Diabetes Care Devices And Drugs Market Size and CAGR by 2031
The Diabetes Care Devices And Drugs Market is expected to register a CAGR of 16.9% 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 Diabetes Care Devices And Drugs Market By Diabetes care devices (Diabetes Monitoring Devices, Insulin Delivery Devices); Diabetes Care Drugs (Insulin, Oral-hypoglycaemic drugs, Non-insulin injectable drugs), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America). 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 Diabetes Care Devices And Drugs 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.
Diabetes Care Devices And Drugs Market Segmentation
Diabetes care devices- Diabetes Monitoring Devices
- Insulin Delivery Devices
- Insulin
- Oral-hypoglycaemic drugs
- Non-insulin injectable drugs
Strategic Insights
Diabetes Care Devices And Drugs Market Growth Drivers- Rising Diabetic Population: World figures are now estimated to be experiencing a gradual increase in diabetes prevalence, with the likelihood of reaching 700 million living with diabetes by 2045. This increase in patients who suffer from diabetes straightaway increases the demand for blood glucose monitoring devices-test strips and meters, respectively.
- Patient empowerment: There is a conscious awareness among patients that if they are to control diabetes well, there should be monitoring of blood glucose levels always. Consequently, the demand for home monitoring solutions has risen as patients see an increased need to be more in control of their own health.
- Insurance Coverage: Favorable reimbursement policies for BG meters and test strips facilitate wide usage in many countries, including North America. Also, there are programs such as Medicare to which patients can turn after an intervention for management of diabetes, providing essential products. In this regard, it reduces the out-of-pocket cost burden on these patients and motivates patients to use the products frequently.
- Increasing Adoption of Continuous Glucose Monitoring (CGM) Systems: The frequency of pointing and pricking at oneself by the fingers stick test can definitely be reduced by using CGM devices, which are gaining popularity even further. The systems give a more complete overview of the levels of glucose in the body and, hence diabetes is managed better. With integration of CGM with an insulin pump and mobile apps, these devices are made much more convenient and effective.
- Technological Advancements and Innovations: Manufacturers are heavily investing in research and development to introduce new products that are more accurate, user-friendly, and better connected. Advances in microminiaturization, sensor technologies, and transcutaneous devices make home blood glucose monitoring devices less cumbersome, easier to use, and more reliable.
- Shift Towards Connected and Automated Devices: Integration of mobile applications, wireless connectivity, and artificial intelligence determines the real landscape in home blood glucose monitoring. Connected devices help in better management of data analysis, promote patient involvement in care, and reinforce collaboration between patients and healthcare providers.
- Emerging Non-Invasive Technologies: Non-invasive technologies are emerging that would relate to blood glucose monitoring technologies, where there would no longer be a need for pricking the fingers. Companies investing in development and research into such technologies may gain considerable market share as patients would look for less painful procedures.
- Increased Accessibility: There is an increase in the availability of home blood glucose strips and meters by providing various shopping avenues such as pharmacies, online retailers, and direct-to-consumer models. It increases sales and encourages people to regularly check their blood glucose levels.
- Rising Awareness of Diabetes Management: There is also a growing awareness about diabetes management, especially in prediabetics, hence the increasing demand for home testing kits. Educational activities toward the benefits of monitoring their health can further increase demand. Such a factor is expected to aid the overall home blood glucose strips and meters market during the forecast period.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Diabetes Care Devices And Drugs 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 Diabetes Care Devices And Drugs 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
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
In Europe, the UK held the second largest share in 2023.
