India Veterinary Diagnostic Test Kits Market Report 2030
The India veterinary diagnostic test kits market size is expected to grow from US$ 29.13 million in 2022 to US$ 62.03 million by 2030; it is estimated to register a CAGR of 9.91% from 2022 to 2030.
Market Insights and Analyst View:
Veterinary diagnostic test kits include tools and consumables used by veterinarians to diagnose and monitor animal health conditions. These kits are designed to detect the presence of specific markers such as antibodies, antigens, or DNA in animal blood, urine, feces, and other samples. Veterinary diagnostic test kits are available for a wide range of animal species, including dogs, cats, horses, cows, pigs, and birds. These kits are essential for diagnosing infectious diseases, genetic disorders, and other health conditions in animals. The India veterinary diagnostic test kits market report emphasizes the key factors driving the market and depicts the developments of prominent players.
Key factors driving the India veterinary diagnostic test kits market growth include the rising prevalence of zoonotic disease, an increase in the adoption of companion animals, and a shift toward POCT testing in animals. However, the lack of skilled professionals in veterinary research and the inadequacy of veterinary diagnostics infrastructure hinder market growth. Further, the increasing expenditure on animal well-being is expected to bring new India veterinary diagnostic test kits market trends in the coming years.
Growth Drivers and Restraints:
Pet adoption has been on the rise in India over the past few years, which has subsequently increased the demand for veterinary diagnostic testing kits. According to the Brand Equity Foundation, the number of pet owners in India surged from 20 million in 2015 to 30 million in 2023. Products and services for the healthcare and grooming of pets are in high demand as more people and families bring pets into their homes. As more and more people adopt pets, they become more invested in their pet's health and well-being. This has led to an upsurge in demand for regular veterinary check-ups and diagnostic testing among pet owners. Additionally, many rescue organizations and animal shelters require pets to undergo diagnostic testing before they are adopted to ensure that they are healthy and free from infectious diseases.
The availability of veterinary diagnostic testing kits has made it easier for veterinarians to diagnose and treat a variety of diseases, including infectious diseases that can be easily spread among animals. These tests allow veterinarians to quickly identify the cause of an animal's symptoms, which can help them provide prompt and effective treatment. This is particularly important in India, where infectious diseases are a major concern due to overcrowding and poor sanitation. Furthermore, the increasing demand for veterinary diagnostic testing kits has led to the development of new and improved testing methods.
Rapid diagnostic tests available in the market can provide results in just a few minutes, making it easier for veterinarians to diagnose diseases quickly and accurately. Furthermore, the development of new and improved testing methods has made it easier for pet doctors to diagnose diseases accurately, which has helped to control the spread of infectious diseases among companion animals. In February 2023, Thermo Fisher Scientific launched Applied Biosystems TaqPath PCR kits for diagnosing infectious diseases, including multidrug-resistant tuberculosis, hepatitis B virus, hepatitis C virus, M. tuberculosis complex, and others. The kits are compatible with animal and human samples, such as buccal swabs, blood, and card punches. The Central Drugs Standard Control Organization granted licensing rights to Thermo Fisher Scientific to manufacture the kits in association with Mylab Discovery Solutions in India. Thus, the growing trend of pet adoption in India has led to an increased demand for veterinary diagnostic testing kits, which provides a boost to the India veterinary diagnostic test kits market growth.
The lack of laboratory facilities, trained professionals, and diagnostic equipment has made it difficult for animal care providers to access timely and accurate diagnoses of animal diseases. This results in a low adoption rate of veterinary diagnostic test kits in India. Moreover, the high cost of diagnostic tests and the limited availability of diagnostic kits further restrict the growth of the market. Moreover, many animal care providers in India cannot afford expensive diagnostic tests. The limited availability of test kits further makes it difficult to diagnose a wide range of animal diseases. To address these concern, veterinary diagnostic test kit manufacturers in India need to focus on developing affordable, easy-to-use, and effective diagnostic test kits that can be used by animal care providers in areas with limited laboratory facilities. They also need to work closely with the government to improve the veterinary diagnostic infrastructure in the country, which would create opportunities for the growth of the market.
