Connected Drug Delivery Devices Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
The connected drug delivery devices market is expected to grow from US$ 463.59 million in 2021 to US$ 7,998.09 million by 2031; it is expected to grow at a CAGR of 50.3% from 2022 to 2031.
The increasing number of patients suffering from diabetes, asthma, hypertension, tuberculosis, multiple sclerosis, clinically isolated syndrome, chronic obstructive pulmonary disease (COPD), hepatitis C, and other chronic diseases and the growing emphasis of healthcare professionals on preventive care drive the growth of the connected drug delivery devices market. Connected drug delivery devices are made by using embedded electronics and sensors. The devices are designed to collect information on self-administration and transmit real-time dose compliance data from the device to the patient’s smartphone and the HCP’s database. As a result of drug delivery connectivity, the remote compliance helps highlight potential complications that could lead to poor treatment outcomes. During COVID-19 outbreak, patients were restricted from visiting hospitals to avoid the spread of the virus infection. Thus, to maintain social distancing, patients and healthcare professionals depended on self-administration and remote monitoring.
MARKET DYNAMICS
The growth of the connected drug delivery devices market is majorly attributed to the increasing number of patients affected by chronic diseases, growing demand for remote patient monitoring, and rising demand from the geriatric population. However, the high cost of the devices hampers the growth of the market. Moreover, the adoption of partnerships, mergers & acquisitions, collaborations, and other strategic initiatives among market participants is expected to propel the market growth during the forecast period.
MARKET SCOPE
The “Global Connected Drug Delivery Devices Market Forecast to 2031” report aims to provide an overview of the connected drug delivery devices market with detailed market segmentation based on type, technology, and end user. The report provides key market statistics based on the financial performances of the leading players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global connected drug delivery devices market is segmented on the basis of type, technology, and end user. Based on type, the market is segmented into connected sensors, integrated devices, and platform & services. The market for the connected sensors segment is further bifurcated into connected inhaler sensors and connected injection sensors. The market for the integrated devices segment is subsegmented into connected inhaler devices and connected injection devices. Based on technology, the global connected drug delivery devices market is segmented into Bluetooth, cellular networks, near field communication (NFC), and others. The market, by end user, is segmented into hospitals, homecare, and others.
The global connected drug delivery devices market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers an analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region.
From the regional perspective, North America dominates the connected drug delivery devices market with ~35% market share in 2021. Rising per capita expenditure of healthcare and the increasing adoption of advances in product launches and related innovations bolster the growth of the regional market. The below figure shows the revenue growth trend in the connected drug delivery devices market:
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the connected drug delivery devices market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
During COVID-19 outbreak, the demand for connected drug delivery devices increased, which led to a high volume of orders among drug manufacturers, resulting in a higher production volume of connected sensors. Thus, owing to the COVID-19 crisis and the transition of individuals and healthcare professionals to adopt remote patient monitoring methods have bolstered the demand for connected drug delivery devices at the recent past. The trend is expected to continue during the forecast period.
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The global connected drug delivery devices market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers an analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region.
From the regional perspective, North America dominates the connected drug delivery devices market with ~35% market share in 2021. Rising per capita expenditure of healthcare and the increasing adoption of advances in product launches and related innovations bolster the growth of the regional market. The below figure shows the revenue growth trend in the connected drug delivery devices market:
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the connected drug delivery devices market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
During COVID-19 outbreak, the demand for connected drug delivery devices increased, which led to a high volume of orders among drug manufacturers, resulting in a higher production volume of connected sensors. Thus, owing to the COVID-19 crisis and the transition of individuals and healthcare professionals to adopt remote patient monitoring methods have bolstered the demand for connected drug delivery devices at the recent past. The trend is expected to continue during the forecast period.
MARKET PLAYERS
The report covers key developments in the connected drug delivery devices market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies, such as acquisitions, partnerships, and collaborations, have encouraged the expansion of business and the customer base of market players. The players operating in the connected drug delivery devices market are anticipated to experience lucrative growth opportunities in the coming years owing to the rising demand for connected drug delivery devices.