Asia Pacific region is expected to witness the highest growth during the forecast period
Emerging Non-Invasive Technologies
Rising diabetic population
North America held the largest share in 2023 and is expected to retain its dominance during the forecast period
The Diabetes Care Devices And Drugs Market is estimated to witness a CAGR of 16.9% 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 Diabetes Care Devices And Drugs Market - By Diabetes care devices
1.3.2 Diabetes Care Devices And Drugs Market - By Diabetes Care Drugs
1.3.3 Diabetes Care Devices And Drugs Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DIABETES CARE DEVICES AND DRUGS 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. DIABETES CARE DEVICES AND DRUGS 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. DIABETES CARE DEVICES AND DRUGS MARKET - GLOBAL MARKET ANALYSIS
6.1. DIABETES CARE DEVICES AND DRUGS - GLOBAL MARKET OVERVIEW
6.2. DIABETES CARE DEVICES AND DRUGS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. DIABETES CARE DEVICES AND DRUGS MARKET - REVENUE AND FORECASTS TO 2028 - DIABETES CARE DEVICES
7.1. OVERVIEW
7.2. DIABETES CARE DEVICES MARKET FORECASTS AND ANALYSIS
7.3. DIABETES MONITORING DEVICES
7.3.1. Overview
7.3.2. Diabetes Monitoring Devices Market Forecast and Analysis
7.3.3. Test strips Market
7.3.3.1. Overview
7.3.3.2. Test strips Market Forecast and Analysis
7.3.4. Self-monitoring devices Market
7.3.4.1. Overview
7.3.4.2. Self-monitoring devices Market Forecast and Analysis
7.3.5. Continuous blood glucose monitoring devices Market
7.3.5.1. Overview
7.3.5.2. Continuous blood glucose monitoring devices Market Forecast and Analysis
7.3.6. Lancets Market
7.3.6.1. Overview
7.3.6.2. Lancets Market Forecast and Analysis
7.3.7. Hemoglobin A1c testing kits Market
7.3.7.1. Overview
7.3.7.2. Hemoglobin A1c testing kits Market Forecast and Analysis
7.4. INSULIN DELIVERY DEVICES
7.4.1. Overview
7.4.2. Insulin Delivery Devices Market Forecast and Analysis
7.4.3. Insulin Pens Market
7.4.3.1. Overview
7.4.3.2. Insulin Pens Market Forecast and Analysis
7.4.4. Insulin Syringes Market
7.4.4.1. Overview
7.4.4.2. Insulin Syringes Market Forecast and Analysis
7.4.5. Insulin Pumps Market
7.4.5.1. Overview
7.4.5.2. Insulin Pumps Market Forecast and Analysis
7.4.6. Insulin Jet Market
7.4.6.1. Overview
7.4.6.2. Insulin Jet Market Forecast and Analysis
7.4.7. Injectors Market
7.4.7.1. Overview
7.4.7.2. Injectors Market Forecast and Analysis
8. DIABETES CARE DEVICES AND DRUGS MARKET - REVENUE AND FORECASTS TO 2028 - DIABETES CARE DRUGS
8.1. OVERVIEW
8.2. DIABETES CARE DRUGS MARKET FORECASTS AND ANALYSIS
8.3. INSULIN
8.3.1. Overview
8.3.2. Insulin Market Forecast and Analysis
8.3.3. Rapid-acting insulin drugs Market
8.3.3.1. Overview
8.3.3.2. Rapid-acting insulin drugs Market Forecast and Analysis
8.3.4. Short-acting insulin drugs Market
8.3.4.1. Overview
8.3.4.2. Short-acting insulin drugs Market Forecast and Analysis
8.3.5. Intermediate-acting insulin drugs Market
8.3.5.1. Overview
8.3.5.2. Intermediate-acting insulin drugs Market Forecast and Analysis
8.3.6. Long-acting insulin drugs Market
8.3.6.1. Overview
8.3.6.2. Long-acting insulin drugs Market Forecast and Analysis
8.4. ORAL-HYPOGLYCAEMIC DRUGS
8.4.1. Overview
8.4.2. Oral-hypoglycaemic drugs Market Forecast and Analysis
8.4.3. Biguanides (Metformin) Market
8.4.3.1. Overview
8.4.3.2. Biguanides (Metformin) Market Forecast and Analysis
8.4.4. Sulfonylureas Market
8.4.4.1. Overview
8.4.4.2. Sulfonylureas Market Forecast and Analysis
8.4.5. Meglitinides/ Phenylalanine analogues Market
8.4.5.1. Overview
8.4.5.2. Meglitinides/ Phenylalanine analogues Market Forecast and Analysis
8.4.6. Thiazolidinedione analogues Market
8.4.6.1. Overview
8.4.6.2. Thiazolidinedione analogues Market Forecast and Analysis
8.4.7. -glucosidase inhibitors Market
8.4.7.1. Overview
8.4.7.2. -glucosidase inhibitors Market Forecast and Analysis
8.4.8. DPP-IV Inhibitors Market
8.4.8.1. Overview
8.4.8.2. DPP-IV Inhibitors Market Forecast and Analysis
8.5. NON-INSULIN INJECTABLE DRUGS
