Connected Health and Wellness Devices Market Share 2031
The Connected Health and Wellness Devices Market is expected to register a CAGR of 20.9% 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 (Healthcare IT, Health Information Exchange, Healthcare Analytics). Further, the report is segmented on the Product (Personal medical devices, Wellness products, Software and services). Also, the report is segmented based on End User (Hospitals, Individual customers, Other. 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 Connected Health and Wellness Devices 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.
Connected Health and Wellness Devices Market Segmentation
Type- Healthcare IT
- Health Information Exchange
- Healthcare Analytics
- Personal medical devices
- Wellness products
- Software and services
- Hospitals
- Individual customers
- Other
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Connected Health and Wellness Devices Market Growth Drivers- Increasing demand in telehealth monitoring: An increasingly pressing need for remote health monitoring solutions is driving the market for connected health and wellness devices. With the rapidly rising demand for comfort and continuous health monitoring, the adoption of products like wearable and home monitoring systems has been increasing. The growing incidence of chronic diseases is further driving the growth . Leading healthcare service providers are embracing connected solutions for efficient disease management.
- Advancements in the Internet of Things (IoT): Advances in IoT technology are revolutionizing the connected health and wellness devices market. Enhanced connectivity as well as data sharing capabilities ensure that all devices link fluidly to healthcare platforms. The technological advancement in this line implements real-time health tracking and personal care in the lives of consumers. It requires the adoption of connected solutions by consumers and healthcare providers to achieve better health outcomes as well as operational efficiency.
- Increasing Health Awareness among Consumers: The growing awareness of health and wellness among consumers is supposed to promote the connected health devices market. It is due to the fact that most people believe in proactive management of health. The interest in devices that monitor exercise, nutrition, and general well-being is increasing steadily. A trend in these times makes manufacturers develop new and friendly devices targeting conscious health consumers.
- Integration of Artificial Intelligence: The infusion of artificial intelligence in connected health and wellness devices is one of the biggest trends impacting the market, the AI analytics provided delivers the most customized insights to the individual to make informed decisions regarding health and wellness using near real-time data and enhances the functionality of the device to make it more intuitive and responsive to the different needs of the individual, thus also boosting user engagement and health-related benefits.
- Pay attention towards mental health: Health and wellness devices that are connected within the body, there is an increased preference in monitoring mental health. There is an increasing awareness of mental health problems. Against this background, companies make devices for mood. stress level and sleep patterns. This trend represents a holistic approach to health. It finds pride among customers seeking wide-ranging solutions that can both meet their needs for physical and mental health.
- Telehealth solutions are growing: Rapid growth telehealth solutions is accelerating the market connected health and wellness devices. As healthcare providers transition toward virtual consultations and remote monitoring, the demand for supported devices also increases. This trend apart from boosting access to health services also promotes developing integrated systems that support communication between patients and providers. and health management.
- Expansion in the aging population: It creates an opportunity in the market because the devices in question can be used for an aging population. As seniors start to find remedies for chronic conditions that do not deter them from independence, devices can evolve to meet their needs. Companies can introduce technology that is friendly to use, easily accessible, which improves health tracking and communication and produces products that cater to the needs of seniors and caregivers.
- Integrated in the health care system: Seamless integration within the existing health care systems: Connected health devices offer a very best chance of seamless integration within existing health care systems through the facilitation of data interchange between personal devices and the health care providers. Essentially, it means manufacturers can enhance the monitoring of patients and enhance the medical outcomes of the patients. It encourages the collaboration of health professionals through the integration. This calls for more tailored plans for care provision and encourages the adoption of more connected solutions to the healthcare settings .
