Intravascular Ultrasound Market Size and CAGR by 2031
The Intravascular Ultrasound Market is expected to register a CAGR of 8.0% 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 (Short PIVC, Integrated/Closed PIVC). Further, the market is segmented on the basis of Application (Oncology, Gastroenterology, Infectious Diseases, Renal Diseases, Others). The report is segmented by End User (Hospitals, Clinics, Ambulatory Surgical Centres, Others). 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 Intravascular Ultrasound 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.
Intravascular Ultrasound Market Segmentation
Product- Short PIVC
- Integrated/Closed PIVC
- Oncology
- Gastroenterology
- Infectious Diseases
- Renal Diseases
- Others
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Intravascular Ultrasound Market Growth Drivers- Rise in CVDs: Cardiovascular diseases (CVDs) continue to be the most significant cause of morbidity and mortality worldwide. CVDs affect heart and blood vessels, and include coronary heart disease, arrhythmias, and other conditions. For instance, according to the World Health Organization, CVDs are the leading cause of death globally, taking an estimated 17.9 million lives every year According to Centers of Disease Control and Prevention, about 1 in 20 adults aged 20 and older have coronary artery disease. The majority of CVDs can be prevented through pre-monitoring and pre-diagnosis using intravascular ultrasound devices. Therefore, the growing number of CVDs is propelling the demand for intravascular ultrasound devices.
- Increase in geriatric population: Most at risk of arrhythmias are the growing geriatric populations due to age-related heart changes, comorbidities, and polypharmacy. Patients of this age group suffer from hypertension, heart failure, diabetes, among many others, that increase the risks of arrhythmias. Physiological aging of the heart is a major causative factor in the onset and manifestation of CVD in aging adults due to increased oxidative stress and inflammation. Thus, the rise in the elderly population worldwide demands Intravascular Ultrasound Devices (IVUS), thereby fueling the market growth.
- Technological Advancement: Advanced imaging provides higher resolution and clearer images for improved diagnosis. IVUS equipment is now integrated with other imaging modalities, such as OCT, allowing better insight into interventions. Catheters are being miniaturized and made more flexible to facilitate easier maneuvers without discomfort to the patient. Such technological advancement changes its function and utility of IVUS in the clinic.
- Increasing Product Approvals and Launches: The intravascular ultrasound devices market is characterized by the presence of big and small companies. To increase their market share, market players are taking up various strategies such as new product launches, regional expansion, and technological advancements. Intravascular ultrasound devices are safer and more effective with continued innovation and technological advances, leading to increased acceptance. Leading players are investing in R&D to develop advanced technologies and gain more revenue share.
- Training and education: Training and education are also a key to enhancing skills and achieving the best outcomes from patients in the intravascular ultrasound market. Professional groups often offer certification courses to endorse the competency of clinicians in conducting intravascular ultrasound, thereby standardizing the knowledge and skills practiced by the clinicians. Sophisticated simulators provide practice in a risk-free setting, allowing users to hone their skills in image interpretation and procedural management.
- Collaborations and partnerships: Collaborations and partnerships in the intravascular ultrasound (IVUS) market have served as an essential stimulant for innovation and expansion of market reach. Intra-coronary and extracardiac collaborations between medical device companies and technology companies pave the way to develop sophisticated IVUS systems, combined with state-of-the-art imaging technologies and AI. Similarly, collaborations with hospitals and clinics enhance training programs and provide practitioners with access to the latest in IVUS technology and best practices. The partnerships drive the ultimate development and implementation of IVUS technologies, thereby enhancing the care and treatment for patients and growth in the cardiovascular sector.
- Increasing R&D Along with Improving Healthcare Infrastructure: To a large extent, innovations in AI and machine learning enhance the ability of CRM devices to provide better data analysis, predictive analytics, and personalized care in patients. Computers will enable better, detailed detection of irregular heart rhythms for earlier and more accurate diagnoses. This is a technological device, and the machine will collect data and analyze it, which may improve patient management and outcomes. In healthcare markets, high demands of AI-based cardiac rhythm management come mainly from three central drivers: technology, awareness for health, and preventive care.
- Integration with Other Technologies: The integration of IVUS with other technologies has improved the diagnostic and therapeutic potential in cardiovascular care. When combined with OCT, the integration helps to achieve higher resolutions of the vessel wall and lumen images, thus gaining in-depth details of plaque composition and structure. Real-time visualization of vascular structure is possible when IVUS is integrated with 3D mapping systems.
- AI Integration: AI can make feature identification of IVUS like plaque characteristics which may be very useful for understanding plaque composition that subsequently points to risk stratification and treatment planning. Data analytics integration might build predictive models for outcomes in patients. AI might facilitate real-time decision-making during procedures and help clinicians make appropriate decisions regarding stent placement and intervention strategy.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Intravascular Ultrasound 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 Intravascular Ultrasound 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
Integrated/Closed PIVC segment, by product, dominated the market in 2023.
