The Medical Device Outsourcing Market is expected to register a CAGR of 11.6% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Services (Product Design and Development Services, Product Testing and Sterilization Services, Product Upgrade Services, Product Maintenance Services, Regulatory Consulting Services, Contract Manufacturing Services, and Other Services). The report further presents analysis based on the Application (Class I Medical Devices, Class II Medical Devices, and Class III Medical Devices),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 Medical Device Outsourcing 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.
Medical Device Outsourcing Market Segmentation
Services- Product Design and Development Services
- Product Testing and Sterilization Services
- Product Upgrade Services
- Product Maintenance Services
- Regulatory Consulting Services
- Contract Manufacturing Services
- Other Services
- Class I Medical Devices
- Class II Medical Devices
- Class III Medical Devices
Strategic Insights
Medical Device Outsourcing Market Growth Drivers- Growing Use of medical devices: Lower labor cost countries can help companies reduce their expenditure on production to compete better on prices, helping them gain the markets increasingly. The synergies between the growing medical devices market and the concept of outsourcing medical devices have been bringing important changes in the healthcare industry to innovate and make healthcare accessible in most of the developing regions. The growth of the medical devices market in developing countries is an important development for the growth of the market for outsourcing medical devices.
- Adoption of robotics and automation in manufacturing: Robotics and automation have led to a major shift in the medical device outsourcing market. Main effects include precision and consistency in production, hence quality. Automation would mean that savings in labor and time taken in production are realized, and companies can then respond to increased demand effectively. Robotics also simplifies complicated assembly operations that lead to better product innovation. Overall, this move further increases the level of competition and creates an opportunity through which firms can exploit the available resources in the development of new products that will be leverage in the growth of the outsourcing sector.
- Technological advancements in medical device modalities: New designs have miniaturized small, efficient devices for improvement in implantation procedures as well as patient comfort. The advancement in materials has resulted in low-risk complications and integration with the human body. Telehealth and remote monitoring technology has tracked health in real time for improving management and intervention strategies. Indeed, the clear driver behind the cardiac assist devices market is technological advancement
- Increasing consolidation of OEMs and contract manufacturers: Consolidation allows companies to effect economies of scale, which subsequently leads to reducing the cost per unit and increasing profit margins. Consolidation allows companies to offer a broader range of services from designing and manufacturing, quality control to regulatory compliance. Mergers and acquisitions also facilitate the diffusion of advanced technologies and know-how that gives birth to innovative product development. Thus, there is an unprecedented trend of consolidation in OEMs and contract manufacturers in the medical device outsourcing market.
- Growing interest of private equity firms in medical device contract manufacturing : With enormous funding coming in from private equity firms, contract manufacturers have been able to expand and innovate in their operations. It is quite evident that the involvement of private equity results in increased operational efficiencies and cost-cutting measures that in turn boost profitability. The innovation of private equity firms can be noted in terms of encouragement for research and development efforts that eventually materialize into new product lines. As interest from these firms seems to be growing in medical device contract manufacturing, it would be fair to say that the interests in the medical device outsourcing market are being altered by private equity firms.
- Rising Demand for Customization: Manufacturers are making the headlines in producing products that are personalized to the requirements of the patient and specific applications in the clinic. Outsourcing partners become accustomed to manufacturing smaller lots with quicker turnaround times to satisfy the customized orders. Customization trends in the medical device outsourcing market indicate the need for flexibility and innovation as companies respond to unique demands placed on their business by health care providers and patients.
- Increasing healthcare expenditure, infrastructure, and awareness in developing economies: As governments and private sectors invest more in healthcare, there’s a greater Advanced medical devices are in demand as more governments and private sectors invest in healthcare. Developing countries improve their facilities with modern technology to become an attractive place for outsourcing. Economic growth shifts the country to become an enlarged middle class, providing access to the population that can utilize healthcare services and devices. Investment in healthcare technology attracts growth economies, which is an advantage for the outsourcing partners. The rapidly increasing healthcare cost, better infrastructure, and growing awareness in developing economies are helping bring important prospects for the medical device outsourcing market.
