Left Atrial Appendage Closure Devices Market Scope and Size by 2031
The Left Atrial Appendage Closure Devices Market is expected to register a CAGR of 19.2% 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 Technique (Epicardial and Endocardial), Procedure (Percutaneous and Surgical), End-Use (Hospitals, Ambulatory Surgical Centers, and Others)
Purpose of the Report
The report Left Atrial Appendage Closure Devices 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.
Left Atrial Appendage Closure Devices Market Segmentation
Technique
- Epicardial and Endocardial
Procedure
- Percutaneous and Surgical
End User
- Hospitals
- Ambulatory Surgical Centers
- Others
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Left Atrial Appendage Closure Devices Market: Strategic Insights
| Market Size Value in | US$ 1195.40 million in 2022 |
| Market Size Value by | US$ 4870.64 million by 2030 |
| Growth rate | CAGR of 19.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Left Atrial Appendage Closure Devices Market Growth Drivers
- Rising Incidence of Atrial Fibrillation: The growing AFIB patient population acts as an important growth driver in the LAA closure devices market, as millions are suffering from it worldwide, which increases the risk of stroke due to clotting in the LAA. Due to the ageing population, the incidence of this arrhythmia will grow exponentially, in turn creating critical demand for effective stroke prevention solutions like LAA closure devices, thus driving the market in terms of growth and innovation.
- Growing Awareness of Stroke Prevention: Among patients, prevention of stroke is currently the primary driver for the LAA closure devices market. Increasing awareness among both healthcare providers as well as patients about the risk of stroke by AFib results in higher adoption of preventive measures. This increased awareness and the subsequent growth in the use of LAA closure devices provide an alternative to anticoagulation therapy and help in proactively managing AFib with more desirable outcomes in cardiovascular care.
- Regulatory Approvals: Regulatory clearances are the key growth drivers of the market for LAA closure devices. For instance, approval of the Watchman device and Amplatzer Amulet by the FDA has further opened markets for adoption of LAA closure procedures. Approvals from such regulatory bodies so the devices declared safe and effective that motivates the healthcare providers to include them in their treatment protocol. Such endorsements by the regulatory bodies give confidence among patients as well as clinicians who in turn increases the market size for such novel LAA closure solutions.
Left Atrial Appendage Closure Devices Market Future Trends
- Minimally Invasive Techniques: Minimally invasive techniques make up the most highlighted trend in LAA closure device market. These procedures cause less trauma to patients and require less time to recover than traditional open surgery. As more healthcare providers move toward adopting these techniques, the need for specific, bespoke LAA closure devices specially designed for minimally invasive approaches increases. Such improvements not only bring about satisfaction for the patients but also give better outcomes; as such, it is a vital focus for manufacturers and clinicians.
- Increased Use of Imaging Technologies: Increased adoption of imaging technologies has now altered the game in left atrial appendage closure devices. Advanced imaging methodologies, namely transesophageal echocardiography and 3D mapping, are used to create excellent visualization of LAA during procedures. Precise device placement is thereby made easy in an attempt at avoiding complications while improving success rates. Integration of imaging into LAA closure devices is therefore inevitable for healthcare facilities adopting such technologies to optimize patient outcomes and procedural efficiency.
- Focus on Patient-Centric Care: An increasing emphasis on patient-centric care is reflecting in the left atrial appendage closure devices market. Providers of healthcare services are increasingly concerned with comfort, safety, and satisfaction in patients receiving the treatment. A trend like this requires LAA closure devices that work but are user-friendly as well as possess low side effects. Such an emphasis on the needs and experiences of patients will open up clinical environments to greater acceptance and utilization of LAA closure solutions.
Left Atrial Appendage Closure Devices Market Opportunities
- Expansion into Emerging Markets: The market for devices intended for closure of the left atrial appendage (LAA) has plentiful opportunities for growth in the emerging markets. Improvement of healthcare infrastructure and growing awareness of atrial fibrillation and its complication stroke will lead to greater demand for LAA closure devices. Regions that incorporated growth strategies in the corporate structure will be able to grow their patient base and therefore position themselves at the forefront of the emerging competitive landscape.
- Collaboration with Research Institutions: Collaboration with research institutions offers a valuable opportunity for the growth of the LAA closure devices market. Research and development of advanced devices and technologies used in clinical procedures is achievable when manufacturers work hand in hand with academic and clinical research organizations. Such partnerships can lead to the production of effective devices that address different clinical needs, thus creating a competitive edge in the market and gaining the trust of the relevant professionals in charge of health care delivery.
