Compression Therapy Market - Size and Forecast [2021-2031]
The Compression Therapy Market is expected to register a CAGR of 5.3% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Product (Compression Garments, Compression Braces, and Compression Pumps). The report further presents analysis based on the Technique (Static Compression Therapy, and Dynamic Compression Therapy) . The report is segmented by Distribution Channel (Pharmacies and Retailers, Hospitals and Clinics, E-Commerce Platforms, 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 Compression Therapy 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.
Compression Therapy Market Segmentation
Product- Compression Garments
- Compression Braces
- Compression Pumps
- Static Compression Therapy
- Dynamic Compression Therapy
- Pharmacies and Retailers
- Hospitals and Clinics
- E-Commerce Platforms
- Others
Strategic Insights
Compression Therapy Market Growth Drivers- Increasing Incidence of Chronic Disorders: Chronic venous insufficiency (CVI), lymphedema, varicose veins, and other circulatory disorders are on the rise and are increasingly prevalent all over the world. As more and more people age in the world, such trends are likely to aggravate further. Compression therapy is the most common therapeutic strategy applied in such cases as it facilitates blood circulation, minimizes oedema, and reduces pain. The rising prevalence of such diseases is one of the major factors responsible for increasing compression therapy market sales.
- Rising Number of Geriatric Population: The growing elderly demographic presents a demand for compression therapy. It is a well-established fact that with age come factors that heighten the risk of contracting conditions such as chronic venous insufficiency (CVI) and lymphedema because of the weakening of blood vessels and other components of the circulatory systems. The United Nations has projected that in the coming decades there will be a rapid percent increase in people aged 60 years and above. This change creates a requirement for such therapies, with the need to offer compression therapy solutions enhancing circulation and reducing the risk of related disorders.
- Technological Advancements in Compression Products: While compression accessories combat other product behavior most innovative developments comprising the wearable monitoring devices and targeted devices as traction mechanisms, smart wearable controlled garments, add-on adjustable pressure wear straps have blossomed this market. These innovations not only increase the efficiency of compression therapy but also its ease of use from the patients’ perspective. The development and use of advanced features, such as breathable materials, moisture-management techniques, and antibacterial feature, have also increased the popularity of these products in institutional and domestic care situations.
- Homecare and Self-Management Solutions: The self-management of conditions and home care services is being propelled by the fact that there are now more user-friendly and readily available compression therapy products. For example, with smart compression devices, patients are able to self-manage their compression levels at home while monitoring their conditions and do not require surveillance by healthcare providers all the time. This trend lowers the cost of treatment and promotes autonomy and convenience of patients, hence the great prevalence of the compression therapy practice.
- Integration of Smart Technology: There is a maximization of the use of smart technology and its incorporation into devices used in compression therapy. For instance, some of the contemporary compression garments come with built-in sensors that help to assess the blood flow, pressure, and the dimensions of the limb in question. This allows the information to be sent to doctors for in-between therapy plan monitoring and other amendments. The rise in the usage of wearables in the health sector is expected to spur even more growth in the compression therapy industry.
- Personalization of Compression Therapy: The world is beginning to appreciate the benefits of personalized medicine in most healthcare portfolio, and so is the compression therapy. Nowadays, compression therapy device manufacturers are making and providing more individualized compression therapy garments for their patients. This is aided by improvements in three-dimensional printing and other methods which allow design and production of compressive devices that are specific to the patient yielding better results, comfort, and adherence.
- Increased Utilization of Compression Garments in Sports Medicine: Addition of compression therapy thrived in the field of sports medicine as it is used for the prevention of injuries, fast recovery and enhancement of athletic performance. Compression garments have also been embraced by both professional sportsmen and sport followers in alleviation of muscle fatigue, enhanced recovery as well as prevention of swelling. The increasing prevalence of compression therapy in the sports and fitness market gives a good impetus for the manufacturers to diversify their product line and reach another customer base.