- Regulatory Expertise: Companies with knowledge of regulations can help clients navigate their complex regulatory landscape and, therefore, have a faster time to market. Expertise in regulatory standards ensures products are safe and meet the required quality benchmarks, it could be considered one major opportunity for players in the medical device outsourcing market.
- Development of Cutting-Edge Technologies: Companies would be able to develop advanced devices, which make them more competitive and appealing in the marketplace. Innovation in manufacturing processes, which includes automation and smart manufacturing, can shave off considerable amounts of expenses while increasing output quality. Innovating in techniques for customization enables companies to respond to the needs of individual clients and patients, which increases satisfaction and loyalty. Focusing on innovation is a significant opportunity for players in the market of medical device outsourcing.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Medical Device Outsourcing 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 Medical Device Outsourcing 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
Rapidly growing medial devices industry is the factor driving market growth
Creganna Medical,General Electric Company, Heraeus Holding are the key players operating in the medical device outsourcing market
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
The Medical Device Outsourcing Market is estimated to witness a CAGR of 11.6% from 2023 to 2031
Product Design and Development Services accounts for highest revenue in product type in the market in 2023
Based on geography, Asia Pacific held the largest share of the medical device outsourcing market.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Medical Device Outsourcing Market - By Services
1.3.2 Medical Device Outsourcing Market - By Application
1.3.3 Medical Device Outsourcing Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MEDICAL DEVICE OUTSOURCING 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. MEDICAL DEVICE OUTSOURCING 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. MEDICAL DEVICE OUTSOURCING MARKET - GLOBAL MARKET ANALYSIS
6.1. MEDICAL DEVICE OUTSOURCING - GLOBAL MARKET OVERVIEW
6.2. MEDICAL DEVICE OUTSOURCING - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. MEDICAL DEVICE OUTSOURCING MARKET - REVENUE AND FORECASTS TO 2028 - SERVICES
7.1. OVERVIEW
7.2. SERVICES MARKET FORECASTS AND ANALYSIS
7.3. PRODUCT DESIGN AND DEVELOPMENT SERVICES
7.3.1. Overview
7.3.2. Product Design and Development Services Market Forecast and Analysis
7.4. PRODUCT TESTING AND STERILIZATION SERVICES
7.4.1. Overview
7.4.2. Product Testing and Sterilization Services Market Forecast and Analysis
7.5. PRODUCT UPGRADE SERVICES
7.5.1. Overview
7.5.2. Product Upgrade Services Market Forecast and Analysis
7.6. PRODUCT MAINTENANCE SERVICES
7.6.1. Overview
7.6.2. Product Maintenance Services Market Forecast and Analysis
7.7. REGULATORY CONSULTING SERVICES
7.7.1. Overview
7.7.2. Regulatory Consulting Services Market Forecast and Analysis
7.8. CONTRACT MANUFACTURING SERVICES
7.8.1. Overview
7.8.2. Contract Manufacturing Services Market Forecast and Analysis
7.9. OTHER SERVICES
7.9.1. Overview
7.9.2. Other Services Market Forecast and Analysis
8. MEDICAL DEVICE OUTSOURCING MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CLASS I MEDICAL DEVICES
8.3.1. Overview
8.3.2. Class I Medical Devices Market Forecast and Analysis
8.4. CLASS II MEDICAL DEVICES
8.4.1. Overview
8.4.2. Class II Medical Devices Market Forecast and Analysis
8.5. CLASS III MEDICAL DEVICES
8.5.1. Overview
8.5.2. Class III Medical Devices Market Forecast and Analysis
9. MEDICAL DEVICE OUTSOURCING MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Medical Device Outsourcing Market Overview
9.1.2 North America Medical Device Outsourcing Market Forecasts and Analysis
