Cell Culture Market SWOT Analysis by 2031
The cell culture market was valued at US$ 21,722.8 million in 2021 and is likely to reach US$ 44,330.1 million by 2031; it is expected to grow at a CAGR of 10.7% between 2022 and 2031.
Cell-based vaccine is developed from mammalian cell lines instead of embryonic chicken eggs. Cell culture techniques are alternative options for existing egg-based strategies. Cell culture technology is more flexible than traditional technology relying on an adequate supply of eggs. The main advantage of the cell culture vaccine is its new production process, as it is not dependent on egg supply.
MARKET DYNAMICS
The small and big companies in the cell culture market are adopting various strategies, including regional expansion and technological advancements, to increase their market share. Rising awareness regarding the benefits of cell-based vaccines and the increasing demand for monoclonal antibodies are boosting the cell culture market growth. Furthermore, funding for cell-based research is growing due to the surging preference for single-use technologies and the rising need for personalized medicine. Moreover, the increasing number of advanced cell culture product launches and FDA approvals for personalized medicines are expected to create opportunities for the market during the forecast period.
MARKET SCOPE
The "Global Cell Culture Market Analysis to 2031" report aims to provide an overview of the cell culture market with detailed market segmentation based on product, application, and end user. The report provides key statistics based on the financial performances of the leading market players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global cell culture market is segmented on the basis of product, application, and end user. Based on product, the market is bifurcated into consumables and equipment. By application, the market is segmented into biopharmaceuticals, drug screening & developments, tissue engineering & regenerative medicines, diagnostics, and others. In terms of end user, the market is segmented into pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, research & academic institutes, and others.
The global cell culture market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in all above mentioned region.
North America dominates the cell culture market. The growth of the market in North America is majorly driven by the increasing technological advancements, growing biotechnology & pharmaceutical industries, surging regulatory approvals for cell culture-based vaccines, and high investments in cell-based research. In November 2021, Thermo Fisher Scientific announced the investment of US$ 250 million in the US, India, the UK, Argentina, and China. The investment would boost its ability to manufacture cell culture media and expects to complete the work by 2021. Furthermore, the rising incidence of diseases, such as cancer, and strong government funding are fuelling the growth of the overall regional market to a large extent.
The below figure shows the revenue growth trend in the North American cell culture market:
The report analyses factors, such as drivers, restraints, opportunities, and future trends, which impact the growth of the cell culture market. The report also provides PEST analysis highlighting the factors affecting the cell culture market in these regions.
IMPACT OF COVID-19 PANDEMIC
According to the World Health Organization (WHO), as of August 2022, there were 596,873,121 confirmed cases of COVID-19 and 6,459,684 deaths. The highest number of deaths was in the Americas, followed by Europe and Southeast Asia.
The COVID-19 pandemic has prompted vital pharmaceutical and biotechnology companies to produce several vaccines or antiviral drugs for COVID-19 management. A few vaccines have been approved or are under development and manufacturing. Cell culture is an integral part of drug development and manufacturing. Thus, the COVID-19 pandemic had a positive impact on the cell culture market.
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The global cell culture market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in all above mentioned region.
North America dominates the cell culture market. The growth of the market in North America is majorly driven by the increasing technological advancements, growing biotechnology & pharmaceutical industries, surging regulatory approvals for cell culture-based vaccines, and high investments in cell-based research. In November 2021, Thermo Fisher Scientific announced the investment of US$ 250 million in the US, India, the UK, Argentina, and China. The investment would boost its ability to manufacture cell culture media and expects to complete the work by 2021. Furthermore, the rising incidence of diseases, such as cancer, and strong government funding are fuelling the growth of the overall regional market to a large extent.
The below figure shows the revenue growth trend in the North American cell culture market:
The report analyses factors, such as drivers, restraints, opportunities, and future trends, which impact the growth of the cell culture market. The report also provides PEST analysis highlighting the factors affecting the cell culture market in these regions.
IMPACT OF COVID-19 PANDEMIC
According to the World Health Organization (WHO), as of August 2022, there were 596,873,121 confirmed cases of COVID-19 and 6,459,684 deaths. The highest number of deaths was in the Americas, followed by Europe and Southeast Asia.
The COVID-19 pandemic has prompted vital pharmaceutical and biotechnology companies to produce several vaccines or antiviral drugs for COVID-19 management. A few vaccines have been approved or are under development and manufacturing. Cell culture is an integral part of drug development and manufacturing. Thus, the COVID-19 pandemic had a positive impact on the cell culture market.
MARKET PLAYERS
The report covers key developments in the cell culture market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and patents and events. In addition, acquisitions, and partnership & collaborations are among the inorganic growth strategies witnessed in the market. These activities have paved way for expansion of business and customer base of market players. The players operating in the cell culture market are anticipated to experience lucrative growth opportunities in the future owing to the rising demand for cell culture products.
The report also includes the profiles of key cell culture market companies along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players with information such as company profiles, components and services offered, financial information of last three years, and key development in past five years.
Below mentioned is the list of few companies engaged in the cell culture market.
