Centrifugal Heart Pumps Market Forecast (2024-2031)
The Centrifugal Heart Pumps Market is expected to register a CAGR of 7.80% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report presents an analysis based on by product (implantable heart pump devices, extracorporeal heart pump devices). The report further provides analysis based on application (hospitals, ambulatory surgical centers, specialty clinics, others). The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Centrifugal Heart Pumps 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.
Centrifugal Heart Pumps Market Segmentation
Product- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices;
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Others
Strategic Insights
Centrifugal Heart Pumps Market Growth Drivers- Rapid Growth of Cardiovascular Disease: The increase in cardiovascular disease, especially heart failure, is the major driving force behind the centrifugal heart pumps. The importance of these devices has become more accentuated with critical support to patients suffering from grave diseases of the heart due to what they have achieved in better outcomes in surgeries of the heart- both currently and as a bridge to heart transplantations.
- Technological Developments:The advancement in technology has made it possible for centrifugal heart pump design to come with features like increased durability, miniaturization, and increased efficiency, which significantly invigorates marketshare growth. In addition, effectiveness, reliability, and possible ease-of-use in the critical care areas propel the market with features like improved energy efficiency, incorporation into the monitoring systems, and usability.
- Increase Patient Demand for Minimally Invasive Procedures: Preference for minimally invasive procedures during cardiac surgeries across the globe fuels acceptance of centrifugal heart pumps since they will offer less traumatic compared against conventional mechanical circulatory support devices with a resultant shorter recovery period but fewer complications and improved patient outcomes that uplift market penetration.
- Miniaturization of Pumps: This is indeed a trend in which miniaturization of centrifugal heart pumps is taking place. A shift is taking place toward smaller, compact and high-efficiency devices that are less invasive. This is more beneficial because it allows implanting procedures to be easy and means less invasive procedures that would be better comfort to the patient concerning long-term support and patients with smaller body sizes.
- Emergence of Portable Centrifugal Heart Pumps: The innovation of portable centrifugal heart pumps is revolutionizing patient care. With these devices, patients remain mobile, and this increased mobility contributes significantly to improved quality of life in patients receiving long-term circulatory support. Patients will even have a chance of long-term recovery outside hospital walls.
- Emphasized on Biocompatible Materials: The trend is on building up an improvement cycle on the biocompatibility of centrifugal heart pumps. These materials would be much produced for reducing infections, clots, and rejections of the devices. Proportional safety for the patient alongside enhanced effectiveness and longevity of the pumps.
- Collaboration with Hospitals for Custom Solutions: Another way for manufacturers to work with hospitals is to develop specific centrifugal heart pumps according to the different patient needs including pediatric or geriatric patients. This will likely improve the acceptance of products and market presence across different patient demographics.
- Expanding into Emerging Markets:Manufacturers would also target the adjoining countries with the revolving technology of centrifugal heart pumps to underserved areas in the developing healthcare infrastructure of emerging markets. It finds a good opportunity in the growing healthcare sectors in the Asia-Pacific, Latin America, and Africa, which should feature potential growth owing to an increase in demand for advanced cardiac care.
- Development of Integrated Therapy Solutions:The incorporation of centrifugal heart pumps into already present cardiac support systems or devices such as ventricular assist devices (VADs) or left ventricular assist devices (LVADs) offers a potential area for developing integrated therapy solutions. Such a global approach towards therapeutic options not only improves patient outcome but also changes into critical cardiovascular support for patients in the most critical times.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Centrifugal Heart Pumps 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 Centrifugal Heart Pumps 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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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
