Guidewires Market Size and Share: 2031 Key Findings
The Guidewires Market is expected to register a CAGR of 4.8% 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 Product (Surgical Guidewires and Diagnostic Guidewires). The report further presents analysis based on the Material (Stainless Steel, Nitinol, Platinum, Titanium, Tungsten, and Others). The report is further segmented based on Application (Cardiology, Urology, Vascular, Oncology, Neurology, Gastroenterology, and Others). Further, it is segmented based on End User (Hospitals, Diagnostic Centers, and Ambulatory Surgical Centers). 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 Report
The report Guidewires 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.
Guidewires Market Segmentation
Product
- Surgical Guidewires and Diagnostic Guidewires
Material
- Stainless Steel
- Nitinol
- Platinum
- Titanium
- Tungsten
- Others
Application
- Cardiology
- Urology
- Vascular
- Oncology
- Neurology
- Gastroenterology
- Others
End User
- Hospitals
- Diagnostic Centers
- Ambulatory Surgical Centers
End User
- Hospitals
- Diagnostic Centers
- Ambulatory Surgical Centers
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Guidewires Market: Strategic Insights
| Market Size Value in | US$ 2.14 Billion in 2022 |
| Market Size Value by | US$ 3.23 Billion by 2030 |
| Growth rate | CAGR of 5.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Guidewires Market Growth Drivers
- Increasing Prevalence of Cardiovascular Disease : Cardiovascular Disease (CVD) is one of the prominent causes of mortality globally, with its prevalence steadily increasing. There is a rising demand for guidewires as they are required for performing interventional procedures like angioplasty and stenting. Growing Demand for Minimally Invasive Procedures: These procedures involve smaller incisions, reducing pain and quicker recovery times. Guidewires are essential to ensure precise and accurate treatment through blood arteries. Rise in the Geriatric Population : The geriatric population is particularly susceptible to cardiovascular disease. the rise in the geriatric population fuels the minimally invasive surgery market growth because aged individuals are more susceptible to chronic diseases
Guidewires Market Future Trends
- Strategic Initiatives : Several market players are implementing various strategic initiatives, such as product innovations and launches, contributing to the region's market growthStrengthening Distribution Capabilities of Major OEMS : OEMS such as Yokowo Co., Ltd., Merit Medical Systems, Inc, and Others are expanding their presence from every major time zone and every major regulatory zoneInnovation in Material Type: The development of innovative stainless steel and coated guidewires is creating a positive outlook for the market
Guidewires Market Opportunities
- Growing Number of Product Approvals and Launches : Extended functionalities and technologies incorporated in new devices are contributing to the rise in demand for guidewiresIncreasing Product Approval for new Indications : The new device incorporates capabilities to gain access of nervous system during hemorrhagic and ischemic stroke and other associated vascular procedures. Thus, the growing number of product launches and approvals are estimated to offer lucrative opportunities for the growth of the target market during the forecast period. Increasing Healthcare Expenditure Across Emerging Markets : Healthcare costs
are rising at an alarming rate in both developed and
emerging economies such as China, India, Brazil. This is expected to be an lucrative opportunity for the players operating in the market
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Guidewires 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 Guidewires 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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Material, Application, End User, Geography
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
The surgical guidewires segment accounts for highest revenue in product type the guidewires market in 2023
Abbott, B. Braun Melsungen AG, and Boston Scientific Corporation accounting for higesh market shares and are some of the major players operating in the market
Asia Pacific region dominated the guidewires market in 2023
North America region dominated the guidewires market in 2023
The Guidewires Market is estimated to witness a CAGR of 4.8% from 2023 to 2031
The major factors driving the guidewires market are:
1. Increasing Prevalence of Cardiovascular Disease.
2. Growing Demand for Minimally Invasive Procedure
3. Rise in the Geriatric Population
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Guidewires Market - By Product
1.3.2 Guidewires Market - By Material
1.3.3 Guidewires Market - By Application
1.3.4 Guidewires Market - By End User
1.3.5 Guidewires Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. GUIDEWIRES 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. GUIDEWIRES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. GUIDEWIRES MARKET - GLOBAL MARKET ANALYSIS
6.1. GUIDEWIRES - GLOBAL MARKET OVERVIEW
6.2. GUIDEWIRES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. GUIDEWIRES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. SURGICAL GUIDEWIRES
7.3.1. Overview
7.3.2. Surgical Guidewires Market Forecast and Analysis
7.4. DIAGNOSTIC GUIDEWIRES
7.4.1. Overview
7.4.2. Diagnostic Guidewires Market Forecast and Analysis
8. GUIDEWIRES MARKET - REVENUE AND FORECASTS TO 2028 - MATERIAL
8.1. OVERVIEW
8.2. MATERIAL MARKET FORECASTS AND ANALYSIS
8.3. STAINLESS STEEL
8.3.1. Overview
8.3.2. Stainless Steel Market Forecast and Analysis
8.4. NITINOL
8.4.1. Overview
8.4.2. Nitinol Market Forecast and Analysis
8.5. PLATINUM
8.5.1. Overview
8.5.2. Platinum Market Forecast and Analysis
8.6. TITANIUM
8.6.1. Overview
8.6.2. Titanium Market Forecast and Analysis
8.7. TUNGSTEN
8.7.1. Overview
8.7.2. Tungsten Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. GUIDEWIRES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. CARDIOLOGY
9.3.1. Overview
9.3.2. Cardiology Market Forecast and Analysis
9.4. UROLOGY
9.4.1. Overview
9.4.2. Urology Market Forecast and Analysis
9.5. VASCULAR
9.5.1. Overview
9.5.2. Vascular Market Forecast and Analysis
9.6. ONCOLOGY
9.6.1. Overview
9.6.2. Oncology Market Forecast and Analysis
9.7. NEUROLOGY
9.7.1. Overview
9.7.2. Neurology Market Forecast and Analysis
9.8. GASTROENTEROLOGY
9.8.1. Overview
9.8.2. Gastroenterology Market Forecast and Analysis
9.9. OTHERS
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis
10. GUIDEWIRES MARKET - REVENUE AND FORECASTS TO 2028 - END USER
10.1. OVERVIEW
10.2. END USER MARKET FORECASTS AND ANALYSIS
10.3. HOSPITALS
10.3.1. Overview
10.3.2. Hospitals Market Forecast and Analysis
10.4. DIAGNOSTIC CENTERS
10.4.1. Overview
10.4.2. Diagnostic Centers Market Forecast and Analysis
10.5. AMBULATORY SURGICAL CENTERS
10.5.1. Overview
10.5.2. Ambulatory Surgical Centers Market Forecast and Analysis
11. GUIDEWIRES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Guidewires Market Overview
11.1.2 North America Guidewires Market Forecasts and Analysis
11.1.3 North America Guidewires Market Forecasts and Analysis - By Product
11.1.4 North America Guidewires Market Forecasts and Analysis - By Material
11.1.5 North America Guidewires Market Forecasts and Analysis - By Application
11.1.6 North America Guidewires Market Forecasts and Analysis - By End User
11.1.7 North America Guidewires Market Forecasts and Analysis - By Countries
11.1.7.1 United States Guidewires Market
11.1.7.1.1 United States Guidewires Market by Product
11.1.7.1.2 United States Guidewires Market by Material
11.1.7.1.3 United States Guidewires Market by Application
11.1.7.1.4 United States Guidewires Market by End User
11.1.7.2 Canada Guidewires Market
11.1.7.2.1 Canada Guidewires Market by Product
11.1.7.2.2 Canada Guidewires Market by Material
11.1.7.2.3 Canada Guidewires Market by Application
11.1.7.2.4 Canada Guidewires Market by End User
11.1.7.3 Mexico Guidewires Market
11.1.7.3.1 Mexico Guidewires Market by Product
11.1.7.3.2 Mexico Guidewires Market by Material
11.1.7.3.3 Mexico Guidewires Market by Application
11.1.7.3.4 Mexico Guidewires Market by End User
11.2. EUROPE
11.2.1 Europe Guidewires Market Overview
11.2.2 Europe Guidewires Market Forecasts and Analysis
11.2.3 Europe Guidewires Market Forecasts and Analysis - By Product
11.2.4 Europe Guidewires Market Forecasts and Analysis - By Material
