North America Infusion Devices Market Trends, Growth by 2031
The North America infusion devices market size is projected to reach US$ 9,116.47 million by 2031 from US$ 5,494.15 million in 2023. The market is expected to register a CAGR of 6.5% during 2023–2031. Owing to the increasing prevalence of cancer and the rising geriatric populations, infusion devices with intelligent features such as easy integration, remote monitoring, and electronic record-keeping are likely to remain key trends in the market in the coming years.
North America Infusion Devices Market Analysis
The global infusion devices market is expected to grow due to the aging population and the growing prevalence of chronic diseases. People over the age of 65 may require infusion pumps for a variety of reasons, including nutrition, hormonal interventions, and medication. Manufacturers are producing more precise, user-friendly, and dependable pumps than ever before. The ongoing technological advancements in infusion devices, making them more accessible to consumers and healthcare professionals, are likely to fuel the North America infusion devices market growth in the future.
North America Infusion Devices Market Overview
Infusion devices are a common medical equipment used by patients with chronic diseases such as cancer and diabetes in hospitals, homes, and healthcare settings. According to the Diabetes Research Institute, the number of people affected by diabetes in the US was ~37.3 million (i.e., 11.3% of the population) in 2022. Furthermore, the latest Global Burden of Disease report, published in October 2020, shows that the prevalence of chronic and infectious diseases such as respiratory infection, cancer, and diabetes is rising in the US. The Canadian Cancer Society estimates 2 out of every 5 Canadians will be diagnosed with cancer during their lifetime.
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North America Infusion Devices Market: Strategic Insights
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North America Infusion Devices Market Drivers and Opportunities
Growing Geriatric Population Favors Market Growth
According to the US Census Bureau, the number of Americans aged 65 and above is expected to rise from 58 million in 2022 to 82 million by 2050, which is a 47% increase. Additionally, the share of the total population for the 65-and-older age group is projected to rise from 17% to 23%. According to Statistics Canada, in 2022, almost ~18.8% of Canadians were aged 65 years. Almost 20% of the Canadian population is aged 65 years and above. Furthermore, population projections suggest that 21% to 29% of Canadians could be aged 65 or above by 2068.
A few key benefits of infusion therapy administered in senior populations are listed below.
• Rehydration and electrolyte balance: Dehydration can be a higher risk for seniors due to factors such as decreased thirst, certain medications, and changes in kidney function. IV fluids can help seniors maintain the necessary hydration and electrolyte levels for overall health.
• Nutrition support and improvement: Aging makes it harder for human bodies to consume the right nutrients, increasing the risk of chronic illnesses. Infusion therapy provides a direct way for seniors to get essential minerals, vitamins, and amino acids efficiently.
• Immune function reinforcement: Immune systems of elderly people may need extra support, as they are more vulnerable to infections. Infusion therapy can deliver immune-boosting nutrients such as vitamin C, zinc, and glutathione directly to the body.
• Pain management: Many seniors deal with chronic pain daily, affecting their quality of life. Infusion therapy can quickly and effectively manage pain by delivering medication directly into the bloodstream, providing relief and reducing inflammation.
Thus, the increasing geriatric population drives the demand for infusion devices across North America.
Strategic Initiatives by Market Players to Create Opportunities in Market
Various market players focus on strategic developments such as product launches, mergers, acquisitions, and collaborations to develop advanced products that help ease the treatment of chronic disorders such as diabetes, cancer, and chronic pain. The following are a few recent developments in the North America infusion devices market.
• In April 2024, Mackenzie Health launched a technology in Canada that allows for two-way information flow between an intravenous (IV) medication pump and a patient’s electronic medical record. The technology, known as BD Alaris EMR Interoperability, eliminates the need for healthcare professionals to manually program pumps. It sends infusion safety information back to Epic EMR, reducing the risk of administration errors and providing an accurate infusion record in the EMR.
