Cardiac Assist Devices Market Growth Report 2021 to 2031
The Cardiac Assist Devices Market is expected to register a CAGR of 6.1% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Product (Total Artificial Heart, Intra-Aortic Balloon Pumps (IABPS), and Ventricular Assist Devices) The report further presents analysis based on the Modality (Transcutaneous and Implantable). Futher the market is segmented based on End User (Hospital Pharmacies, Ambulatory Surgical Centre and Others). 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 Cardiac Assist Devices 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.
Cardiac Assist Devices Market Segmentation
Product- Total Artificial Heart
- Intra-Aortic Balloon Pumps
- Ventricular Assist Devices
- Transcutaneous
- Implantable
- Hospital Pharmacies
- Ambulatory Surgical Centre
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Cardiac Assist Devices Market Growth Drivers- Patient-Centric Approaches: Focus on individual needs for patients builds tailor-made devices to improve outcomes and patient satisfaction. Adoption of a patient-centric approach through involvement in decision-making encourages conformity to treatment plans and improved care experiences. Doing so would help companies take the market lead and improve healthcare experiences and outcomes. Indeed, patient-centric approaches are one of the main drivers for the players involved with the cardiac assist devices market.
- Increasing prevalence of cardiovascular diseases worldwide: Cardiovascular diseases have become prevalent worldwide and hence have emerged as one of the primary drivers for cardiac assist devices. More patients being diagnosed with CVD will lead the medical fraternity to identify innovative solutions toward their treatment. It will increase the demand for devices that are robust enough to provide support for heart functions at critical levels, which in return increases investment in innovation and leads to more extensive adoption in a clinical setting as an improvement avenue for the growing population.
- Technological Advancements: New designs include miniaturization of small, efficient devices, which enhance implantation procedures and patients' comfort. Advances in materials have facilitated low-risk complications and integration with the human body. The integration of telehealth and remote monitoring technology tracks health in real time for improved management and intervention strategies. Indeed, the clear driver behind the cardiac assist devices market is technological advancement.
- Acquisitions/Product Launches: Established firms can leverage their distribution channels to make new products in acquisitions more rapidly. Companies can design better cardiac assist devices faster by combining new technologies. Acquisition triggers this unique acquired knowledge and experience concerning the development, research, as well as capabilities in manufacturing which increases competitiveness. Acquisitions and product launches are the key trends of the cardiac assist devices market.
- Integration of cutting-edge technologies such as artificial intelligence and the Internet of Things : AI algorithms can analyse patient data to predict possible complications or adverse events and proactively initiate interventions. AI may personalize treatment recommendations based on a particular patient's profile and history, thus rendering better outcomes. AI analytics, as powered by IoT, may be used to interpret data coming from monitoring systems at remote locations and issue timely alerts to healthcare providers. IoT may make communication between patients and providers easier and enhance better adherence and engagement in care plans. This development is however dominated by the integration of what some term cutting-edge technologies, including artificial intelligence (AI) and the Internet of Things.
- Increasing number of product approvals: Increased approvals would motivate manufacturers to invest in R&D, and new sophisticated technologies would be released onto the market. New approved devices often carry the latest advances, and these would contribute to improved patient outcomes and quality of life. More approvals can hasten the development of markets because greater accessibility to cardiac assist devices will lead to increased usage, especially among deprived populations. The companies that can secure and receive approvals in a timely manner will be able to gain an advantage in this congested market. The trend of product approval is rising in the cardiac assist devices market.
- Development of minimally invasive implantation techniques: Minimally invasive procedures generally result in shorter hospitalizations and faster recovery, which could improve patient satisfaction and increase the number of candidates for surgery. it might permit a higher number of patients, as well as those who would be too weak for open-heart surgery, to take advantage of cardiac assist devices. the development of minimally invasive implantation techniques opens exciting potential for actors in the cardiac assist devices market.
- Increasing investments, funds, and grants for research on heart failure treatment: Increasing investment supports progress in respect of more advanced and better cardiac assist technologies, which forges innovation in the market. Technology research with universities and institutions can give breakthroughs about design and functioning devices, and enhance product offerings. Often, specific research funding is aimed at gaining a deeper understanding of heart failure to create devices that may positively meet patient needs and outcomes. This increases investments, funds, and grants for research about treatment for heart failure, thus offering enormous opportunities for the players in the cardiac assist devices market.
