Ophthalmic Lasers Market Dynamics - 2021 to 2031
The Ophthalmic Lasers Market is expected to register a CAGR of 5.1% 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 (Femtosecond Lasers, Excimer Lasers, ND:Yag Lasers, Diode Lasers, Others). The report further presents analysis based on the Application (Cataract Removal, Refractive Error Correction, Diabetic Retinopathy Treatment, Glaucoma Treatment, Age-Related Macular Degeneration Treatment, 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 Ophthalmic Lasers 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.
Ophthalmic Lasers Market Segmentation
Product- Femtosecond Lasers
- Excimer Lasers
- ND:Yag Lasers
- Diode Lasers
- Others
- Cataract Removal
- Refractive Error Correction
- Diabetic Retinopathy Treatment
- Glaucoma Treatment
- Age-Related Macular Degeneration Treatment
- Others
Strategic Insights
Ophthalmic Lasers Market Growth Drivers- Advancements in Laser Technology: The past few years have witnessed the revolution of ophthalmic laser technology, hence increasing its safety and efficacy in treatment of various types of disorders. Ongoing improvements in laser technology with femtosecond and YAG lasers are bringing in even better outcomes, ensuring more safety in treatments. For instance, femtosecond lasers improve the precision of cataract surgery and refractive procedures, such as LASIK, by creating corneal flaps and performing lens fragmentation with minimal thermal damage to enhance recovery times.
- Increasing Prevalence of Eye Disorders: The incidence of ophthalmic diseases such as diabetic retinopathy, glaucoma, and dry eye leading to vision impairment is rising among the population, especially in developed countries. According to an article published by the American Academy of Ophthalmology, it is estimated that by 2030 an estimated 191 million people globally will suffer from diabetic retinopathy. According to Medscape, ~700,000 people in the US suffer from proliferative diabetic retinopathy, with ~65,000 new cases recorded annually. Hence, the increasing prevalence of ophthalmic diseases is fueling the growth of the ophthalmic lasers market.
- Government Initiatives and Funding: Government funding for ophthalmic programs is directly channeled into the vital areas of research, public health initiatives, and access to care. In many countries, the money allocated also goes into further treatments, and grants are given to innovative studies in ophthalmology regarding laser technology and more. Programs may also be allocated for eye screenings, awareness campaigns, and even subsidized treatments for underserved populations. Partnership efforts with non-profit organizations can even heighten outreach and educational efforts, improving community eye health as a whole.
- Use of AI: The integration of artificial intelligence (AI) in ophthalmic lasers is transforming the field of eye care. AI can be very useful for planning and executing laser surgeries to get the best of settings in LASIK or cataract surgery, which means the best outcomes. Facts are that AI models can predict the kind of historical data that may help the ophthalmologist know which of his/her patients will benefit most from a given laser treatment. During laser procedures, AI can monitor performance and provide feedback, ensuring that the laser is functioning within optimal parameters.
- Adoption of Laser-Assisted Cataract Surgery: The introduction of LACS is bringing a new revolution to cataract surgery as it is performed. More precise procedures on individual anatomy account for better post-operative outcomes and also potentially fewer adjustments made during the IOL positioning. Developments in the laser technology that include better imaging systems and faster processing times help in making LACS a more accessible, efficient surgical option.
- Changing Lifestyle: Eye diseases hold a substantial share in lifestyle diseases due to the increased use of smartphones, laptops, and computers. The modern lifestyle, which involves increased screen time, is responsible for triggering eye-related problems. Eye health is significantly compromised in this technological era. Working on computers for a long time eventually affects the health of the eyes. Individuals with chronic eye problems and refractive errors are at higher risk of developing digital eye strain (DES).
- Increasing R&D activities: The focus of ophthalmic laser R&D research remains the improvement in precision, safety, and treatment outcomes. In lasers, companies are exploring techniques at higher levels, such as laser-induced biomodulation and adaptive optics for enhanced retinal imaging. Simultaneously, their efforts also lie in better laser materials and delivery systems to optimize performance for the patient's comfort and convenience.
- Rising initiative for eye care: In recent years, various measures and efforts have been taken to create awareness and educate people regarding eye diseases, prompting patients to access suitable medications and treatments. In 2017, the National Eye Institute (NEI) in the US initiated "Write the Vision," a new eye health awareness program, to increase awareness about eye health, specifically targeting African-American consumers. The "Write the Vision" program offers monthly resources to a large number of organizations, allowing them to promote healthy vision and prevent vision loss and blindness in the communities they serve.
- Increasing Minimally Invasive Procedures: Minimally invasive surgeries, MIS, in ophthalmic diseases are gaining the spotlight as with the many benefits including recovery time being relatively short, pain is lesser, and complications are a rare possibility. Some minimally invasive procedures include selective laser trabeculoplasty in the case of glaucoma and laser photocoagulation in cases of retinal diseases. The innovations not only enhance the surgical outcomes but also increase patient satisfaction by reducing discomfort and recovery time.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Ophthalmic Lasers 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 Ophthalmic Lasers 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
Players operating in the market are Nidek CO Ltd, IRIDEX, Alcon, Bosch and Lomb, Carl Zeiss, Norlase, Topcon Corporation, and Aeon Meditec
Femtosecond Lasers segment, by product, dominated the market in 2023.