• In November 2022, Medtronic plc announced the launch of Medtronic Extended infusion set in the US. It is the first and only infusion set labeled for up to seven-day wear. An infusion set is tubing that delivers insulin from an insulin pump to the body and usually needs to be changed every 2–3 days.
• In May 2022, Fresenius Kabi acquired Ivenix, along with its advanced infusion pump technology, expanding its portfolio of advanced infusion pumps and solutions for healthcare professionals to address healthcare needs across the care continuum. This acquisition allowed Fresenius Kabi to rapidly expand its infusion therapy portfolio in the US, obtaining FDA approvals for multiple IV solutions in anticipation of qualifying its North Carolina manufacturing site to supply US customers with IV solutions.
• In March 2022, Fresenius Kabi received 510(k) regulatory clearance from the FDA for its wireless Agilia Connect Infusion System. The system includes the Agilia Volumetric Pump and the Agilia Syringe Pump with Vigilant Software Suite-Vigilant Master Med technology. Both pumps are the first to be cleared following TIR101 standards, which were developed by the Association for the Advancement of Medical Instrumentation in 2021.
An upsurge in the number of product approvals, launches, and strategic collaborations is likely to create lucrative opportunities for the infusion devices market in the future.
North America Infusion Devices Market Report Segmentation Analysis
The key segment that contributed to the derivation of the North America infusion devices market analysis is product type, application, and end user.
- Based on product type, the North America infusion devices market is bifurcated into infusion pumps and infusion sets. The infusion pumps segment held a larger market share in 2023, and it is expected to register a higher CAGR in the market during 2023–2031.
- By application, the market is segmented into diabetes, oncology, pain management, hematology, pediatrics, gastroenterology, and others. The diabetes segment held the largest share of the market in 2023, and it is projected to register the highest CAGR in the market during 2023–2031.
- Based on end user, the North America infusion devices market is divided into hospitals and specialty clinics, homecare settings, ambulatory surgical centers, and others. The hospitals and specialty clinics segment dominated the market in 2023. The homecare settings segment is anticipated to register the highest CAGR during 2023–2031.
North America Infusion Devices Market Report Scope
North America Infusion Devices Market News and Recent Developments
The North America infusion devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America infusion devices market are listed below:
- Moog Inc. received US FDA 510(k) clearance for CURLIN 8000 Ambulatory Infusion System. This premium infusion platform was developed specifically for use in home infusion settings. The CURLIN 8000 combines a reliable and robust design with a simple, intuitive user interface designed for easy navigation by both clinical and nonclinical users. The CURLIN 8000 also integrates seamlessly with CURLIN RxManager, a completely new medication safety software developed to complement existing home infusion workflows. (Source: Moog Inc., Press Release, May 2024)
- Eitan Medical launched its new cutting-edge, connected infusion multi-therapy ambulatory infusion system—Avoset. The connected Avoset Infusion System is designed to transform post-acute care and specialty infusion therapy with compact and simplified technology that can monitor infusion treatment data remotely, subsequently improving patient safety and user experience. (Source: Eitan Medical, Press Release, April 2023)
- ICU Medical Inc. completed the acquisition of Smiths Medical from Smiths Group plc. The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products. Combined with ICU Medical’s existing businesses, the company has created a leading infusion therapy business. The acquisition allows ICU Medical to build on a corporate culture that creates value through accountability, thereby operating transparently, making quick and informed decisions, and staying focused on meeting customer needs. (Source: ICU Medical Inc., Press Release, January 2022)
North America Infusion Devices Market Report Coverage and Deliverables
The “North America Infusion Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- North America infusion devices market size and forecast at regional and country levels for all the key market segments covered under the scope
- North America infusion devices market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- North America infusion devices market analysis covering key market trends, regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America infusion devices market
- Detailed company profiles
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
This text is related
to country scope.