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India Veterinary Diagnostic Test Kits Market: Strategic Insights
Market Size Value in US$ 29.13 million in 2022 Market Size Value by US$ 62.03 million by 2030 Growth rate CAGR of 8.4% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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India Veterinary Diagnostic Test Kits Market: Strategic Insights
Market Size Value in | US$ 29.13 million in 2022 |
Market Size Value by | US$ 62.03 million by 2030 |
Growth rate | CAGR of 8.4% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
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Speak to AnalystReport Segmentation and Scope:
The India veterinary diagnostic test kits market analysis has been carried out by considering the following segments: product, animal type, application, testing type, and end user. Based on product, the market is differentiated into ELISA test kits, antibodies test kits, and polymerase chain reaction (PCR) test kits. By animal type, the India veterinary diagnostic test kits market is segmented into companion animals and livestock animals. In terms of application, the market is differentiated into infectious diseases and non-infectious diseases. On the basis of testing type, the India veterinary diagnostic test kits market is classified into rapid diagnostic testing, point-of-care testing, and laboratory testing. Based on end user, the India veterinary diagnostic test kits market is segmented into veterinary hospitals and clinics, animal diagnostic laboratories, and veterinary research institutes and universities.
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Segmental Analysis:
Based on product, the ELISA test kit segment held the largest India veterinary diagnostic test kits market share in 2022. The PCR test kit segment is anticipated to register the highest CAGR during 2022–2030.
Based on Animal Type, the companion animals segment held a larger market share in 2022. The livestock animal segment is anticipated to register a higher CAGR from 2022 to 2030. By application, the infectious diseases segment held a larger India veterinary diagnostic test kits market share. The noninfectious diseases segment is anticipated to register a higher CAGR during 2022–2030.
Based on testing type, the laboratory testing segment held a larger share of the India veterinary diagnostic test kits market in 2022. The rapid testing (POC testing) segment is anticipated to register a higher CAGR during 2022–2030. In terms of end user, the veterinary hospitals and clinics segment is anticipated to account for a significant market share during 2022–2030.
India Veterinary Diagnostic Test Kits Market, by Product – 2022 and 2030
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Industry Developments and Future Opportunities:
The India veterinary diagnostic test kits market forecast can help stakeholders in this marketplace plan their growth strategies. A few initiatives taken by key players operating in the market are listed below:
In February 2023, Thermo Fisher Scientific launched Applied Biosystems TaqPath PCR kits for diagnosing the diagnosis of infectious diseases, including such as multi-drug resistant tuberculosis, Hhepatitis B virus, hepatitis C virus, M. tuberculosis complex, and human immunodeficiency virus (HIV) infection. The kits are also used for genetic analysis of HLA B27. The kits are compatible with human and animal samples, such as buccal swabs, blood, and card punches. The Central Drugs Standard Control Organisation granted licensing rights to the company, and it will manufacture the kits in association with Mylab Discovery Solutions.
In December 2021, A'alda Vet India and Fujifilm India partnered to improve pet healthcare facilities. As part of the collaboration, Fujifilm India planned to offer DCC (Dogs, Cats & Companions) Animal Hospital willwith receive cutting-edge medical and screening equipment from Fujifilm India. This is an initiative was taken by A'alda Vet to raise the bar for veterinary treatment in India. With more and more individuals adopting and caring for pets, India has one of the fastest-growing pet care markets in the world. Therefore, it is more crucial than ever for people to have improved access to local pet care facilities that meet international standards.
Competitive Landscape and Key Companies:
Zoetis, Inc.; Secure Diagnostics; Thermo Fisher Scientific; Inbios India; Ubio Bitechnology Systems; Gold Standerd Diagnostics; VMRD Inc.; Fujifilm, Randox Laboratories Ltd; and Idexx Laboratories are among the prominent players profiled in the India veterinary diagnostic test kits market report. These companies focus on new technologies, advancements in existing products, and geographic expansions to meet the burgeoning consumer demand and expand their product range in specialty portfolios.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Animal Type, Application, Testing Type, End User, and Country
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
Answer: Factors such as the increasing prevalence of zoonotic disease, increase in adoption of companion animals and shift towards POCT testing in animals. However, lack of skilled professionals in veterinary research and inadequate veterinary diagnostics infrastructure hinders the India veterinary diagnostic test kits market growth.
Answer: Based on product, the market is differentiated into ELISA test kit and PCR test kit. The ELISA test kit segment held the largest India veterinary diagnostic test kits market share in 2022. The PCR test kit segment is anticipated to register the highest CAGR during 2022–2030. Furthermore, based on Animal Type, the India veterinary diagnostic test kits market is segmented into companion animals and livestock animal. The companion animals segment held the largest market share in 2022, and the livestock animal segment is anticipated to register the highest CAGR from 2022 to 2030. By application, the market is differentiated into infectious diseases and non-infectious diseases. In 2022, the infectious diseases segment held the largest market share, and the non-infectious diseases segment is anticipated to register the highest CAGR during 2022–2030.
