.4.1. Overview
6.4.2. Comparative Genomic Hybridization (CGH) Market Revenue Forecasts and Analysis (US$ Mn)
6.5. IMMUNOHISTOCHEMICAL (IHC) MARKET
6.5.1. Overview
6.5.2. Immunohistochemical (IHC) Market Revenue Forecasts and Analysis (US$ Mn)
6.6. OTHERS MARKET
6.6.1. Overview
6.6.2. Others Market Revenue Forecasts and Analysis (US$ Mn)
7. CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS TO 2028 – BY APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET REVENUE AND FORECASTS ANALYSIS (US$ MN)
7.3. BREAST CANCER MARKET
7.3.1. Overview
7.3.2. Breast Cancer Market Revenue Forecasts and Analysis (US$ Mn)
7.4. LUNG CANCER MARKET
7.4.1. Overview
7.4.2. Lung Cancer Market Revenue Forecasts and Analysis (US$ Mn)
7.5. MELANOMA MARKET
7.5.1. Overview
7.5.2. Melanoma Market Revenue Forecasts and Analysis (US$ Mn)
7.6. COLORECTAL CANCER MARKET
7.6.1. Overview
7.6.2. Colorectal Cancer Market Revenue Forecasts and Analysis (US$ Mn)
7.7. OTHER CANCERS MARKET
7.7.1. Overview
7.7.2. Other Cancers Market Revenue Forecasts and Analysis (US$ Mn)
8. NORTH AMERICA CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS TO 2028 – COUNTRY ANALYSIS
8.1. NORTH AMERICA CANCER DIAGNOSTICS MARKET OVERVIEW
8.2. NORTH AMERICA CANCER DIAGNOSTICS MARKET REVENUE FORECASTS AND ANALYSIS (US$ MN)
8.3. NORTH AMERICA CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY TECHNOLOGY (US$ MN)
8.4. NORTH AMERICA CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY APPLICATION (US$ MN)
8.5. NORTH AMERICA CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY COUNTRY
8.6. US MARKET OVERVIEW
8.6.1. US Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
8.6.2. US Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
8.7. CANADA MARKET OVERVIEW
8.7.1. Canada Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
8.7.2. Canada Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
8.8. MEXICO MARKET OVERVIEW
8.8.1. Mexico Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
8.8.2. Mexico Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
9. EUROPE CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS TO 2028 – COUNTRY ANALYSIS
9.1. EUROPE CANCER DIAGNOSTICS MARKET OVERVIEW
9.2. EUROPE CANCER DIAGNOSTICS MARKET REVENUE FORECASTS AND ANALYSIS (US$ MN)
9.3. EUROPE CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY TECHNOLOGY (US$ MN)
9.4. EUROPE CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY APPLICATION (US$ MN)
9.5. EUROPE CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY COUNTRY
9.6. FRANCE MARKET OVERVIEW
9.6.1. France Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
9.6.2. France Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
9.7. GERMANY MARKET OVERVIEW
9.7.1. Germany Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
9.7.2. Germany Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
9.8. UK MARKET OVERVIEW
9.8.1. UK Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
9.8.2. UK Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
10. ASIA PACIFIC CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS TO 2028 – COUNTRY ANALYSIS
10.1. ASIA PACIFIC CANCER DIAGNOSTICS MARKET OVERVIEW
10.2. ASIA PACIFIC CANCER DIAGNOSTICS MARKET REVENUE FORECASTS AND ANALYSIS (US$ MN)
10.3. ASIA PACIFIC CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY TECHNOLOGY (US$ MN)
10.4. ASIA PACIFIC CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY APPLICATION (US$ MN)
10.5. ASIA PACIFIC CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY COUNTRY
10.6. CHINA MARKET OVERVIEW
10.6.1. China Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
10.6.2. China Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
10.7. INDIA MARKET OVERVIEW
10.7.1. India Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
10.7.2. India Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
10.8. JAPAN MARKET OVERVIEW
10.8.1. Japan Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
10.8.2. Japan Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
11. MIDDLE EAST AND AFRICA (MEA) CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS TO 2028 – COUNTRY ANALYSIS