9.1.3 North America Medical Device Outsourcing Market Forecasts and Analysis - By Services
9.1.4 North America Medical Device Outsourcing Market Forecasts and Analysis - By Application
9.1.5 North America Medical Device Outsourcing Market Forecasts and Analysis - By Countries
9.1.5.1 United States Medical Device Outsourcing Market
9.1.5.1.1 United States Medical Device Outsourcing Market by Services
9.1.5.1.2 United States Medical Device Outsourcing Market by Application
9.1.5.2 Canada Medical Device Outsourcing Market
9.1.5.2.1 Canada Medical Device Outsourcing Market by Services
9.1.5.2.2 Canada Medical Device Outsourcing Market by Application
9.1.5.3 Mexico Medical Device Outsourcing Market
9.1.5.3.1 Mexico Medical Device Outsourcing Market by Services
9.1.5.3.2 Mexico Medical Device Outsourcing Market by Application
9.2. EUROPE
9.2.1 Europe Medical Device Outsourcing Market Overview
9.2.2 Europe Medical Device Outsourcing Market Forecasts and Analysis
9.2.3 Europe Medical Device Outsourcing Market Forecasts and Analysis - By Services
9.2.4 Europe Medical Device Outsourcing Market Forecasts and Analysis - By Application
9.2.5 Europe Medical Device Outsourcing Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Medical Device Outsourcing Market
9.2.5.1.1 Germany Medical Device Outsourcing Market by Services
9.2.5.1.2 Germany Medical Device Outsourcing Market by Application
9.2.5.2 France Medical Device Outsourcing Market
9.2.5.2.1 France Medical Device Outsourcing Market by Services
9.2.5.2.2 France Medical Device Outsourcing Market by Application
9.2.5.3 Italy Medical Device Outsourcing Market
9.2.5.3.1 Italy Medical Device Outsourcing Market by Services
9.2.5.3.2 Italy Medical Device Outsourcing Market by Application
9.2.5.4 Spain Medical Device Outsourcing Market
9.2.5.4.1 Spain Medical Device Outsourcing Market by Services
9.2.5.4.2 Spain Medical Device Outsourcing Market by Application
9.2.5.5 United Kingdom Medical Device Outsourcing Market
9.2.5.5.1 United Kingdom Medical Device Outsourcing Market by Services
9.2.5.5.2 United Kingdom Medical Device Outsourcing Market by Application
9.2.5.6 Rest of Europe Medical Device Outsourcing Market
9.2.5.6.1 Rest of Europe Medical Device Outsourcing Market by Services
9.2.5.6.2 Rest of Europe Medical Device Outsourcing Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Medical Device Outsourcing Market Overview
9.3.2 Asia-Pacific Medical Device Outsourcing Market Forecasts and Analysis
9.3.3 Asia-Pacific Medical Device Outsourcing Market Forecasts and Analysis - By Services
9.3.4 Asia-Pacific Medical Device Outsourcing Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Medical Device Outsourcing Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Medical Device Outsourcing Market
9.3.5.1.1 Australia Medical Device Outsourcing Market by Services
9.3.5.1.2 Australia Medical Device Outsourcing Market by Application
9.3.5.2 China Medical Device Outsourcing Market
9.3.5.2.1 China Medical Device Outsourcing Market by Services
9.3.5.2.2 China Medical Device Outsourcing Market by Application
9.3.5.3 India Medical Device Outsourcing Market
9.3.5.3.1 India Medical Device Outsourcing Market by Services
9.3.5.3.2 India Medical Device Outsourcing Market by Application
9.3.5.4 Japan Medical Device Outsourcing Market
9.3.5.4.1 Japan Medical Device Outsourcing Market by Services
9.3.5.4.2 Japan Medical Device Outsourcing Market by Application
9.3.5.5 South Korea Medical Device Outsourcing Market
9.3.5.5.1 South Korea Medical Device Outsourcing Market by Services
9.3.5.5.2 South Korea Medical Device Outsourcing Market by Application
9.3.5.6 Rest of Asia-Pacific Medical Device Outsourcing Market
9.3.5.6.1 Rest of Asia-Pacific Medical Device Outsourcing Market by Services
9.3.5.6.2 Rest of Asia-Pacific Medical Device Outsourcing Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Medical Device Outsourcing Market Overview