- Development of targeted health programs: The proliferation of connected health devices has made it possible to design targeted health programs for every one of its users. Using the data these devices collect, companies can develop a personalized health plan that focuses on exercise, nutrition, and mental wellness. This trend is helping consumers move forward in health. Focus on loyalty and engagement with brands that maintain overall health.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Connected Health and Wellness Devices 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 Connected Health and Wellness Devices 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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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
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 is the fastest growing in the market
2021 to 2022- are the historic year, 2023 - base year, 2024 to 2031- are the forecast year
Healthcare IT segment dominates from the product segment
Omron Healthcare, Inc , Philips Healthcare Company, and St. Jude Medical, Inc accounted for major market shares in the year 2023
North America region accounted for the accounted for the highest market share
The Connected Health and Wellness Devices Market is estimated to witness a CAGR of 20.9% 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 Connected Health And Wellness Devices Market - By Type
1.3.2 Connected Health And Wellness Devices Market - By Product
1.3.3 Connected Health And Wellness Devices Market - By End User
1.3.4 Connected Health And Wellness Devices Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CONNECTED HEALTH AND WELLNESS DEVICES 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. CONNECTED HEALTH AND WELLNESS DEVICES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. CONNECTED HEALTH AND WELLNESS DEVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. CONNECTED HEALTH AND WELLNESS DEVICES - GLOBAL MARKET OVERVIEW
6.2. CONNECTED HEALTH AND WELLNESS DEVICES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CONNECTED HEALTH AND WELLNESS DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. HEALTHCARE IT
7.3.1. Overview
7.3.2. Healthcare IT Market Forecast and Analysis
7.4. HEALTH INFORMATION EXCHANGE
7.4.1. Overview
7.4.2. Health Information Exchange Market Forecast and Analysis
7.5. HEALTHCARE ANALYTICS
7.5.1. Overview
7.5.2. Healthcare Analytics Market Forecast and Analysis
8. CONNECTED HEALTH AND WELLNESS DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
8.1. OVERVIEW
8.2. PRODUCT MARKET FORECASTS AND ANALYSIS
8.3. PERSONAL MEDICAL DEVICES
8.3.1. Overview
8.3.2. Personal medical devices Market Forecast and Analysis
8.3.3. Insulin pump Market
8.3.3.1. Overview
8.3.3.2. Insulin pump Market Forecast and Analysis
8.3.4. BP monitor Market
8.3.4.1. Overview
8.3.4.2. BP monitor Market Forecast and Analysis
8.3.5. Portable GPS PERS Market
8.3.5.1. Overview
8.3.5.2. Portable GPS PERS Market Forecast and Analysis
8.3.6. Glucose monitor Market
8.3.6.1. Overview
8.3.6.2. Glucose monitor Market Forecast and Analysis
8.3.7. Personal plus oximeter Market
8.3.7.1. Overview
8.3.7.2. Personal plus oximeter Market Forecast and Analysis
8.3.8. Smart pill dispenser Market
8.3.8.1. Overview
8.3.8.2. Smart pill dispenser Market Forecast and Analysis
8.3.9. Personal ECG Market
8.3.9.1. Overview
8.3.9.2. Personal ECG Market Forecast and Analysis
8.4. WELLNESS PRODUCTS
8.4.1. Overview
8.4.2. Wellness products Market Forecast and Analysis
8.4.3. Digital pedometer Market
8.4.3.1. Overview
8.4.3.2. Digital pedometer Market Forecast and Analysis
8.4.4. Body analyzer Market
8.4.4.1. Overview
8.4.4.2. Body analyzer Market Forecast and Analysis
8.4.5. GPS sports watch Market
8.4.5.1. Overview
8.4.5.2. GPS sports watch Market Forecast and Analysis
8.4.6. Heart rate monitor Market
8.4.6.1. Overview
8.4.6.2. Heart rate monitor Market Forecast and Analysis
8.4.7. Sleep quality monitor Market
8.4.7.1. Overview
8.4.7.2. Sleep quality monitor Market Forecast and Analysis
8.5. SOFTWARE AND SERVICES
8.5.1. Overview
8.5.2. Software and services Market Forecast and Analysis
9. CONNECTED HEALTH AND WELLNESS DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. HOSPITALS
9.3.1. Overview
9.3.2. Hospitals Market Forecast and Analysis
9.4. INDIVIDUAL CUSTOMERS
9.4.1. Overview
9.4.2. Individual customers Market Forecast and Analysis
9.5. OTHER
9.5.1. Overview
9.5.2. Other Market Forecast and Analysis
10. CONNECTED HEALTH AND WELLNESS DEVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Connected Health And Wellness Devices Market Overview