Answer: - The India Veterinary Diagnostic Test Kits Market majorly consists of the players such Zoetis, Inc., Secure Diagnostics, Thermo Fisher Scientific, Inbios India, Ubio Bitechnology Systems, Gold Standerd Diagnostics, VMRD Inc., Fujifilm, Randox Laboratories Ltd, and Idexx Laboratories.
Answer: Veterinary diagnostic test kits are tools used by veterinarians to diagnose and monitor animal health conditions. These kits are designed to detect the presence of specific markers, such as antibodies, antigens, or DNA, in animal samples such as blood, urine, or feces. Veterinary diagnostic test kits are available for a wide range of animal species, including dogs, cats, horses, cows, pigs, and birds. These kits are essential for diagnosing infectious diseases, genetic disorders, and other health conditions in animals..
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. India Veterinary Diagnostic Test Kits Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 List of Vendors in the Value Chain
4.4 Top 10 Leading Veterinary Diagnostic Companies in India
4.5 Top 10 Disease Parameter – Test Prescribed for Pet Animals
4.6 Top 10 Geography -Cities in India, 2022
5. India Veterinary Diagnostic Test Kits Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Rising Prevalence of Zoonotic Disease
5.1.2 Increase in Adoption of Companion Animals
5.1.3 Shift towards POCT Testing In Animals
5.2 Key Market Restraints
5.2.1 Lack of Skilled Professionals in Veterinary Research
5.2.2 Inadequate Veterinary Diagnostics Infrastructure
5.3 Key Market Opportunities
5.3.1 Untapped Market for Veterinary Diagnostics
5.4 Future Trends
5.4.1 Increasing Expenditure on Animal Well Being
5.5 Impact Analysis:
6. India Veterinary Diagnostic Test Kits Market - Market Analysis
6.1 India Veterinary Diagnostic Test Kits Market Revenue (US$ Mn), 2022 – 2030
7. India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 – by Product.
7.1 Overview
7.2 India Veterinary Diagnostic Test Kits Market Revenue Share, by Product Type, 2022 & 2030 (%)
7.3 ELISA Test Kits
7.3.1 Overview
7.3.2 ELISA Test Kits: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Polymerase Chain Reaction (PCR) Test Kits
7.4.1 Overview
7.4.2 Polymerase Chain Reaction (PCR) Test Kits: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
8. India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 – by Animal Type.
8.1 Overview
8.2 India Veterinary Diagnostic Test Kits Market Revenue Share, by Animal Type, 2022 & 2030 (%)
8.3 Companion Animal
8.3.1 Overview
8.3.2 Companion Animal: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
8.3.2.1 India Veterinary Diagnostic Test Kits Market, by Companion Animal Type, 2020–2030 (US$ Million)
8.4 Livestock Animal
8.4.1 Overview
8.4.2 Livestock Animal: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
8.4.2.1 India Veterinary Diagnostic Test Kits Market, by Livestock Animal Type, 2020–2030 (US$ Million)
9. India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 – by Application.
9.1 Overview
9.2 India Veterinary Diagnostic Test Kits Market Revenue Share, by Application, 2022 & 2030 (%)
9.3 Infectious Diseases
9.3.1 Overview
9.3.2 Infectious Diseases: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
9.3.2.1 India Veterinary Diagnostic Test Kits Market, by Infectious Diseases Type, 2020–2030 (US$ Million)
9.4 Non-Infectious Diseases
9.4.1 Overview
9.4.2 Non-Infectious Diseases: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
9.4.2.1 India Veterinary Diagnostic Test Kits Market, by Non-Infectious Diseases Type, 2020–2030 (US$ Million)
10. India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 – by Testing Type.
10.1 Overview
10.2 India Veterinary Diagnostic Test Kits Market Revenue Share, by Testing Type, 2022 & 2030 (%)
10.3 Laboratory Testing
10.3.1 Overview
10.3.2 Laboratory Testing: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
10.4 Rapid Testing (POC Testing)
10.4.1 Overview
10.4.2 Rapid Testing (POC Testing): India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
11. India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 – by End User.
11.1 Overview
11.2 India Veterinary Diagnostic Test Kits Market Revenue Share, by End User, 2022 & 2030 (%)
11.3 Veterinary Hospitals and Clinics
11.3.1 Overview
11.3.2 Veterinary Hospitals and Clinics: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
11.4 Animal Diagnostic Laboratories
11.4.1 Overview
11.4.2 Animal Diagnostic Laboratories: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