9.4.2 Middle East and Africa Medical Device Outsourcing Market Forecasts and Analysis
9.4.3 Middle East and Africa Medical Device Outsourcing Market Forecasts and Analysis - By Services
9.4.4 Middle East and Africa Medical Device Outsourcing Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Medical Device Outsourcing Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Medical Device Outsourcing Market
9.4.5.1.1 South Africa Medical Device Outsourcing Market by Services
9.4.5.1.2 South Africa Medical Device Outsourcing Market by Application
9.4.5.2 Saudi Arabia Medical Device Outsourcing Market
9.4.5.2.1 Saudi Arabia Medical Device Outsourcing Market by Services
9.4.5.2.2 Saudi Arabia Medical Device Outsourcing Market by Application
9.4.5.3 U.A.E Medical Device Outsourcing Market
9.4.5.3.1 U.A.E Medical Device Outsourcing Market by Services
9.4.5.3.2 U.A.E Medical Device Outsourcing Market by Application
9.4.5.4 Rest of Middle East and Africa Medical Device Outsourcing Market
9.4.5.4.1 Rest of Middle East and Africa Medical Device Outsourcing Market by Services
9.4.5.4.2 Rest of Middle East and Africa Medical Device Outsourcing Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Medical Device Outsourcing Market Overview
9.5.2 South and Central America Medical Device Outsourcing Market Forecasts and Analysis
9.5.3 South and Central America Medical Device Outsourcing Market Forecasts and Analysis - By Services
9.5.4 South and Central America Medical Device Outsourcing Market Forecasts and Analysis - By Application
9.5.5 South and Central America Medical Device Outsourcing Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Medical Device Outsourcing Market
9.5.5.1.1 Brazil Medical Device Outsourcing Market by Services
9.5.5.1.2 Brazil Medical Device Outsourcing Market by Application
9.5.5.2 Argentina Medical Device Outsourcing Market
9.5.5.2.1 Argentina Medical Device Outsourcing Market by Services
9.5.5.2.2 Argentina Medical Device Outsourcing Market by Application
9.5.5.3 Rest of South and Central America Medical Device Outsourcing Market
9.5.5.3.1 Rest of South and Central America Medical Device Outsourcing Market by Services
9.5.5.3.2 Rest of South and Central America Medical Device Outsourcing Market by Application
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL MEDICAL DEVICE OUTSOURCING MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
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. MEDICAL DEVICE OUTSOURCING MARKET, KEY COMPANY PROFILES
12.1. CREGANNA MEDICAL
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. GENERAL ELECTRIC COMPANY
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. HERAEUS HOLDING
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. INTEGER HOLDINGS CORPORATION
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. PLEXUS CORP.
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. JABIL INC.
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. MICRO SYSTEMS TECHNOLOGIES
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. OMNICA CORPORATION
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. PHILLIPS-MEDISIZE
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. SANMINA CORPORATION
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. Creganna Medical
2. General Electric Company
3. Heraeus Holding
4. Integer Holdings Corporation
5. Jabil Inc.
6. Micro Systems Technologies
7. Omnica Corporation
8. Phillips-Medisize
9. Sanmina Corporation
10. Plexus Corp.
11. SGS SA
12. IQVIA
13. Toxikon, Inc.
14. Eurofins Scientific SE
15. Pace Analytical Services, Inc.
16. Intertek Group plc
17. WuXi AppTec, Inc.
18. North American Science Associates, Inc.
19. Charles River Laboratories International, Inc.
20. PAREXEL International Corp.
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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