The Modular Laboratory Automation Market is expected to register a CAGR of 6.9% 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 Equipment and Software (Automated Liquid Handlers, Automated Plate Handlers, Robotic Arms, Automated Storage and Retrieval Systems (ASRS), Software, Analyzers). The report further presents analysis based on the Application (Drug Discovery, Genomics, Proteomics, Clinical diagnostics). 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 Modular Laboratory Automation 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.
Modular Laboratory Automation Market Segmentation
Equipment and Software- Automated Liquid Handlers
- Automated Plate Handlers
- Robotic Arms
- Automated Storage and Retrieval Systems
- Software
- Analyzers
- Drug Discovery
- Genomics
- Proteomics
- Clinical diagnostics
Strategic Insights
Modular Laboratory Automation Market Growth Drivers- Increased Demand for High-Throughput Testing and Analysis: A laboratory now faces increasing demands from research with the high volume of data and high-throughput testing. Research has become complicated with personalized medicine and has spread into many fields of biotechnology, and faster testing needs increasement in accuracy. Modular laboratory automation systems prove to be capable of handling high-throughput demand and help increase productivity in the laboratory by reducing repetitive actions and overall processing time. Automating the activities such as sample preparation, analysis, and data collection ensures that these bring out the high-throughput laboratories in meeting the increasing results speed and accuracy demand, creating room for their growth.
- Advancements in Robotic Technology: Integration of the most advanced robotic technology has been perhaps the most important engine that drives modular laboratory automation. Increasingly, robotic equipment is assigned to automating the most common laboratory chores such as pipetting, sorting, and sample handling. Such systems have very easy customization and hence easily adapt to a wide spectrum of laboratory operations, thus allowing an increase in efficiency and precision. The advancements in the realms of artificial intelligence and ML have also further widened what can be done with robotics, now more capable of solving more complex tasks with an amount of precision much bigger than earlier. All of these innovations allow modular automation systems to provide a diverse array of solutions through other industries, pharmaceuticals among them; health care; and life sciences.
- Efficiency in Cost Reductions: The necessity for modular laboratory automation comes on the heels of a demand for reducing operational costs and enhancing efficiency in those same operations. In spite of the cost of an automated system when first installing it, this sort of solution tends to lower the long-term cost of running logic through better efficiency in workflow along with lowered errors due to human judgment. End automated systems eliminate the need for manual intervention, thus reducing labor costs and the risk of really expensive mistakes in sensitive processes. Modular space solutions become more and more attractive as improvements in productivity are made while costs are lowered in operations.
- Integration of AI and Machine Learning: This is what the future brings with the coalescence of artificial intelligence and machine learning, as they help transform the modular laboratory automation space. The uses of these technologies are toward the optimization of laboratory processes, such as in data analysis, predictive maintenance, and decision-making. Artificial Intelligence systems can help automate mundane duties, distinguish between data elements that are not seen by human eyes, and predict the outputs of experiments based on historical data. This trend can thus be expected because such advances will surely lead to increasingly streamlined laboratory processes with reduced errors.
- Miniaturization of Automation Systems: The miniaturization of modular automation solutions is emerging as one of the major trends because more laboratory users demand their systems to compact, versatile module. Smaller and more flexible devices are also easier to fit into existing lab arrangements and are beneficial especially in places with limited space. Bringing about miniaturization, automation systems are more accessible to smaller labs; remove contamination and error by handling small samples with increased precision. This trend is especially relevant in biotechnology because sample manipulation often entails working with minute amounts of reagents and samples.
- Adoption of Cloud-based Automation Solutions: Cloud Computing is redefining the automation paradigm for laboratories. Most of modular systems nowadays already have cloud-ready functions. Many now allow remote monitoring of units, associated data management, and cooperation across different research teams in various locations. Cloud-based options to consider would be for more open modes of integrating diverse instruments and software to build one big automation system. Thus, it can obtain benefits in terms of flexibility and scalability.