- Collaborations and Strategic Partnerships: The strategic collaborations and partnerships of the compression therapy device manufacturers, healthcare providers and, technology companies will offer new avenues for the growth of the compression therapy device market. Such development is as a result of the combination of the companies in the health sector, the manufacturing sector and, the information technology sector, which leads to the creation of better and sophisticated products that improve the health of the users. In addition, such initiatives with hospitals, clinics and rehabilitation centers are likely to encourage more use of compression therapy products in the clinical venues.
- Development of Advanced Therapeutic Compression Devices: There is an increasing prospect that advanced therapeutic compression devices can be developed. They can be devices that incorporate multi: modal therapies that integrate compression with heat, vibration or electrical stimulation in order to enhance treatment. With more investment on research and development, these advanced devices may limit the use of compression therapy for only circulatory disorders pains as application will include management of pains and restorative processes through therapy use.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Compression Therapy 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 Compression Therapy 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 DJO Global, Inc., BSN medical, medi GmbH & Co. KG, SIGVARIS, Paul Hartmann AG, Sanyleg S.r.l, 3M Company, ConvaTec Inc,. ArjoHuntleigh
Compression Garments segment, by product, dominated the market in 2023.
North America region dominated the Compression Therapy market in 2023.
Increased Utilization of Compression Garments in Sports Medicine act as a opportunity for growth of the market in forecast period.
The Compression Therapy Market is estimated to witness a CAGR of 5.3% from 202#to 2031
The major factors driving the Compression Therapy market are:
1. Increasing Incidence of Chronic Disorders
2. Technological Advancements in Compression Products
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Compression Therapy Market - By Product
1.3.2 Compression Therapy Market - By Technique
1.3.3 Compression Therapy Market - By Distribution Channel
1.3.4 Compression Therapy Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. COMPRESSION THERAPY 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. COMPRESSION THERAPY 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. COMPRESSION THERAPY MARKET - GLOBAL MARKET ANALYSIS
6.1. COMPRESSION THERAPY - GLOBAL MARKET OVERVIEW
6.2. COMPRESSION THERAPY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. COMPRESSION THERAPY MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. COMPRESSION GARMENTS
7.3.1. Overview
7.3.2. Compression Garments Market Forecast and Analysis
7.3.3. Compression Stockings Market
7.3.3.1. Overview
7.3.3.2. Compression Stockings Market Forecast and Analysis
7.3.4. Compression Bandages and Wraps Market
7.3.4.1. Overview
7.3.4.2. Compression Bandages and Wraps Market Forecast and Analysis
7.3.5. Other Compression Garments Market
7.3.5.1. Overview
7.3.5.2. Other Compression Garments Market Forecast and Analysis
7.4. COMPRESSION BRACES
7.4.1. Overview
7.4.2. Compression Braces Market Forecast and Analysis
7.5. COMPRESSION PUMPS
7.5.1. Overview
7.5.2. Compression Pumps Market Forecast and Analysis
8. COMPRESSION THERAPY MARKET - REVENUE AND FORECASTS TO 2028 - TECHNIQUE
8.1. OVERVIEW
8.2. TECHNIQUE MARKET FORECASTS AND ANALYSIS
8.3. STATIC COMPRESSION THERAPY
8.3.1. Overview
8.3.2. Static Compression Therapy Market Forecast and Analysis
8.4. DYNAMIC COMPRESSION THERAPY
8.4.1. Overview
8.4.2. Dynamic Compression Therapy Market Forecast and Analysis
9. COMPRESSION THERAPY MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
9.1. OVERVIEW
9.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
9.3. PHARMACIES AND RETAILERS
9.3.1. Overview
9.3.2. Pharmacies and Retailers Market Forecast and Analysis
9.4. HOSPITALS AND CLINICS
9.4.1. Overview
9.4.2. Hospitals and Clinics Market Forecast and Analysis
9.5. E-COMMERCE PLATFORMS
9.5.1. Overview
9.5.2. E-Commerce Platforms Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. COMPRESSION THERAPY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Compression Therapy Market Overview
