Negative Pressure Wound Therapy (NPWT) Market Size 2031
The Negative Pressure Wound Therapy (NPWT) Market is expected to register a CAGR of 6.3% 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 Type ( Conventional NPWT devices, Single-use NPWT devices ); Application ( Chronic Wounds, Acute Wounds ); End Users ( Hospitals, Clinics, Home Care Settings, 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 Negative Pressure Wound Therapy (NPWT) 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.
Negative Pressure Wound Therapy (NPWT) Market Segmentation
Type- Conventional NPWT devices
- Single-use NPWT devices
- Chronic Wounds
- Acute Wounds
- Hospitals
- Clinics
- Home Care Settings
- Others
Strategic Insights
Negative Pressure Wound Therapy (NPWT) Market Growth Drivers- Increasing Incidence of Chronic Wounds: Conditions like diabetes and obesity are found very frequently, and in turn, increase the incidence rates of chronic wounds. The providers of healthcare try to find the best treatments that would increase the healing rate with better patient outcomes. One of the reasons that favors NPWT is that it reduces wound size and improves blood flow.
- Advancements in Technology: Innovation in Technology Advances NPWT capabilities, with regards to the availability of portable and lighter devices, are revolutionizing the world of wound care. Application is made significantly easier as most of the time patients can be freed to stay in a comfort zone with some mobility. It has further improved comfort and compliance. On the other hand, inclusion of smart technologies provides real-time monitoring for healthcare professionals to track healing progress better, thus further speeding up demand for NPWT solutions in all health settings.
- Growing Awareness and Adoption in Home Care: The growing awareness among patients and caregivers about the benefits of NPWT. As healthcare becomes more outpatient and at-home, more patients seek effective wound care options that can be managed outside the clinical environment; with policies for patient-centered care being fostered in healthcare, NPWT stands as a viable and appealing option for home wound management.
- Shift Towards Home Healthcare: The trend of using negative pressure wound therapy (NPWT) is increasingly in the home healthcare setting. There has been a global tendency to serve patients and allow a level of self-care to the patients, which has seen more home care of the NPWT therapy. This is made possible by development of miniaturized appliances, making it possible to manage wounds even in the absence of hospital facilities which enhances patient comfort and compliance.
- Integration of Smart Technologies: The application of modern technologies to NPWT devices is improving and enhancing the wound care management system. Telehealth services provide such healing opportunities where elements such as monitoring devices, analytics, and connectivity are incorporated into the system. Such a trend is aimed at making therapeutic exercises more effective by enabling timely measures and corrective actions that drastically improve the capabilities of patients on such therapies and most importantly the outcomes of the treatments done: making therapy easier for the patients and the therapists as well.
- Focus on Personalized Medicine: One of the significant tendencies that can be observed regarding the NPWT market is the trend towards customization of the product dependent on the patient and the attribute of the wound. More and more healthcare providers have begun to implement the non-powered negative pressure wound treatments for various reasons such as the type of wound, the characteristics of the patient and their healing, and others. Such approach, which is also referred to as patient-oriented approach, seeks to improve the speed of healing and the results of treatment, depressed how the care is offered to patients in general.
- Expansion into Emerging Markets: It will largely benefit this market through the use of negative pressure wound therapy. The chronic wounds and health awareness of advanced dressing techniques make developing regions a potential adopter for NPWT. An opportunity that manufacturers could reap through device modification for the local market and health professionals' training in using the devices.
- Development of Innovative Products: With the growing demand by patients for machines that are easier to carry and use, improvement of the already developed NPWT machines is the need of the hour. This is because with a new material and technology come devices easy to use with which the patient will be comfortable enough to stick to treatment. Some of the new segments that will be pulled into the market with this growth innovation are outpatient and home care.
