Closed Blood Sampling Systems Market Report 2031 | The Insight Partners
The Closed Blood Sampling Systems Market is expected to register a CAGR of 7.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (One Handed, Two Handled). The report is segmented by End User (Hospitals and Surgical Clinics, Diagnostic Centers, Research and Academic Organizations, 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 Closed Blood Sampling Systems 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.
Closed Blood Sampling Systems Market Segmentation
Type- One Handed
- Two Handled
- Hospitals and Surgical Clinics
- Diagnostic Centers
- Research and Academic Organizations
- Others
Strategic Insights
Closed Blood Sampling Systems Market Growth Drivers- Rising trend in the prevalence of infections and chronic illnesses: It has been observed that increasing cases of chronic ailments such as diabetes, cardiovascular diseases, and even infectious diseases have fueled the demand for blood sampling. As these diseases have more monitoring tests imposed on them, the health care providers are forced to embrace systems that minimize the contaminating effect of the environment during collection and handling of samples. Whereby exposure to every possible pathogen is prevented either to the patient or the healthcare worker, closed blood sampling systems are safer.
- Rising Demand for Patient Safety and Prevention of Infections: Implementation of patient safety and control of infections during healthcare provision remains a critical issue for most countries. This is because the problem of hospital-acquired infections (HAIs) has not been resolved and the health care seeks for new approaches to prevent the infections. The use of closed blood sampling systems also allows improvement in infection control measures because blood is collected in sterile and sealed systems. This system will not only reduce the risk of sample collector contamination but also reduces the risk of bloodborne pathogen exposure thus promoting patient safety.
- Health Care Equipment/Devices Market: Trends and Developments. Technological progress pertaining to medical devices automated blood sampling systems, real time monitoring and links with electronic record systems is some of the key factors fueling the growth of the closed blood sampling systems market. Such technologies enable more accurate, effective and quick blood sampling procedures hence further encouraging the use of closed blood collection systems in the clinics, diagnostic centers and even laboratories. Furthermore, the application of the IoT for the tracking and monitoring of blood samples also improves the overall health care outcomes.
- Connection with Digital Health Care Systems: With the ever-evolving conception of healthcare, the adoption of closed blood collecting systems and the e-health paradigm is on the rise. This includes installing features like automatic inputting of data into electronic patient records, monitoring the conditions of the samples (for example, temperature, pH level) in real-time, and tracking the samples over a distance. These integrations improve workflow efficiencies, decrease human error, and assure that blood samples are processed and transported under the appropriate circumstances.
- Preference for Disposable and Single-Use Systems: Today, there is an increasing demand for disposable or single-use closed blood sampling systems in almost every healthcare facility. These systems not only help eliminate the chances of cross-contamination but also make the cleaning and management of such systems easy. The use of disposable systems is most warranted in high turnover clinical areas since it speeds up the workflow and promotes the very high standard of hygiene and safety for both patients and healthcare workers.
- Introduction of Closed Blood Sampling Systems in Homecare Healthcare Services: The growing trend in the non-institutionalization of patients is increasing the need for closed blood sampling systems that are to be used in the homes and are portable and easy to use. More patients are turning to in-home care and even telemedicine and so there is a need for such systems that perform blood sampling outside the health facilities. Patients and healthcare providers are developing portable closed blood sampling devices to facilitate the safe and uncontaminated collection of blood samples from patients at home for their convenience.
- Research and Development of Next-Generation Systems: There continues to be room in the market for the research and development (R&D) of next: generation closed blood sampling systems. In fact, manufacturers are looking for different aspects on how to improve the performance of the CBSS devices for instance, enhancement of their automation, integration with the digital health applications, and decreasing the manufacturing costs. Technologies that enhance the user experience, decrease the time taken to process samples or improve the methods of blood collection are likely to fuel the market growth and further stimulate uptake in the healthcare systems.
- Strategic Collaborations and Partnerships Market Growth Strategies: There are market growth strategies, given the strategic collaborations of major players in the healthcare economy, including hospitals, diagnostic labs, manufacturers of medical products, or technology companies. Such partnerships, which have more to do with products in development, clinical studies or distribution networks, should help even more with penetration of closed blood sampling systems into the markets and speed up their uptake in both developed and developing ones.
- Rising Importance of Personalized Medicine: Market Growth Factors Include Rising Demand for Closed Blood Sampling Among Other Technologies: The changing trend in the provision of healthcare that is more focused on personalization and precision diagnosis has huge benefits that can be derived in these systems. It is indisputable that such tests carried out for other purposes such as genetic tests, whereby physicians are ever relying on more and more genetic tests, the need for clean and contamination: free blood samples becomes increasingly paramount. In this respect, closed blood sampling systems are critical in preserving the samples needed for the intended specific individual medical testing, which in turn presents a viable opportunity in the market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Closed Blood Sampling Systems 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 Closed Blood Sampling Systems 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
Players operating in the market are EDWARDS LIFESCIENCES, MERIT MEDICAL, SMITHS MEDICAL, VELANO VASCULAR, ICU MEDICAL, UTAH MEDICAL PRODUCTS, ASHCON INTERNATIONAL, CARDIOMED SUPPLIES INC., ARGON MEDICAL, ITL BIOMEDICAL
Two-handled segment, by type, dominated the market in 2023.