8.5.1. Overview
8.5.2. Non-insulin injectable drugs Market Forecast and Analysis
9. DIABETES CARE DEVICES AND DRUGS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Diabetes Care Devices And Drugs Market Overview
9.1.2 North America Diabetes Care Devices And Drugs Market Forecasts and Analysis
9.1.3 North America Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes care devices
9.1.4 North America Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes Care Drugs
9.1.5 North America Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Countries
9.1.5.1 United States Diabetes Care Devices And Drugs Market
9.1.5.1.1 United States Diabetes Care Devices And Drugs Market by Diabetes care devices
9.1.5.1.2 United States Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.1.5.2 Canada Diabetes Care Devices And Drugs Market
9.1.5.2.1 Canada Diabetes Care Devices And Drugs Market by Diabetes care devices
9.1.5.2.2 Canada Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.1.5.3 Mexico Diabetes Care Devices And Drugs Market
9.1.5.3.1 Mexico Diabetes Care Devices And Drugs Market by Diabetes care devices
9.1.5.3.2 Mexico Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.2. EUROPE
9.2.1 Europe Diabetes Care Devices And Drugs Market Overview
9.2.2 Europe Diabetes Care Devices And Drugs Market Forecasts and Analysis
9.2.3 Europe Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes care devices
9.2.4 Europe Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes Care Drugs
9.2.5 Europe Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Diabetes Care Devices And Drugs Market
9.2.5.1.1 Germany Diabetes Care Devices And Drugs Market by Diabetes care devices
9.2.5.1.2 Germany Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.2.5.2 France Diabetes Care Devices And Drugs Market
9.2.5.2.1 France Diabetes Care Devices And Drugs Market by Diabetes care devices
9.2.5.2.2 France Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.2.5.3 Italy Diabetes Care Devices And Drugs Market
9.2.5.3.1 Italy Diabetes Care Devices And Drugs Market by Diabetes care devices
9.2.5.3.2 Italy Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.2.5.4 Spain Diabetes Care Devices And Drugs Market
9.2.5.4.1 Spain Diabetes Care Devices And Drugs Market by Diabetes care devices
9.2.5.4.2 Spain Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.2.5.5 United Kingdom Diabetes Care Devices And Drugs Market
9.2.5.5.1 United Kingdom Diabetes Care Devices And Drugs Market by Diabetes care devices
9.2.5.5.2 United Kingdom Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.2.5.6 Rest of Europe Diabetes Care Devices And Drugs Market
9.2.5.6.1 Rest of Europe Diabetes Care Devices And Drugs Market by Diabetes care devices
9.2.5.6.2 Rest of Europe Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Diabetes Care Devices And Drugs Market Overview
9.3.2 Asia-Pacific Diabetes Care Devices And Drugs Market Forecasts and Analysis
9.3.3 Asia-Pacific Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes care devices
9.3.4 Asia-Pacific Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes Care Drugs
9.3.5 Asia-Pacific Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Diabetes Care Devices And Drugs Market
9.3.5.1.1 Australia Diabetes Care Devices And Drugs Market by Diabetes care devices
9.3.5.1.2 Australia Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.3.5.2 China Diabetes Care Devices And Drugs Market
9.3.5.2.1 China Diabetes Care Devices And Drugs Market by Diabetes care devices
9.3.5.2.2 China Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.3.5.3 India Diabetes Care Devices And Drugs Market
9.3.5.3.1 India Diabetes Care Devices And Drugs Market by Diabetes care devices
9.3.5.3.2 India Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.3.5.4 Japan Diabetes Care Devices And Drugs Market
9.3.5.4.1 Japan Diabetes Care Devices And Drugs Market by Diabetes care devices
9.3.5.4.2 Japan Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.3.5.5 South Korea Diabetes Care Devices And Drugs Market