Frequently Asked Questions
Becton Dickinson and Co, Fresenius Kabi AG, B Braun SE, CODAN US Corp, Baxter International Inc., Elimedical Inc., ICU Medical Inc., BPL Medical Technologies Pvt Ltd, Nipro Corp., KD Scientific Inc., Medtronic Plc, Zimed Healthcare Ltd, Terumo Corp., Eitan Medical Ltd, Polymedicure, and Moog Inc. are among the key market players in the North America infusion devices market.
The increasing prevalence of cancer and the growing geriatric population are the most influential factors responsible for the market growth.
The value of the North America infusion devices market is estimated to reach US$ 9,116.47 million by 2031.
The North America infusion devices market is estimated to register a CAGR of 6.5% from 2023 to 2031.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America Infusion Devices Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Overview of Mainstream System for infusion Pumps by US
4.3.1 Syringe Infusion Pumps:
4.3.2 Volumetric Infusion Pumps:
4.4 List of Best-Selling infusion Pumps along with the Model Number
5. North America Infusion Devices Market – Key Market Dynamics
5.1 North America Infusion Devices Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increasing Prevalence of Cancer
5.2.2 Growing Geriatric Population
5.3 Market Restraints
5.3.1 Frequent Product Recalls of Infusion Devices
5.4 Market Opportunities
5.4.1 Strategic Initiatives by Market Players
5.5 Future Trends
5.5.1 Growing Technological Advancements
5.6 Impact of Drivers and Restraints:
6. North America Infusion Devices Market Analysis
6.1 North America Infusion Devices Market Revenue (US$ Million), 2021–2031
6.2 North America Infusion Devices Market Forecast and Analysis
7. North America Infusion Devices Market Analysis – by Product Type
7.1 Infusion Pumps
7.1.1 Overview
7.1.2 Infusion Pumps: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Infusion Sets
7.2.1 Overview
7.2.2 Infusion Sets: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
8. North America Infusion Devices Market Analysis – by Application
8.1 Diabetes
8.1.1 Overview
8.1.2 Diabetes: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Oncology
8.2.1 Overview
8.2.2 Oncology: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Pain Management
8.3.1 Overview
8.3.2 Pain Management: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Hematology
8.4.1 Overview
8.4.2 Hematology: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
8.5 Pediatrics
8.5.1 Overview
8.5.2 Pediatrics: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
8.6 Gastroenterology
8.6.1 Overview
8.6.2 Gastroenterology: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
9. North America Infusion Devices Market Analysis – by End User
9.1 Hospitals and Specialty Clinics
9.1.1 Overview
9.1.2 Hospitals and Specialty Clinics: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Homecare Settings
9.2.1 Overview
9.2.2 Homecare Settings: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Ambulatory Surgical Centers
9.3.1 Overview
9.3.2 Ambulatory Surgical Centers: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
10. North America Infusion Devices Market – Country Analysis
10.1 North America
10.1.1 North America Infusion Devices Market Breakdown by Countries
10.1.2 North America Infusion Devices Market Revenue and Forecast and Analysis – by Country
10.1.2.1 North America Infusion Devices Market Revenue and Forecast and Analysis – by Country
10.1.2.2 United States: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.2.1 United States: North America Infusion Devices Market Breakdown by Product Type
10.1.2.2.2 United States: North America Infusion Devices Market Breakdown by Infusion Pumps
10.1.2.2.3 United States: North America Infusion Devices Market Breakdown by Infusion Sets
10.1.2.2.4 United States: North America Infusion Devices Market Breakdown by Application
10.1.2.2.5 United States: North America Infusion Devices Market Breakdown by End User
10.1.2.3 Canada: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 Canada: North America Infusion Devices Market Breakdown by Product Type
10.1.2.3.2 Canada: North America Infusion Devices Market Breakdown by Infusion Pumps
10.1.2.3.3 Canada: North America Infusion Devices Market Breakdown by Infusion Sets
10.1.2.3.4 Canada: North America Infusion Devices Market Breakdown by Application
10.1.2.3.5 Canada: North America Infusion Devices Market Breakdown by End User
10.1.2.4 Mexico: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 Mexico: North America Infusion Devices Market Breakdown by Product Type
10.1.2.4.2 Mexico: North America Infusion Devices Market Breakdown by Infusion Pumps
10.1.2.4.3 Mexico: North America Infusion Devices Market Breakdown by Infusion Sets
10.1.2.4.4 Mexico: North America Infusion Devices Market Breakdown by Application
10.1.2.4.5 Mexico: North America Infusion Devices Market Breakdown by End User
11. North America Infusion Devices Market – Industry Landscape
11.1 Overview
11.2 Growth Strategies in North America Infusion Devices Market
11.3 Organic Growth Strategies
11.3.1 Overview
11.4 Inorganic Growth Strategies
11.4.1 Overview
11.5 Company Positioning:
12. Company Profiles
12.1 Becton Dickinson and Co
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 Fresenius Kabi AG