- Telehealth Integration: Telehealth features can include real-time monitoring of device performance and patient health, thus bringing a level of increased proactive care management. Telehealth will further enhance communications between patients and healthcare providers, therefore enhancing adherence to treatment plans. The integration of data analytics with telehealth is sure to offer an apt and uncluttered view of patient outcomes, which can help in the refining of treatment approaches as well as functionalities in devices. Telehealth integration indeed offers a great opportunity for cardiac assist devices market players.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Cardiac Assist Devices 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 Cardiac Assist Devices 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
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Based on geography, Asia Pacific held the largest share of the cardiac assist devices market.
Hospitals fastest growing segment based on end-use industry
Thoratec Corporation, MAQUET GmbH & Co., and Teleflex Incorporated are the key players in the market
On the basis of geography, the market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America
The Cardiac Assist Devices Market is estimated to witness a CAGR of 6.1% 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 Cardiac Assist Devices Market - By Product
1.3.2 Cardiac Assist Devices Market - By Modality
1.3.3 Cardiac Assist Devices Market - By End User
1.3.4 Cardiac Assist Devices Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CARDIAC ASSIST DEVICES 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. CARDIAC ASSIST DEVICES 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. CARDIAC ASSIST DEVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. CARDIAC ASSIST DEVICES - GLOBAL MARKET OVERVIEW
6.2. CARDIAC ASSIST DEVICES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. CARDIAC ASSIST DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. OTAL ARTIFICIAL HEART
7.3.1. Overview
7.3.2. otal Artificial Heart Market Forecast and Analysis
7.4. INTRA-AORTIC BALLOON PUMPS (IABPS)
7.4.1. Overview
7.4.2. Intra-Aortic Balloon Pumps (IABPS) Market Forecast and Analysis
7.5. VENTRICULAR ASSIST DEVICES
7.5.1. Overview
7.5.2. Ventricular Assist Devices Market Forecast and Analysis
8. CARDIAC ASSIST DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - MODALITY
8.1. OVERVIEW
8.2. MODALITY MARKET FORECASTS AND ANALYSIS
8.3. TRANSCUTANEOUS
8.3.1. Overview
8.3.2. Transcutaneous Market Forecast and Analysis
8.4. IMPLANTABLE
8.4.1. Overview
8.4.2. Implantable Market Forecast and Analysis
9. CARDIAC ASSIST DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. HOSPITAL PHARMACIES
9.3.1. Overview
9.3.2. Hospital Pharmacies Market Forecast and Analysis
9.4. AMBULATORY SURGICAL CENTRE
9.4.1. Overview
9.4.2. Ambulatory Surgical Centre Market Forecast and Analysis
9.5. OTHERS
9.5.1. Overview
9.5.2. Others Market Forecast and Analysis
10. CARDIAC ASSIST DEVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Cardiac Assist Devices Market Overview
10.1.2 North America Cardiac Assist Devices Market Forecasts and Analysis
10.1.3 North America Cardiac Assist Devices Market Forecasts and Analysis - By Product
10.1.4 North America Cardiac Assist Devices Market Forecasts and Analysis - By Modality
10.1.5 North America Cardiac Assist Devices Market Forecasts and Analysis - By End User
10.1.6 North America Cardiac Assist Devices Market Forecasts and Analysis - By Countries
10.1.6.1 United States Cardiac Assist Devices Market
10.1.6.1.1 United States Cardiac Assist Devices Market by Product
10.1.6.1.2 United States Cardiac Assist Devices Market by Modality
10.1.6.1.3 United States Cardiac Assist Devices Market by End User
10.1.6.2 Canada Cardiac Assist Devices Market
10.1.6.2.1 Canada Cardiac Assist Devices Market by Product
10.1.6.2.2 Canada Cardiac Assist Devices Market by Modality
