Medical Grade Gels Market - Size and Forecast [2021-2031]
The Medical Grade Gels Market is expected to register a CAGR of 8.6% 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 Type (Ultrasound Gels, ECG Gels, Catheter Gels and Surgical Lubricants, Others). The report further presents analysis based on Type (Sterile, Non-sterile). Futher, it is segmented based on End-User (Hospitals, Clinics, Diagnostic Laboratories, 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 Medical Grade Gels 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 Grade Gels Market Segmentation
Product Type- Ultrasound Gels
- ECG Gels
- Catheter Gels and Surgical Lubricants
- Others
- Sterile
- Non-sterile
- Hospitals
- Clinics
- Diagnostic Laboratories
- Others
Strategic Insights
Medical Grade Gels Market Growth Drivers- Advances in Gel Formulations: Recent innovations of new formulations of gels, such as bioactive and antimicrobial gels, enhance healing. New products which reduce infections and heal faster are on their way to the market as more healthcare professionals seek these advanced solutions.
- Increasing Surgical Procedures: The growing number of surgical interventions, which can be prompted by both elective and necessary procedures, increases the demand for medical grade gels. The product becomes indispensable for surgical settings, which enhances healing, reduces complications, and fuels further market growth.
- Increasing Older Population: The number of old individuals in the world is on the rise and threatens more chronic wounds as well as skin conditions. This trend of aging forces a call for effective care of wounds; thus, medical-grade gels become critical products in age-related health care.
- Personalized Medicinal Gels: Medical gels are now growing to incorporate individual customization-leaving behind one-size fits all types of treatments for each patient. Of course, this is a national drift as far as personalized medicines-this further ascertains the treatment efficiency and patient's satisfaction with appropriate targeted therapeutic approaches.
- Emergence of Smart Technology: With promising entrants emerging from smart gels laden with sensors used in monitoring wound conditions, this even enables the requirement of real-time feedback and promotes patient outcomes by enabling practitioners health care intervention in due time, based on data collected from gels.
- Sustainability in Gel Production: Most importantly, there is now an emerging interest in sustainable practices in the production of medical grade gel. Manufacturers have been increasingly using "eco-friendly materials and processes" to serve the ever more ecologically conscious consumer base and also to meet global goals on sustainability.
- Collaboration with Biotech Companies: Biotec companies can be partnered with to research new gel formulations, including regenerative medicine. That will help achieve significant products that advance wound healing and tissue regeneration, a new domain that is hugely unexplored.
- Home Healthcare Growth: Due to the demand for high adoption of home healthcare solutions, great opportunities exist for medical-grade gels. Given the increasing number of patients who are treated at home, the demand for efficient and effective wound care products would continue to increase and drive the market upwards.
- Education and Training Programs: There is a worthwhile opportunity to implement education programs among healthcare professionals about the benefits and application of medical-grade gels. Superior educational programs always improve adoption rates and enhance patient outcomes, thereby boosting market penetration and product usage.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Medical Grade Gels 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 Grade Gels 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
This text is related
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
Parker Laboratories, Cardinal Health, and DJO Global are some of the major players operating in the market.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global medical grade gels market from 2021 to 2031, and it also determines the prevailing opportunities.
Asia Pacific region accounted for the highest CAGR in the medical grade gels market.
The major factors driving the medical grade gels market are:
1. Advances in Gel Formulations.
2. Increasing Surgical Procedures.
North America region dominated the medical grade gels market in 2023.
The Medical Grade Gels Market is estimated to witness a CAGR of 8.6% from 2023 to 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Medical Grade Gels Market - By Product Type
1.3.2 Medical Grade Gels Market - By Type
1.3.3 Medical Grade Gels Market - By End-User
1.3.4 Medical Grade Gels Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MEDICAL GRADE GELS 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 GRADE GELS 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 GRADE GELS MARKET - GLOBAL MARKET ANALYSIS
6.1. MEDICAL GRADE GELS - GLOBAL MARKET OVERVIEW
