Digital Radiology Market Share and Growth (2021-2031)
The Digital Radiology Market is expected to register a CAGR of 4.5% 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 (Stationary Digital Radiology Systems, Portable Digital Radiology Systems). The report further presents analysis based on the Method (Computed Radiography (CR), Direct Radiography (DR)). The report is segmented by Application (Cardiovascular Imaging, Chest Imaging, Dental Imaging, Mammography Imaging, Orthopedic Imaging, Others). The report is segmented by End User (Hospitals and Clinics, Diagnostic Centers, 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 Digital Radiology 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.
Digital Radiology Market Segmentation
Type- Stationary Digital Radiology Systems
- Portable Digital Radiology Systems
- Computed Radiography
- Cardiovascular Imaging
- Chest Imaging
- Dental Imaging
- Mammography Imaging
- Orthopedic Imaging
- Others
- Hospitals and Clinics
- Diagnostic Centers
- Others
- Hospitals and Clinics
- Diagnostic Centers
- Others
Strategic Insights
Digital Radiology Market Growth Drivers- Technological Advancements: The main impetus of digital radiology is fast-paced technological advancement. Advanced image technologies, such as computed radiography (CR) and digital radiography (DR), improved the quality of images and thereby diagnostic ability. They also save quite a lot of time in acquiring and processing images, providing healthcare providers with an up-to-date and well-informed alternative. Advances in AI and ML also enhance image analysis, which is capable of detecting conditions that a naked eye would simply miss. The technologies are continually advancing, and their implementations create more and more demand for digital solutions to radiology.
- Increased Demand for Diagnostic Imaging: In the recent past, diagnosis, including cancer, cardiovascular diseases, and orthopedic conditions, has taken a tremendous pace. As the world's population is getting older, there's a need for early diagnosis and proper treatment of such conditions, and hence the non-invasive diagnostic processes of digital radiology have raised its demand in hospitals and clinics to diagnose such diseases. Another aspect is that preventive care is now gaining much importance; hence, healthcare service providers are seeking digital imaging solutions in a way to allow early detection of diseases.
- Government Initiatives and Funding: The governments around the world realize that increased access to advanced diagnostic tools will help them overcome the adverse effects on health. Some countries have already started implementing funding programs and policies that support the adoption of digital radiology technologies. For example, spending in healthcare infrastructure through reforms in healthcare is a common trend where investments are also made in digital imaging solutions. Access to quality diagnostic imaging will increase not only the facilities coming up with their systems in digital formats but also encourage healthcare facilities to upgrade their systems to digital formats.
- Cloud-based Solutions: There is an uptake of cloud-based solutions in digital radiology. The various technological configurations offer advantages like improved data storage, better communication among the medical professionals, and access to patient history files. Digital radiologists can retrieve images and data anywhere because they are stored on cloud technology. This aids them in offering second opinions through remote consultations. Hence, this development not only promotes the efficiency of workflow but also saves on high costs from expansive on-premise IT infrastructure for health facilities.
- Patient-Centric Approaches: Such a trend is seen toward patient-centric orientations in all healthcare services, including that of digital radiology. This consequently puts more pressure on the need for transparency and the individual's right to access medical information, making the demand for them to be more integral to their decisions grow. Digital radiology solutions that allow easy access of imaging results to patients and also make communication with health care providers possible gain more ground. It's a trend that basically speaks about the education and engagement of a patient in every health care service.
- Regulatory Compliance and Standardization: The trend regarding the use of digital radiology has been growing in terms of regulatory compliance and standardization. As it is evident that data generation through imaging technologies has reached a considerable high, regulatory bodies emphasize the need for standardized protocols both for safety and efficacy in imaging practices. Regulations such as the Health Insurance Portability and Accountability Act in the United States, or similar regulations in other parts of the world, represent critical regulatory hurdles for digital solutions in radiology. Firms that emphasize compliance or observe industry standards will seal and reinforce their reputation as solid and trustworthy players in the market.
- Integration of AI and Machine Learning: Digital radiology will open up wide growth opportunities in the market when integration of artificial intelligence and machine learning takes place. This may further improve interpretation, optimization of workflow, and reduction of man-related errors. It goes as far as automation of routine tasks where radiologists would spend more time on complex assessment. This consequently leads to improvement in patient care. Companies making AI-based solutions on image interpretation and diagnostics have a goldmine to exploit in this trend through providing a tool that will help radiologists in giving the most accurate diagnosis in less time.