- Collaborations and Partnerships: Manufacturers of NPWT and healthcare facilities operate under a strategic collaboration that can unlock mutual benefits, which include penetration of products on NPWT. For example, due to the partnership, hospitals or clinics may have a partnership that may come in handy to conduct studies on applying the company's products to the patients. Such collaborations may be used to aid education on clinicians who will administer the NPWT so that patients and other health practitioners may trust these technologies.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Negative Pressure Wound Therapy (NPWT) 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 Negative Pressure Wound Therapy (NPWT) 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
The market is expected to grow at a CAGR of 6.3%
increasing incidence of chronic wounds and advancements in technology are the major factors boosting the negative pressure wound therapy market growth
The final report will duly include market size and projection estimates for all the segments from 2021 to 2031, along with a revenue share and compound annual growth rate (%) for the regional/country-wise market wherein 2021-2022 are the historic years, 2023 is considered to be the base year, and the forecast will be provided till 2031, along with CAGR (%)
Asia Pacific is estimated to grow at the highest CAGR over the forecast year (2023 - 2031)
The North America region accounts for highest revenue share negative pressure wound therapy market
Cardinal Health, ConvaTec Group PLC, CORK MEDICAL, Lohmann & Rauscher GmbH & Co., Medela AG, MÖLNLYCKE HEALTH CARE AB, Paul Hartmann AG, Smith and Nephew,TRIAGE MEDITECH are the some of the key market players operating in the negative pressure wound therapy market
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Negative Pressure Wound Therapy (NPWT) Market - By Type
1.3.2 Negative Pressure Wound Therapy (NPWT) Market - By Application
1.3.3 Negative Pressure Wound Therapy (NPWT) Market - By End Users
1.3.4 Negative Pressure Wound Therapy (NPWT) Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. NEGATIVE PRESSURE WOUND THERAPY (NPWT) 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. NEGATIVE PRESSURE WOUND THERAPY (NPWT) 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. NEGATIVE PRESSURE WOUND THERAPY (NPWT) MARKET - GLOBAL MARKET ANALYSIS
6.1. NEGATIVE PRESSURE WOUND THERAPY (NPWT) - GLOBAL MARKET OVERVIEW
6.2. NEGATIVE PRESSURE WOUND THERAPY (NPWT) - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. NEGATIVE PRESSURE WOUND THERAPY (NPWT) MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CONVENTIONAL NPWT DEVICES
7.3.1. Overview
7.3.2. Conventional NPWT devices Market Forecast and Analysis
7.4. SINGLE-USE NPWT DEVICES
7.4.1. Overview
7.4.2. Single-use NPWT devices Market Forecast and Analysis
8. NEGATIVE PRESSURE WOUND THERAPY (NPWT) MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CHRONIC WOUNDS
8.3.1. Overview
8.3.2. Chronic Wounds Market Forecast and Analysis
8.4. ACUTE WOUNDS
8.4.1. Overview
8.4.2. Acute Wounds Market Forecast and Analysis
9. NEGATIVE PRESSURE WOUND THERAPY (NPWT) MARKET - REVENUE AND FORECASTS TO 2028 - END USERS
9.1. OVERVIEW
9.2. END USERS 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. HOME CARE SETTINGS
9.5.1. Overview
9.5.2. Home Care Settings Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. NEGATIVE PRESSURE WOUND THERAPY (NPWT) MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Negative Pressure Wound Therapy (NPWT) Market Overview
10.1.2 North America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis
10.1.3 North America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Type
10.1.4 North America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Application
10.1.5 North America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By End Users
10.1.6 North America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Countries
10.1.6.1 United States Negative Pressure Wound Therapy (NPWT) Market
10.1.6.1.1 United States Negative Pressure Wound Therapy (NPWT) Market by Type