- Modification and Blueprinting with Old Systems: Customization in the automation market extends to modular automations fitting into existing laboratory layouts. Most laboratories are averse to full replacement of their legacy equipment, even though such equipment is too costly to replace. It would not necessarily mean that laboratories are not taking into consideration into the recognition of such need, from companies, whom they will be most likely looking to satisfy, demands for such solutions. Common choices in this regard have been modular automation systems keeping pace with antiquated systems, customization options such as user-friendly interfaces, as well as integrations with specific software.
- Sustainability and Green Laboratory Automation: As their personalities are more environmentally friendly, there will be growing movements toward the adoption of more sustainable, energy-efficient automation. The development of modular automation systems with waste minimizers, which consume less energy and depend significantly less on consumables, creates very huge potentials in this area. Because of this, sustainability is growing in importance among research institutions and commercial laboratories; as a result, more and more demand will be presented by players who offer such solutions into the market.
- Increased R&D and Innovations Funding: Yet again, there is opportunity for most players as the modular laboratory automation market is under continuous investment in research and development. Therefore, as demand rises toward more sophisticated and efficient systems, organizations that prioritize investments within their R&D arms in the development of new features will remain competitively ahead through flexibility and the latest technological advancements.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Modular Laboratory Automation 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 Modular Laboratory Automation 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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Frequently Asked Questions
Automated Liquid Handlers segment, by Equipment and Software, dominated the market in 2023.
Players operating in the market are Thermo Fisher Scientific, Danaher Corporation, Hudson Robotics, Inc, Becton Dickinson, Siemens Healthcare, BD, Agilent Technologies, Synchron Lab Automation, Tecan Group
North America region dominated the Modular Laboratory Automation market in 2023.
Modification and Blueprinting with Old Systems act as a opportunity for growth of the market in forecast period.
The Modular Laboratory Automation Market is estimated to witness a CAGR of 6.9% from 2023 to 2031
The major factors driving the Modular Laboratory Automation market are:
1. Increased Demand for High-Throughput Testing and Analysis
2. Advancements in Robotic Technology
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Modular Laboratory Automation Market - By Equipment and Software
1.3.2 Modular Laboratory Automation Market - By Application
1.3.3 Modular Laboratory Automation Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MODULAR LABORATORY AUTOMATION 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. MODULAR LABORATORY AUTOMATION 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. MODULAR LABORATORY AUTOMATION MARKET - GLOBAL MARKET ANALYSIS
6.1. MODULAR LABORATORY AUTOMATION - GLOBAL MARKET OVERVIEW
6.2. MODULAR LABORATORY AUTOMATION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MODULAR LABORATORY AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - EQUIPMENT AND SOFTWARE
7.1. OVERVIEW
7.2. EQUIPMENT AND SOFTWARE MARKET FORECASTS AND ANALYSIS
7.3. AUTOMATED LIQUID HANDLERS
7.3.1. Overview
7.3.2. Automated Liquid Handlers Market Forecast and Analysis
7.4. AUTOMATED PLATE HANDLERS
7.4.1. Overview
7.4.2. Automated Plate Handlers Market Forecast and Analysis
7.5. ROBOTIC ARMS
7.5.1. Overview
7.5.2. Robotic Arms Market Forecast and Analysis
7.6. AUTOMATED STORAGE AND RETRIEVAL SYSTEMS (ASRS)
7.6.1. Overview
7.6.2. Automated Storage and Retrieval Systems (ASRS) Market Forecast and Analysis
7.7. SOFTWARE
7.7.1. Overview
7.7.2. Software Market Forecast and Analysis
7.8. ANALYZERS
7.8.1. Overview
7.8.2. Analyzers Market Forecast and Analysis
