Efficacy Testing Market Analysis 2021-2031 | Top Players
The Efficacy Testing Market is expected to register a CAGR of 6% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
Efficacy Testing Market research report covers the estimation of the market based on type, application, and region. It has regional segmentation along with information about major markets and countries for a comprehensive outlook of the market worldwide. Market Size in US$ (US$) can guide you on the market trends, expansion rates, and market competition in every segment. The report will be useful to all stakeholders who are looking for some data to make good decisions in the rising efficacy testing market.
Purpose of the ReportThe report Efficacy Testing 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.
Efficacy Testing Market Segmentation
Product and Service- Consumables
- Services
- Antimicrobial Efficacy Testing
- Disinfectant Efficacy Testing
- Pharmaceutical Manufacturing
- Cosmetic and Personal Care Products
- 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
Efficacy Testing Market Growth Drivers- Pharma Demand For Specifically Valid and Valid Tests is Growing: Demand for accurate and safe testing of drugs is the main driver of the efficacy testing market. As the pharmaceutical industry keeps creating novel drug designs, making sure that those drugs are safe and effective is paramount. Accumulating pressures to focus on precision medicine and personalised care mean that efficacy testing is also needed more than ever. The World Health Organization (WHO) estimates that a quarter of all new drugs are deemed ineffective, so we need to test very hard. As more patients need novel treatments, efficacy testing will be an integral part of confirming the effectiveness and safety of drugs.
- Advances in Biotechnology: As biotechnology and individualized medicine advance, there’s an increasing demand for personalized efficacy testing. There are more exacting and elaborate tests that biologic drugs, gene therapies, and personalization need to pass to see whether they work in individual patients. As some 60% of all pharma spending is now destined for biologics and targeted therapies, testing efficacy for these drugs becomes critical.
- Rise of Gene Therapies: The rise of new biological drugs and gene therapies also propels the growth as each drug class needs its own specific testing protocols to measure its effectiveness.
- Automation of AI and Machine Learning in Efficacy Testing:
Artificial intelligence (AI) & Machine learning (ML) for efficacy testing is also projected to be a major trend in the market future. AI-based algorithms are improving drug efficacy predictions, big data analytics, and test automation, all to greater precision and efficiencies. The drug development and testing process could save $150 billion a year with AI applications in the pharmaceutical space, according to a Accenture report. AI will continue to evolve, so as its adoption into efficacy testing will streamline operations, evaluating drug efficacy faster and more precise, and will drive huge efficacy testing market opportunities.
- Transition to In-Vivo and Organ-on-a-Chip Systems:
The in-vivo model and organ-on-a-chip technology for efficacy testing are increasingly common. These higher-level models are better than in-vitro studies at forecasting the drug’s fate in humans. Organism-on-a-chip platforms - where human organ functions are mimicked microscopically - provide a more realistic test setup and therefore the drug efficacy data are more trustworthy. - Less Animal Testing: The shift towards less animal testing and more ethically sourced models is also helping. With growing use of these technologies, efficacy testing is going to be reshaped in a new way which will lead to new opportunities in the efficacy testing market.
- New Growth Regions in Asia-Pacific and Latin America: Growth opportunities for the efficacy testing market exist in the upcoming markets of Asia-Pacific and Latin America. As pharmaceutical and biotech sectors grow in these places, so does the need for sophisticated test tools. As per the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), the Asia-Pacific will consume 35% of global pharmaceuticals by 2025, thus increasing demand for efficacy testing services. Now, as regulations are getting stronger and healthcare infrastructure gets more investment, these are areas where efficacy testing companies have vast opportunities to get out in the market.
- New Priorities on Regulatory Compliance: Increased Attention to Drug Regulations and Drug Adjudication. With regulators all over the world, from the United States Food and Drug Administration (FDA) to the European Medicines Agency (EMA), increasingly demanding more rigorous efficacy testing, no time is greater for such scrutiny. Those companies that can provide end-to-end and trustworthy efficacy testing services will be competitive in the market.
- Tailored Approaches: As clinical trials and drug development procedures become more and more involved, they demand tailored testing approaches that adhere to rigorous regulations. Efficacy testing companies who spend on meeting the regulatory requirements will be very profitable in mature and emerging markets and drive market growth.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Efficacy Testing 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 Efficacy Testing 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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Have a question?
Mrinal
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- 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
This text is related
to country scope.
Frequently Asked Questions
Some of the customization options available based on request are additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Leading companies in this market are -Eurofins Scientific, Charles River Laboratories International, Becton Dickinson and Company, SGS, Merck KGaA, bioMérieux, Pacific Biolabs, WuXi AppTec, North American Science Associates
There are major trends in efficacy testing market such as AI/ML integration for better accuracy, in-vivo models, and organ-on-a-chip for more human-like testing.