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Danaher Corporation
- Corning Incorporated
- Eppendorf AG
- FUJIFILM Irvine Scientific, Inc.
- Lonza Group AG
- Sartorius AG
- Agilent Technologies, Inc.
- Getinge AB
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Application, End User, and Geography
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
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Cell Culture Market - By Product
1.3.2 Cell Culture Market - By Application
1.3.3 Cell Culture Market - By End User
1.3.4 Cell Culture Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. CELL CULTURE 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. CELL CULTURE 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. CELL CULTURE MARKET - GLOBAL MARKET ANALYSIS
6.1. CELL CULTURE - GLOBAL MARKET OVERVIEW
6.2. CELL CULTURE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CELL CULTURE MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. EQUIPMENT
7.3.1. Overview
7.3.2. Equipment Market Forecast and Analysis
7.3.3. Bioreactors Market
7.3.3.1. Overview
7.3.3.2. Bioreactors Market Forecast and Analysis
7.3.4. Vessels Market
7.3.4.1. Overview
7.3.4.2. Vessels Market Forecast and Analysis
7.3.5. Storage Equipment Market
7.3.5.1. Overview
7.3.5.2. Storage Equipment Market Forecast and Analysis
7.4. CONSUMABLES
7.4.1. Overview
7.4.2. Consumables Market Forecast and Analysis
7.4.3. Sera Market
7.4.3.1. Overview
7.4.3.2. Sera Market Forecast and Analysis
7.4.4. Media Market
7.4.4.1. Overview
7.4.4.2. Media Market Forecast and Analysis
7.4.5. Reagents Market
7.4.5.1. Overview
7.4.5.2. Reagents Market Forecast and Analysis
7.4.6. Bioreactor Accessories Market
7.4.6.1. Overview
7.4.6.2. Bioreactor Accessories Market Forecast and Analysis
8. CELL CULTURE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. BIOPHARMACEUTICAL THERAPEUTICS
8.3.1. Overview
8.3.2. Biopharmaceutical Therapeutics Market Forecast and Analysis
8.3.3. Vaccine Production Market
8.3.3.1. Overview
8.3.3.2. Vaccine Production Market Forecast and Analysis
8.3.4. Diagnostics Market
8.3.4.1. Overview
8.3.4.2. Diagnostics Market Forecast and Analysis
8.3.5. Therapeutic Protein Market
8.3.5.1. Overview
8.3.5.2. Therapeutic Protein Market Forecast and Analysis
8.4. STEM CELL TECHNOLOGY
8.4.1. Overview
8.4.2. Stem Cell Technology Market Forecast and Analysis
8.5. CANCER RESEARCH
8.5.1. Overview
8.5.2. Cancer Research Market Forecast and Analysis
8.6. DRUG SCREENING AND DEVELOPMENT
8.6.1. Overview
8.6.2. Drug Screening and Development Market Forecast and Analysis
8.7. TISSUE ENGINEERING AND REGENERATIVE MEDICINE
8.7.1. Overview
8.7.2. Tissue Engineering and Regenerative Medicine Market Forecast and Analysis
8.8. OTHER APPLICATIONS
8.8.1. Overview
8.8.2. Other Applications Market Forecast and Analysis
9. CELL CULTURE MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES
9.3.1. Overview
9.3.2. Pharmaceutical and Biotechnology Companies Market Forecast and Analysis
9.4. RESEARCH INSTITUTES
9.4.1. Overview
9.4.2. Research Institutes Market Forecast and Analysis
10. CELL CULTURE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Cell Culture Market Overview
10.1.2 North America Cell Culture Market Forecasts and Analysis
10.1.3 North America Cell Culture Market Forecasts and Analysis - By Product
10.1.4 North America Cell Culture Market Forecasts and Analysis - By Application
10.1.5 North America Cell Culture Market Forecasts and Analysis - By End User
10.1.6 North America Cell Culture Market Forecasts and Analysis - By Countries
10.1.6.1 United States Cell Culture Market
10.1.6.1.1 United States Cell Culture Market by Product
10.1.6.1.2 United States Cell Culture Market by Application
10.1.6.1.3 United States Cell Culture Market by End User
10.1.6.2 Canada Cell Culture Market
10.1.6.2.1 Canada Cell Culture Market by Product
10.1.6.2.2 Canada Cell Culture Market by Application
10.1.6.2.3 Canada Cell Culture Market by End User
10.1.6.3 Mexico Cell Culture Market
10.1.6.3.1 Mexico Cell Culture Market by Product
10.1.6.3.2 Mexico Cell Culture Market by Application
10.1.6.3.3 Mexico Cell Culture Market by End User
10.2. EUROPE
10.2.1 Europe Cell Culture Market Overview
10.2.2 Europe Cell Culture Market Forecasts and Analysis
10.2.3 Europe Cell Culture Market Forecasts and Analysis - By Product
10.2.4 Europe Cell Culture Market Forecasts and Analysis - By Application
10.2.5 Europe Cell Culture Market Forecasts and Analysis - By End User
10.2.6 Europe Cell Culture Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Cell Culture Market
10.2.6.1.1 Germany Cell Culture Market by Product
10.2.6.1.2 Germany Cell Culture Market by Application
10.2.6.1.3 Germany Cell Culture Market by End User
10.2.6.2 France Cell Culture Market
10.2.6.2.1 France Cell Culture Market by Product
10.2.6.2.2 France Cell Culture Market by Application
10.2.6.2.3 France Cell Culture Market by End User
