Endotracheal Tubes Market Strategies, Trends, and Forecast - 2031
The Endotracheal Tubes Market is expected to register a CAGR of 6.5% 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 Intubation (Orotracheal Intubation, Nasotracheal Intubation). The report further presents analysis based on Application (Anesthesia, Emergency Treatment, Other Applications). Futher, it is segmented based on End User (Hospitals, Clinics, Ambulatory Surgical Centers, Other End Users). 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 Endotracheal Tubes 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.
Endotracheal Tubes Market Segmentation
Intubation- Orotracheal Intubation
- Nasotracheal Intubation
- Anesthesia
- Emergency Treatment
- Other Applications
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Other End Users
Strategic Insights
Endotracheal Tubes Market Growth Drivers- High Incidence of Respiratory Diseases: With such a high incidence rate of respiratory diseases, especially COPD and asthma, it is yet another major driver for this market of endotracheal tubes. The ever-increasing population requiring mechanical ventilation with intubation during their worst exacerbation or surgery illustrates how the demand for quality endotracheal tubes is high. This trend demands innovation in designing and the type of material used for the tube to enhance comfort and safety for the patient.
- Technological Advancements in Medical Devices: The present innovations in medical devices- launches of video laryngoscopes and cuff pressure monitoring devices, to name a few-are transforming the prospects of the endotracheal tubes market. Such technologies make intubation easy and safe for patients. So, after hospitals bring in these technologies, there is a higher demand for endotracheal tubes, which will be compatible with them, thereby propelling and motivating the developers to focus on product improvements and regulatory compliances.
- Geriatrics Population Growth: The world is growing at an alarming rate and is aging rapidly. The growth in the aging population accelerates the demand for endotracheal tubes. Elderly people are more vulnerable to respiratory-related issues and therefore often require intubation whenever they undergo some serious health crisis. The trend thus creates a market for healthcare providers to invest in airway management solutions that are superior in quality, thus providing an opportunity for manufacturers. So, manufacturers are focusing on developing specific types of endotracheal tubes for geriatric populations, thus increasing market potential.
- Integration of Smart Technologies: The future of the endotracheal tube market is going to emerge stronger with smarter technologies, including sensors and Internet of Things, that would monitor cuff pressure and patient vitals in real-time, thus making safety events related to intubation null and void. More likely than ever, smart devices aimed at better outcomes and smoother workflow are going to be in significant demand as hospitals increasingly focus on patient-centered care.
- Biodegradable and Eco-friendly Materials: Coming from the healthcare industry slowly moving toward sustainability, the market for endotracheal tubes is welcoming biodegradable materials. With eco-friendly alternatives in mind instead of the usual plastics used in this industry, manufacturers are looking for substitutes that not only reduce their environmental impact but also remain safe and effective at their jobs. This indicates a wider commitment to healthcare with sustainability at its core that will attract both environment-conscious service providers and patients.
- Tailor-made and Customized Products: Increased awareness of the patient's unique needs is a momentum that drives towards personalized endotracheal tubes. The costumer can increase fit and prevent complications as it becomes customized according to the patient's anatomy and medical conditions. This factor of customized solutions is poised to gain impetus, and thus manufacturers are destined to invest in innovative designs and technologies for the manufacturing of endotracheal tubes that allow fitting diverse patient profiles, thus bringing better clinical outcome.
- Expanding in Emerging Markets: The endotracheal tube market has huge opportunities in emerging markets. A well-established and developed healthcare infrastructure along with access to the advance medical technologies will increase the demand for quality airway management devices. Suppliers can pursue opportunities and, along with local suppliers, enhance their solutions tailored to local needs.
- More Sophisticated Training and Education: There has been an enhanced opportunity for the development of education and training programs that focus on the provision of education to all healthcare professionals through techniques of endotracheal intubation. This will enhance patient results and safety as the complexities of the entire airway management process advance. By developing educational resources and simulation-based training modules, companies are able to stake their leadership not only in product innovation but also in healthcare education.
- Growth in Home Health Services: Growing demand for home health services generates a new requirement for endotracheal tubes: The growing requirements for home health services and the time spent by patients at home are creating opportunities for endotracheal tubes, especially for requirements for prolonged ventilation needs. Users' increased ability to take their intubation procedures home as a result of improved management for such patients raises the need for increasingly portable and user-friendly intubation solutions. Manufacturers can develop products for home use, ensuring safety, so as to meet the demands of users in non-hospital environments.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Endotracheal Tubes 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 Endotracheal Tubes 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
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to country scope.
Frequently Asked Questions
Medtronic, Smiths Group plc, SunMed, and Teleflex Incorporated are some of the major players operating in the market.
The orotracheal intubation segment accounts for the highest revenue in intubation segment of the market in 2023.
Asia Pacific region has the highest CAGR in the market.
North America region dominated the endotracheal tubes market in 2023.