11.2.5 Europe Guidewires Market Forecasts and Analysis - By Application
11.2.6 Europe Guidewires Market Forecasts and Analysis - By End User
11.2.7 Europe Guidewires Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Guidewires Market
11.2.7.1.1 Germany Guidewires Market by Product
11.2.7.1.2 Germany Guidewires Market by Material
11.2.7.1.3 Germany Guidewires Market by Application
11.2.7.1.4 Germany Guidewires Market by End User
11.2.7.2 France Guidewires Market
11.2.7.2.1 France Guidewires Market by Product
11.2.7.2.2 France Guidewires Market by Material
11.2.7.2.3 France Guidewires Market by Application
11.2.7.2.4 France Guidewires Market by End User
11.2.7.3 Italy Guidewires Market
11.2.7.3.1 Italy Guidewires Market by Product
11.2.7.3.2 Italy Guidewires Market by Material
11.2.7.3.3 Italy Guidewires Market by Application
11.2.7.3.4 Italy Guidewires Market by End User
11.2.7.4 Spain Guidewires Market
11.2.7.4.1 Spain Guidewires Market by Product
11.2.7.4.2 Spain Guidewires Market by Material
11.2.7.4.3 Spain Guidewires Market by Application
11.2.7.4.4 Spain Guidewires Market by End User
11.2.7.5 United Kingdom Guidewires Market
11.2.7.5.1 United Kingdom Guidewires Market by Product
11.2.7.5.2 United Kingdom Guidewires Market by Material
11.2.7.5.3 United Kingdom Guidewires Market by Application
11.2.7.5.4 United Kingdom Guidewires Market by End User
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Guidewires Market Overview
11.3.2 Asia-Pacific Guidewires Market Forecasts and Analysis
11.3.3 Asia-Pacific Guidewires Market Forecasts and Analysis - By Product
11.3.4 Asia-Pacific Guidewires Market Forecasts and Analysis - By Material
11.3.5 Asia-Pacific Guidewires Market Forecasts and Analysis - By Application
11.3.6 Asia-Pacific Guidewires Market Forecasts and Analysis - By End User
11.3.7 Asia-Pacific Guidewires Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Guidewires Market
11.3.7.1.1 Australia Guidewires Market by Product
11.3.7.1.2 Australia Guidewires Market by Material
11.3.7.1.3 Australia Guidewires Market by Application
11.3.7.1.4 Australia Guidewires Market by End User
11.3.7.2 China Guidewires Market
11.3.7.2.1 China Guidewires Market by Product
11.3.7.2.2 China Guidewires Market by Material
11.3.7.2.3 China Guidewires Market by Application
11.3.7.2.4 China Guidewires Market by End User
11.3.7.3 India Guidewires Market
11.3.7.3.1 India Guidewires Market by Product
11.3.7.3.2 India Guidewires Market by Material
11.3.7.3.3 India Guidewires Market by Application
11.3.7.3.4 India Guidewires Market by End User
11.3.7.4 Japan Guidewires Market
11.3.7.4.1 Japan Guidewires Market by Product
11.3.7.4.2 Japan Guidewires Market by Material
11.3.7.4.3 Japan Guidewires Market by Application
11.3.7.4.4 Japan Guidewires Market by End User
11.3.7.5 South Korea Guidewires Market
11.3.7.5.1 South Korea Guidewires Market by Product
11.3.7.5.2 South Korea Guidewires Market by Material
11.3.7.5.3 South Korea Guidewires Market by Application
11.3.7.5.4 South Korea Guidewires Market by End User
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Guidewires Market Overview
11.4.2 Middle East and Africa Guidewires Market Forecasts and Analysis
11.4.3 Middle East and Africa Guidewires Market Forecasts and Analysis - By Product
11.4.4 Middle East and Africa Guidewires Market Forecasts and Analysis - By Material
11.4.5 Middle East and Africa Guidewires Market Forecasts and Analysis - By Application
11.4.6 Middle East and Africa Guidewires Market Forecasts and Analysis - By End User
11.4.7 Middle East and Africa Guidewires Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Guidewires Market
11.4.7.1.1 South Africa Guidewires Market by Product
11.4.7.1.2 South Africa Guidewires Market by Material
11.4.7.1.3 South Africa Guidewires Market by Application
11.4.7.1.4 South Africa Guidewires Market by End User
11.4.7.2 Saudi Arabia Guidewires Market
11.4.7.2.1 Saudi Arabia Guidewires Market by Product