9.3.5.5.1 South Korea Diabetes Care Devices And Drugs Market by Diabetes care devices
9.3.5.5.2 South Korea Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.3.5.6 Rest of Asia-Pacific Diabetes Care Devices And Drugs Market
9.3.5.6.1 Rest of Asia-Pacific Diabetes Care Devices And Drugs Market by Diabetes care devices
9.3.5.6.2 Rest of Asia-Pacific Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Diabetes Care Devices And Drugs Market Overview
9.4.2 Middle East and Africa Diabetes Care Devices And Drugs Market Forecasts and Analysis
9.4.3 Middle East and Africa Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes care devices
9.4.4 Middle East and Africa Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes Care Drugs
9.4.5 Middle East and Africa Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Diabetes Care Devices And Drugs Market
9.4.5.1.1 South Africa Diabetes Care Devices And Drugs Market by Diabetes care devices
9.4.5.1.2 South Africa Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.4.5.2 Saudi Arabia Diabetes Care Devices And Drugs Market
9.4.5.2.1 Saudi Arabia Diabetes Care Devices And Drugs Market by Diabetes care devices
9.4.5.2.2 Saudi Arabia Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.4.5.3 U.A.E Diabetes Care Devices And Drugs Market
9.4.5.3.1 U.A.E Diabetes Care Devices And Drugs Market by Diabetes care devices
9.4.5.3.2 U.A.E Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.4.5.4 Rest of Middle East and Africa Diabetes Care Devices And Drugs Market
9.4.5.4.1 Rest of Middle East and Africa Diabetes Care Devices And Drugs Market by Diabetes care devices
9.4.5.4.2 Rest of Middle East and Africa Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Diabetes Care Devices And Drugs Market Overview
9.5.2 South and Central America Diabetes Care Devices And Drugs Market Forecasts and Analysis
9.5.3 South and Central America Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes care devices
9.5.4 South and Central America Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Diabetes Care Drugs
9.5.5 South and Central America Diabetes Care Devices And Drugs Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Diabetes Care Devices And Drugs Market
9.5.5.1.1 Brazil Diabetes Care Devices And Drugs Market by Diabetes care devices
9.5.5.1.2 Brazil Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.5.5.2 Argentina Diabetes Care Devices And Drugs Market
9.5.5.2.1 Argentina Diabetes Care Devices And Drugs Market by Diabetes care devices
9.5.5.2.2 Argentina Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
9.5.5.3 Rest of South and Central America Diabetes Care Devices And Drugs Market
9.5.5.3.1 Rest of South and Central America Diabetes Care Devices And Drugs Market by Diabetes care devices
9.5.5.3.2 Rest of South and Central America Diabetes Care Devices And Drugs Market by Diabetes Care Drugs
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL DIABETES CARE DEVICES AND DRUGS 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. DIABETES CARE DEVICES AND DRUGS MARKET, KEY COMPANY PROFILES
12.1. NOVO NORDISK A/S
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. YPSOMED AG
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. ABBOTT
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. ASCENSIA DIABETES CARE HOLDINGS AG
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. ELI LILLY AND COMPANY
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. HOFFMANN-LA ROCHE LTD.
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. JOHNSON AND JOHNSON
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. BECTON, DICKINSON AND COMPANY
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. TERUMO 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. Novo Nordisk A/S
2. Ypsomed AG
3. Abbott Laboratories
4. Ascensia Diabetes Care Holdings AG
5. Eli Lilly and Company
6. Hoffmann-La Roche Ltd
7. Johnson & Johnson
8. Medtronic PLC
9. Becton, Dickinson and Company
10. Terumo 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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