The market is expected to register a CAGR of 6% during 2023-2031.
Increasing demand for quality drug testing in the drugs, biotechnology, personalized medicine and stringent regulatory requirements drive the efficacy testing market.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Efficacy Testing Market - By Product and Service
1.3.2 Efficacy Testing Market - By Type
1.3.3 Efficacy Testing Market - By Application
1.3.4 Efficacy Testing Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. EFFICACY TESTING 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. EFFICACY TESTING 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. EFFICACY TESTING MARKET - GLOBAL MARKET ANALYSIS
6.1. EFFICACY TESTING - GLOBAL MARKET OVERVIEW
6.2. EFFICACY TESTING - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. EFFICACY TESTING MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT AND SERVICE
7.1. OVERVIEW
7.2. PRODUCT AND SERVICE MARKET FORECASTS AND ANALYSIS
7.3. CONSUMABLES
7.3.1. Overview
7.3.2. Consumables Market Forecast and Analysis
7.4. SERVICES
7.4.1. Overview
7.4.2. Services Market Forecast and Analysis
8. EFFICACY TESTING MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
8.1. OVERVIEW
8.2. TYPE MARKET FORECASTS AND ANALYSIS
8.3. ANTIMICROBIAL EFFICACY TESTING
8.3.1. Overview
8.3.2. Antimicrobial Efficacy Testing Market Forecast and Analysis
8.4. DISINFECTANT EFFICACY TESTING
8.4.1. Overview
8.4.2. Disinfectant Efficacy Testing Market Forecast and Analysis
9. EFFICACY TESTING MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. PHARMACEUTICAL MANUFACTURING
9.3.1. Overview
9.3.2. Pharmaceutical Manufacturing Market Forecast and Analysis
9.4. COSMETIC AND PERSONAL CARE PRODUCTS
9.4.1. Overview
9.4.2. Cosmetic And Personal Care Products Market Forecast and Analysis
10. EFFICACY TESTING MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Efficacy Testing Market Overview
10.1.2 North America Efficacy Testing Market Forecasts and Analysis
10.1.3 North America Efficacy Testing Market Forecasts and Analysis - By Product and Service
10.1.4 North America Efficacy Testing Market Forecasts and Analysis - By Type
10.1.5 North America Efficacy Testing Market Forecasts and Analysis - By Application
10.1.6 North America Efficacy Testing Market Forecasts and Analysis - By Countries
10.1.6.1 United States Efficacy Testing Market
10.1.6.1.1 United States Efficacy Testing Market by Product and Service
10.1.6.1.2 United States Efficacy Testing Market by Type
10.1.6.1.3 United States Efficacy Testing Market by Application
10.1.6.2 Canada Efficacy Testing Market
10.1.6.2.1 Canada Efficacy Testing Market by Product and Service
10.1.6.2.2 Canada Efficacy Testing Market by Type
10.1.6.2.3 Canada Efficacy Testing Market by Application
10.1.6.3 Mexico Efficacy Testing Market
10.1.6.3.1 Mexico Efficacy Testing Market by Product and Service
10.1.6.3.2 Mexico Efficacy Testing Market by Type
10.1.6.3.3 Mexico Efficacy Testing Market by Application
10.2. EUROPE
10.2.1 Europe Efficacy Testing Market Overview
10.2.2 Europe Efficacy Testing Market Forecasts and Analysis
10.2.3 Europe Efficacy Testing Market Forecasts and Analysis - By Product and Service
10.2.4 Europe Efficacy Testing Market Forecasts and Analysis - By Type
10.2.5 Europe Efficacy Testing Market Forecasts and Analysis - By Application
10.2.6 Europe Efficacy Testing Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Efficacy Testing Market
10.2.6.1.1 Germany Efficacy Testing Market by Product and Service
10.2.6.1.2 Germany Efficacy Testing Market by Type
10.2.6.1.3 Germany Efficacy Testing Market by Application
10.2.6.2 France Efficacy Testing Market
10.2.6.2.1 France Efficacy Testing Market by Product and Service
10.2.6.2.2 France Efficacy Testing Market by Type
10.2.6.2.3 France Efficacy Testing Market by Application
10.2.6.3 Italy Efficacy Testing Market
10.2.6.3.1 Italy Efficacy Testing Market by Product and Service
10.2.6.3.2 Italy Efficacy Testing Market by Type
10.2.6.3.3 Italy Efficacy Testing Market by Application
10.2.6.4 Spain Efficacy Testing Market
10.2.6.4.1 Spain Efficacy Testing Market by Product and Service
10.2.6.4.2 Spain Efficacy Testing Market by Type
10.2.6.4.3 Spain Efficacy Testing Market by Application
10.2.6.5 United Kingdom Efficacy Testing Market
10.2.6.5.1 United Kingdom Efficacy Testing Market by Product and Service
10.2.6.5.2 United Kingdom Efficacy Testing Market by Type
10.2.6.5.3 United Kingdom Efficacy Testing Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Efficacy Testing Market Overview
10.3.2 Asia-Pacific Efficacy Testing Market Forecasts and Analysis