The report includes the profiles of key connected drug delivery devices market companies, along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players’ company profiles, components and services offered, financial information for the last three years, and key developments in the past five years. The list of a few companies engaged in the connected drug delivery devices market is mentioned below:
- Propeller Health
- Adherium Limited
- West Pharmaceutical Services
- FindAir
- Phillips-Medisize
- Biocorp
- 3M
- Cohero Health
- Merck Group
- Other Market Participants
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers 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
Type, Technology, 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. Connected Drug Delivery Devices Market- By Product
1.3.2. Connected Drug Delivery Devices Market- By Technology
1.3.3. Connected Drug Delivery Devices Market- By End User
1.3.4. Connected Drug Delivery Devices Market- By Region
1.3.4.1. By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CONNECTED DRUG DELIVERY DEVICES MARKET LANDSCAPE
4.1. MARKET 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 & Africa - PEST Analysis
4.2.5. South and Central America - PEST Analysis
5. CONNECTED DRUG DELIVERY DEVICES MARKET- KEY INDUSTRY 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. CONNECTED DRUG DELIVERY DEVICES MARKET- GLOBAL ANALYSIS
6.1. CONNECTED DRUG DELIVERY DEVICES MARKET - GLOBAL MARKET OVERVIEW
6.2. CONNECTED DRUG DELIVERY DEVICES MARKET - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/ MARKET SHARE OF KEY PLAYERS
7. CONNECTED DRUG DELIVERY DEVICES MARKET REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. CONNECTED SENSORS MARKET
7.3.1. Overview
7.3.2. Connected Sensors Market Forecast and Analysis (US$ Mn)
7.4. INTEGRATED CONNECTED DEVICES MARKET
7.4.1. Overview
7.4.2. Integrated Connected Devices Market Forecast and Analysis (US$ Mn)
8. CONNECTED DRUG DELIVERY DEVICES MARKET REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
8.1. OVERVIEW
8.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8.3. BLUETOOTH MARKET
8.3.1. Overview
8.3.2. Bluetooth Market Forecast and Analysis (US$ Mn)
8.4. NFC MARKET
8.4.1. Overview
8.4.2. NFC Market Forecast and Analysis (US$ Mn)
8.5. OTHER MARKET
8.5.1. Overview
8.5.2. Other Market Forecast and Analysis (US$ Mn)
9. CONNECTED DRUG DELIVERY DEVICES MARKET REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. HEALTHCARE PROVIDERS MARKET
9.3.1. Overview
9.3.2. Healthcare Providers Market Forecast and Analysis (US$ Mn)
9.4. HOMECARE CENTERS MARKET
9.4.1. Overview
9.4.2. Homecare Centers Market Forecast and Analysis (US$ Mn)
10. CONNECTED DRUG DELIVERY DEVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA CONNECTED DRUG DELIVERY DEVICES MARKET
10.1.1. North America Connected Drug Delivery Devices Market Forecasts and Analysis (US$ Mn)
10.1.2. North America Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.1.3. North America Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.1.4. North America Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.1.5. North America Connected Drug Delivery Devices Market Forecasts and Analysis - By Country
10.1.6. US Market Overview
10.1.6.1. US Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.1.6.2. US Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.1.6.3. US Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.1.7. Canada Market Overview
10.1.7.1. Canada Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.1.7.2. Canada Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.1.7.3. Canada Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.1.8. Mexico Market Overview
10.1.8.1. Mexico Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.1.8.2. Mexico Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.1.8.3. Mexico Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.2. EUROPE CONNECTED DRUG DELIVERY DEVICES MARKET
10.2.1. Europe Connected Drug Delivery Devices Market Forecasts and Analysis (US$ Mn)
10.2.2. Europe Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.3. Europe Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.2.4. Europe Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.2.5. Europe Connected Drug Delivery Devices Market Forecasts and Analysis - By Country
10.2.6. UK Market Overview
10.2.6.1. UK Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.6.2. UK Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.2.6.3. UK Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.2.7. Germany Market Overview
10.2.7.1. Germany Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.7.2. Germany Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.2.7.3. Germany Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.2.8. France Market Overview
10.2.8.1. France Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.8.2. France Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.2.8.3. France Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.3. ASIA PACIFIC CONNECTED DRUG DELIVERY DEVICES MARKET
10.3.1. Asia Pacific Connected Drug Delivery Devices Market Forecasts and Analysis (US$ Mn)