Asia Pacific region dominated the Centrifugal Heart Pumps Market in 2023
North America region dominated the Centrifugal Heart Pumps Market in 2023
Carex Health Brands, WHILL Inc., Pride Mobility Products Corp, Invacare Corporation, Sunrise Medical (US) LLC accounting for higesh market shares and are some of the major players operating in the market
The implantable heart pump devices segment accounts for highest revenue in product the Centrifugal Heart Pumps Market in 2023
The major factors driving the Centrifugal Heart Pumps Market are:
1.Rapid Growth of Cardiovascular Disease
2. Technological Developments
3. Increase Patient Demand for Minimally Invasive Procedures
The Centrifugal Heart Pumps Market is estimated to witness a CAGR of 7.80% 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 Centrifugal Heart Pumps Market - By Product
1.3.2 Centrifugal Heart Pumps Market - By Application
1.3.3 Centrifugal Heart Pumps Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CENTRIFUGAL HEART PUMPS 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. CENTRIFUGAL HEART PUMPS 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. CENTRIFUGAL HEART PUMPS MARKET - GLOBAL MARKET ANALYSIS
6.1. CENTRIFUGAL HEART PUMPS - GLOBAL MARKET OVERVIEW
6.2. CENTRIFUGAL HEART PUMPS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. CENTRIFUGAL HEART PUMPS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. IMPLANTABLE HEART PUMP DEVICES
7.3.1. Overview
7.3.2. Implantable Heart Pump Devices Market Forecast and Analysis
7.4. EXTRACORPOREAL HEART PUMP DEVICES
7.4.1. Overview
7.4.2. Extracorporeal Heart Pump Devices Market Forecast and Analysis
8. CENTRIFUGAL HEART PUMPS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS
8.3.1. Overview
8.3.2. Hospitals Market Forecast and Analysis
8.4. AMBULATORY SURGICAL CENTERS
8.4.1. Overview
8.4.2. Ambulatory Surgical Centers Market Forecast and Analysis
8.5. SPECIALTY CLINICS
8.5.1. Overview
8.5.2. Specialty Clinics Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. CENTRIFUGAL HEART PUMPS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Centrifugal Heart Pumps Market Overview
9.1.2 North America Centrifugal Heart Pumps Market Forecasts and Analysis
9.1.3 North America Centrifugal Heart Pumps Market Forecasts and Analysis - By Product
9.1.4 North America Centrifugal Heart Pumps Market Forecasts and Analysis - By Application
9.1.5 North America Centrifugal Heart Pumps Market Forecasts and Analysis - By Countries
9.1.5.1 Canada Centrifugal Heart Pumps Market
9.1.5.1.1 Canada Centrifugal Heart Pumps Market by Product
9.1.5.1.2 Canada Centrifugal Heart Pumps Market by Application
9.1.5.2 Mexico Centrifugal Heart Pumps Market
9.1.5.2.1 Mexico Centrifugal Heart Pumps Market by Product
9.1.5.2.2 Mexico Centrifugal Heart Pumps Market by Application
9.1.5.3 US Centrifugal Heart Pumps Market
9.1.5.3.1 US Centrifugal Heart Pumps Market by Product
9.1.5.3.2 US Centrifugal Heart Pumps Market by Application
9.2. EUROPE
9.2.1 Europe Centrifugal Heart Pumps Market Overview
9.2.2 Europe Centrifugal Heart Pumps Market Forecasts and Analysis
9.2.3 Europe Centrifugal Heart Pumps Market Forecasts and Analysis - By Product
9.2.4 Europe Centrifugal Heart Pumps Market Forecasts and Analysis - By Application
9.2.5 Europe Centrifugal Heart Pumps Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Centrifugal Heart Pumps Market
9.2.5.1.1 Germany Centrifugal Heart Pumps Market by Product
9.2.5.1.2 Germany Centrifugal Heart Pumps Market by Application
9.2.5.2 France Centrifugal Heart Pumps Market
9.2.5.2.1 France Centrifugal Heart Pumps Market by Product
9.2.5.2.2 France Centrifugal Heart Pumps Market by Application
9.2.5.3 Italy Centrifugal Heart Pumps Market
9.2.5.3.1 Italy Centrifugal Heart Pumps Market by Product
9.2.5.3.2 Italy Centrifugal Heart Pumps Market by Application
9.2.5.4 Spain Centrifugal Heart Pumps Market
9.2.5.4.1 Spain Centrifugal Heart Pumps Market by Product
9.2.5.4.2 Spain Centrifugal Heart Pumps Market by Application
9.2.5.5 United Kingdom Centrifugal Heart Pumps Market
9.2.5.5.1 United Kingdom Centrifugal Heart Pumps Market by Product
9.2.5.5.2 United Kingdom Centrifugal Heart Pumps Market by Application
9.2.5.6 Rest of Europe Centrifugal Heart Pumps Market
9.2.5.6.1 Rest of Europe Centrifugal Heart Pumps Market by Product