Players operating in the market are General Electric, Koninklijke Philips, Canon Medical Systems, Siemens AG, Terumo Corp, Hitachi Ltd, Fujifilm Holdings, and Samsung Medison Co., Ltd.
Increasing R&D Along with Improving Healthcare Infrastructure act as a opportunity for growth of the market in forecast period.
North America region dominated the Intravascular Ultrasound market in 2023.
The Intravascular Ultrasound Market is estimated to witness a CAGR of 8.0% from 2023 to 2031
The major factors driving the Intravascular Ultrasound market are:
1. Rise in CVDs
2. Increase in geriatric population
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1. Intravascular Ultrasound Market- By Modality
1.3.2. Intravascular Ultrasound Market- By Product
1.3.3. Intravascular Ultrasound Market- By End User
1.3.4. Intravascular Ultrasound Market- By Region
1.3.4.1. By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. INTRAVASCULAR ULTRASOUND MARKET LANDSCAPE
4.1. MARKET 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 & Africa - PEST Analysis
4.2.5. South and Central America - PEST Analysis
5. INTRAVASCULAR ULTRASOUND MARKET- KEY INDUSTRY 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. INTRAVASCULAR ULTRASOUND MARKET- GLOBAL ANALYSIS
6.1. INTRAVASCULAR ULTRASOUND MARKET - GLOBAL MARKET OVERVIEW
6.2. INTRAVASCULAR ULTRASOUND MARKET - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/ MARKET SHARE OF KEY PLAYERS
7. INTRAVASCULAR ULTRASOUND MARKET REVENUE AND FORECASTS TO 2028 - MODALITY
7.1. OVERVIEW
7.2. MODALITY MARKET FORECASTS AND ANALYSIS
7.3. VIRTUAL HISTOLOGY IVUS MARKET
7.3.1. Overview
7.3.2. Virtual Histology IVUS Market Forecast and Analysis (US$ Mn)
7.4. IMAP IVUS MARKET
7.4.1. Overview
7.4.2. iMap IVUS Market Forecast and Analysis (US$ Mn)
7.5. INTEGRATED BACKSCATTER IVUS MARKET
7.5.1. Overview
7.5.2. Integrated Backscatter IVUS Market Forecast and Analysis (US$ Mn)
8. INTRAVASCULAR ULTRASOUND MARKET REVENUE AND FORECASTS TO 2028- PRODUCT
8.1. OVERVIEW
8.2. PRODUCT MARKET FORECASTS AND ANALYSIS
8.3. CONSOLES MARKET
8.3.1. Overview
8.3.2. Consoles Market Forecast and Analysis (US$ Mn)
8.4. CATHETERS MARKET
8.4.1. Overview
8.4.2. Catheters Market Forecast and Analysis (US$ Mn)
8.5. GUIDEWIRES MARKET
8.5.1. Overview
8.5.2. Guidewires Market Forecast and Analysis (US$ Mn)
8.6. OTHERS MARKET
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis (US$ Mn)
9. INTRAVASCULAR ULTRASOUND MARKET REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. HOSPITALS MARKET
9.3.1. Overview
9.3.2. Hospitals Market Forecast and Analysis (US$ Mn)
9.4. DIAGNOSTIC CENTERS MARKET
9.4.1. Overview
9.4.2. Diagnostic Centers Market Forecast and Analysis (US$ Mn)
9.5. ACADEMIC & RESEARCH INSTITUTES MARKET
9.5.1. Overview
9.5.2. Academic & Research Institutes Market Forecast and Analysis (US$ Mn)
10. INTRAVASCULAR ULTRASOUND MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA INTRAVASCULAR ULTRASOUND MARKET
10.1.1. North America Intravascular Ultrasound Market Forecasts and Analysis (US$ Mn)
10.1.2. North America Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.1.3. North America Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.1.4. North America Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.1.5. North America Intravascular Ultrasound Market Forecasts and Analysis - By Country
10.1.6. US Market Overview
10.1.6.1. US Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.1.6.2. US Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.1.6.3. US Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.1.7. Canada Market Overview
10.1.7.1. Canada Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.1.7.2. Canada Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.1.7.3. Canada Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.1.8. Mexico Market Overview
10.1.8.1. Mexico Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.1.8.2. Mexico Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.1.8.3. Mexico Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.2. EUROPE INTRAVASCULAR ULTRASOUND MARKET
10.2.1. Europe Intravascular Ultrasound Market Forecasts and Analysis (US$ Mn)
10.2.2. Europe Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.2.3. Europe Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.2.4. Europe Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.2.5. Europe Intravascular Ultrasound Market Forecasts and Analysis - By Country
10.2.6. UK Market Overview
10.2.6.1. UK Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.2.6.2. UK Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.2.6.3. UK Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.2.7. Germany Market Overview
10.2.7.1. Germany Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.2.7.2. Germany Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.2.7.3. Germany Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.2.8. France Market Overview
10.2.8.1. France Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.2.8.2. France Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.2.8.3. France Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.3. ASIA PACIFIC INTRAVASCULAR ULTRASOUND MARKET
10.3.1. Asia Pacific Intravascular Ultrasound Market Forecasts and Analysis (US$ Mn)