10.2.6.3 Italy Cell Culture Market
10.2.6.3.1 Italy Cell Culture Market by Product
10.2.6.3.2 Italy Cell Culture Market by Application
10.2.6.3.3 Italy Cell Culture Market by End User
10.2.6.4 United Kingdom Cell Culture Market
10.2.6.4.1 United Kingdom Cell Culture Market by Product
10.2.6.4.2 United Kingdom Cell Culture Market by Application
10.2.6.4.3 United Kingdom Cell Culture Market by End User
10.2.6.5 Spain Cell Culture Market
10.2.6.5.1 Spain Cell Culture Market by Product
10.2.6.5.2 Spain Cell Culture Market by Application
10.2.6.5.3 Spain Cell Culture Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Cell Culture Market Overview
10.3.2 Asia-Pacific Cell Culture Market Forecasts and Analysis
10.3.3 Asia-Pacific Cell Culture Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Cell Culture Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Cell Culture Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Cell Culture Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Cell Culture Market
10.3.6.1.1 Australia Cell Culture Market by Product
10.3.6.1.2 Australia Cell Culture Market by Application
10.3.6.1.3 Australia Cell Culture Market by End User
10.3.6.2 China Cell Culture Market
10.3.6.2.1 China Cell Culture Market by Product
10.3.6.2.2 China Cell Culture Market by Application
10.3.6.2.3 China Cell Culture Market by End User
10.3.6.3 India Cell Culture Market
10.3.6.3.1 India Cell Culture Market by Product
10.3.6.3.2 India Cell Culture Market by Application
10.3.6.3.3 India Cell Culture Market by End User
10.3.6.4 Japan Cell Culture Market
10.3.6.4.1 Japan Cell Culture Market by Product
10.3.6.4.2 Japan Cell Culture Market by Application
10.3.6.4.3 Japan Cell Culture Market by End User
10.3.6.5 South Korea Cell Culture Market
10.3.6.5.1 South Korea Cell Culture Market by Product
10.3.6.5.2 South Korea Cell Culture Market by Application
10.3.6.5.3 South Korea Cell Culture Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Cell Culture Market Overview
10.4.2 Middle East and Africa Cell Culture Market Forecasts and Analysis
10.4.3 Middle East and Africa Cell Culture Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Cell Culture Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Cell Culture Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Cell Culture Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Cell Culture Market
10.4.6.1.1 South Africa Cell Culture Market by Product
10.4.6.1.2 South Africa Cell Culture Market by Application
10.4.6.1.3 South Africa Cell Culture Market by End User
10.4.6.2 Saudi Arabia Cell Culture Market
10.4.6.2.1 Saudi Arabia Cell Culture Market by Product
10.4.6.2.2 Saudi Arabia Cell Culture Market by Application
10.4.6.2.3 Saudi Arabia Cell Culture Market by End User
10.4.6.3 U.A.E Cell Culture Market
10.4.6.3.1 U.A.E Cell Culture Market by Product
10.4.6.3.2 U.A.E Cell Culture Market by Application
10.4.6.3.3 U.A.E Cell Culture Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Cell Culture Market Overview
10.5.2 South and Central America Cell Culture Market Forecasts and Analysis
10.5.3 South and Central America Cell Culture Market Forecasts and Analysis - By Product
10.5.4 South and Central America Cell Culture Market Forecasts and Analysis - By Application
10.5.5 South and Central America Cell Culture Market Forecasts and Analysis - By End User
10.5.6 South and Central America Cell Culture Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Cell Culture Market
10.5.6.1.1 Brazil Cell Culture Market by Product
10.5.6.1.2 Brazil Cell Culture Market by Application
10.5.6.1.3 Brazil Cell Culture Market by End User
10.5.6.2 Argentina Cell Culture Market
10.5.6.2.1 Argentina Cell Culture Market by Product
10.5.6.2.2 Argentina Cell Culture Market by Application
10.5.6.2.3 Argentina Cell Culture Market by End User
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. CELL CULTURE MARKET, KEY COMPANY PROFILES
12.1. LONZA
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. BD
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. CORNING INCORPORATED
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. EPPENDORF
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. HIMEDIA LABORATORIES
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. SARTORIUS AG
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. MERCK KGAA
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. DANAHER
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. GENERAL ELECTRIC
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. THERMO FISHER SCIENTIFIC INC
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Thermo Fisher Scientific Inc
2. General Electric
3. Sartorius AG
4. Danaher
5. Merck KGaA
6. BD
7. Eppendorf
8. HiMedia Laboratories
9. Lonza
10. Corning Incorporated
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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