10.1.2 North America Compression Therapy Market Forecasts and Analysis
10.1.3 North America Compression Therapy Market Forecasts and Analysis - By Product
10.1.4 North America Compression Therapy Market Forecasts and Analysis - By Technique
10.1.5 North America Compression Therapy Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Compression Therapy Market Forecasts and Analysis - By Countries
10.1.6.1 United States Compression Therapy Market
10.1.6.1.1 United States Compression Therapy Market by Product
10.1.6.1.2 United States Compression Therapy Market by Technique
10.1.6.1.3 United States Compression Therapy Market by Distribution Channel
10.1.6.2 Canada Compression Therapy Market
10.1.6.2.1 Canada Compression Therapy Market by Product
10.1.6.2.2 Canada Compression Therapy Market by Technique
10.1.6.2.3 Canada Compression Therapy Market by Distribution Channel
10.1.6.3 Mexico Compression Therapy Market
10.1.6.3.1 Mexico Compression Therapy Market by Product
10.1.6.3.2 Mexico Compression Therapy Market by Technique
10.1.6.3.3 Mexico Compression Therapy Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Compression Therapy Market Overview
10.2.2 Europe Compression Therapy Market Forecasts and Analysis
10.2.3 Europe Compression Therapy Market Forecasts and Analysis - By Product
10.2.4 Europe Compression Therapy Market Forecasts and Analysis - By Technique
10.2.5 Europe Compression Therapy Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Compression Therapy Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Compression Therapy Market
10.2.6.1.1 Germany Compression Therapy Market by Product
10.2.6.1.2 Germany Compression Therapy Market by Technique
10.2.6.1.3 Germany Compression Therapy Market by Distribution Channel
10.2.6.2 France Compression Therapy Market
10.2.6.2.1 France Compression Therapy Market by Product
10.2.6.2.2 France Compression Therapy Market by Technique
10.2.6.2.3 France Compression Therapy Market by Distribution Channel
10.2.6.3 Italy Compression Therapy Market
10.2.6.3.1 Italy Compression Therapy Market by Product
10.2.6.3.2 Italy Compression Therapy Market by Technique
10.2.6.3.3 Italy Compression Therapy Market by Distribution Channel
10.2.6.4 Spain Compression Therapy Market
10.2.6.4.1 Spain Compression Therapy Market by Product
10.2.6.4.2 Spain Compression Therapy Market by Technique
10.2.6.4.3 Spain Compression Therapy Market by Distribution Channel
10.2.6.5 United Kingdom Compression Therapy Market
10.2.6.5.1 United Kingdom Compression Therapy Market by Product
10.2.6.5.2 United Kingdom Compression Therapy Market by Technique
10.2.6.5.3 United Kingdom Compression Therapy Market by Distribution Channel
10.2.6.6 Rest of Europe Compression Therapy Market
10.2.6.6.1 Rest of Europe Compression Therapy Market by Product
10.2.6.6.2 Rest of Europe Compression Therapy Market by Technique
10.2.6.6.3 Rest of Europe Compression Therapy Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Compression Therapy Market Overview
10.3.2 Asia-Pacific Compression Therapy Market Forecasts and Analysis
10.3.3 Asia-Pacific Compression Therapy Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Compression Therapy Market Forecasts and Analysis - By Technique
10.3.5 Asia-Pacific Compression Therapy Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Compression Therapy Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Compression Therapy Market
10.3.6.1.1 Australia Compression Therapy Market by Product
10.3.6.1.2 Australia Compression Therapy Market by Technique
10.3.6.1.3 Australia Compression Therapy Market by Distribution Channel
10.3.6.2 China Compression Therapy Market
10.3.6.2.1 China Compression Therapy Market by Product
10.3.6.2.2 China Compression Therapy Market by Technique
10.3.6.2.3 China Compression Therapy Market by Distribution Channel
10.3.6.3 India Compression Therapy Market
10.3.6.3.1 India Compression Therapy Market by Product
10.3.6.3.2 India Compression Therapy Market by Technique
10.3.6.3.3 India Compression Therapy Market by Distribution Channel
10.3.6.4 Japan Compression Therapy Market
10.3.6.4.1 Japan Compression Therapy Market by Product
10.3.6.4.2 Japan Compression Therapy Market by Technique
10.3.6.4.3 Japan Compression Therapy Market by Distribution Channel
10.3.6.5 South Korea Compression Therapy Market
