eClinical Solutions Market Developments by 2031
The eClinical solutions market is expected to grow from US$ 8,380.63 million in 2021 to US$ 20,476.11 million by 2031; it is expected to grow at a CAGR of 13.6% from 2022 to 2031.
eClinical solutions include software, platforms, and services that are essentially employed for the efficient management of clinical trials and clinical research development. The software of eClinical solutions assists in managing, maintaining, and recording data and tracking deadlines of various drug evolutions, among other features. It is useful in the treatment of various diseases and conditions, such as rare diseases, COVID-19, infectious diseases, cardiovascular diseases, and diabetes.
MARKET DYNAMICS
The small and large companies operating in the eClinical solutions market are adopting various strategies, including regional expansion and technological advancements, to increase their market share. The rising number of government grants coupled with a growing number of rare diseases has supported the growth of the eClinical solutions market in recent years; furthermore, it is expected to continue a similar trend during the forecast period. Moreover, the rising adoption of cloud based platforms by biopharmaceutical companies is anticipated to create lucrative opportunities for the market growth in the coming years.
MARKET SCOPE
The "Global eClinical Solutions Market Forecast to 2031" report aims to provide an overview of the market with detailed market segmentation on the basis of offerings, therapeutic areas, clinical trial phase, and end user. The report provides key statistics based on the financial performances of the leading market players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global eClinical solutions market is segmented on the basis of offerings, delivery mode, therapeutic areas, clinical trial phase, and end user. Based on offerings, the market is bifurcated into software solutions and services. The software solutions segment is further segmented into randomization & trial supply management (RTSM), clinical data management system (CDMS), clinical trial management system (CLMS), electronic clinical outcome assessment (eCOA), electronic trial master file (eTMF), electronic data capture, and others. Based on delivery mode, the market is segmented into on-premise, cloud based, and web based. Based on therapeutic areas, the eClinical solutions market is categorized into cardiovascular, diabetes, metabolic diseases, gastroenterology, rare diseases, COVID-19, precision medicine, and others. Based on clinical trial phase, the market is segmented into phase I, phase II, phase III, and phase IV. Based on end user, the market is categorized into contract research organizations, medical device companies, pharma/biotech companies, hospitals & clinics, and others
The global eClinical solutions market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in all abovementioned regions.
North America dominates the eClinical solutions market. The North America eClinical solutions market is further segmented into the US, Canada, and Mexico. The US held the largest share of the market in 2021 and is expected to continue a similar trend during the forecast period. The rising cases of rare diseases in the region supported the growth of the eClinical solutions market. According to the FDA, in 2021, more than 30 million people were affected by 7,000 rare diseases affected in the US. As a result, biopharmaceutical and pharmaceutical companies in the region are adopting seamless clinical trial management approaches to mitigate the spread of rare diseases in a short duration and develop drugs that are helpful in the treatment of such diseases.
The report analyses factors, such as drivers, restraints, opportunities, and future trends, which impact the growth of the eClinical solutions market. The report also provides PEST analysis, highlighting the factors affecting the eClinical solutions market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has positively impacted the eClinical solutions market. In 2021 and 2021, the rising cases of COVID-19 cases in several developed and developing economies increased the adoption of eClinical solution options that assist the development of drugs in pharmaceutical companies. Numerous capital investments in the advancement of clinical assets are increasing the number of phase II and phase III clinical trials owing to the rising cases of COVID-19 in developing nations and its adverse impact on the overall economy.
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The global eClinical solutions market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in all abovementioned regions.
North America dominates the eClinical solutions market. The North America eClinical solutions market is further segmented into the US, Canada, and Mexico. The US held the largest share of the market in 2021 and is expected to continue a similar trend during the forecast period. The rising cases of rare diseases in the region supported the growth of the eClinical solutions market. According to the FDA, in 2021, more than 30 million people were affected by 7,000 rare diseases affected in the US. As a result, biopharmaceutical and pharmaceutical companies in the region are adopting seamless clinical trial management approaches to mitigate the spread of rare diseases in a short duration and develop drugs that are helpful in the treatment of such diseases.
The report analyses factors, such as drivers, restraints, opportunities, and future trends, which impact the growth of the eClinical solutions market. The report also provides PEST analysis, highlighting the factors affecting the eClinical solutions market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has positively impacted the eClinical solutions market. In 2021 and 2021, the rising cases of COVID-19 cases in several developed and developing economies increased the adoption of eClinical solution options that assist the development of drugs in pharmaceutical companies. Numerous capital investments in the advancement of clinical assets are increasing the number of phase II and phase III clinical trials owing to the rising cases of COVID-19 in developing nations and its adverse impact on the overall economy.