- Expansion into Emerging Markets: An emerging market is also coming in as a growth opportunity for digital radiology. Improving health care infrastructure in countries located in Asia, Africa, and Latin America will cause demand for advanced diagnostic imaging solutions to increase. Investments are likely to be fruitful since health facilities will look for ways of embracing modern technologies that enhance their diagnostic capabilities. Similarly, those companies that provide such services adapt their products according to the needs of their specific markets for example in terms of affordability and usability.
- Telemedicine and Remote Diagnostics: Telemedicine and other remote diagnostics have already started changing the whole face of healthcare service delivery. Digital radiology has emerged as an integral ingredient in this transformation as it can facilitate effective and rapid image and report exchange across providers. Telehealth services are grossly expanding, and as are the vast opportunities for digital radiology solutions, where second opinions and consultation with several specialists can be taken remotely from any remote location, which further opens out the possibilities of healthcare. As healthcare systems go on to adapt to increasingly decentralized care models, the market will grow for companies developing platforms that make it easier to fully integrate digital imaging with telemedicine.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Digital Radiology 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 Digital Radiology 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.
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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
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
Stationary Digital Radiology Systems segment, by type, dominated the market in 2023.
Players operating in the market are Agfa-Gevaert Group, Canon Inc, Carestream Health Inc, Fujifilm Holdings Corporation, Hologic, Inc., Koninklijke Philips N.V., Protec GmbH & Co. KG, Shimadzu Corporation, Siemens, and Varian Medical Systems Inc
North America region dominated the Digital Radiology market in 2023.
Integration of AI and Machine Learning act as a opportunity for growth of the market in forecast period.
The Digital Radiology Market is estimated to witness a CAGR of 4.5% from 2023 to 2031
The major factors driving the Digital Radiology market are:
1. Technological Advancements
2. Increased Demand for Diagnostic Imaging
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Digital Radiology Market - By Type
1.3.2 Digital Radiology Market - By Method
1.3.3 Digital Radiology Market - By Application
1.3.4 Digital Radiology Market - By End User
1.3.5 Digital Radiology Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DIGITAL RADIOLOGY 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. DIGITAL RADIOLOGY 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. DIGITAL RADIOLOGY MARKET - GLOBAL MARKET ANALYSIS
6.1. DIGITAL RADIOLOGY - GLOBAL MARKET OVERVIEW
6.2. DIGITAL RADIOLOGY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DIGITAL RADIOLOGY MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. STATIONARY DIGITAL RADIOLOGY SYSTEMS
7.3.1. Overview
7.3.2. Stationary Digital Radiology Systems Market Forecast and Analysis
7.4. PORTABLE DIGITAL RADIOLOGY SYSTEMS
7.4.1. Overview
7.4.2. Portable Digital Radiology Systems Market Forecast and Analysis
8. DIGITAL RADIOLOGY MARKET - REVENUE AND FORECASTS TO 2028 - METHOD
8.1. OVERVIEW
8.2. METHOD MARKET FORECASTS AND ANALYSIS
8.3. COMPUTED RADIOGRAPHY (CR)
8.3.1. Overview
8.3.2. Computed Radiography (CR) Market Forecast and Analysis
8.4. DIRECT RADIOGRAPHY (DR)
8.4.1. Overview
8.4.2. Direct Radiography (DR) Market Forecast and Analysis
9. DIGITAL RADIOLOGY MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. CARDIOVASCULAR IMAGING
9.3.1. Overview
9.3.2. Cardiovascular Imaging Market Forecast and Analysis
9.4. CHEST IMAGING
9.4.1. Overview
9.4.2. Chest Imaging Market Forecast and Analysis
9.5. DENTAL IMAGING
9.5.1. Overview
9.5.2. Dental Imaging Market Forecast and Analysis
9.6. MAMMOGRAPHY IMAGING
9.6.1. Overview
9.6.2. Mammography Imaging Market Forecast and Analysis
9.7. ORTHOPEDIC IMAGING
9.7.1. Overview
9.7.2. Orthopedic Imaging Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. DIGITAL RADIOLOGY MARKET - REVENUE AND FORECASTS TO 2028 - END USER
10.1. OVERVIEW
10.2. END USER MARKET FORECASTS AND ANALYSIS
10.3. HOSPITALS AND CLINICS
10.3.1. Overview