- Focus on Clinical Trials: The undertaking of clinical trials is another significant opportunity for the market of LAA closure devices. Carrying out strong clinical trials towards regulatory approval for new devices will think about new product acceptance in the market. By proving better results than the already in place products, the marketing organizations will position their products as healthcare practitioners’ best options thereby increasing sales and market growth.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Left Atrial Appendage Closure Devices 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 Left Atrial Appendage Closure Devices 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
Technique, Procedure, End-Use, and 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
North America dominated the left atrial appendage closure devices market in 2023
The market drivers include rising incidence of atrial fibrillation and growing awareness of stroke prevention are driving the left atrial appendage closure devices market
Increased use of imaging technologies are likely to remain the key trend during the forecast period
The left atrial appendage closure devices market majorly consists of the players such as Abbott Laboratories, Boston Scientific Corporation, and Johnson & Johnson Services Inc. among others.
Asia Pacific region is likely to witness fastest growth rate during the forecast period.
The left atrial appendage closure devices market is estimated to grow with a CAGR of 19.2% from 2023 to 2031.
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 Left Atrial Appendage (LAA) Closure Devices Market - By Product
1.3.2 Left Atrial Appendage (LAA) Closure Devices Market - By End User
1.3.3 Left Atrial Appendage (LAA) Closure Devices Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES 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. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES - GLOBAL MARKET OVERVIEW
6.2. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. EPICARDIAL LAA CLOSURE DEVIC
7.3.1. Overview
7.3.2. Epicardial LAA Closure Devic Market Forecast and Analysis
7.4. ENDOCARDIAL LAA CLOSURE DEVICE
7.4.1. Overview
7.4.2. Endocardial LAA Closure Device Market Forecast and Analysis
8. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS
8.3.1. Overview
8.3.2. Hospitals Market Forecast and Analysis
8.4. AMBULATORY SURGICAL CENTERS
8.4.1. Overview
8.4.2. Ambulatory Surgical Centers Market Forecast and Analysis
8.5. HEART CLINICS.
8.5.1. Overview
8.5.2. Heart Clinics. Market Forecast and Analysis
9. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Left Atrial Appendage (LAA) Closure Devices Market Overview
9.1.2 North America Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis
9.1.3 North America Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Product
9.1.4 North America Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By End User
9.1.5 North America Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Countries
9.1.5.1 United States Left Atrial Appendage (LAA) Closure Devices Market
9.1.5.1.1 United States Left Atrial Appendage (LAA) Closure Devices Market by Product
9.1.5.1.2 United States Left Atrial Appendage (LAA) Closure Devices Market by End User
9.1.5.2 Canada Left Atrial Appendage (LAA) Closure Devices Market
9.1.5.2.1 Canada Left Atrial Appendage (LAA) Closure Devices Market by Product
9.1.5.2.2 Canada Left Atrial Appendage (LAA) Closure Devices Market by End User
9.1.5.3 Mexico Left Atrial Appendage (LAA) Closure Devices Market
9.1.5.3.1 Mexico Left Atrial Appendage (LAA) Closure Devices Market by Product
9.1.5.3.2 Mexico Left Atrial Appendage (LAA) Closure Devices Market by End User
9.1.5.4 US Left Atrial Appendage (LAA) Closure Devices Market
9.1.5.4.1 US Left Atrial Appendage (LAA) Closure Devices Market by Product
9.1.5.4.2 US Left Atrial Appendage (LAA) Closure Devices Market by End User
9.2. EUROPE
9.2.1 Europe Left Atrial Appendage (LAA) Closure Devices Market Overview
9.2.2 Europe Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis
9.2.3 Europe Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Product
9.2.4 Europe Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By End User
9.2.5 Europe Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Left Atrial Appendage (LAA) Closure Devices Market
9.2.5.1.1 Germany Left Atrial Appendage (LAA) Closure Devices Market by Product
9.2.5.1.2 Germany Left Atrial Appendage (LAA) Closure Devices Market by End User
9.2.5.2 France Left Atrial Appendage (LAA) Closure Devices Market
9.2.5.2.1 France Left Atrial Appendage (LAA) Closure Devices Market by Product
9.2.5.2.2 France Left Atrial Appendage (LAA) Closure Devices Market by End User