6.2. MEDICAL GRADE GELS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MEDICAL GRADE GELS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. ULTRASOUND GELS
7.3.1. Overview
7.3.2. Ultrasound Gels Market Forecast and Analysis
7.4. ECG GELS
7.4.1. Overview
7.4.2. ECG Gels Market Forecast and Analysis
7.5. CATHETER GELS AND SURGICAL LUBRICANTS
7.5.1. Overview
7.5.2. Catheter Gels and Surgical Lubricants Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. MEDICAL GRADE GELS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
8.1. OVERVIEW
8.2. TYPE MARKET FORECASTS AND ANALYSIS
8.3. STERILE
8.3.1. Overview
8.3.2. Sterile Market Forecast and Analysis
8.4. NON-STERILE
8.4.1. Overview
8.4.2. Non-sterile Market Forecast and Analysis
9. MEDICAL GRADE GELS MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
9.1. OVERVIEW
9.2. END-USER MARKET FORECASTS AND ANALYSIS
9.3. HOSPITALS
9.3.1. Overview
9.3.2. Hospitals Market Forecast and Analysis
9.4. CLINICS
9.4.1. Overview
9.4.2. Clinics Market Forecast and Analysis
9.5. DIAGNOSTIC LABORATORIES
9.5.1. Overview
9.5.2. Diagnostic Laboratories Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. MEDICAL GRADE GELS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Medical Grade Gels Market Overview
10.1.2 North America Medical Grade Gels Market Forecasts and Analysis
10.1.3 North America Medical Grade Gels Market Forecasts and Analysis - By Product Type
10.1.4 North America Medical Grade Gels Market Forecasts and Analysis - By Type
10.1.5 North America Medical Grade Gels Market Forecasts and Analysis - By End-User
10.1.6 North America Medical Grade Gels Market Forecasts and Analysis - By Countries
10.1.6.1 United States Medical Grade Gels Market
10.1.6.1.1 United States Medical Grade Gels Market by Product Type
10.1.6.1.2 United States Medical Grade Gels Market by Type
10.1.6.1.3 United States Medical Grade Gels Market by End-User
10.1.6.2 Canada Medical Grade Gels Market
10.1.6.2.1 Canada Medical Grade Gels Market by Product Type
10.1.6.2.2 Canada Medical Grade Gels Market by Type
10.1.6.2.3 Canada Medical Grade Gels Market by End-User
10.1.6.3 Mexico Medical Grade Gels Market
10.1.6.3.1 Mexico Medical Grade Gels Market by Product Type
10.1.6.3.2 Mexico Medical Grade Gels Market by Type
10.1.6.3.3 Mexico Medical Grade Gels Market by End-User
10.2. EUROPE
10.2.1 Europe Medical Grade Gels Market Overview
10.2.2 Europe Medical Grade Gels Market Forecasts and Analysis
10.2.3 Europe Medical Grade Gels Market Forecasts and Analysis - By Product Type
10.2.4 Europe Medical Grade Gels Market Forecasts and Analysis - By Type
10.2.5 Europe Medical Grade Gels Market Forecasts and Analysis - By End-User
10.2.6 Europe Medical Grade Gels Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Medical Grade Gels Market
10.2.6.1.1 Germany Medical Grade Gels Market by Product Type
10.2.6.1.2 Germany Medical Grade Gels Market by Type
10.2.6.1.3 Germany Medical Grade Gels Market by End-User
10.2.6.2 France Medical Grade Gels Market
10.2.6.2.1 France Medical Grade Gels Market by Product Type
10.2.6.2.2 France Medical Grade Gels Market by Type
10.2.6.2.3 France Medical Grade Gels Market by End-User
10.2.6.3 Italy Medical Grade Gels Market
10.2.6.3.1 Italy Medical Grade Gels Market by Product Type
10.2.6.3.2 Italy Medical Grade Gels Market by Type
10.2.6.3.3 Italy Medical Grade Gels Market by End-User
10.2.6.4 Spain Medical Grade Gels Market
10.2.6.4.1 Spain Medical Grade Gels Market by Product Type
10.2.6.4.2 Spain Medical Grade Gels Market by Type
10.2.6.4.3 Spain Medical Grade Gels Market by End-User
10.2.6.5 United Kingdom Medical Grade Gels Market
10.2.6.5.1 United Kingdom Medical Grade Gels Market by Product Type
10.2.6.5.2 United Kingdom Medical Grade Gels Market by Type
10.2.6.5.3 United Kingdom Medical Grade Gels Market by End-User
10.2.6.6 Rest of Europe Medical Grade Gels Market
10.2.6.6.1 Rest of Europe Medical Grade Gels Market by Product Type
10.2.6.6.2 Rest of Europe Medical Grade Gels Market by Type
10.2.6.6.3 Rest of Europe Medical Grade Gels Market by End-User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Medical Grade Gels Market Overview
10.3.2 Asia-Pacific Medical Grade Gels Market Forecasts and Analysis
10.3.3 Asia-Pacific Medical Grade Gels Market Forecasts and Analysis - By Product Type
10.3.4 Asia-Pacific Medical Grade Gels Market Forecasts and Analysis - By Type
10.3.5 Asia-Pacific Medical Grade Gels Market Forecasts and Analysis - By End-User
10.3.6 Asia-Pacific Medical Grade Gels Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Medical Grade Gels Market
10.3.6.1.1 Australia Medical Grade Gels Market by Product Type
10.3.6.1.2 Australia Medical Grade Gels Market by Type
10.3.6.1.3 Australia Medical Grade Gels Market by End-User
10.3.6.2 China Medical Grade Gels Market
10.3.6.2.1 China Medical Grade Gels Market by Product Type
10.3.6.2.2 China Medical Grade Gels Market by Type
10.3.6.2.3 China Medical Grade Gels Market by End-User
10.3.6.3 India Medical Grade Gels Market
10.3.6.3.1 India Medical Grade Gels Market by Product Type
