Independent Clinical Laboratories Market 2031 - Size and Share
The Independent Clinical Laboratories Market is expected to register a CAGR of 5.1% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Independent Clinical Laboratories Market report covers analysis By Type (Clinical Trials Testing, Diagnostics Testing Services, Others); End User (Pharmaceutical and Biotechnology Companies, Diagnostics and Research Laboratories, Contract Manufacturers). 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 Independent Clinical Laboratories 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.
Independent Clinical Laboratories Market Segmentation
Type- Clinical Trials Testing
- Diagnostics Testing Services
- Pharmaceutical and Biotechnology Companies
- Diagnostics and Research Laboratories
- Contract Manufacturers
Strategic Insights
Independent Clinical Laboratories Market Growth Drivers- Increasing demand for diagnostic testing: Due to the increased prevalence of chronic diseases like diabetes, cardiovascular diseases, and cancer, the demand for diagnostic testing has been increasing. Independent clinical laboratories provide accurate and timely diagnostic services and have an important role in this aspect.
- Growing awareness about preventive health care: Growing awareness of preventive health care leads people to seek regular checkups and screenings to diagnose any issues in the early stages. Independent clinical laboratories, which provide a vast range of diagnostic tests, benefit from this trend.
- Technological Advancements in Diagnostic Equipment: The improvements of the diagnostic technologies, like automation, molecular diagnostics, and AI systems, make it faster and more precise to perform tests. This enhances the independent laboratory diagnostic capability as a result of increased technology implementation, thus helping grow the market.
- Increase in Point-of-Care Testing: Another significant trend in independent clinical laboratories is its increase in adoption of point-of-care (POC) testing. POC testing offers precise results with rapidity where the samples do not require being transported to a traditional lab but can be done at a patient location. Independent clinical labs have started to make POC testing available on conditions that include diabetes and infections to heart diseases conditions.
- Growth in Molecular and Genetic Testing: With the revolution in genomics and the growth of biotechnology, tests are increasingly being done in clinical laboratories. Independent clinical laboratories add new services in these branches and offer patients personalized diagnostic solutions for various diseases, whether it is cancer or a less common genetic disorder.
- Shift Toward Home-Based Diagnostic Solutions: There is an increasing trend toward home-based diagnostic testing kits that can be used by patients at home and then samples are sent to independent clinical laboratories for analysis. This is increasingly convenient for patients and reduces the burden on healthcare facilities, which opens opportunities for independent labs to collaborate in the home-testing space.
- Expansion in Emerging Markets: In emerging economies such as the Asia-Pacific, Latin America, and the Middle East, the demand for diagnostic testing services is increasing. Independent clinical laboratories have significant expansion opportunities in these regions as the middle-class population continues to grow and healthcare expenditure increases.
- Rise in Chronic Disease: The increasing prevalence of diabetes, hypertension, and other chronic conditions around the globe is raising the demand for continuous monitoring and diagnostic tests. Independent clinical laboratories may capitalize on this trend through specialized tests and ongoing monitoring solutions for chronic disease management.
- Telemedicine Integration: The integration of telemedicine with diagnostic testing services is an emerging opportunity for independent laboratories. By providing virtual consultations in combination with testing services, clinical laboratories can reach a broader patient base and offer a more holistic healthcare experience.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Independent Clinical Laboratories 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 Independent Clinical Laboratories 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
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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
The Independent Clinical Laboratories Market is estimated to witness a CAGR of 5.1% from 2023 to 2031.