11.4.7.2.2 Saudi Arabia Guidewires Market by Material
11.4.7.2.3 Saudi Arabia Guidewires Market by Application
11.4.7.2.4 Saudi Arabia Guidewires Market by End User
11.4.7.3 U.A.E Guidewires Market
11.4.7.3.1 U.A.E Guidewires Market by Product
11.4.7.3.2 U.A.E Guidewires Market by Material
11.4.7.3.3 U.A.E Guidewires Market by Application
11.4.7.3.4 U.A.E Guidewires Market by End User
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Guidewires Market Overview
11.5.2 South and Central America Guidewires Market Forecasts and Analysis
11.5.3 South and Central America Guidewires Market Forecasts and Analysis - By Product
11.5.4 South and Central America Guidewires Market Forecasts and Analysis - By Material
11.5.5 South and Central America Guidewires Market Forecasts and Analysis - By Application
11.5.6 South and Central America Guidewires Market Forecasts and Analysis - By End User
11.5.7 South and Central America Guidewires Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Guidewires Market
11.5.7.1.1 Brazil Guidewires Market by Product
11.5.7.1.2 Brazil Guidewires Market by Material
11.5.7.1.3 Brazil Guidewires Market by Application
11.5.7.1.4 Brazil Guidewires Market by End User
11.5.7.2 Argentina Guidewires Market
11.5.7.2.1 Argentina Guidewires Market by Product
11.5.7.2.2 Argentina Guidewires Market by Material
11.5.7.2.3 Argentina Guidewires Market by Application
11.5.7.2.4 Argentina Guidewires Market by End User
12. IMPACT OF COVID-19 PANDEMIC ON GLOBAL GUIDEWIRES MARKET
12.1 North America
12.2 Europe
12.3 Asia-Pacific
12.4 Middle East and Africa
12.5 South and Central America
13. INDUSTRY LANDSCAPE
13.1. MERGERS AND ACQUISITIONS
13.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
13.3. NEW PRODUCT LAUNCHES
13.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
14. GUIDEWIRES MARKET, KEY COMPANY PROFILES
14.1. BOSTON SCIENTIFIC CORPORATION
14.1.1. Key Facts
14.1.2. Business Description
14.1.3. Products and Services
14.1.4. Financial Overview
14.1.5. SWOT Analysis
14.1.6. Key Developments
14.2. MEDTRONIC
14.2.1. Key Facts
14.2.2. Business Description
14.2.3. Products and Services
14.2.4. Financial Overview
14.2.5. SWOT Analysis
14.2.6. Key Developments
14.3. ABBOTT
14.3.1. Key Facts
14.3.2. Business Description
14.3.3. Products and Services
14.3.4. Financial Overview
14.3.5. SWOT Analysis
14.3.6. Key Developments
14.4. COOK MEDICAL
14.4.1. Key Facts
14.4.2. Business Description
14.4.3. Products and Services
14.4.4. Financial Overview
14.4.5. SWOT Analysis
14.4.6. Key Developments
14.5. TELEFLEX CORPORATION
14.5.1. Key Facts
14.5.2. Business Description
14.5.3. Products and Services
14.5.4. Financial Overview
14.5.5. SWOT Analysis
14.5.6. Key Developments
14.6. CARDINAL HEALTH INC.
14.6.1. Key Facts
14.6.2. Business Description
14.6.3. Products and Services
14.6.4. Financial Overview
14.6.5. SWOT Analysis
14.6.6. Key Developments
14.7. MERIT MEDICAL INC.
14.7.1. Key Facts
14.7.2. Business Description
14.7.3. Products and Services
14.7.4. Financial Overview
14.7.5. SWOT Analysis
14.7.6. Key Developments
14.8. TERUMO MEDICAL CORPORATION
14.8.1. Key Facts
14.8.2. Business Description
14.8.3. Products and Services
14.8.4. Financial Overview
14.8.5. SWOT Analysis
14.8.6. Key Developments
14.9. OLYMPUS CORPORATION
14.9.1. Key Facts
14.9.2. Business Description
14.9.3. Products and Services
14.9.4. Financial Overview
14.9.5. SWOT Analysis
14.9.6. Key Developments
14.10. BD
14.10.1. Key Facts
14.10.2. Business Description
14.10.3. Products and Services
14.10.4. Financial Overview
14.10.5. SWOT Analysis
14.10.6. Key Developments
15. APPENDIX
15.1. ABOUT THE INSIGHT PARTNERS
15.2. GLOSSARY OF TERMS
The List of Companies
1. Abbott
2. B. Braun Melsungen AG
3. Boston Scientific Corporation
4. C. R. Bard, Inc.
5. Cardinal Health
6. Cook
7. Johnson & Johnson Services, Inc.
8. Medtronic
9. Olympus Corporation
10. Terumo Medical Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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