9.2.5.6.2 Rest of Europe Centrifugal Heart Pumps Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Centrifugal Heart Pumps Market Overview
9.3.2 Asia-Pacific Centrifugal Heart Pumps Market Forecasts and Analysis
9.3.3 Asia-Pacific Centrifugal Heart Pumps Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Centrifugal Heart Pumps Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Centrifugal Heart Pumps Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Centrifugal Heart Pumps Market
9.3.5.1.1 Australia Centrifugal Heart Pumps Market by Product
9.3.5.1.2 Australia Centrifugal Heart Pumps Market by Application
9.3.5.2 China Centrifugal Heart Pumps Market
9.3.5.2.1 China Centrifugal Heart Pumps Market by Product
9.3.5.2.2 China Centrifugal Heart Pumps Market by Application
9.3.5.3 India Centrifugal Heart Pumps Market
9.3.5.3.1 India Centrifugal Heart Pumps Market by Product
9.3.5.3.2 India Centrifugal Heart Pumps Market by Application
9.3.5.4 Japan Centrifugal Heart Pumps Market
9.3.5.4.1 Japan Centrifugal Heart Pumps Market by Product
9.3.5.4.2 Japan Centrifugal Heart Pumps Market by Application
9.3.5.5 South Korea Centrifugal Heart Pumps Market
9.3.5.5.1 South Korea Centrifugal Heart Pumps Market by Product
9.3.5.5.2 South Korea Centrifugal Heart Pumps Market by Application
9.3.5.6 Rest of Asia-Pacific Centrifugal Heart Pumps Market
9.3.5.6.1 Rest of Asia-Pacific Centrifugal Heart Pumps Market by Product
9.3.5.6.2 Rest of Asia-Pacific Centrifugal Heart Pumps Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Centrifugal Heart Pumps Market Overview
9.4.2 Middle East and Africa Centrifugal Heart Pumps Market Forecasts and Analysis
9.4.3 Middle East and Africa Centrifugal Heart Pumps Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Centrifugal Heart Pumps Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Centrifugal Heart Pumps Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Centrifugal Heart Pumps Market
9.4.5.1.1 South Africa Centrifugal Heart Pumps Market by Product
9.4.5.1.2 South Africa Centrifugal Heart Pumps Market by Application
9.4.5.2 Saudi Arabia Centrifugal Heart Pumps Market
9.4.5.2.1 Saudi Arabia Centrifugal Heart Pumps Market by Product
9.4.5.2.2 Saudi Arabia Centrifugal Heart Pumps Market by Application
9.4.5.3 U.A.E Centrifugal Heart Pumps Market
9.4.5.3.1 U.A.E Centrifugal Heart Pumps Market by Product
9.4.5.3.2 U.A.E Centrifugal Heart Pumps Market by Application
9.4.5.4 Rest of Middle East and Africa Centrifugal Heart Pumps Market
9.4.5.4.1 Rest of Middle East and Africa Centrifugal Heart Pumps Market by Product
9.4.5.4.2 Rest of Middle East and Africa Centrifugal Heart Pumps Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Centrifugal Heart Pumps Market Overview
9.5.2 South and Central America Centrifugal Heart Pumps Market Forecasts and Analysis
9.5.3 South and Central America Centrifugal Heart Pumps Market Forecasts and Analysis - By Product
9.5.4 South and Central America Centrifugal Heart Pumps Market Forecasts and Analysis - By Application
9.5.5 South and Central America Centrifugal Heart Pumps Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Centrifugal Heart Pumps Market
9.5.5.1.1 Brazil Centrifugal Heart Pumps Market by Product
9.5.5.1.2 Brazil Centrifugal Heart Pumps Market by Application
9.5.5.2 Argentina Centrifugal Heart Pumps Market
9.5.5.2.1 Argentina Centrifugal Heart Pumps Market by Product
9.5.5.2.2 Argentina Centrifugal Heart Pumps Market by Application
9.5.5.3 Rest of South and Central America Centrifugal Heart Pumps Market
9.5.5.3.1 Rest of South and Central America Centrifugal Heart Pumps Market by Product
9.5.5.3.2 Rest of South and Central America Centrifugal Heart Pumps Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. CENTRIFUGAL HEART PUMPS MARKET, KEY COMPANY PROFILES
11.1. ABBOTT LABORATORIES
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. MEDTRONIC
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ABIOMED
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. GETINGE
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. TERUMO
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. RELIANTHEART
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SYNCARDIA SYSTEMS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. JARVIK HEART
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. BERLIN HEART
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. CARDIACASSIST
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Abbott Laboratories
2. Medtronic
3. Abiomed
4. Getinge
5. Terumo
6. Reliantheart
7. Syncardia Systems
8. Jarvik Heart
9. Berlin Heart
10. Cardiacassist
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.