MARKET PLAYERS
The report covers key developments in the eClinical solutions market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. In addition, the market is witnessing various inorganic growth strategies, including acquisitions, partnerships, and collaborations. These activities have encouraged the expansion of business and the customer base of market players. The players operating in the eClinical solutions market are anticipated to experience lucrative growth opportunities in the future, owing to the rising demand for eClinical solutions.
The report also includes the profiles of key companies operating in the eClinical solutions market, along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
The list of a few companies engaged in the eClinical solutions market is mentioned below:
- Clario
- Merge Healthcare (IBM)
- ALTEN Group
- Signant Health
- Oracle Corporation
- Medidata Solutions
- Parexel International Corporation
- Bioclinica
- Datatrak International
- Revele
- 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
Offerings, Delivery Mode, Therapeutic Area, Clinical Trial Phase, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Table of Contents
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 eClinical Solutions Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 eClinical Solutions Market – By Product
3.2.2 eClinical Solutions Market – By Mode of Delivery
3.2.3 eClinical Solutions Market – By Clinical Trial Phase
3.2.4 eClinical Solutions Market – By End User
3.2.5 eClinical Solutions Market – By Region
3.2.5.1 By Countries
3.3 PEST Analysis
3.3.1 North America – PEST Analysis
3.3.2 Europe – PEST Analysis
3.3.3 Asia Pacific – PEST Analysis
3.3.4 Middle East and Africa – PEST Analysis
3.3.5 South and Central America– PEST Analysis
4 eClinical Solutions Market – Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
5 eClinical Solutions Market Analysis- Global
5.1 Global eClinical Solutions Market Overview
5.2 Global eClinical Solutions Market Forecasts and Analysis (US$ Mn)
5.3 Performance of Key Players
5.4 Expert Opinions
6 eClinical Solutions Market Revenue and Forecasts to 2028 – By Product
6.1 Overview
6.2 Product Market Forecasts and Analysis (US$ Mn)
6.3 Clinical Trial Management Systems Market
6.3.1 Overview
6.3.2 Clinical Trial Management Systems Market Forecasts and Analysis (US$ Mn)
6.4 Clinical Data Integration Platforms Market
6.4.1 Overview
6.4.2 Clinical Data Integration Platforms Market Forecasts and Analysis (US$ Mn)
6.5 Clinical Analytics Platforms Market
6.5.1 Overview
6.5.2 Clinical Analytics Platforms Market Forecasts and Analysis (US$ Mn)
6.6 Randomization & Trial Supply Management Market
6.6.1 Overview
6.6.2 Randomization & Trial Supply Management Market Forecasts and Analysis (US$ Mn)
6.7 Electronic Data Capture & Clinical Data Management Systems Market
6.7.1 Overview
6.7.2 Electronic Data Capture & Clinical Data Management Systems Market Forecasts and Analysis (US$ Mn)
6.8 Electronic Clinical Outcome Assessment Solutions Market
6.8.1 Overview
6.8.2 Electronic Clinical Outcome Assessment Solutions Market Forecasts and Analysis (US$ Mn)
6.9 Electronic Trial Master File Systems Market
6.9.1 Overview
6.9.2 Electronic Trial Master File Systems Market Forecasts and Analysis (US$ Mn)
6.10 Regulatory Information Management Solutions Market
6.10.1 Overview
6.10.2 Regulatory Information Management Solutions Market Forecasts and Analysis (US$ Mn)
6.11 Safety Solutions Market
6.11.1 Overview
6.11.2 Safety Solutions Market Forecasts and Analysis (US$ Mn)
6.12 Other eClinical Solutions Market
6.12.1 Overview
6.12.2 Other eClinical Solutions Market Forecasts and Analysis (US$ Mn)
7 eClinical Solutions Market Revenue and Forecasts to 2028 – By Mode of Delivery
7.1 Overview
7.2 Mode of Delivery Market Forecasts and Analysis
7.3 On Premise Mode of Delivery Market
7.3.1 Overview
7.3.2 On Premise Mode of Delivery Market Forecasts and Analysis (US$ Mn)
7.4 Cloud Based Mode of Delivery Market
7.4.1 Overview
7.4.2 Cloud Based Mode of Delivery Market Forecasts and Analysis (US$ Mn)
8 eClinical Solutions Market Revenue and Forecasts to 2028 – By Clinical Trial Phase
8.1 Overview
8.2 Clinical Trial Phase Market Forecasts and Analysis
8.3 Phase I Clinical Trials Market
8.3.1 Overview
8.3.2 Phase I Clinical Trials Market Forecasts and Analysis (US$ Mn)
8.4 Phase II Clinical Trials Market
8.4.1 Overview
8.4.2 Phase II Clinical Trials Market Forecasts and Analysis (US$ Mn)
8.5 Phase III Clinical Trials Market
8.5.1 Overview
8.5.2 Phase III Clinical Trials Market Forecasts and Analysis (US$ Mn)
8.6 Phase IV Clinical Trials Market
8.6.1 Overview
8.6.2 Phase IV Clinical Trials Market Forecasts and Analysis (US$ Mn)
9 eClinical Solutions Market Revenue and Forecasts to 2028 – By End User
9.1 Overview
9.2 End User Market Forecasts and Analysis
9.3 Pharmaceutical & Biopharmaceutical Companies Market
9.3.1 Overview