11.5 Veterinary Research Institutes and Universities
11.5.1 Overview
11.5.2 Veterinary Research Institutes and Universities: India Veterinary Diagnostic Test Kits Market – Revenue and Forecast to 2030 (US$ Million)
12. Pre & Post Covid-19 Impact
12.1 Pre & Post Covid-19 Impact
13. India Veterinary Diagnostic Test Kits Market– Industry Landscape
13.1 Overview
13.2 Growth Strategies
13.2.1 Overview
14. India Veterinary Diagnostic Test Kits Market– Company Profiles
14.1 Gold Standard Diagnostics Budapest Kft
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 Zoetis India Limited
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 Ubio Biotechnology Systems Pvt Ltd
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 Idexx Laboratories Inc
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 Thermo Fisher Scientific Inc
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 Secure Diagnostics Pvt Ltd
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 InBios International 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 VMRD Inc
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 FUJIFILM India Pvt Ltd
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 Randox Laboratories Ltd
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 Us
15.2 Glossary of Terms
List of Tables
Table 1. India Veterinary Diagnostic Test Kits Market Segmentation
Table 2. Top 10 Leading India Veterinary Diagnostic Test Kits
Table 3. Top 10 Disease Parameter – Test Prescribed for Pet Animals
Table 4. Top 10 Geography -Cities in India, 2022
Table 1. India Veterinary Diagnostic Test Kits Market, by Companion Animal Type – Revenue and Forecast to 2030 (US$ Million)
Table 2. India Veterinary Diagnostic Test Kits Market, by Livestock Animal Type – Revenue and Forecast to 2030 (US$ Million)
Table 3. India Veterinary Diagnostic Test Kits Market, by Infectious Diseases Type – Revenue and Forecast to 2030 (US$ Million)
Table 4. India Veterinary Diagnostic Test Kits Market, by Non-Infectious Diseases Type – Revenue and Forecast to 2030 (US$ Million)
Table 5. Recent Growth Strategies in India Veterinary Diagnostic Test Kits Market
Table 6. Glossary of Terms, India Veterinary Diagnostic Test Kits Market
List of Figures
Figure 1. India Veterinary Diagnostic Test Kits Market Segmentation, By Geography
Figure 2. PEST Analysis
Figure 3. List of Vendors in the Value Chain
Figure 4. India Veterinary Diagnostic Test Kits Market - Key Industry Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. India Veterinary Diagnostic Test Kits Market Revenue (US$ Mn), 2022 – 2030
Figure 7. India Veterinary Diagnostic Test Kits Market Revenue, Geography (US$ Mn), 2022 – 2030
Figure 1. India Veterinary Diagnostic Test Kits Market Revenue Share, by Product Type, 2022 & 2030 (%)
Figure 2. ELISA Test Kits: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 3. Polymerase chain reaction (PCR) Test Kits: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 4. India Veterinary Diagnostic Test Kits Market Revenue Share, by Animal Type, 2022 & 2030 (%)
Figure 5. Companion Animal: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 6. Livestock Animal: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 7. India Veterinary Diagnostic Test Kits Market Revenue Share, by Application, 2022 & 2030 (%)
Figure 8. Infectious Diseases: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 9. Non-Infectious Diseases: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 10. India Veterinary Diagnostic Test Kits Market Revenue Share, by Testing Type, 2022 & 2030 (%)
Figure 11. Laboratory Testing: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 12. Rapid Testing (POC Testing): India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 13. India Veterinary Diagnostic Test Kits Market Revenue Share, by End User, 2022 & 2030 (%)
Figure 14. Veterinary Hospitals and Clinics: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 15. Animal Diagnostic Laboratories: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 16. Veterinary Research Institutes and Universities: India Veterinary Diagnostic Test Kits Market– Revenue and Forecast to 2030 (US$ Million)
Figure 17. Pre & Post Covid-19 Impact
The List of Companies - India Veterinary Diagnostic Test Kits Market
- Zoetis, Inc.
- Secure Diagnostics
- Thermo Fisher Scientific
- Inbios India
- Ubio Bitechnology Systems
- Gold Standerd Diagnostics
- VMRD Inc.
- Fujifilm
- Randox Laboratories Ltd
- Idexx Laboratories
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.