North America region dominated the Ophthalmic Lasers market in 2023.
Rising initiative for eye care act as a opportunity for growth of the market in forecast period.
The Ophthalmic Lasers Market is estimated to witness a CAGR of 5.1% from 2023 to 2031
The major factors driving the Ophthalmic Lasers market are:
1. Advancements in Laser Technology.
2.Increasing Prevalence of Eye Disorders
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Ophthalmic Lasers Market - By Product
1.3.2 Ophthalmic Lasers Market - By Application
1.3.3 Ophthalmic Lasers Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. OPHTHALMIC LASERS 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. OPHTHALMIC LASERS 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. OPHTHALMIC LASERS MARKET - GLOBAL MARKET ANALYSIS
6.1. OPHTHALMIC LASERS - GLOBAL MARKET OVERVIEW
6.2. OPHTHALMIC LASERS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. OPHTHALMIC LASERS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. FEMTOSECOND LASERS
7.3.1. Overview
7.3.2. Femtosecond Lasers Market Forecast and Analysis
7.4. EXCIMER LASERS
7.4.1. Overview
7.4.2. Excimer Lasers Market Forecast and Analysis
7.5. ND:YAG LASERS
7.5.1. Overview
7.5.2. ND:Yag Lasers Market Forecast and Analysis
7.6. DIODE LASERS
7.6.1. Overview
7.6.2. Diode Lasers Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. OPHTHALMIC LASERS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CATARACT REMOVAL
8.3.1. Overview
8.3.2. Cataract Removal Market Forecast and Analysis
8.4. REFRACTIVE ERROR CORRECTION
8.4.1. Overview
8.4.2. Refractive Error Correction Market Forecast and Analysis
8.5. DIABETIC RETINOPATHY TREATMENT
8.5.1. Overview
8.5.2. Diabetic Retinopathy Treatment Market Forecast and Analysis
8.6. GLAUCOMA TREATMENT
8.6.1. Overview
8.6.2. Glaucoma Treatment Market Forecast and Analysis
8.7. AGE-RELATED MACULAR DEGENERATION TREATMENT
8.7.1. Overview
8.7.2. Age-Related Macular Degeneration Treatment Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. OPHTHALMIC LASERS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Ophthalmic Lasers Market Overview
9.1.2 North America Ophthalmic Lasers Market Forecasts and Analysis
9.1.3 North America Ophthalmic Lasers Market Forecasts and Analysis - By Product
9.1.4 North America Ophthalmic Lasers Market Forecasts and Analysis - By Application
9.1.5 North America Ophthalmic Lasers Market Forecasts and Analysis - By Countries
9.1.5.1 United States Ophthalmic Lasers Market
9.1.5.1.1 United States Ophthalmic Lasers Market by Product
9.1.5.1.2 United States Ophthalmic Lasers Market by Application
9.1.5.2 Canada Ophthalmic Lasers Market
9.1.5.2.1 Canada Ophthalmic Lasers Market by Product
9.1.5.2.2 Canada Ophthalmic Lasers Market by Application
9.1.5.3 Mexico Ophthalmic Lasers Market
9.1.5.3.1 Mexico Ophthalmic Lasers Market by Product
9.1.5.3.2 Mexico Ophthalmic Lasers Market by Application
9.2. EUROPE
9.2.1 Europe Ophthalmic Lasers Market Overview
9.2.2 Europe Ophthalmic Lasers Market Forecasts and Analysis
9.2.3 Europe Ophthalmic Lasers Market Forecasts and Analysis - By Product
9.2.4 Europe Ophthalmic Lasers Market Forecasts and Analysis - By Application
9.2.5 Europe Ophthalmic Lasers Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Ophthalmic Lasers Market
9.2.5.1.1 Germany Ophthalmic Lasers Market by Product
9.2.5.1.2 Germany Ophthalmic Lasers Market by Application
9.2.5.2 France Ophthalmic Lasers Market
9.2.5.2.1 France Ophthalmic Lasers Market by Product
9.2.5.2.2 France Ophthalmic Lasers Market by Application
9.2.5.3 Italy Ophthalmic Lasers Market
9.2.5.3.1 Italy Ophthalmic Lasers Market by Product
9.2.5.3.2 Italy Ophthalmic Lasers Market by Application
9.2.5.4 Spain Ophthalmic Lasers Market
9.2.5.4.1 Spain Ophthalmic Lasers Market by Product
9.2.5.4.2 Spain Ophthalmic Lasers Market by Application
9.2.5.5 United Kingdom Ophthalmic Lasers Market
9.2.5.5.1 United Kingdom Ophthalmic Lasers Market by Product
9.2.5.5.2 United Kingdom Ophthalmic Lasers Market by Application
9.2.5.6 Rest of Europe Ophthalmic Lasers Market
9.2.5.6.1 Rest of Europe Ophthalmic Lasers Market by Product
9.2.5.6.2 Rest of Europe Ophthalmic Lasers Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Ophthalmic Lasers Market Overview
9.3.2 Asia-Pacific Ophthalmic Lasers Market Forecasts and Analysis