10.3.6.5.1 South Korea Compression Therapy Market by Product
10.3.6.5.2 South Korea Compression Therapy Market by Technique
10.3.6.5.3 South Korea Compression Therapy Market by Distribution Channel
10.3.6.6 Rest of Asia-Pacific Compression Therapy Market
10.3.6.6.1 Rest of Asia-Pacific Compression Therapy Market by Product
10.3.6.6.2 Rest of Asia-Pacific Compression Therapy Market by Technique
10.3.6.6.3 Rest of Asia-Pacific Compression Therapy Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Compression Therapy Market Overview
10.4.2 Middle East and Africa Compression Therapy Market Forecasts and Analysis
10.4.3 Middle East and Africa Compression Therapy Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Compression Therapy Market Forecasts and Analysis - By Technique
10.4.5 Middle East and Africa Compression Therapy Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Compression Therapy Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Compression Therapy Market
10.4.6.1.1 South Africa Compression Therapy Market by Product
10.4.6.1.2 South Africa Compression Therapy Market by Technique
10.4.6.1.3 South Africa Compression Therapy Market by Distribution Channel
10.4.6.2 Saudi Arabia Compression Therapy Market
10.4.6.2.1 Saudi Arabia Compression Therapy Market by Product
10.4.6.2.2 Saudi Arabia Compression Therapy Market by Technique
10.4.6.2.3 Saudi Arabia Compression Therapy Market by Distribution Channel
10.4.6.3 U.A.E Compression Therapy Market
10.4.6.3.1 U.A.E Compression Therapy Market by Product
10.4.6.3.2 U.A.E Compression Therapy Market by Technique
10.4.6.3.3 U.A.E Compression Therapy Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Compression Therapy Market
10.4.6.4.1 Rest of Middle East and Africa Compression Therapy Market by Product
10.4.6.4.2 Rest of Middle East and Africa Compression Therapy Market by Technique
10.4.6.4.3 Rest of Middle East and Africa Compression Therapy Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Compression Therapy Market Overview
10.5.2 South and Central America Compression Therapy Market Forecasts and Analysis
10.5.3 South and Central America Compression Therapy Market Forecasts and Analysis - By Product
10.5.4 South and Central America Compression Therapy Market Forecasts and Analysis - By Technique
10.5.5 South and Central America Compression Therapy Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Compression Therapy Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Compression Therapy Market
10.5.6.1.1 Brazil Compression Therapy Market by Product
10.5.6.1.2 Brazil Compression Therapy Market by Technique
10.5.6.1.3 Brazil Compression Therapy Market by Distribution Channel
10.5.6.2 Argentina Compression Therapy Market
10.5.6.2.1 Argentina Compression Therapy Market by Product
10.5.6.2.2 Argentina Compression Therapy Market by Technique
10.5.6.2.3 Argentina Compression Therapy Market by Distribution Channel
10.5.6.3 Rest of South and Central America Compression Therapy Market
10.5.6.3.1 Rest of South and Central America Compression Therapy Market by Product
10.5.6.3.2 Rest of South and Central America Compression Therapy Market by Technique
10.5.6.3.3 Rest of South and Central America Compression Therapy Market by Distribution Channel
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL COMPRESSION THERAPY 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. COMPRESSION THERAPY MARKET, KEY COMPANY PROFILES
13.1. DJO GLOBAL, INC.
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. BSN MEDICAL
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. MEDI GMBH AND CO. KG
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. TACTILE MEDICAL
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. SIGVARIS
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. PAUL HARTMANN AG
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. SANYLEG S.R.L.
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. 3M COMPANY
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. CONVATEC INC.
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. ARJOHUNTLEIGH
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. DJO Global, Inc.
2. BSN medical
3. medi GmbH & Co. KG
4. Medical
5. SIGVARIS
6. Paul Hartmann AG
7. Sanyleg S.r.l
8. 3M Company
9. ConvaTec Inc.
10. ArjoHuntleigh
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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