The major factors driving the market are: Rising demand for diagnostic services, Technological integration in diagnostics, Cost-efficiency and outsourcing trends
Key future trends in this market are - Growth in Specialized Testing, Partnerships with Healthcare Providers, Adoption of Automation and AI
Key companies of this market are: Quest Diagnostics, LabCorp, Independent Clinical Laboratories, Inc., KingMed Diagnostics, Da An Gene Co., Ltd., Eurofins, SYNLAB, Adicon Clinical Laboratory, SRL, Inc.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
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.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Independent Clinical Laboratories (ICL) Market - By Type
1.3.2 Independent Clinical Laboratories (ICL) Market - By End User
1.3.3 Independent Clinical Laboratories (ICL) Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. INDEPENDENT CLINICAL LABORATORIES (ICL) 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. INDEPENDENT CLINICAL LABORATORIES (ICL) 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. INDEPENDENT CLINICAL LABORATORIES (ICL) MARKET - GLOBAL MARKET ANALYSIS
6.1. INDEPENDENT CLINICAL LABORATORIES (ICL) - GLOBAL MARKET OVERVIEW
6.2. INDEPENDENT CLINICAL LABORATORIES (ICL) - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. INDEPENDENT CLINICAL LABORATORIES (ICL) MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CLINICAL TRIALS TESTING
7.3.1. Overview
7.3.2. Clinical Trials Testing Market Forecast and Analysis
7.4. DIAGNOSTICS TESTING SERVICES
7.4.1. Overview
7.4.2. Diagnostics Testing Services Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. INDEPENDENT CLINICAL LABORATORIES (ICL) MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES
8.3.1. Overview
8.3.2. Pharmaceutical and Biotechnology Companies Market Forecast and Analysis
8.4. DIAGNOSTICS AND RESEARCH LABORATORIES
8.4.1. Overview
8.4.2. Diagnostics and Research Laboratories Market Forecast and Analysis
8.5. CONTRACT MANUFACTURERS
8.5.1. Overview
8.5.2. Contract Manufacturers Market Forecast and Analysis
9. INDEPENDENT CLINICAL LABORATORIES (ICL) MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Independent Clinical Laboratories (ICL) Market Overview
9.1.2 North America Independent Clinical Laboratories (ICL) Market Forecasts and Analysis
9.1.3 North America Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Type
9.1.4 North America Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By End User
9.1.5 North America Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Countries
9.1.5.1 United States Independent Clinical Laboratories (ICL) Market
9.1.5.1.1 United States Independent Clinical Laboratories (ICL) Market by Type
9.1.5.1.2 United States Independent Clinical Laboratories (ICL) Market by End User
9.1.5.2 Canada Independent Clinical Laboratories (ICL) Market
9.1.5.2.1 Canada Independent Clinical Laboratories (ICL) Market by Type
9.1.5.2.2 Canada Independent Clinical Laboratories (ICL) Market by End User
9.1.5.3 Mexico Independent Clinical Laboratories (ICL) Market
9.1.5.3.1 Mexico Independent Clinical Laboratories (ICL) Market by Type
9.1.5.3.2 Mexico Independent Clinical Laboratories (ICL) Market by End User
9.2. EUROPE
9.2.1 Europe Independent Clinical Laboratories (ICL) Market Overview
9.2.2 Europe Independent Clinical Laboratories (ICL) Market Forecasts and Analysis
9.2.3 Europe Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Type
9.2.4 Europe Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By End User
9.2.5 Europe Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Independent Clinical Laboratories (ICL) Market
9.2.5.1.1 Germany Independent Clinical Laboratories (ICL) Market by Type
9.2.5.1.2 Germany Independent Clinical Laboratories (ICL) Market by End User
9.2.5.2 France Independent Clinical Laboratories (ICL) Market
9.2.5.2.1 France Independent Clinical Laboratories (ICL) Market by Type
9.2.5.2.2 France Independent Clinical Laboratories (ICL) Market by End User
9.2.5.3 Italy Independent Clinical Laboratories (ICL) Market
9.2.5.3.1 Italy Independent Clinical Laboratories (ICL) Market by Type
9.2.5.3.2 Italy Independent Clinical Laboratories (ICL) Market by End User
9.2.5.4 Spain Independent Clinical Laboratories (ICL) Market
9.2.5.4.1 Spain Independent Clinical Laboratories (ICL) Market by Type
9.2.5.4.2 Spain Independent Clinical Laboratories (ICL) Market by End User
9.2.5.5 United Kingdom Independent Clinical Laboratories (ICL) Market
9.2.5.5.1 United Kingdom Independent Clinical Laboratories (ICL) Market by Type
9.2.5.5.2 United Kingdom Independent Clinical Laboratories (ICL) Market by End User
9.2.5.6 Rest of Europe Independent Clinical Laboratories (ICL) Market
9.2.5.6.1 Rest of Europe Independent Clinical Laboratories (ICL) Market by Type
9.2.5.6.2 Rest of Europe Independent Clinical Laboratories (ICL) Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Independent Clinical Laboratories (ICL) Market Overview
9.3.2 Asia-Pacific Independent Clinical Laboratories (ICL) Market Forecasts and Analysis