10.1.2 North America Connected Health And Wellness Devices Market Forecasts and Analysis
10.1.3 North America Connected Health And Wellness Devices Market Forecasts and Analysis - By Type
10.1.4 North America Connected Health And Wellness Devices Market Forecasts and Analysis - By Product
10.1.5 North America Connected Health And Wellness Devices Market Forecasts and Analysis - By End User
10.1.6 North America Connected Health And Wellness Devices Market Forecasts and Analysis - By Countries
10.1.6.1 United States Connected Health And Wellness Devices Market
10.1.6.1.1 United States Connected Health And Wellness Devices Market by Type
10.1.6.1.2 United States Connected Health And Wellness Devices Market by Product
10.1.6.1.3 United States Connected Health And Wellness Devices Market by End User
10.1.6.2 Canada Connected Health And Wellness Devices Market
10.1.6.2.1 Canada Connected Health And Wellness Devices Market by Type
10.1.6.2.2 Canada Connected Health And Wellness Devices Market by Product
10.1.6.2.3 Canada Connected Health And Wellness Devices Market by End User
10.1.6.3 Mexico Connected Health And Wellness Devices Market
10.1.6.3.1 Mexico Connected Health And Wellness Devices Market by Type
10.1.6.3.2 Mexico Connected Health And Wellness Devices Market by Product
10.1.6.3.3 Mexico Connected Health And Wellness Devices Market by End User
10.2. EUROPE
10.2.1 Europe Connected Health And Wellness Devices Market Overview
10.2.2 Europe Connected Health And Wellness Devices Market Forecasts and Analysis
10.2.3 Europe Connected Health And Wellness Devices Market Forecasts and Analysis - By Type
10.2.4 Europe Connected Health And Wellness Devices Market Forecasts and Analysis - By Product
10.2.5 Europe Connected Health And Wellness Devices Market Forecasts and Analysis - By End User
10.2.6 Europe Connected Health And Wellness Devices Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Connected Health And Wellness Devices Market
10.2.6.1.1 Germany Connected Health And Wellness Devices Market by Type
10.2.6.1.2 Germany Connected Health And Wellness Devices Market by Product
10.2.6.1.3 Germany Connected Health And Wellness Devices Market by End User
10.2.6.2 France Connected Health And Wellness Devices Market
10.2.6.2.1 France Connected Health And Wellness Devices Market by Type
10.2.6.2.2 France Connected Health And Wellness Devices Market by Product
10.2.6.2.3 France Connected Health And Wellness Devices Market by End User
10.2.6.3 Italy Connected Health And Wellness Devices Market
10.2.6.3.1 Italy Connected Health And Wellness Devices Market by Type
10.2.6.3.2 Italy Connected Health And Wellness Devices Market by Product
10.2.6.3.3 Italy Connected Health And Wellness Devices Market by End User
10.2.6.4 Spain Connected Health And Wellness Devices Market
10.2.6.4.1 Spain Connected Health And Wellness Devices Market by Type
10.2.6.4.2 Spain Connected Health And Wellness Devices Market by Product
10.2.6.4.3 Spain Connected Health And Wellness Devices Market by End User
10.2.6.5 United Kingdom Connected Health And Wellness Devices Market
10.2.6.5.1 United Kingdom Connected Health And Wellness Devices Market by Type
10.2.6.5.2 United Kingdom Connected Health And Wellness Devices Market by Product
10.2.6.5.3 United Kingdom Connected Health And Wellness Devices Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Connected Health And Wellness Devices Market Overview
10.3.2 Asia-Pacific Connected Health And Wellness Devices Market Forecasts and Analysis
10.3.3 Asia-Pacific Connected Health And Wellness Devices Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Connected Health And Wellness Devices Market Forecasts and Analysis - By Product
10.3.5 Asia-Pacific Connected Health And Wellness Devices Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Connected Health And Wellness Devices Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Connected Health And Wellness Devices Market
10.3.6.1.1 Australia Connected Health And Wellness Devices Market by Type
10.3.6.1.2 Australia Connected Health And Wellness Devices Market by Product
10.3.6.1.3 Australia Connected Health And Wellness Devices Market by End User
10.3.6.2 China Connected Health And Wellness Devices Market
10.3.6.2.1 China Connected Health And Wellness Devices Market by Type
10.3.6.2.2 China Connected Health And Wellness Devices Market by Product
10.3.6.2.3 China Connected Health And Wellness Devices Market by End User
10.3.6.3 India Connected Health And Wellness Devices Market
10.3.6.3.1 India Connected Health And Wellness Devices Market by Type