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 B Braun SE
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 CODAN US Corp
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 Baxter International Inc
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 Elimedical 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 ICU Medical Inc
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 BPL Medical Technologies Pvt Ltd
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 Nipro Corp
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 KD Scientific Inc
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
12.11 Medtronic Plc
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 Zimed Healthcare Ltd
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 Terumo Corp
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Eitan Medical Ltd
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Polymedicure
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
12.16 Moog Inc
12.16.1 Key Facts
12.16.2 Business Description
12.16.3 Products and Services
12.16.4 Financial Overview
12.16.5 SWOT Analysis
12.16.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
List of Tables
Table 1. North America Infusion Devices Market Segmentation
Table 2. North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
Table 3. North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type
Table 4. North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 5. North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 6. North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 7. United States: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type
Table 8. United States: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Infusion Pumps
Table 9. United States: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Infusion Sets
Table 10. United States: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 11. United States: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 12. Canada: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type
Table 13. Canada: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Infusion Pumps
Table 14. Canada: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Infusion Sets
Table 15. Canada: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 16. Canada: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 17. Mexico: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type
Table 18. Mexico: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Infusion Pumps
Table 19. Mexico: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Infusion Sets
Table 20. Mexico: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 21. Mexico: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 22. Recent Organic Growth Strategies in North America Infusion Devices Market
Table 23. Recent Inorganic Growth Strategies in the North America Infusion Devices Market
Table 24. Glossary of Terms, North America Infusion Devices Market
List of Figures
Figure 1. North America Infusion Devices Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Estimated Number of New Cancer Cases, US, 2024
Figure 4. Statistics of Incidence of Cancer at Glance, Canada, 2022
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. North America Infusion Devices Market Revenue (US$ Million), 2021–2031
Figure 7. North America Infusion Devices Market Share (%) – by Product Type, 2023 and 2031
Figure 8. Infusion Pumps: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 9. Infusion Sets: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 10. North America Infusion Devices Market Share (%) – by Application, 2023 and 2031
Figure 11. Diabetes: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 12. Oncology: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 13. Pain Management: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 14. Hematology: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 15. Pediatrics: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 16. Gastroenterology: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 17. Others: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 18. North America Infusion Devices Market Share (%) – by End User, 2023 and 2031
Figure 19. Hospitals and Specialty Clinics: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 20. Homecare Settings: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 21. Ambulatory Surgical Centers: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 22. Others: North America Infusion Devices Market– Revenue and Forecast to 2031 (US$ Million)
Figure 23. North America Infusion Devices Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 24. United States: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Canada: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Mexico: North America Infusion Devices Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Growth Strategies in North America Infusion Devices Market
The List of Companies - North America Infusion Devices Market
- Becton Dickinson and Co
- Fresenius Kabi AG
- B Braun SE
- CODAN US Corp
- Baxter International Inc.
- Elimedical Inc.
- ICU Medical Inc.
- BPL Medical Technologies Pvt Ltd
- Nipro Corp.
- KD Scientific Inc.
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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