8. MODULAR LABORATORY AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. DRUG DISCOVERY
8.3.1. Overview
8.3.2. Drug Discovery Market Forecast and Analysis
8.4. GENOMICS
8.4.1. Overview
8.4.2. Genomics Market Forecast and Analysis
8.5. PROTEOMICS
8.5.1. Overview
8.5.2. proteomics Market Forecast and Analysis
8.6. CLINICAL DIAGNOSTICS
8.6.1. Overview
8.6.2. Clinical diagnostics Market Forecast and Analysis
9. MODULAR LABORATORY AUTOMATION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Modular Laboratory Automation Market Overview
9.1.2 North America Modular Laboratory Automation Market Forecasts and Analysis
9.1.3 North America Modular Laboratory Automation Market Forecasts and Analysis - By Equipment and Software
9.1.4 North America Modular Laboratory Automation Market Forecasts and Analysis - By Application
9.1.5 North America Modular Laboratory Automation Market Forecasts and Analysis - By Countries
9.1.5.1 United States Modular Laboratory Automation Market
9.1.5.1.1 United States Modular Laboratory Automation Market by Equipment and Software
9.1.5.1.2 United States Modular Laboratory Automation Market by Application
9.1.5.2 Canada Modular Laboratory Automation Market
9.1.5.2.1 Canada Modular Laboratory Automation Market by Equipment and Software
9.1.5.2.2 Canada Modular Laboratory Automation Market by Application
9.1.5.3 Mexico Modular Laboratory Automation Market
9.1.5.3.1 Mexico Modular Laboratory Automation Market by Equipment and Software
9.1.5.3.2 Mexico Modular Laboratory Automation Market by Application
9.2. EUROPE
9.2.1 Europe Modular Laboratory Automation Market Overview
9.2.2 Europe Modular Laboratory Automation Market Forecasts and Analysis
9.2.3 Europe Modular Laboratory Automation Market Forecasts and Analysis - By Equipment and Software
9.2.4 Europe Modular Laboratory Automation Market Forecasts and Analysis - By Application
9.2.5 Europe Modular Laboratory Automation Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Modular Laboratory Automation Market
9.2.5.1.1 Germany Modular Laboratory Automation Market by Equipment and Software
9.2.5.1.2 Germany Modular Laboratory Automation Market by Application
9.2.5.2 France Modular Laboratory Automation Market
9.2.5.2.1 France Modular Laboratory Automation Market by Equipment and Software
9.2.5.2.2 France Modular Laboratory Automation Market by Application
9.2.5.3 Italy Modular Laboratory Automation Market
9.2.5.3.1 Italy Modular Laboratory Automation Market by Equipment and Software
9.2.5.3.2 Italy Modular Laboratory Automation Market by Application
9.2.5.4 Spain Modular Laboratory Automation Market
9.2.5.4.1 Spain Modular Laboratory Automation Market by Equipment and Software
9.2.5.4.2 Spain Modular Laboratory Automation Market by Application
9.2.5.5 United Kingdom Modular Laboratory Automation Market
9.2.5.5.1 United Kingdom Modular Laboratory Automation Market by Equipment and Software
9.2.5.5.2 United Kingdom Modular Laboratory Automation Market by Application
9.2.5.6 Rest of Europe Modular Laboratory Automation Market
9.2.5.6.1 Rest of Europe Modular Laboratory Automation Market by Equipment and Software
9.2.5.6.2 Rest of Europe Modular Laboratory Automation Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Modular Laboratory Automation Market Overview
9.3.2 Asia-Pacific Modular Laboratory Automation Market Forecasts and Analysis
9.3.3 Asia-Pacific Modular Laboratory Automation Market Forecasts and Analysis - By Equipment and Software
9.3.4 Asia-Pacific Modular Laboratory Automation Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Modular Laboratory Automation Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Modular Laboratory Automation Market
9.3.5.1.1 Australia Modular Laboratory Automation Market by Equipment and Software
9.3.5.1.2 Australia Modular Laboratory Automation Market by Application
9.3.5.2 China Modular Laboratory Automation Market
9.3.5.2.1 China Modular Laboratory Automation Market by Equipment and Software
9.3.5.2.2 China Modular Laboratory Automation Market by Application
9.3.5.3 India Modular Laboratory Automation Market
9.3.5.3.1 India Modular Laboratory Automation Market by Equipment and Software
9.3.5.3.2 India Modular Laboratory Automation Market by Application
9.3.5.4 Japan Modular Laboratory Automation Market