9.3.2 Pharmaceutical & Biopharmaceutical Companies Market Revenue Forecasts and Analysis (US$ Mn)
9.4 Contract Research Organizations Market
9.4.1 Overview
9.4.2 Contract Research Organizations Market Revenue Forecasts and Analysis (US$ Mn)
9.5 Academic Research Institutes Market
9.5.1 Overview
9.5.2 Academic Research Institutes Market Revenue Forecasts and Analysis (US$ Mn)
9.6 Other End Users Market
9.6.1 Overview
9.6.2 Other End Users Market Revenue Forecasts and Analysis (US$ Mn)
10 North America eClinical Solutions Market Revenue and Forecasts to 2028 – Country Analysis
10.1 North America eClinical Solutions Market Overview
10.2 North America eClinical Solutions Market Revenue Forecasts and Analysis (US$ Mn)
10.3 North America Market Forecasts and Analysis – By Product (US$ Mn)
10.4 North America Market Forecasts and Analysis – By Mode of Delivery (US$ Mn)
10.5 North America Market Forecasts and Analysis – By Clinical Trial Phase (US$ Mn)
10.6 North America Market Forecasts and Analysis – By End User (US$ Mn)
10.7 North America Market Forecasts and Analysis – By Country
10.8 US Market Overview
10.8.1 US eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
10.8.2 US eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
10.8.3 US eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
10.8.4 US eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
10.9 Canada Market Overview
10.9.1 Canada eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
10.9.2 Canada eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
10.9.3 Canada eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
10.9.4 Canada eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
10.10 Mexico Market Overview
10.10.1 Mexico eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
10.10.2 Mexico eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
10.10.3 Mexico eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
10.10.4 Mexico eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
11 Europe eClinical Solutions Market Revenue and Forecasts to 2028 – Country Analysis
11.1 Europe eClinical Solutions Market Overview
11.2 Europe eClinical Solutions Market Revenue Forecasts and Analysis (US$ Mn)
11.3 Europe Market Forecasts and Analysis – By Product (US$ Mn)
11.4 Europe Market Forecasts and Analysis – By Mode of Delivery (US$ Mn)
11.5 Europe Market Forecasts and Analysis – By Clinical Trial Phase (US$ Mn)
11.6 Europe Market Forecasts and Analysis – By End User (US$ Mn)
11.7 Europe Market Forecasts and Analysis – By Country
11.8 UK Market Overview
11.8.1 UK eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
11.8.2 UK eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
11.8.3 UK eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
11.8.4 UK eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
11.9 Germany Market Overview
11.9.1 Germany eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
11.9.2 Germany eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
11.9.3 Germany eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
11.9.4 Germany eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
11.10 France Market Overview
11.10.1 France eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
11.10.2 France eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
11.10.3 France eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
11.10.4 France eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
12 Asia Pacific eClinical Solutions Market Revenue and Forecasts to 2028 – Country Analysis
12.1 Asia Pacific eClinical Solutions Market Overview
12.2 Asia Pacific eClinical Solutions Market Revenue Forecasts and Analysis (US$ Mn)
12.3 Asia Pacific Market Forecasts and Analysis – By Product (US$ Mn)
12.4 Asia Pacific Market Forecasts and Analysis – By Mode of Delivery (US$ Mn)
12.5 Asia Pacific Market Forecasts and Analysis – By Clinical Trial Phase (US$ Mn)
12.6 Asia Pacific Market Forecasts and Analysis – By End User (US$ Mn)
12.7 Asia Pacific Market Forecasts and Analysis – By Country
12.8 Japan Market Overview
12.8.1 Japan eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
12.8.2 Japan eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
12.8.3 Japan eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
12.8.4 Japan eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
12.9 China Market Overview
12.9.1 China eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
12.9.2 China eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
12.9.3 China eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
12.9.4 China eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
12.10 India Market Overview
12.10.1 India eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
12.10.2 India eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
12.10.3 India eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
12.10.4 India eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