9.3.3 Asia-Pacific Ophthalmic Lasers Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Ophthalmic Lasers Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Ophthalmic Lasers Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Ophthalmic Lasers Market
9.3.5.1.1 Australia Ophthalmic Lasers Market by Product
9.3.5.1.2 Australia Ophthalmic Lasers Market by Application
9.3.5.2 China Ophthalmic Lasers Market
9.3.5.2.1 China Ophthalmic Lasers Market by Product
9.3.5.2.2 China Ophthalmic Lasers Market by Application
9.3.5.3 India Ophthalmic Lasers Market
9.3.5.3.1 India Ophthalmic Lasers Market by Product
9.3.5.3.2 India Ophthalmic Lasers Market by Application
9.3.5.4 Japan Ophthalmic Lasers Market
9.3.5.4.1 Japan Ophthalmic Lasers Market by Product
9.3.5.4.2 Japan Ophthalmic Lasers Market by Application
9.3.5.5 South Korea Ophthalmic Lasers Market
9.3.5.5.1 South Korea Ophthalmic Lasers Market by Product
9.3.5.5.2 South Korea Ophthalmic Lasers Market by Application
9.3.5.6 Rest of Asia-Pacific Ophthalmic Lasers Market
9.3.5.6.1 Rest of Asia-Pacific Ophthalmic Lasers Market by Product
9.3.5.6.2 Rest of Asia-Pacific Ophthalmic Lasers Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Ophthalmic Lasers Market Overview
9.4.2 Middle East and Africa Ophthalmic Lasers Market Forecasts and Analysis
9.4.3 Middle East and Africa Ophthalmic Lasers Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Ophthalmic Lasers Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Ophthalmic Lasers Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Ophthalmic Lasers Market
9.4.5.1.1 South Africa Ophthalmic Lasers Market by Product
9.4.5.1.2 South Africa Ophthalmic Lasers Market by Application
9.4.5.2 Saudi Arabia Ophthalmic Lasers Market
9.4.5.2.1 Saudi Arabia Ophthalmic Lasers Market by Product
9.4.5.2.2 Saudi Arabia Ophthalmic Lasers Market by Application
9.4.5.3 U.A.E Ophthalmic Lasers Market
9.4.5.3.1 U.A.E Ophthalmic Lasers Market by Product
9.4.5.3.2 U.A.E Ophthalmic Lasers Market by Application
9.4.5.4 Rest of Middle East and Africa Ophthalmic Lasers Market
9.4.5.4.1 Rest of Middle East and Africa Ophthalmic Lasers Market by Product
9.4.5.4.2 Rest of Middle East and Africa Ophthalmic Lasers Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Ophthalmic Lasers Market Overview
9.5.2 South and Central America Ophthalmic Lasers Market Forecasts and Analysis
9.5.3 South and Central America Ophthalmic Lasers Market Forecasts and Analysis - By Product
9.5.4 South and Central America Ophthalmic Lasers Market Forecasts and Analysis - By Application
9.5.5 South and Central America Ophthalmic Lasers Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Ophthalmic Lasers Market
9.5.5.1.1 Brazil Ophthalmic Lasers Market by Product
9.5.5.1.2 Brazil Ophthalmic Lasers Market by Application
9.5.5.2 Argentina Ophthalmic Lasers Market
9.5.5.2.1 Argentina Ophthalmic Lasers Market by Product
9.5.5.2.2 Argentina Ophthalmic Lasers Market by Application
9.5.5.3 Rest of South and Central America Ophthalmic Lasers Market
9.5.5.3.1 Rest of South and Central America Ophthalmic Lasers Market by Product
9.5.5.3.2 Rest of South and Central America Ophthalmic Lasers Market by Application
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL OPHTHALMIC LASERS MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. OPHTHALMIC LASERS MARKET, KEY COMPANY PROFILES
12.1. ALCON (A DIVISION OF NOVARTIS)
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. ABBOTT
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. IRIDEX CORPORATION
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. NIDEK CO., LTD.
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. LUMENIS
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. CARL ZEISS MEDITEC AG
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. BAUSCH AND LOMB INCORPORATED.
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. ZIEMER OPHTHALMIC SYSTEMS AG
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. TOPCON CORPORATION
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. ELLEX
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Alcon (A Division of Novartis)
2. Abbott
3. IRIDEX Corporation
4. NIDEK Co., Ltd.
5. Lumenis
6. Carl Zeiss Meditec AG
7. Bausch and Lomb Incorporated.
8. Ziemer Ophthalmic Systems AG
9. TOPCON CORPORATION
10. Ellex
11. Lumenis Ltd.
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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