10.1.6.2.3 Canada Cardiac Assist Devices Market by End User
10.1.6.3 Mexico Cardiac Assist Devices Market
10.1.6.3.1 Mexico Cardiac Assist Devices Market by Product
10.1.6.3.2 Mexico Cardiac Assist Devices Market by Modality
10.1.6.3.3 Mexico Cardiac Assist Devices Market by End User
10.2. EUROPE
10.2.1 Europe Cardiac Assist Devices Market Overview
10.2.2 Europe Cardiac Assist Devices Market Forecasts and Analysis
10.2.3 Europe Cardiac Assist Devices Market Forecasts and Analysis - By Product
10.2.4 Europe Cardiac Assist Devices Market Forecasts and Analysis - By Modality
10.2.5 Europe Cardiac Assist Devices Market Forecasts and Analysis - By End User
10.2.6 Europe Cardiac Assist Devices Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Cardiac Assist Devices Market
10.2.6.1.1 Germany Cardiac Assist Devices Market by Product
10.2.6.1.2 Germany Cardiac Assist Devices Market by Modality
10.2.6.1.3 Germany Cardiac Assist Devices Market by End User
10.2.6.2 France Cardiac Assist Devices Market
10.2.6.2.1 France Cardiac Assist Devices Market by Product
10.2.6.2.2 France Cardiac Assist Devices Market by Modality
10.2.6.2.3 France Cardiac Assist Devices Market by End User
10.2.6.3 Italy Cardiac Assist Devices Market
10.2.6.3.1 Italy Cardiac Assist Devices Market by Product
10.2.6.3.2 Italy Cardiac Assist Devices Market by Modality
10.2.6.3.3 Italy Cardiac Assist Devices Market by End User
10.2.6.4 Spain Cardiac Assist Devices Market
10.2.6.4.1 Spain Cardiac Assist Devices Market by Product
10.2.6.4.2 Spain Cardiac Assist Devices Market by Modality
10.2.6.4.3 Spain Cardiac Assist Devices Market by End User
10.2.6.5 United Kingdom Cardiac Assist Devices Market
10.2.6.5.1 United Kingdom Cardiac Assist Devices Market by Product
10.2.6.5.2 United Kingdom Cardiac Assist Devices Market by Modality
10.2.6.5.3 United Kingdom Cardiac Assist Devices Market by End User
10.2.6.6 Rest of Europe Cardiac Assist Devices Market
10.2.6.6.1 Rest of Europe Cardiac Assist Devices Market by Product
10.2.6.6.2 Rest of Europe Cardiac Assist Devices Market by Modality
10.2.6.6.3 Rest of Europe Cardiac Assist Devices Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Cardiac Assist Devices Market Overview
10.3.2 Asia-Pacific Cardiac Assist Devices Market Forecasts and Analysis
10.3.3 Asia-Pacific Cardiac Assist Devices Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Cardiac Assist Devices Market Forecasts and Analysis - By Modality
10.3.5 Asia-Pacific Cardiac Assist Devices Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Cardiac Assist Devices Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Cardiac Assist Devices Market
10.3.6.1.1 Australia Cardiac Assist Devices Market by Product
10.3.6.1.2 Australia Cardiac Assist Devices Market by Modality
10.3.6.1.3 Australia Cardiac Assist Devices Market by End User
10.3.6.2 China Cardiac Assist Devices Market
10.3.6.2.1 China Cardiac Assist Devices Market by Product
10.3.6.2.2 China Cardiac Assist Devices Market by Modality
10.3.6.2.3 China Cardiac Assist Devices Market by End User
10.3.6.3 India Cardiac Assist Devices Market
10.3.6.3.1 India Cardiac Assist Devices Market by Product
10.3.6.3.2 India Cardiac Assist Devices Market by Modality
10.3.6.3.3 India Cardiac Assist Devices Market by End User
10.3.6.4 Japan Cardiac Assist Devices Market
10.3.6.4.1 Japan Cardiac Assist Devices Market by Product
10.3.6.4.2 Japan Cardiac Assist Devices Market by Modality
10.3.6.4.3 Japan Cardiac Assist Devices Market by End User
10.3.6.5 South Korea Cardiac Assist Devices Market
10.3.6.5.1 South Korea Cardiac Assist Devices Market by Product
10.3.6.5.2 South Korea Cardiac Assist Devices Market by Modality
10.3.6.5.3 South Korea Cardiac Assist Devices Market by End User
10.3.6.6 Rest of Asia-Pacific Cardiac Assist Devices Market
10.3.6.6.1 Rest of Asia-Pacific Cardiac Assist Devices Market by Product
10.3.6.6.2 Rest of Asia-Pacific Cardiac Assist Devices Market by Modality
10.3.6.6.3 Rest of Asia-Pacific Cardiac Assist Devices Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Cardiac Assist Devices Market Overview