13 Middle East and Africa (MEA) eClinical Solutions Market Revenue and Forecasts to 2028 – Country Analysis
13.1 Middle East & Africa eClinical Solutions Market Overview
13.2 Middle East & Africa eClinical Solutions Market Revenue Forecasts and Analysis (US$ Mn)
13.3 Middle East & Africa Market Forecasts and Analysis – By Product (US$ Mn)
13.4 Middle East & Africa Market Forecasts and Analysis – By Mode of Delivery (US$ Mn)
13.5 Middle East & Africa Market Forecasts and Analysis – By Clinical Trial Phase (US$ Mn)
13.6 Middle East & Africa Market Forecasts and Analysis – By End User (US$ Mn)
13.7 Middle East & Africa Market Forecasts and Analysis – By Country
13.8 South Africa Market Overview
13.8.1 South Africa eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
13.8.2 South Africa eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
13.8.3 South Africa eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
13.8.4 South Africa eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
13.9 Saudi Arabia Market Overview
13.9.1 Saudi Arabia eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
13.9.2 Saudi Arabia eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
13.9.3 Saudi Arabia eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
13.9.4 Saudi Arabia eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
13.10 UAE Market Overview
13.10.1 UAE eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
13.10.2 UAE eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
13.10.3 UAE eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
13.10.4 UAE eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
14 South and Central America eClinical Solutions Market Revenue and Forecasts to 2028 – Country Analysis
14.1 South and Central America eClinical Solutions Market Overview
14.2 South and Central America eClinical Solutions Market Revenue Forecasts and Analysis (US$ Mn)
14.3 South and Central America Market Forecasts and Analysis – By Product (US$ Mn)
14.4 South and Central America Market Forecasts and Analysis – By Mode of Delivery (US$ Mn)
14.5 South and Central America Market Forecasts and Analysis – By Clinical Trial Phase (US$ Mn)
14.6 South and Central America Market Forecasts and Analysis – By End User (US$ Mn)
14.7 South and Central America Market Forecasts and Analysis – By Country
14.8 Brazil Market Overview
14.8.1 Brazil eClinical Solutions Market Revenue Forecasts and Analysis-By Product (US$ Mn)
14.8.2 Brazil eClinical Solutions Market Revenue Forecasts and Analysis-By Mode of Delivery (US$ Mn)
14.8.3 Brazil eClinical Solutions Market Revenue Forecasts and Analysis-By Clinical Trial Phase (US$ Mn)
14.8.4 Brazil eClinical Solutions Market Revenue Forecasts and Analysis-By End User (US$ Mn)
15 eClinical Solutions Market, Key Company Profiles
15.1 PAREXEL International Corporation.
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Financial Overview
15.1.4 Product/Solution Portfolio
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Oracle
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Financial Overview
15.2.4 Product/Solution Portfolio
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Medidata Solutions, Inc.
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Financial Overview
15.3.4 Product/Solution Portfolio
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 Bioclinica, Inc.
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Financial Overview
15.4.4 Product/Solution Portfolio
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 DATATRAK Int.
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Financial Overview
15.5.4 Product/Solution Portfolio
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 ERT Clinical
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Financial Overview
15.6.4 Product/Solution Portfolio
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 CRF Health
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Financial Overview
15.7.4 Product/Solution Portfolio
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 OmniComm Systems, Inc.
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Financial Overview
15.8.4 Product/Solution Portfolio
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 Bio-Optronics, Inc.
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Financial Overview
15.9.4 Product/Solution Portfolio
15.9.5 SWOT Analysis
15.9.6 Key Developments
15.10 IBM Watson Health
15.10.1 Key Facts
15.10.2 Business Description
15.10.3 Financial Overview
15.10.4 Product/Solution Portfolio
15.10.5 SWOT Analysis
15.10.6 Key Developments
16 Appendix
16.1 About The Insight Partners
16.2 Glossary of Terms
16.3 Research Methodology
The List of Companies
1. PAREXEL International Corporation.
2. Oracle
3. Medidata Solutions, Inc.
4. Bioclinica
5. DATATRAK Int.
6. ERT Clinical
7. CRF Health
8. OmniComm Systems, Inc.
9. Bio-Optronics, Inc.
10. IBM Watson Health
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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