North America region dominated the Closed Blood Sampling Systems market in 2023.
Research and Development of Next-Generation Systems act as a opportunity for growth of the market in forecast period.
The Closed Blood Sampling Systems Market is estimated to witness a CAGR of 7.4% from 202#to 2031
The major factors driving the Closed Blood Sampling Systems market are:
1. There is a rising trend in the prevalence of infections and chronic illnesses
2. Health Care Equipment/Devices Market
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Closed Blood Sampling Systems Market - By Type
1.3.2 Closed Blood Sampling Systems Market - By End User
1.3.3 Closed Blood Sampling Systems Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CLOSED BLOOD SAMPLING SYSTEMS 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. CLOSED BLOOD SAMPLING SYSTEMS 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. CLOSED BLOOD SAMPLING SYSTEMS MARKET - GLOBAL MARKET ANALYSIS
6.1. CLOSED BLOOD SAMPLING SYSTEMS - GLOBAL MARKET OVERVIEW
6.2. CLOSED BLOOD SAMPLING SYSTEMS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CLOSED BLOOD SAMPLING SYSTEMS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. ONE HANDED
7.3.1. Overview
7.3.2. One Handed Market Forecast and Analysis
7.4. TWO HANDLED
7.4.1. Overview
7.4.2. Two Handled Market Forecast and Analysis
8. CLOSED BLOOD SAMPLING SYSTEMS MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS AND SURGICAL CLINICS
8.3.1. Overview
8.3.2. Hospitals and Surgical Clinics Market Forecast and Analysis
8.4. DIAGNOSTIC CENTERS
8.4.1. Overview
8.4.2. Diagnostic Centers Market Forecast and Analysis
8.5. RESEARCH AND ACADEMIC ORGANIZATIONS
8.5.1. Overview
8.5.2. Research and Academic Organizations Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. CLOSED BLOOD SAMPLING SYSTEMS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Closed Blood Sampling Systems Market Overview
9.1.2 North America Closed Blood Sampling Systems Market Forecasts and Analysis
9.1.3 North America Closed Blood Sampling Systems Market Forecasts and Analysis - By Type
9.1.4 North America Closed Blood Sampling Systems Market Forecasts and Analysis - By End User
9.1.5 North America Closed Blood Sampling Systems Market Forecasts and Analysis - By Countries
9.1.5.1 United States Closed Blood Sampling Systems Market
9.1.5.1.1 United States Closed Blood Sampling Systems Market by Type
9.1.5.1.2 United States Closed Blood Sampling Systems Market by End User
9.1.5.2 Canada Closed Blood Sampling Systems Market
9.1.5.2.1 Canada Closed Blood Sampling Systems Market by Type
9.1.5.2.2 Canada Closed Blood Sampling Systems Market by End User
9.1.5.3 Mexico Closed Blood Sampling Systems Market
9.1.5.3.1 Mexico Closed Blood Sampling Systems Market by Type
9.1.5.3.2 Mexico Closed Blood Sampling Systems Market by End User
9.2. EUROPE
9.2.1 Europe Closed Blood Sampling Systems Market Overview
9.2.2 Europe Closed Blood Sampling Systems Market Forecasts and Analysis
9.2.3 Europe Closed Blood Sampling Systems Market Forecasts and Analysis - By Type
9.2.4 Europe Closed Blood Sampling Systems Market Forecasts and Analysis - By End User
9.2.5 Europe Closed Blood Sampling Systems Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Closed Blood Sampling Systems Market
9.2.5.1.1 Germany Closed Blood Sampling Systems Market by Type
9.2.5.1.2 Germany Closed Blood Sampling Systems Market by End User
9.2.5.2 France Closed Blood Sampling Systems Market
9.2.5.2.1 France Closed Blood Sampling Systems Market by Type
9.2.5.2.2 France Closed Blood Sampling Systems Market by End User
9.2.5.3 Italy Closed Blood Sampling Systems Market
9.2.5.3.1 Italy Closed Blood Sampling Systems Market by Type
9.2.5.3.2 Italy Closed Blood Sampling Systems Market by End User
9.2.5.4 Spain Closed Blood Sampling Systems Market
9.2.5.4.1 Spain Closed Blood Sampling Systems Market by Type
9.2.5.4.2 Spain Closed Blood Sampling Systems Market by End User
9.2.5.5 United Kingdom Closed Blood Sampling Systems Market
9.2.5.5.1 United Kingdom Closed Blood Sampling Systems Market by Type
9.2.5.5.2 United Kingdom Closed Blood Sampling Systems Market by End User
9.2.5.6 Rest of Europe Closed Blood Sampling Systems Market
9.2.5.6.1 Rest of Europe Closed Blood Sampling Systems Market by Type
9.2.5.6.2 Rest of Europe Closed Blood Sampling Systems Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Closed Blood Sampling Systems Market Overview
9.3.2 Asia-Pacific Closed Blood Sampling Systems Market Forecasts and Analysis
9.3.3 Asia-Pacific Closed Blood Sampling Systems Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Closed Blood Sampling Systems Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Closed Blood Sampling Systems Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Closed Blood Sampling Systems Market