10.3.2. Hospitals and Clinics Market Forecast and Analysis
10.4. DIAGNOSTIC CENTERS
10.4.1. Overview
10.4.2. Diagnostic Centers Market Forecast and Analysis
10.5. OTHERS
10.5.1. Overview
10.5.2. Others Market Forecast and Analysis
11. DIGITAL RADIOLOGY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Digital Radiology Market Overview
11.1.2 North America Digital Radiology Market Forecasts and Analysis
11.1.3 North America Digital Radiology Market Forecasts and Analysis - By Type
11.1.4 North America Digital Radiology Market Forecasts and Analysis - By Method
11.1.5 North America Digital Radiology Market Forecasts and Analysis - By Application
11.1.6 North America Digital Radiology Market Forecasts and Analysis - By End User
11.1.7 North America Digital Radiology Market Forecasts and Analysis - By Countries
11.1.7.1 United States Digital Radiology Market
11.1.7.1.1 United States Digital Radiology Market by Type
11.1.7.1.2 United States Digital Radiology Market by Method
11.1.7.1.3 United States Digital Radiology Market by Application
11.1.7.1.4 United States Digital Radiology Market by End User
11.1.7.2 Canada Digital Radiology Market
11.1.7.2.1 Canada Digital Radiology Market by Type
11.1.7.2.2 Canada Digital Radiology Market by Method
11.1.7.2.3 Canada Digital Radiology Market by Application
11.1.7.2.4 Canada Digital Radiology Market by End User
11.1.7.3 Mexico Digital Radiology Market
11.1.7.3.1 Mexico Digital Radiology Market by Type
11.1.7.3.2 Mexico Digital Radiology Market by Method
11.1.7.3.3 Mexico Digital Radiology Market by Application
11.1.7.3.4 Mexico Digital Radiology Market by End User
11.2. EUROPE
11.2.1 Europe Digital Radiology Market Overview
11.2.2 Europe Digital Radiology Market Forecasts and Analysis
11.2.3 Europe Digital Radiology Market Forecasts and Analysis - By Type
11.2.4 Europe Digital Radiology Market Forecasts and Analysis - By Method
11.2.5 Europe Digital Radiology Market Forecasts and Analysis - By Application
11.2.6 Europe Digital Radiology Market Forecasts and Analysis - By End User
11.2.7 Europe Digital Radiology Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Digital Radiology Market
11.2.7.1.1 Germany Digital Radiology Market by Type
11.2.7.1.2 Germany Digital Radiology Market by Method
11.2.7.1.3 Germany Digital Radiology Market by Application
11.2.7.1.4 Germany Digital Radiology Market by End User
11.2.7.2 France Digital Radiology Market
11.2.7.2.1 France Digital Radiology Market by Type
11.2.7.2.2 France Digital Radiology Market by Method
11.2.7.2.3 France Digital Radiology Market by Application
11.2.7.2.4 France Digital Radiology Market by End User
11.2.7.3 Italy Digital Radiology Market
11.2.7.3.1 Italy Digital Radiology Market by Type
11.2.7.3.2 Italy Digital Radiology Market by Method
11.2.7.3.3 Italy Digital Radiology Market by Application
11.2.7.3.4 Italy Digital Radiology Market by End User
11.2.7.4 Spain Digital Radiology Market
11.2.7.4.1 Spain Digital Radiology Market by Type
11.2.7.4.2 Spain Digital Radiology Market by Method
11.2.7.4.3 Spain Digital Radiology Market by Application
11.2.7.4.4 Spain Digital Radiology Market by End User
11.2.7.5 United Kingdom Digital Radiology Market
11.2.7.5.1 United Kingdom Digital Radiology Market by Type
11.2.7.5.2 United Kingdom Digital Radiology Market by Method
11.2.7.5.3 United Kingdom Digital Radiology Market by Application
11.2.7.5.4 United Kingdom Digital Radiology Market by End User
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Digital Radiology Market Overview
11.3.2 Asia-Pacific Digital Radiology Market Forecasts and Analysis
11.3.3 Asia-Pacific Digital Radiology Market Forecasts and Analysis - By Type
11.3.4 Asia-Pacific Digital Radiology Market Forecasts and Analysis - By Method
11.3.5 Asia-Pacific Digital Radiology Market Forecasts and Analysis - By Application
11.3.6 Asia-Pacific Digital Radiology Market Forecasts and Analysis - By End User
11.3.7 Asia-Pacific Digital Radiology Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Digital Radiology Market
11.3.7.1.1 Australia Digital Radiology Market by Type
11.3.7.1.2 Australia Digital Radiology Market by Method
11.3.7.1.3 Australia Digital Radiology Market by Application
11.3.7.1.4 Australia Digital Radiology Market by End User
11.3.7.2 China Digital Radiology Market
11.3.7.2.1 China Digital Radiology Market by Type
11.3.7.2.2 China Digital Radiology Market by Method
11.3.7.2.3 China Digital Radiology Market by Application
11.3.7.2.4 China Digital Radiology Market by End User
11.3.7.3 India Digital Radiology Market