10.3.3 Asia-Pacific Efficacy Testing Market Forecasts and Analysis - By Product and Service
10.3.4 Asia-Pacific Efficacy Testing Market Forecasts and Analysis - By Type
10.3.5 Asia-Pacific Efficacy Testing Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Efficacy Testing Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Efficacy Testing Market
10.3.6.1.1 Australia Efficacy Testing Market by Product and Service
10.3.6.1.2 Australia Efficacy Testing Market by Type
10.3.6.1.3 Australia Efficacy Testing Market by Application
10.3.6.2 China Efficacy Testing Market
10.3.6.2.1 China Efficacy Testing Market by Product and Service
10.3.6.2.2 China Efficacy Testing Market by Type
10.3.6.2.3 China Efficacy Testing Market by Application
10.3.6.3 India Efficacy Testing Market
10.3.6.3.1 India Efficacy Testing Market by Product and Service
10.3.6.3.2 India Efficacy Testing Market by Type
10.3.6.3.3 India Efficacy Testing Market by Application
10.3.6.4 Japan Efficacy Testing Market
10.3.6.4.1 Japan Efficacy Testing Market by Product and Service
10.3.6.4.2 Japan Efficacy Testing Market by Type
10.3.6.4.3 Japan Efficacy Testing Market by Application
10.3.6.5 South Korea Efficacy Testing Market
10.3.6.5.1 South Korea Efficacy Testing Market by Product and Service
10.3.6.5.2 South Korea Efficacy Testing Market by Type
10.3.6.5.3 South Korea Efficacy Testing Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Efficacy Testing Market Overview
10.4.2 Middle East and Africa Efficacy Testing Market Forecasts and Analysis
10.4.3 Middle East and Africa Efficacy Testing Market Forecasts and Analysis - By Product and Service
10.4.4 Middle East and Africa Efficacy Testing Market Forecasts and Analysis - By Type
10.4.5 Middle East and Africa Efficacy Testing Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Efficacy Testing Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Efficacy Testing Market
10.4.6.1.1 South Africa Efficacy Testing Market by Product and Service
10.4.6.1.2 South Africa Efficacy Testing Market by Type
10.4.6.1.3 South Africa Efficacy Testing Market by Application
10.4.6.2 Saudi Arabia Efficacy Testing Market
10.4.6.2.1 Saudi Arabia Efficacy Testing Market by Product and Service
10.4.6.2.2 Saudi Arabia Efficacy Testing Market by Type
10.4.6.2.3 Saudi Arabia Efficacy Testing Market by Application
10.4.6.3 U.A.E Efficacy Testing Market
10.4.6.3.1 U.A.E Efficacy Testing Market by Product and Service
10.4.6.3.2 U.A.E Efficacy Testing Market by Type
10.4.6.3.3 U.A.E Efficacy Testing Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Efficacy Testing Market Overview
10.5.2 South and Central America Efficacy Testing Market Forecasts and Analysis
10.5.3 South and Central America Efficacy Testing Market Forecasts and Analysis - By Product and Service
10.5.4 South and Central America Efficacy Testing Market Forecasts and Analysis - By Type
10.5.5 South and Central America Efficacy Testing Market Forecasts and Analysis - By Application
10.5.6 South and Central America Efficacy Testing Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Efficacy Testing Market
10.5.6.1.1 Brazil Efficacy Testing Market by Product and Service
10.5.6.1.2 Brazil Efficacy Testing Market by Type
10.5.6.1.3 Brazil Efficacy Testing Market by Application
10.5.6.2 Argentina Efficacy Testing Market
10.5.6.2.1 Argentina Efficacy Testing Market by Product and Service
10.5.6.2.2 Argentina Efficacy Testing Market by Type
10.5.6.2.3 Argentina Efficacy Testing Market by Application
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. EFFICACY TESTING MARKET, KEY COMPANY PROFILES
12.1. EUROFINS SCIENTIFIC
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. CHARLES RIVER LABORATORIES INTERNATIONAL
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. BECTON, DICKINSON AND 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. SGS
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. MERCK KGAA
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. BIOMéRIEUX
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. PACIFIC BIOLABS
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. WUXI APPTEC
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. NORTH AMERICAN SCIENCE ASSOCIATES
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. AMERICAN TYPE CULTURE COLLECTION
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. Eurofins Scientific2. Charles River Laboratories International3. Becton, Dickinson and Company4. SGS5. Merck KGaA6. bioMérieux7. Pacific Biolabs8. WuXi AppTec9. North American Science Associates10. American Type Culture Collection
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.
Get Free Sample For