9.3.3 Asia-Pacific Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Independent Clinical Laboratories (ICL) Market
9.3.5.1.1 Australia Independent Clinical Laboratories (ICL) Market by Type
9.3.5.1.2 Australia Independent Clinical Laboratories (ICL) Market by End User
9.3.5.2 China Independent Clinical Laboratories (ICL) Market
9.3.5.2.1 China Independent Clinical Laboratories (ICL) Market by Type
9.3.5.2.2 China Independent Clinical Laboratories (ICL) Market by End User
9.3.5.3 India Independent Clinical Laboratories (ICL) Market
9.3.5.3.1 India Independent Clinical Laboratories (ICL) Market by Type
9.3.5.3.2 India Independent Clinical Laboratories (ICL) Market by End User
9.3.5.4 Japan Independent Clinical Laboratories (ICL) Market
9.3.5.4.1 Japan Independent Clinical Laboratories (ICL) Market by Type
9.3.5.4.2 Japan Independent Clinical Laboratories (ICL) Market by End User
9.3.5.5 South Korea Independent Clinical Laboratories (ICL) Market
9.3.5.5.1 South Korea Independent Clinical Laboratories (ICL) Market by Type
9.3.5.5.2 South Korea Independent Clinical Laboratories (ICL) Market by End User
9.3.5.6 Rest of Asia-Pacific Independent Clinical Laboratories (ICL) Market
9.3.5.6.1 Rest of Asia-Pacific Independent Clinical Laboratories (ICL) Market by Type
9.3.5.6.2 Rest of Asia-Pacific Independent Clinical Laboratories (ICL) Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Independent Clinical Laboratories (ICL) Market Overview
9.4.2 Middle East and Africa Independent Clinical Laboratories (ICL) Market Forecasts and Analysis
9.4.3 Middle East and Africa Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Independent Clinical Laboratories (ICL) Market
9.4.5.1.1 South Africa Independent Clinical Laboratories (ICL) Market by Type
9.4.5.1.2 South Africa Independent Clinical Laboratories (ICL) Market by End User
9.4.5.2 Saudi Arabia Independent Clinical Laboratories (ICL) Market
9.4.5.2.1 Saudi Arabia Independent Clinical Laboratories (ICL) Market by Type
9.4.5.2.2 Saudi Arabia Independent Clinical Laboratories (ICL) Market by End User
9.4.5.3 U.A.E Independent Clinical Laboratories (ICL) Market
9.4.5.3.1 U.A.E Independent Clinical Laboratories (ICL) Market by Type
9.4.5.3.2 U.A.E Independent Clinical Laboratories (ICL) Market by End User
9.4.5.4 Rest of Middle East and Africa Independent Clinical Laboratories (ICL) Market
9.4.5.4.1 Rest of Middle East and Africa Independent Clinical Laboratories (ICL) Market by Type
9.4.5.4.2 Rest of Middle East and Africa Independent Clinical Laboratories (ICL) Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Independent Clinical Laboratories (ICL) Market Overview
9.5.2 South and Central America Independent Clinical Laboratories (ICL) Market Forecasts and Analysis
9.5.3 South and Central America Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Type
9.5.4 South and Central America Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By End User
9.5.5 South and Central America Independent Clinical Laboratories (ICL) Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Independent Clinical Laboratories (ICL) Market
9.5.5.1.1 Brazil Independent Clinical Laboratories (ICL) Market by Type
9.5.5.1.2 Brazil Independent Clinical Laboratories (ICL) Market by End User
9.5.5.2 Argentina Independent Clinical Laboratories (ICL) Market
9.5.5.2.1 Argentina Independent Clinical Laboratories (ICL) Market by Type
9.5.5.2.2 Argentina Independent Clinical Laboratories (ICL) Market by End User
9.5.5.3 Rest of South and Central America Independent Clinical Laboratories (ICL) Market
9.5.5.3.1 Rest of South and Central America Independent Clinical Laboratories (ICL) Market by Type
9.5.5.3.2 Rest of South and Central America Independent Clinical Laboratories (ICL) Market by End User
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL INDEPENDENT CLINICAL LABORATORIES (ICL) MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Rest of the World
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. INDEPENDENT CLINICAL LABORATORIES (ICL) MARKET, KEY COMPANY PROFILES
12.1. QUEST DIAGNOSTICS
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. LABCORP
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. INDEPENDENT CLINICAL LABORATORIES, INC.
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. KINGMED DIAGNOSTICS
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. DA AN GENE CO., LTD.
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. EUROFINS
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. SYNLAB
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. ADICON CLINICAL LABORATORY
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. SRL, INC.
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. BML, INC.
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. Quest Diagnostics
2. LabCorp
3. Independent Clinical Laboratories, Inc.
4. KingMed Diagnostics
5. Da An Gene Co., Ltd.
6. Eurofins
7. SYNLAB
8. Adicon Clinical Laboratory
9. SRL, Inc.
10. BML, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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