10.1.6.1.2 United States Negative Pressure Wound Therapy (NPWT) Market by Application
10.1.6.1.3 United States Negative Pressure Wound Therapy (NPWT) Market by End Users
10.1.6.2 Canada Negative Pressure Wound Therapy (NPWT) Market
10.1.6.2.1 Canada Negative Pressure Wound Therapy (NPWT) Market by Type
10.1.6.2.2 Canada Negative Pressure Wound Therapy (NPWT) Market by Application
10.1.6.2.3 Canada Negative Pressure Wound Therapy (NPWT) Market by End Users
10.1.6.3 Mexico Negative Pressure Wound Therapy (NPWT) Market
10.1.6.3.1 Mexico Negative Pressure Wound Therapy (NPWT) Market by Type
10.1.6.3.2 Mexico Negative Pressure Wound Therapy (NPWT) Market by Application
10.1.6.3.3 Mexico Negative Pressure Wound Therapy (NPWT) Market by End Users
10.2. EUROPE
10.2.1 Europe Negative Pressure Wound Therapy (NPWT) Market Overview
10.2.2 Europe Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis
10.2.3 Europe Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Type
10.2.4 Europe Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Application
10.2.5 Europe Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By End Users
10.2.6 Europe Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Negative Pressure Wound Therapy (NPWT) Market
10.2.6.1.1 Germany Negative Pressure Wound Therapy (NPWT) Market by Type
10.2.6.1.2 Germany Negative Pressure Wound Therapy (NPWT) Market by Application
10.2.6.1.3 Germany Negative Pressure Wound Therapy (NPWT) Market by End Users
10.2.6.2 France Negative Pressure Wound Therapy (NPWT) Market
10.2.6.2.1 France Negative Pressure Wound Therapy (NPWT) Market by Type
10.2.6.2.2 France Negative Pressure Wound Therapy (NPWT) Market by Application
10.2.6.2.3 France Negative Pressure Wound Therapy (NPWT) Market by End Users
10.2.6.3 Italy Negative Pressure Wound Therapy (NPWT) Market
10.2.6.3.1 Italy Negative Pressure Wound Therapy (NPWT) Market by Type
10.2.6.3.2 Italy Negative Pressure Wound Therapy (NPWT) Market by Application
10.2.6.3.3 Italy Negative Pressure Wound Therapy (NPWT) Market by End Users
10.2.6.4 Spain Negative Pressure Wound Therapy (NPWT) Market
10.2.6.4.1 Spain Negative Pressure Wound Therapy (NPWT) Market by Type
10.2.6.4.2 Spain Negative Pressure Wound Therapy (NPWT) Market by Application
10.2.6.4.3 Spain Negative Pressure Wound Therapy (NPWT) Market by End Users
10.2.6.5 United Kingdom Negative Pressure Wound Therapy (NPWT) Market
10.2.6.5.1 United Kingdom Negative Pressure Wound Therapy (NPWT) Market by Type
10.2.6.5.2 United Kingdom Negative Pressure Wound Therapy (NPWT) Market by Application
10.2.6.5.3 United Kingdom Negative Pressure Wound Therapy (NPWT) Market by End Users
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Negative Pressure Wound Therapy (NPWT) Market Overview
10.3.2 Asia-Pacific Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis
10.3.3 Asia-Pacific Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By End Users
10.3.6 Asia-Pacific Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Negative Pressure Wound Therapy (NPWT) Market
10.3.6.1.1 Australia Negative Pressure Wound Therapy (NPWT) Market by Type
10.3.6.1.2 Australia Negative Pressure Wound Therapy (NPWT) Market by Application
10.3.6.1.3 Australia Negative Pressure Wound Therapy (NPWT) Market by End Users
10.3.6.2 China Negative Pressure Wound Therapy (NPWT) Market
10.3.6.2.1 China Negative Pressure Wound Therapy (NPWT) Market by Type
10.3.6.2.2 China Negative Pressure Wound Therapy (NPWT) Market by Application
10.3.6.2.3 China Negative Pressure Wound Therapy (NPWT) Market by End Users
10.3.6.3 India Negative Pressure Wound Therapy (NPWT) Market
10.3.6.3.1 India Negative Pressure Wound Therapy (NPWT) Market by Type
10.3.6.3.2 India Negative Pressure Wound Therapy (NPWT) Market by Application
10.3.6.3.3 India Negative Pressure Wound Therapy (NPWT) Market by End Users
10.3.6.4 Japan Negative Pressure Wound Therapy (NPWT) Market
10.3.6.4.1 Japan Negative Pressure Wound Therapy (NPWT) Market by Type
10.3.6.4.2 Japan Negative Pressure Wound Therapy (NPWT) Market by Application
10.3.6.4.3 Japan Negative Pressure Wound Therapy (NPWT) Market by End Users