9.3.5.1.1 Australia Closed Blood Sampling Systems Market by Type
9.3.5.1.2 Australia Closed Blood Sampling Systems Market by End User
9.3.5.2 China Closed Blood Sampling Systems Market
9.3.5.2.1 China Closed Blood Sampling Systems Market by Type
9.3.5.2.2 China Closed Blood Sampling Systems Market by End User
9.3.5.3 India Closed Blood Sampling Systems Market
9.3.5.3.1 India Closed Blood Sampling Systems Market by Type
9.3.5.3.2 India Closed Blood Sampling Systems Market by End User
9.3.5.4 Japan Closed Blood Sampling Systems Market
9.3.5.4.1 Japan Closed Blood Sampling Systems Market by Type
9.3.5.4.2 Japan Closed Blood Sampling Systems Market by End User
9.3.5.5 South Korea Closed Blood Sampling Systems Market
9.3.5.5.1 South Korea Closed Blood Sampling Systems Market by Type
9.3.5.5.2 South Korea Closed Blood Sampling Systems Market by End User
9.3.5.6 Rest of Asia-Pacific Closed Blood Sampling Systems Market
9.3.5.6.1 Rest of Asia-Pacific Closed Blood Sampling Systems Market by Type
9.3.5.6.2 Rest of Asia-Pacific Closed Blood Sampling Systems Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Closed Blood Sampling Systems Market Overview
9.4.2 Middle East and Africa Closed Blood Sampling Systems Market Forecasts and Analysis
9.4.3 Middle East and Africa Closed Blood Sampling Systems Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Closed Blood Sampling Systems Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Closed Blood Sampling Systems Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Closed Blood Sampling Systems Market
9.4.5.1.1 South Africa Closed Blood Sampling Systems Market by Type
9.4.5.1.2 South Africa Closed Blood Sampling Systems Market by End User
9.4.5.2 Saudi Arabia Closed Blood Sampling Systems Market
9.4.5.2.1 Saudi Arabia Closed Blood Sampling Systems Market by Type
9.4.5.2.2 Saudi Arabia Closed Blood Sampling Systems Market by End User
9.4.5.3 U.A.E Closed Blood Sampling Systems Market
9.4.5.3.1 U.A.E Closed Blood Sampling Systems Market by Type
9.4.5.3.2 U.A.E Closed Blood Sampling Systems Market by End User
9.4.5.4 Rest of Middle East and Africa Closed Blood Sampling Systems Market
9.4.5.4.1 Rest of Middle East and Africa Closed Blood Sampling Systems Market by Type
9.4.5.4.2 Rest of Middle East and Africa Closed Blood Sampling Systems Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Closed Blood Sampling Systems Market Overview
9.5.2 South and Central America Closed Blood Sampling Systems Market Forecasts and Analysis
9.5.3 South and Central America Closed Blood Sampling Systems Market Forecasts and Analysis - By Type
9.5.4 South and Central America Closed Blood Sampling Systems Market Forecasts and Analysis - By End User
9.5.5 South and Central America Closed Blood Sampling Systems Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Closed Blood Sampling Systems Market
9.5.5.1.1 Brazil Closed Blood Sampling Systems Market by Type
9.5.5.1.2 Brazil Closed Blood Sampling Systems Market by End User
9.5.5.2 Argentina Closed Blood Sampling Systems Market
9.5.5.2.1 Argentina Closed Blood Sampling Systems Market by Type
9.5.5.2.2 Argentina Closed Blood Sampling Systems Market by End User
9.5.5.3 Rest of South and Central America Closed Blood Sampling Systems Market
9.5.5.3.1 Rest of South and Central America Closed Blood Sampling Systems Market by Type
9.5.5.3.2 Rest of South and Central America Closed Blood Sampling Systems Market by End User
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL CLOSED BLOOD SAMPLING SYSTEMS MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
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. CLOSED BLOOD SAMPLING SYSTEMS MARKET, KEY COMPANY PROFILES
12.1. EDWARDS LIFESCIENCES
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. MERIT MEDICAL
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. SMITHS MEDICAL
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. VELANO VASCULAR
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. ICU MEDICAL
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. UTAH MEDICAL PRODUCTS
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. ASHCON INTERNATIONAL
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. CARDIOMED SUPPLIES INC.,
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. ARGON MEDICAL
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. ITL BIOMEDICAL
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
1. EDWARDS LIFESCIENCES
2. MERIT MEDICAL
3. SMITHS MEDICAL
4. VELANO VASCULAR
5. ICU MEDICAL
6. UTAH MEDICAL PRODUCTS
7. ASHCON INTERNATIONAL
8. CARDIOMED SUPPLIES INC.
9. ARGON MEDICAL
10. ITL BIOMEDICAL
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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