The major factors driving the endotracheal tubes market are:
1. High Incidence of Respiratory Diseases.
2. Technological Advancements in Medical Devices.
3. Geriatrics Population Growth.
The Endotracheal Tubes Market is estimated to witness a CAGR of 6.5% 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 Endotracheal Tubes Market - By Intubation
1.3.2 Endotracheal Tubes Market - By Application
1.3.3 Endotracheal Tubes Market - By End User
1.3.4 Endotracheal Tubes Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. ENDOTRACHEAL TUBES 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. ENDOTRACHEAL TUBES 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. ENDOTRACHEAL TUBES MARKET - GLOBAL MARKET ANALYSIS
6.1. ENDOTRACHEAL TUBES - GLOBAL MARKET OVERVIEW
6.2. ENDOTRACHEAL TUBES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ENDOTRACHEAL TUBES MARKET - REVENUE AND FORECASTS TO 2028 - INTUBATION
7.1. OVERVIEW
7.2. INTUBATION MARKET FORECASTS AND ANALYSIS
7.3. OROTRACHEAL INTUBATION
7.3.1. Overview
7.3.2. Orotracheal Intubation Market Forecast and Analysis
7.4. NASOTRACHEAL INTUBATION
7.4.1. Overview
7.4.2. Nasotracheal Intubation Market Forecast and Analysis
8. ENDOTRACHEAL TUBES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ANESTHESIA
8.3.1. Overview
8.3.2. Anesthesia Market Forecast and Analysis
8.4. EMERGENCY TREATMENT
8.4.1. Overview
8.4.2. Emergency Treatment Market Forecast and Analysis
8.5. OTHER APPLICATIONS
8.5.1. Overview
8.5.2. Other Applications Market Forecast and Analysis
9. ENDOTRACHEAL TUBES MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. HOSPITALS
9.3.1. Overview
9.3.2. Hospitals Market Forecast and Analysis
9.4. CLINICS
9.4.1. Overview
9.4.2. Clinics Market Forecast and Analysis
9.5. AMBULATORY SURGICAL CENTERS
9.5.1. Overview
9.5.2. Ambulatory Surgical Centers Market Forecast and Analysis
9.6. OTHER END USERS
9.6.1. Overview
9.6.2. Other End Users Market Forecast and Analysis
10. ENDOTRACHEAL TUBES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Endotracheal Tubes Market Overview
10.1.2 North America Endotracheal Tubes Market Forecasts and Analysis
10.1.3 North America Endotracheal Tubes Market Forecasts and Analysis - By Intubation
10.1.4 North America Endotracheal Tubes Market Forecasts and Analysis - By Application
10.1.5 North America Endotracheal Tubes Market Forecasts and Analysis - By End User
10.1.6 North America Endotracheal Tubes Market Forecasts and Analysis - By Countries
10.1.6.1 United States Endotracheal Tubes Market
10.1.6.1.1 United States Endotracheal Tubes Market by Intubation
10.1.6.1.2 United States Endotracheal Tubes Market by Application
10.1.6.1.3 United States Endotracheal Tubes Market by End User
10.1.6.2 Canada Endotracheal Tubes Market
10.1.6.2.1 Canada Endotracheal Tubes Market by Intubation
10.1.6.2.2 Canada Endotracheal Tubes Market by Application
10.1.6.2.3 Canada Endotracheal Tubes Market by End User
10.1.6.3 Mexico Endotracheal Tubes Market
10.1.6.3.1 Mexico Endotracheal Tubes Market by Intubation
10.1.6.3.2 Mexico Endotracheal Tubes Market by Application
10.1.6.3.3 Mexico Endotracheal Tubes Market by End User
10.2. EUROPE
10.2.1 Europe Endotracheal Tubes Market Overview
10.2.2 Europe Endotracheal Tubes Market Forecasts and Analysis
10.2.3 Europe Endotracheal Tubes Market Forecasts and Analysis - By Intubation
10.2.4 Europe Endotracheal Tubes Market Forecasts and Analysis - By Application
10.2.5 Europe Endotracheal Tubes Market Forecasts and Analysis - By End User
10.2.6 Europe Endotracheal Tubes Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Endotracheal Tubes Market
10.2.6.1.1 Germany Endotracheal Tubes Market by Intubation
10.2.6.1.2 Germany Endotracheal Tubes Market by Application
10.2.6.1.3 Germany Endotracheal Tubes Market by End User
10.2.6.2 France Endotracheal Tubes Market
10.2.6.2.1 France Endotracheal Tubes Market by Intubation
10.2.6.2.2 France Endotracheal Tubes Market by Application
10.2.6.2.3 France Endotracheal Tubes Market by End User
10.2.6.3 Italy Endotracheal Tubes Market
10.2.6.3.1 Italy Endotracheal Tubes Market by Intubation
10.2.6.3.2 Italy Endotracheal Tubes Market by Application
10.2.6.3.3 Italy Endotracheal Tubes Market by End User
10.2.6.4 Spain Endotracheal Tubes Market
10.2.6.4.1 Spain Endotracheal Tubes Market by Intubation
10.2.6.4.2 Spain Endotracheal Tubes Market by Application
10.2.6.4.3 Spain Endotracheal Tubes Market by End User
10.2.6.5 United Kingdom Endotracheal Tubes Market
10.2.6.5.1 United Kingdom Endotracheal Tubes Market by Intubation
10.2.6.5.2 United Kingdom Endotracheal Tubes Market by Application
10.2.6.5.3 United Kingdom Endotracheal Tubes Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Endotracheal Tubes Market Overview