10.3.6.5 South Korea Negative Pressure Wound Therapy (NPWT) Market
10.3.6.5.1 South Korea Negative Pressure Wound Therapy (NPWT) Market by Type
10.3.6.5.2 South Korea Negative Pressure Wound Therapy (NPWT) Market by Application
10.3.6.5.3 South Korea Negative Pressure Wound Therapy (NPWT) Market by End Users
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Negative Pressure Wound Therapy (NPWT) Market Overview
10.4.2 Middle East and Africa Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis
10.4.3 Middle East and Africa Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By End Users
10.4.6 Middle East and Africa Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Negative Pressure Wound Therapy (NPWT) Market
10.4.6.1.1 South Africa Negative Pressure Wound Therapy (NPWT) Market by Type
10.4.6.1.2 South Africa Negative Pressure Wound Therapy (NPWT) Market by Application
10.4.6.1.3 South Africa Negative Pressure Wound Therapy (NPWT) Market by End Users
10.4.6.2 Saudi Arabia Negative Pressure Wound Therapy (NPWT) Market
10.4.6.2.1 Saudi Arabia Negative Pressure Wound Therapy (NPWT) Market by Type
10.4.6.2.2 Saudi Arabia Negative Pressure Wound Therapy (NPWT) Market by Application
10.4.6.2.3 Saudi Arabia Negative Pressure Wound Therapy (NPWT) Market by End Users
10.4.6.3 U.A.E Negative Pressure Wound Therapy (NPWT) Market
10.4.6.3.1 U.A.E Negative Pressure Wound Therapy (NPWT) Market by Type
10.4.6.3.2 U.A.E Negative Pressure Wound Therapy (NPWT) Market by Application
10.4.6.3.3 U.A.E Negative Pressure Wound Therapy (NPWT) Market by End Users
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Negative Pressure Wound Therapy (NPWT) Market Overview
10.5.2 South and Central America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis
10.5.3 South and Central America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Type
10.5.4 South and Central America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Application
10.5.5 South and Central America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By End Users
10.5.6 South and Central America Negative Pressure Wound Therapy (NPWT) Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Negative Pressure Wound Therapy (NPWT) Market
10.5.6.1.1 Brazil Negative Pressure Wound Therapy (NPWT) Market by Type
10.5.6.1.2 Brazil Negative Pressure Wound Therapy (NPWT) Market by Application
10.5.6.1.3 Brazil Negative Pressure Wound Therapy (NPWT) Market by End Users
10.5.6.2 Argentina Negative Pressure Wound Therapy (NPWT) Market
10.5.6.2.1 Argentina Negative Pressure Wound Therapy (NPWT) Market by Type
10.5.6.2.2 Argentina Negative Pressure Wound Therapy (NPWT) Market by Application
10.5.6.2.3 Argentina Negative Pressure Wound Therapy (NPWT) Market by End Users
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL NEGATIVE PRESSURE WOUND THERAPY (NPWT) MARKET
11.1 North America
11.2 Europe
11.3 Asia-Pacific
11.4 Rest of the World
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. NEGATIVE PRESSURE WOUND THERAPY (NPWT) MARKET, KEY COMPANY PROFILES
13.1. CARDINAL HEALTH
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. CONVATEC GROUP PLC
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. CORK MEDICAL
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. LOHMANN AND RAUSCHER GMBH AND CO.
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. MEDELA
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. MEDELA AG
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. MÖLNLYCKE HEALTH CARE AB
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. PAUL HARTMANN AG
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. SMITH AND NEPHEW
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. TRIAGE MEDITECH
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. Cardinal Health
2. ConvaTec Group PLC
3. CORK MEDICAL
4. Lohmann & Rauscher GmbH & Co.
5. MEDELA
6. Medela AG
7. MÖLNLYCKE HEALTH CARE AB
8. Paul Hartmann AG
9. Smith and Nephew
10. TRIAGE MEDITECH
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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