10.3.2. Asia Pacific Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.3. Asia Pacific Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.3.4. Asia Pacific Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.3.5. Asia Pacific Connected Drug Delivery Devices Market Forecasts and Analysis - By Country
10.3.6. China Market Overview
10.3.6.1. China Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.6.2. China Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.3.6.3. China Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.3.7. Japan Market Overview
10.3.7.1. Japan Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.7.2. Japan Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.3.7.3. Japan Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.3.8. India Market Overview
10.3.8.1. India Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.8.2. India Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.3.8.3. India Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.4. MIDDLE EAST AND AFRICA (MEA) CONNECTED DRUG DELIVERY DEVICES MARKET
10.4.1. Middle East and Africa (MEA) Connected Drug Delivery Devices Market Forecasts and Analysis (US$ Mn)
10.4.2. Middle East and Africa (MEA) Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.4.3. Middle East and Africa Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.4.4. Middle East and Africa (MEA) Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.4.5. Middle East and Africa (MEA) Connected Drug Delivery Devices Market Forecasts and Analysis - By Country
10.4.6. UAE Market Overview
10.4.6.1. UAE Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.4.6.2. UAE Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.4.6.3. UAE Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.4.7. Saudi Arabia Market Overview
10.4.7.1. Saudi Arabia Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.4.7.2. Saudi Arabia Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.4.7.3. Saudi Arabia Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.4.8. South Africa Market Overview
10.4.8.1. South Africa Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.4.8.2. South Africa Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.4.8.3. South Africa Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.5. SOUTH AND CENTRAL AMERICA CONNECTED DRUG DELIVERY DEVICES MARKET
10.5.1. South and Central America Connected Drug Delivery Devices Market Forecasts and Analysis (US$ Mn)
10.5.2. South and Central America Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.5.3. South and Central America Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.5.4. South and Central America Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10.5.5. South and Central America Connected Drug Delivery Devices Market Forecasts and Analysis - By Country
10.5.6. Brazil Market Overview
10.5.6.1. Brazil Connected Drug Delivery Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.5.6.2. Brazil Connected Drug Delivery Devices Market Forecasts and Analysis - By Technology (US$ Mn)
10.5.6.3. Brazil Connected Drug Delivery Devices Market Forecasts and Analysis - By End User (US$ Mn)
11. INDUSTRY LANDSCAPE
11.1. ORGANIC GROWTH STRATEGIES
11.1.1. New Product Launches
11.1.2. Marketing & Promotional Activities
11.2. INORGANIC GROWTH STRATEGIES
11.2.1. Partnerships, Collaborations, and Joint Ventures
11.2.2. Mergers & Acquisitions
12. CONNECTED DRUG DELIVERY DEVICES MARKET, KEY COMPANY PROFILES
12.1. PHILLIPS-MEDISIZE
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Financial Overview
12.1.4. Product Portfolio
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. WEST PHARMA
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Financial Overview
12.2.4. Product Portfolio
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. ATERICA INC.
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Financial Overview
12.3.4. Product Portfolio
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. BIOCORP
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Financial Overview
12.4.4. Product Portfolio
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. PROPELLER HEALTH
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Financial Overview
12.5.4. Product Portfolio
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. PROTEUS DIGITAL HEALTH
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Financial Overview
12.6.4. Product Portfolio
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. Financial Overview
12.7.4. Product Portfolio
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. ADHERIUM LIMITED
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Financial Overview
12.8.4. Product Portfolio
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. PANASONIC CORPORATION
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Financial Overview
12.9.4. Product Portfolio
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. QUALCOMM TECHNOLOGIES, INC.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Financial Overview
12.10.4. Product Portfolio
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. Phillips-Medisize
2. West Pharma
3. Aterica Inc.
4. Panasonic Corporation
5. BIOCORP
6. Merck KGaA
7. Propeller Health
8. Proteus Digital Health
9. Adherium Limited
10. Qualcomm Technologies, Inc.
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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