10.3.2 Asia-Pacific Endotracheal Tubes Market Forecasts and Analysis
10.3.3 Asia-Pacific Endotracheal Tubes Market Forecasts and Analysis - By Intubation
10.3.4 Asia-Pacific Endotracheal Tubes Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Endotracheal Tubes Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Endotracheal Tubes Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Endotracheal Tubes Market
10.3.6.1.1 Australia Endotracheal Tubes Market by Intubation
10.3.6.1.2 Australia Endotracheal Tubes Market by Application
10.3.6.1.3 Australia Endotracheal Tubes Market by End User
10.3.6.2 China Endotracheal Tubes Market
10.3.6.2.1 China Endotracheal Tubes Market by Intubation
10.3.6.2.2 China Endotracheal Tubes Market by Application
10.3.6.2.3 China Endotracheal Tubes Market by End User
10.3.6.3 India Endotracheal Tubes Market
10.3.6.3.1 India Endotracheal Tubes Market by Intubation
10.3.6.3.2 India Endotracheal Tubes Market by Application
10.3.6.3.3 India Endotracheal Tubes Market by End User
10.3.6.4 Japan Endotracheal Tubes Market
10.3.6.4.1 Japan Endotracheal Tubes Market by Intubation
10.3.6.4.2 Japan Endotracheal Tubes Market by Application
10.3.6.4.3 Japan Endotracheal Tubes Market by End User
10.3.6.5 South Korea Endotracheal Tubes Market
10.3.6.5.1 South Korea Endotracheal Tubes Market by Intubation
10.3.6.5.2 South Korea Endotracheal Tubes Market by Application
10.3.6.5.3 South Korea Endotracheal Tubes Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Endotracheal Tubes Market Overview
10.4.2 Middle East and Africa Endotracheal Tubes Market Forecasts and Analysis
10.4.3 Middle East and Africa Endotracheal Tubes Market Forecasts and Analysis - By Intubation
10.4.4 Middle East and Africa Endotracheal Tubes Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Endotracheal Tubes Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Endotracheal Tubes Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Endotracheal Tubes Market
10.4.6.1.1 South Africa Endotracheal Tubes Market by Intubation
10.4.6.1.2 South Africa Endotracheal Tubes Market by Application
10.4.6.1.3 South Africa Endotracheal Tubes Market by End User
10.4.6.2 Saudi Arabia Endotracheal Tubes Market
10.4.6.2.1 Saudi Arabia Endotracheal Tubes Market by Intubation
10.4.6.2.2 Saudi Arabia Endotracheal Tubes Market by Application
10.4.6.2.3 Saudi Arabia Endotracheal Tubes Market by End User
10.4.6.3 U.A.E Endotracheal Tubes Market
10.4.6.3.1 U.A.E Endotracheal Tubes Market by Intubation
10.4.6.3.2 U.A.E Endotracheal Tubes Market by Application
10.4.6.3.3 U.A.E Endotracheal Tubes Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Endotracheal Tubes Market Overview
10.5.2 South and Central America Endotracheal Tubes Market Forecasts and Analysis
10.5.3 South and Central America Endotracheal Tubes Market Forecasts and Analysis - By Intubation
10.5.4 South and Central America Endotracheal Tubes Market Forecasts and Analysis - By Application
10.5.5 South and Central America Endotracheal Tubes Market Forecasts and Analysis - By End User
10.5.6 South and Central America Endotracheal Tubes Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Endotracheal Tubes Market
10.5.6.1.1 Brazil Endotracheal Tubes Market by Intubation
10.5.6.1.2 Brazil Endotracheal Tubes Market by Application
10.5.6.1.3 Brazil Endotracheal Tubes Market by End User
10.5.6.2 Argentina Endotracheal Tubes Market
10.5.6.2.1 Argentina Endotracheal Tubes Market by Intubation
10.5.6.2.2 Argentina Endotracheal Tubes Market by Application
10.5.6.2.3 Argentina Endotracheal Tubes Market by End User
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. ENDOTRACHEAL TUBES MARKET, KEY COMPANY PROFILES
12.1. ARMSTRONG MEDICAL LTD
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. CONVATEC INC.
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. HALYARD HEALTH
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. MEDLINE INDUSTRIES, INC.
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. MEDTRONIC
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. SMITHS GROUP PLC.
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. SUNMED
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. TELEFLEX INCORPORATED
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. VENNER MEDICAL
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. VYGON SA
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. Armstrong Medical Ltd
2. ConvaTec Inc.
3. Halyard Health
4. Medline Industries, Inc.
5. Medtronic
6. Smiths Group plc.
7. SunMed
8. Teleflex Incorporated
9. Venner Medical
10. Vygon SA
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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