11.1. MIDDLE EAST AND AFRICA (MEA) CANCER DIAGNOSTICS MARKET OVERVIEW
11.2. MIDDLE EAST AND AFRICA (MEA) CANCER DIAGNOSTICS MARKET REVENUE FORECASTS AND ANALYSIS (US$ MN)
11.3. MIDDLE EAST AND AFRICA (MEA) CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY TECHNOLOGY (US$ MN)
11.4. MIDDLE EAST AND AFRICA (MEA) CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY APPLICATION (US$ MN)
11.5. MIDDLE EAST AND AFRICA (MEA) CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY COUNTRY
11.6. SOUTH AFRICA MARKET OVERVIEW
11.6.1. South Africa Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
11.6.2. South Africa Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
11.7. SAUDI ARABIA MARKET OVERVIEW
11.7.1. Saudi Arabia Cancer diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
11.7.2. Saudi Arabia Cancer diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
11.8. UAE MARKET OVERVIEW
11.8.1. UAE Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
11.8.2. UAE Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
12. SOUTH AND CENTRAL AMERICA CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS TO 2028 – COUNTRY ANALYSIS
12.1. SOUTH AND CENTRAL AMERICA CANCER DIAGNOSTICS MARKET OVERVIEW
12.2. SOUTH AND CENTRAL AMERICA CANCER DIAGNOSTICS MARKET REVENUE FORECASTS AND ANALYSIS (US$ MN)
12.3. SOUTH AND CENTRAL AMERICA CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY TECHNOLOGY (US$ MN)
12.4. SOUTH AND CENTRAL AMERICA CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY APPLICATION (US$ MN)
12.5. SOUTH AND CENTRAL AMERICA CANCER DIAGNOSTICS MARKET REVENUE AND FORECASTS ANALYSIS – BY COUNTRY
12.6. BRAZIL MARKET OVERVIEW
12.6.1. Brazil Cancer Diagnostics Market Revenue Forecasts and Analysis - By Technology (US$ Mn)
12.6.2. Brazil Cancer Diagnostics Market Revenue Forecasts and Analysis - By Application (US$ Mn)
13. CANCER DIAGNOSTICS MARKET, KEY COMPANY PROFILES
13.1. F. HOFFMANN-LA ROCHE AG
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Financial Overview
13.1.4. Product Portfolio
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. THERMO FISHER SCIENTIFIC, INC.
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Financial Overview
13.2.4. Product Portfolio
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. AGILENT TECHNOLOGIES, INC.
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Financial Overview
13.3.4. Product Portfolio
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. ILLUMINA, INC.
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Financial Overview
13.4.4. Product Portfolio
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. MERCK KGAA
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Financial Overview
13.5.4. Product Portfolio
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. GENSCRIPT
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Financial Overview
13.6.4. Product Portfolio
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. CELL SIGNALING TECHNOLOGY, INC.
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Financial Overview
13.7.4. Product Portfolio
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. PERKINELMER INC.
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Financial Overview
13.8.4. Product Portfolio
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. CANCER DIAGNOSTICS, INC.
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Financial Overview
13.9.4. Product Portfolio
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. MULTIPLEXDX INTERNATIONAL
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Financial Overview
13.10.4. Product Portfolio
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
14.3. RESEARCH METHODOLOGY
The List of Companies
1. F. Hoffmann-La Roche AG
2. Thermo Fisher Scientific, Inc.
3. Agilent Technologies, Inc.
4. Illumina, Inc.
5. Merck KGaA
6. GenScript
7. Cell Signaling Technology, Inc.
8. PerkinElmer Inc.
9. Cancer Diagnostics, Inc.
10. MultiplexDx International
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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