10.3.2. Asia Pacific Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.3.3. Asia Pacific Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.3.4. Asia Pacific Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.3.5. Asia Pacific Intravascular Ultrasound Market Forecasts and Analysis - By Country
10.3.6. China Market Overview
10.3.6.1. China Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.3.6.2. China Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.3.6.3. China Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.3.7. Japan Market Overview
10.3.7.1. Japan Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.3.7.2. Japan Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.3.7.3. Japan Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.3.8. India Market Overview
10.3.8.1. India Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.3.8.2. India Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.3.8.3. India Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.4. MIDDLE EAST AND AFRICA (MEA) INTRAVASCULAR ULTRASOUND MARKET
10.4.1. Middle East and Africa (MEA) Intravascular Ultrasound Market Forecasts and Analysis (US$ Mn)
10.4.2. Middle East and Africa (MEA) Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.4.3. Middle East and Africa Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.4.4. Middle East and Africa (MEA) Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.4.5. Middle East and Africa (MEA) Intravascular Ultrasound Market Forecasts and Analysis - By Country
10.4.6. UAE Market Overview
10.4.6.1. UAE Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.4.6.2. UAE Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.4.6.3. UAE Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.4.7. Saudi Arabia Market Overview
10.4.7.1. Saudi Arabia Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.4.7.2. Saudi Arabia Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.4.7.3. Saudi Arabia Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.4.8. South Africa Market Overview
10.4.8.1. South Africa Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.4.8.2. South Africa Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.4.8.3. South Africa Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.5. SOUTH AND CENTRAL AMERICA INTRAVASCULAR ULTRASOUND MARKET
10.5.1. South and Central America Intravascular Ultrasound Market Forecasts and Analysis (US$ Mn)
10.5.2. South and Central America Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.5.3. South and Central America Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.5.4. South and Central America Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
10.5.5. South and Central America Intravascular Ultrasound Market Forecasts and Analysis - By Country
10.5.6. Brazil Market Overview
10.5.6.1. Brazil Intravascular Ultrasound Market Forecasts and Analysis - By Modality (US$ Mn)
10.5.6.2. Brazil Intravascular Ultrasound Market Forecasts and Analysis - By Product (US$ Mn)
10.5.6.3. Brazil Intravascular Ultrasound Market Forecasts and Analysis - By End user (US$ Mn)
11. INDUSTRY LANDSCAPE
11.1. ORGANIC GROWTH STRATEGIES
11.1.1. New Modality Launches
11.1.2. Marketing & Promotional Activities
11.2. INORGANIC GROWTH STRATEGIES
11.2.1. Partnerships, Collaborations, and Joint Ventures
11.2.2. Mergers & Acquisitions
12. INTRAVASCULAR ULTRASOUND MARKET, KEY COMPANY PROFILES
12.1. GENERAL ELECTRIC
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Financial Overview
12.1.4. Modality Portfolio
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. KONINKLIJKE PHILIPS N.V.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Financial Overview
12.2.4. Modality Portfolio
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. CANON MEDICAL SYSTEMS CORPORATION
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Financial Overview
12.3.4. Modality Portfolio
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. SIEMENS AG
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Financial Overview
12.4.4. Modality Portfolio
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. TERUMO CORPORATION
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Financial Overview
12.5.4. Modality Portfolio
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. HITACHI, LTD.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Financial Overview
12.6.4. Modality Portfolio
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. SAMSUNG MEDISON CO., LTD.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Financial Overview
12.7.4. Modality Portfolio
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Financial Overview
12.8.4. Modality Portfolio
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. FUJIFILM HOLDINGS CORPORATION
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Financial Overview
12.9.4. Modality Portfolio
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. INFRAREDX, INC.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Financial Overview
12.10.4. Modality Portfolio
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. GENERAL ELECTRIC
2. Koninklijke Philips N.V.
3. CANON MEDICAL SYSTEMS CORPORATION
4. Siemens AG
5. TERUMO CORPORATION
6. Hitachi, Ltd.
7. Samsung Medison Co., Ltd.
8. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
9. Fujifilm Holdings Corporation
10. Infraredx, 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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