11.3.7.3.1 India Digital Radiology Market by Type
11.3.7.3.2 India Digital Radiology Market by Method
11.3.7.3.3 India Digital Radiology Market by Application
11.3.7.3.4 India Digital Radiology Market by End User
11.3.7.4 Japan Digital Radiology Market
11.3.7.4.1 Japan Digital Radiology Market by Type
11.3.7.4.2 Japan Digital Radiology Market by Method
11.3.7.4.3 Japan Digital Radiology Market by Application
11.3.7.4.4 Japan Digital Radiology Market by End User
11.3.7.5 South Korea Digital Radiology Market
11.3.7.5.1 South Korea Digital Radiology Market by Type
11.3.7.5.2 South Korea Digital Radiology Market by Method
11.3.7.5.3 South Korea Digital Radiology Market by Application
11.3.7.5.4 South Korea Digital Radiology Market by End User
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Digital Radiology Market Overview
11.4.2 Middle East and Africa Digital Radiology Market Forecasts and Analysis
11.4.3 Middle East and Africa Digital Radiology Market Forecasts and Analysis - By Type
11.4.4 Middle East and Africa Digital Radiology Market Forecasts and Analysis - By Method
11.4.5 Middle East and Africa Digital Radiology Market Forecasts and Analysis - By Application
11.4.6 Middle East and Africa Digital Radiology Market Forecasts and Analysis - By End User
11.4.7 Middle East and Africa Digital Radiology Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Digital Radiology Market
11.4.7.1.1 South Africa Digital Radiology Market by Type
11.4.7.1.2 South Africa Digital Radiology Market by Method
11.4.7.1.3 South Africa Digital Radiology Market by Application
11.4.7.1.4 South Africa Digital Radiology Market by End User
11.4.7.2 Saudi Arabia Digital Radiology Market
11.4.7.2.1 Saudi Arabia Digital Radiology Market by Type
11.4.7.2.2 Saudi Arabia Digital Radiology Market by Method
11.4.7.2.3 Saudi Arabia Digital Radiology Market by Application
11.4.7.2.4 Saudi Arabia Digital Radiology Market by End User
11.4.7.3 U.A.E Digital Radiology Market
11.4.7.3.1 U.A.E Digital Radiology Market by Type
11.4.7.3.2 U.A.E Digital Radiology Market by Method
11.4.7.3.3 U.A.E Digital Radiology Market by Application
11.4.7.3.4 U.A.E Digital Radiology Market by End User
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Digital Radiology Market Overview
11.5.2 South and Central America Digital Radiology Market Forecasts and Analysis
11.5.3 South and Central America Digital Radiology Market Forecasts and Analysis - By Type
11.5.4 South and Central America Digital Radiology Market Forecasts and Analysis - By Method
11.5.5 South and Central America Digital Radiology Market Forecasts and Analysis - By Application
11.5.6 South and Central America Digital Radiology Market Forecasts and Analysis - By End User
11.5.7 South and Central America Digital Radiology Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Digital Radiology Market
11.5.7.1.1 Brazil Digital Radiology Market by Type
11.5.7.1.2 Brazil Digital Radiology Market by Method
11.5.7.1.3 Brazil Digital Radiology Market by Application
11.5.7.1.4 Brazil Digital Radiology Market by End User
11.5.7.2 Argentina Digital Radiology Market
11.5.7.2.1 Argentina Digital Radiology Market by Type
11.5.7.2.2 Argentina Digital Radiology Market by Method
11.5.7.2.3 Argentina Digital Radiology Market by Application
11.5.7.2.4 Argentina Digital Radiology Market by End User
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. DIGITAL RADIOLOGY MARKET, KEY COMPANY PROFILES
13.1. AGFA-GEVAERT GROUP,
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. CANON INC,
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. CARESTREAM HEALTH INC,
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. FUJIFILM HOLDINGS CORPORATION,
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. HOLOGIC, INC.
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. KONINKLIJKE PHILIPS N.V.,
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. PROTEC GMBH AND CO. KG
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. SHIMADZU CORPORATION
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. SIEMENS,
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. VARIAN MEDICAL SYSTEMS, INC,
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. Agfa-Gevaert Group,
2. Canon Inc,
3. Carestream Health Inc,
4. Fujifilm Holdings Corporation,
5. Hologic, Inc.
6. Koninklijke Philips N.V.,
7. Protec GmbH & Co. KG
8. Shimadzu Corporation
9. Siemens
10. Varian Medical Systems, 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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