9.2.5.3 Italy Left Atrial Appendage (LAA) Closure Devices Market
9.2.5.3.1 Italy Left Atrial Appendage (LAA) Closure Devices Market by Product
9.2.5.3.2 Italy Left Atrial Appendage (LAA) Closure Devices Market by End User
9.2.5.4 Spain Left Atrial Appendage (LAA) Closure Devices Market
9.2.5.4.1 Spain Left Atrial Appendage (LAA) Closure Devices Market by Product
9.2.5.4.2 Spain Left Atrial Appendage (LAA) Closure Devices Market by End User
9.2.5.5 United Kingdom Left Atrial Appendage (LAA) Closure Devices Market
9.2.5.5.1 United Kingdom Left Atrial Appendage (LAA) Closure Devices Market by Product
9.2.5.5.2 United Kingdom Left Atrial Appendage (LAA) Closure Devices Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Left Atrial Appendage (LAA) Closure Devices Market Overview
9.3.2 Asia-Pacific Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis
9.3.3 Asia-Pacific Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Left Atrial Appendage (LAA) Closure Devices Market
9.3.5.1.1 Australia Left Atrial Appendage (LAA) Closure Devices Market by Product
9.3.5.1.2 Australia Left Atrial Appendage (LAA) Closure Devices Market by End User
9.3.5.2 China Left Atrial Appendage (LAA) Closure Devices Market
9.3.5.2.1 China Left Atrial Appendage (LAA) Closure Devices Market by Product
9.3.5.2.2 China Left Atrial Appendage (LAA) Closure Devices Market by End User
9.3.5.3 India Left Atrial Appendage (LAA) Closure Devices Market
9.3.5.3.1 India Left Atrial Appendage (LAA) Closure Devices Market by Product
9.3.5.3.2 India Left Atrial Appendage (LAA) Closure Devices Market by End User
9.3.5.4 Japan Left Atrial Appendage (LAA) Closure Devices Market
9.3.5.4.1 Japan Left Atrial Appendage (LAA) Closure Devices Market by Product
9.3.5.4.2 Japan Left Atrial Appendage (LAA) Closure Devices Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Left Atrial Appendage (LAA) Closure Devices Market Overview
9.4.2 Middle East and Africa Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis
9.4.3 Middle East and Africa Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Left Atrial Appendage (LAA) Closure Devices Market
9.4.5.1.1 South Africa Left Atrial Appendage (LAA) Closure Devices Market by Product
9.4.5.1.2 South Africa Left Atrial Appendage (LAA) Closure Devices Market by End User
9.4.5.2 Saudi Arabia Left Atrial Appendage (LAA) Closure Devices Market
9.4.5.2.1 Saudi Arabia Left Atrial Appendage (LAA) Closure Devices Market by Product
9.4.5.2.2 Saudi Arabia Left Atrial Appendage (LAA) Closure Devices Market by End User
9.4.5.3 U.A.E Left Atrial Appendage (LAA) Closure Devices Market
9.4.5.3.1 U.A.E Left Atrial Appendage (LAA) Closure Devices Market by Product
9.4.5.3.2 U.A.E Left Atrial Appendage (LAA) Closure Devices Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Left Atrial Appendage (LAA) Closure Devices Market Overview
9.5.2 South and Central America Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis
9.5.3 South and Central America Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Product
9.5.4 South and Central America Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By End User
9.5.5 South and Central America Left Atrial Appendage (LAA) Closure Devices Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Left Atrial Appendage (LAA) Closure Devices Market
9.5.5.1.1 Brazil Left Atrial Appendage (LAA) Closure Devices Market by Product
9.5.5.1.2 Brazil Left Atrial Appendage (LAA) Closure Devices Market by End User
9.5.5.2 Argentina Left Atrial Appendage (LAA) Closure Devices Market
9.5.5.2.1 Argentina Left Atrial Appendage (LAA) Closure Devices Market by Product
9.5.5.2.2 Argentina Left Atrial Appendage (LAA) Closure Devices Market by End User
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES MARKET, KEY COMPANY PROFILES
11.1. SENTREHEART, INC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DUNE MEDICAL DEVICES
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. COHEREX MEDICAL
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. LIFETECH SCIENTIFIC
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. ABBOTT
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. ATRICURE
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. BOSTON SCIENTIFIC CORPORATION
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. ST. JUDE MEDICAL
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. OCCLUTECH GMBH
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
- Sentreheart, Inc
- Dune Medical Devices
- Coherex Medical
- Lifetech Scientific
- Abbott
- Atricure
- Boston Scientific Corporation
- St. Jude Medical
- Occlutech GmbH
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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