10.4.2 Middle East and Africa Cardiac Assist Devices Market Forecasts and Analysis
10.4.3 Middle East and Africa Cardiac Assist Devices Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Cardiac Assist Devices Market Forecasts and Analysis - By Modality
10.4.5 Middle East and Africa Cardiac Assist Devices Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Cardiac Assist Devices Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Cardiac Assist Devices Market
10.4.6.1.1 South Africa Cardiac Assist Devices Market by Product
10.4.6.1.2 South Africa Cardiac Assist Devices Market by Modality
10.4.6.1.3 South Africa Cardiac Assist Devices Market by End User
10.4.6.2 Saudi Arabia Cardiac Assist Devices Market
10.4.6.2.1 Saudi Arabia Cardiac Assist Devices Market by Product
10.4.6.2.2 Saudi Arabia Cardiac Assist Devices Market by Modality
10.4.6.2.3 Saudi Arabia Cardiac Assist Devices Market by End User
10.4.6.3 U.A.E Cardiac Assist Devices Market
10.4.6.3.1 U.A.E Cardiac Assist Devices Market by Product
10.4.6.3.2 U.A.E Cardiac Assist Devices Market by Modality
10.4.6.3.3 U.A.E Cardiac Assist Devices Market by End User
10.4.6.4 Rest of Middle East and Africa Cardiac Assist Devices Market
10.4.6.4.1 Rest of Middle East and Africa Cardiac Assist Devices Market by Product
10.4.6.4.2 Rest of Middle East and Africa Cardiac Assist Devices Market by Modality
10.4.6.4.3 Rest of Middle East and Africa Cardiac Assist Devices Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Cardiac Assist Devices Market Overview
10.5.2 South and Central America Cardiac Assist Devices Market Forecasts and Analysis
10.5.3 South and Central America Cardiac Assist Devices Market Forecasts and Analysis - By Product
10.5.4 South and Central America Cardiac Assist Devices Market Forecasts and Analysis - By Modality
10.5.5 South and Central America Cardiac Assist Devices Market Forecasts and Analysis - By End User
10.5.6 South and Central America Cardiac Assist Devices Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Cardiac Assist Devices Market
10.5.6.1.1 Brazil Cardiac Assist Devices Market by Product
10.5.6.1.2 Brazil Cardiac Assist Devices Market by Modality
10.5.6.1.3 Brazil Cardiac Assist Devices Market by End User
10.5.6.2 Argentina Cardiac Assist Devices Market
10.5.6.2.1 Argentina Cardiac Assist Devices Market by Product
10.5.6.2.2 Argentina Cardiac Assist Devices Market by Modality
10.5.6.2.3 Argentina Cardiac Assist Devices Market by End User
10.5.6.3 Rest of South and Central America Cardiac Assist Devices Market
10.5.6.3.1 Rest of South and Central America Cardiac Assist Devices Market by Product
10.5.6.3.2 Rest of South and Central America Cardiac Assist Devices Market by Modality
10.5.6.3.3 Rest of South and Central America Cardiac Assist Devices Market by End User
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL CARDIAC ASSIST DEVICES 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. CARDIAC ASSIST DEVICES MARKET, KEY COMPANY PROFILES
13.1. THORATEC CORPORATION
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. MAQUET GMBH AND CO.,
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. TELEFLEX INCORPORATED
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. HEART WARE INTERNATIONAL
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. BERLIN HEART
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. ABIOMED
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. SYNCARDIA SYSTEMS
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. MEDTRONIC
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. TERUMO CORPORATION
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. Thoratec Corporation
2. MAQUET GmbH & Co.
3. Teleflex Incorporated
4. Heart Ware International
5. Berlin Heart
6. ABIOMED
7. SynCardia Systems
8. Abbott
9. Medtronic
10. Terumo Corporation
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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