10.3.6.3.2 India Connected Health And Wellness Devices Market by Product
10.3.6.3.3 India Connected Health And Wellness Devices Market by End User
10.3.6.4 Japan Connected Health And Wellness Devices Market
10.3.6.4.1 Japan Connected Health And Wellness Devices Market by Type
10.3.6.4.2 Japan Connected Health And Wellness Devices Market by Product
10.3.6.4.3 Japan Connected Health And Wellness Devices Market by End User
10.3.6.5 South Korea Connected Health And Wellness Devices Market
10.3.6.5.1 South Korea Connected Health And Wellness Devices Market by Type
10.3.6.5.2 South Korea Connected Health And Wellness Devices Market by Product
10.3.6.5.3 South Korea Connected Health And Wellness Devices Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Connected Health And Wellness Devices Market Overview
10.4.2 Middle East and Africa Connected Health And Wellness Devices Market Forecasts and Analysis
10.4.3 Middle East and Africa Connected Health And Wellness Devices Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Connected Health And Wellness Devices Market Forecasts and Analysis - By Product
10.4.5 Middle East and Africa Connected Health And Wellness Devices Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Connected Health And Wellness Devices Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Connected Health And Wellness Devices Market
10.4.6.1.1 South Africa Connected Health And Wellness Devices Market by Type
10.4.6.1.2 South Africa Connected Health And Wellness Devices Market by Product
10.4.6.1.3 South Africa Connected Health And Wellness Devices Market by End User
10.4.6.2 Saudi Arabia Connected Health And Wellness Devices Market
10.4.6.2.1 Saudi Arabia Connected Health And Wellness Devices Market by Type
10.4.6.2.2 Saudi Arabia Connected Health And Wellness Devices Market by Product
10.4.6.2.3 Saudi Arabia Connected Health And Wellness Devices Market by End User
10.4.6.3 U.A.E Connected Health And Wellness Devices Market
10.4.6.3.1 U.A.E Connected Health And Wellness Devices Market by Type
10.4.6.3.2 U.A.E Connected Health And Wellness Devices Market by Product
10.4.6.3.3 U.A.E Connected Health And Wellness Devices Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Connected Health And Wellness Devices Market Overview
10.5.2 South and Central America Connected Health And Wellness Devices Market Forecasts and Analysis
10.5.3 South and Central America Connected Health And Wellness Devices Market Forecasts and Analysis - By Type
10.5.4 South and Central America Connected Health And Wellness Devices Market Forecasts and Analysis - By Product
10.5.5 South and Central America Connected Health And Wellness Devices Market Forecasts and Analysis - By End User
10.5.6 South and Central America Connected Health And Wellness Devices Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Connected Health And Wellness Devices Market
10.5.6.1.1 Brazil Connected Health And Wellness Devices Market by Type
10.5.6.1.2 Brazil Connected Health And Wellness Devices Market by Product
10.5.6.1.3 Brazil Connected Health And Wellness Devices Market by End User
10.5.6.2 Argentina Connected Health And Wellness Devices Market
10.5.6.2.1 Argentina Connected Health And Wellness Devices Market by Type
10.5.6.2.2 Argentina Connected Health And Wellness Devices Market by Product
10.5.6.2.3 Argentina Connected Health And Wellness Devices Market by End User
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. CONNECTED HEALTH AND WELLNESS DEVICES MARKET, KEY COMPANY PROFILES
12.1. OMRON HEALTHCARE, INC.
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. MCKESSON CORPORATION
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. PHILIPS HEALTHCARE COMPANY
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. GE HEALTHCARE, INC.
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. DRAEGER MEDICAL SYSTEMS, INC.
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. FITBIT, INC.
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. ST. JUDE MEDICAL, INC.
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. MEDTRONIC PLC
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. AEROTEL MEDICAL SYSTEM LTD.
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. BOSTON SCIENTIFIC CORPORATION
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. Omron Healthcare, Inc.2. McKesson Corporation3. Philips Healthcare Company4. GE Healthcare, Inc.5. Draeger Medical Systems, Inc.6. Fitbit, Inc.7. St. Jude Medical, Inc.8. Medtronic Plc9. Aerotel Medical System Ltd.10. Boston Scientific Corporation.
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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