10.3.6.3.2 India Medical Grade Gels Market by Type
10.3.6.3.3 India Medical Grade Gels Market by End-User
10.3.6.4 Japan Medical Grade Gels Market
10.3.6.4.1 Japan Medical Grade Gels Market by Product Type
10.3.6.4.2 Japan Medical Grade Gels Market by Type
10.3.6.4.3 Japan Medical Grade Gels Market by End-User
10.3.6.5 South Korea Medical Grade Gels Market
10.3.6.5.1 South Korea Medical Grade Gels Market by Product Type
10.3.6.5.2 South Korea Medical Grade Gels Market by Type
10.3.6.5.3 South Korea Medical Grade Gels Market by End-User
10.3.6.6 Rest of Asia-Pacific Medical Grade Gels Market
10.3.6.6.1 Rest of Asia-Pacific Medical Grade Gels Market by Product Type
10.3.6.6.2 Rest of Asia-Pacific Medical Grade Gels Market by Type
10.3.6.6.3 Rest of Asia-Pacific Medical Grade Gels Market by End-User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Medical Grade Gels Market Overview
10.4.2 Middle East and Africa Medical Grade Gels Market Forecasts and Analysis
10.4.3 Middle East and Africa Medical Grade Gels Market Forecasts and Analysis - By Product Type
10.4.4 Middle East and Africa Medical Grade Gels Market Forecasts and Analysis - By Type
10.4.5 Middle East and Africa Medical Grade Gels Market Forecasts and Analysis - By End-User
10.4.6 Middle East and Africa Medical Grade Gels Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Medical Grade Gels Market
10.4.6.1.1 South Africa Medical Grade Gels Market by Product Type
10.4.6.1.2 South Africa Medical Grade Gels Market by Type
10.4.6.1.3 South Africa Medical Grade Gels Market by End-User
10.4.6.2 Saudi Arabia Medical Grade Gels Market
10.4.6.2.1 Saudi Arabia Medical Grade Gels Market by Product Type
10.4.6.2.2 Saudi Arabia Medical Grade Gels Market by Type
10.4.6.2.3 Saudi Arabia Medical Grade Gels Market by End-User
10.4.6.3 U.A.E Medical Grade Gels Market
10.4.6.3.1 U.A.E Medical Grade Gels Market by Product Type
10.4.6.3.2 U.A.E Medical Grade Gels Market by Type
10.4.6.3.3 U.A.E Medical Grade Gels Market by End-User
10.4.6.4 Rest of Middle East and Africa Medical Grade Gels Market
10.4.6.4.1 Rest of Middle East and Africa Medical Grade Gels Market by Product Type
10.4.6.4.2 Rest of Middle East and Africa Medical Grade Gels Market by Type
10.4.6.4.3 Rest of Middle East and Africa Medical Grade Gels Market by End-User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Medical Grade Gels Market Overview
10.5.2 South and Central America Medical Grade Gels Market Forecasts and Analysis
10.5.3 South and Central America Medical Grade Gels Market Forecasts and Analysis - By Product Type
10.5.4 South and Central America Medical Grade Gels Market Forecasts and Analysis - By Type
10.5.5 South and Central America Medical Grade Gels Market Forecasts and Analysis - By End-User
10.5.6 South and Central America Medical Grade Gels Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Medical Grade Gels Market
10.5.6.1.1 Brazil Medical Grade Gels Market by Product Type
10.5.6.1.2 Brazil Medical Grade Gels Market by Type
10.5.6.1.3 Brazil Medical Grade Gels Market by End-User
10.5.6.2 Argentina Medical Grade Gels Market
10.5.6.2.1 Argentina Medical Grade Gels Market by Product Type
10.5.6.2.2 Argentina Medical Grade Gels Market by Type
10.5.6.2.3 Argentina Medical Grade Gels Market by End-User
10.5.6.3 Rest of South and Central America Medical Grade Gels Market
10.5.6.3.1 Rest of South and Central America Medical Grade Gels Market by Product Type
10.5.6.3.2 Rest of South and Central America Medical Grade Gels Market by Type
10.5.6.3.3 Rest of South and Central America Medical Grade Gels Market by End-User
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL MEDICAL GRADE GELS MARKET
11.1 North America
11.2 Europe
11.3 Asia-Pacific
11.4 Middle East and Africa
11.5 South and Central America
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. MEDICAL GRADE GELS MARKET, KEY COMPANY PROFILES
13.1. PARKER LABORATORIES, INC.
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. HR PHARMACEUTICALS
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. ULTRAGEL HUNGARY 2000 KFT. (OMNIA HEALTH)
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. ECO-MED PHARMACEUTICAL, INC.
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. TENTAN AG (SCHAER PHARMA SERVICES)
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. TRIVITRON HEALTHCARE PVT LTD.
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. CARDINAL HEALTH
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. DJO GLOBAL
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. DERMEDICS
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. MEDLAN
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
1. Parker Laboratories, Inc.
2. HR Pharmaceuticals
3. Ultragel Hungary 2000 KFT. (Omnia Health)
4. Eco-Med Pharmaceutical, Inc.
5. Tentan AG (Schaer Pharma Services)
6. Trivitron Healthcare Pvt Ltd.
7. Cardinal Health
8. DJO Global
9. Dermedics
10. Medlan
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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