9.3.5.4.1 Japan Modular Laboratory Automation Market by Equipment and Software
9.3.5.4.2 Japan Modular Laboratory Automation Market by Application
9.3.5.5 South Korea Modular Laboratory Automation Market
9.3.5.5.1 South Korea Modular Laboratory Automation Market by Equipment and Software
9.3.5.5.2 South Korea Modular Laboratory Automation Market by Application
9.3.5.6 Rest of Asia-Pacific Modular Laboratory Automation Market
9.3.5.6.1 Rest of Asia-Pacific Modular Laboratory Automation Market by Equipment and Software
9.3.5.6.2 Rest of Asia-Pacific Modular Laboratory Automation Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Modular Laboratory Automation Market Overview
9.4.2 Middle East and Africa Modular Laboratory Automation Market Forecasts and Analysis
9.4.3 Middle East and Africa Modular Laboratory Automation Market Forecasts and Analysis - By Equipment and Software
9.4.4 Middle East and Africa Modular Laboratory Automation Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Modular Laboratory Automation Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Modular Laboratory Automation Market
9.4.5.1.1 South Africa Modular Laboratory Automation Market by Equipment and Software
9.4.5.1.2 South Africa Modular Laboratory Automation Market by Application
9.4.5.2 Saudi Arabia Modular Laboratory Automation Market
9.4.5.2.1 Saudi Arabia Modular Laboratory Automation Market by Equipment and Software
9.4.5.2.2 Saudi Arabia Modular Laboratory Automation Market by Application
9.4.5.3 U.A.E Modular Laboratory Automation Market
9.4.5.3.1 U.A.E Modular Laboratory Automation Market by Equipment and Software
9.4.5.3.2 U.A.E Modular Laboratory Automation Market by Application
9.4.5.4 Rest of Middle East and Africa Modular Laboratory Automation Market
9.4.5.4.1 Rest of Middle East and Africa Modular Laboratory Automation Market by Equipment and Software
9.4.5.4.2 Rest of Middle East and Africa Modular Laboratory Automation Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Modular Laboratory Automation Market Overview
9.5.2 South and Central America Modular Laboratory Automation Market Forecasts and Analysis
9.5.3 South and Central America Modular Laboratory Automation Market Forecasts and Analysis - By Equipment and Software
9.5.4 South and Central America Modular Laboratory Automation Market Forecasts and Analysis - By Application
9.5.5 South and Central America Modular Laboratory Automation Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Modular Laboratory Automation Market
9.5.5.1.1 Brazil Modular Laboratory Automation Market by Equipment and Software
9.5.5.1.2 Brazil Modular Laboratory Automation Market by Application
9.5.5.2 Argentina Modular Laboratory Automation Market
9.5.5.2.1 Argentina Modular Laboratory Automation Market by Equipment and Software
9.5.5.2.2 Argentina Modular Laboratory Automation Market by Application
9.5.5.3 Rest of South and Central America Modular Laboratory Automation Market
9.5.5.3.1 Rest of South and Central America Modular Laboratory Automation Market by Equipment and Software
9.5.5.3.2 Rest of South and Central America Modular Laboratory Automation Market by Application
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. MODULAR LABORATORY AUTOMATION MARKET, KEY COMPANY PROFILES
11.1. THERMO FISHER SCIENTIFIC
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. DANAHER CORPORATION
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. HUDSON ROBOTICS, INC
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. BECTON DICKINSON
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. SIEMENS HEALTHCARE
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. BD
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. AGILENT TECHNOLOGIES
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. SYNCHRON LAB AUTOMATION
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. TECAN GROUP
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
11.10. PERKINELMER
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Thermo Fisher Scientific
2. Danaher Corporation
3. Hudson Robotics, Inc
4. Becton Dickinson
5. Siemens Healthcare
6. BD
7. Agilent Technologies
8. Synchron Lab Automation
9. Tecan Group
10. PerkinElmer
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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