Orthopedic Equipment Market Size 2031 | Drivers and Opportunities
The Orthopedic Equipment Market is expected to register a CAGR of 6.1% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Product (Drill Guide, Guide Tubes, Implant Holder, Custom Clamps, Distracters, Screw Drivers). The report further presents analysis based on theApplication (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Dental Orthopedic Devices, Trauma Orthopedic Devices, Other Applications). 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 Orthopedic Equipment 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.
Orthopedic Equipment Market Segmentation
Product- Drill Guide
- Guide Tubes
- Implant Holder
- Custom Clamps
- Distracters
- Screw Drivers
- Hip Orthopedic Devices
- Knee Orthopedic Devices
- Spine Orthopedic Devices
- Dental Orthopedic Devices
- Trauma Orthopedic Devices
- Other Applications
Strategic Insights
Orthopedic Equipment Market Growth Drivers- An Internationally Aging Population: World's most important factor for orthopedic equipment market growth is aging population. Age-related musculoskeletal problems such as osteoarthritis, osteoporosis, and degenerative disc disease have significantly escalated as people live longer. Many of these disorders require surgical interventions and their long-term management, which includes treatment as well as prosthetic devices by increasing demand for orthopedic devices such as joint replacement, braces, and spinal implants. The U.S. Census Bureau estimates that 1 in 4 Americans will be over 65 years of age by 2060, thus dramatically widening the market for orthopedic solutions.
- Rising Prevalence of Lifestyle Diseases: Urbanization and sedentary life styles have increased lifestyle diseases like obesity, diabetes, and many more, developing musculoskeletal disorders. Obesity, for example, is a well-known cause of joint degeneration. It tends to affect more in knees and hips. The growth of these burden lifestyle diseases is propelling demand for orthopedic surgeries and equipment by patients showing more inclination for pain management and recovery with the help of these medical devices.
- Technology Enhancements: All these technological improvements in orthopedic devices have helped in both effective treatment and improved comfort. Robotic surgery, 3D printing of custom implants, minimally invasive surgical techniques-all have made treatments more effective and efficient, thus marking the expansion of the market for such orthopedic equipment by improving surgery accuracy, shorter recovery, and reduced risks and complications.
- Mini-Mole Operations: Of the numerous critical trends influencing the market for orthopedic equipment, the move is towards minimal invasive surgeries (MIS). Some advantages of MIS over conventional open surgery are less trauma to nearby tissues, smaller incisions, less blood loss, shorter stays in hospitals, and a shorter recovery period. Given their public consumption, orthopedic device manufacturers are making more devices or implants more compatible or optimized with minimal invasive techniques.
- Custom-Made Ortho Devices: The personalized or customized orthopedic device trend is booming, which the pricking revolutionizing advances are making in 3D printing. In tidy and functional terms, these custom implants and prosthetics fitted for an individual may be better because the need for adjustment is little or practically none. These devices can hasten healing, lessen complication chances, and promote patient satisfaction - an important market trend.
- Integration by Robotic and AI: Robotic-and-artificial-intelligence integration is becoming more prominent in the orthopedic equipment market with respect to the surgical domain. Robotic systems performing knee and hip replacement surgery can dramatically improve precision and accuracy, translating to better outcomes and shorten recovery periods. The surgical planning, diagnosis, and clinical support of patients undergoing post-operative interventions would benefit from AI algorithms, all of which further enhance the decision-making capability of surgeons and concomitantly, the patient outcome.
- Development of Orthobiologics: Orthobiologics, which are biologically derived materials utilized to hasten healing and tissue repair in orthopedic treatments, have substantiated a rapidly growing market segment. Stem cells, platelet-rich plasma (PRP), and bone grafts comprise such bioproducts that are utilized in varying applications of treatment from joint replacement surgeries to spinal procedures. As the regenerative medicine gains momentum through research, the demand for orthobiologic treatments and devices is bound to rise significantly, thus offering potential future growth opportunities for firms specializing in this area.
- Robotics and AI-Driven Devices: This wide range of market opportunities and possibilities is contributed by the increased fidelity of robotic surgery and usage of AI in the orthopedics domain. Such spending into robotic-assisted surgical systems, AI-enabled diagnostic instruments, and smart active orthopedics implants will certainly add benefits for manufacturers. Besides that, as the systems keep embracing such technology, the adoption and use of robotic devices and AI tools specially designed for orthopedic applications will be on the increase.
- Aging Population-specific Solutions: At present, with the rising number of aging patients who needs orthopedic care, there is also a huge opportunity for developing specialized orthopedic products for this specific group of patients. Highly sought-after medical devices for the elderly population include joint replacements that are ergonomically designed, mobility aids, and fall-prevention devices. Companies engaged in this type of innovation can access an attractive and segment-growing market for senior citizens who will be requiring orthopedic care for many years to come.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Orthopedic Equipment 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 Orthopedic Equipment Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Knee Orthopedic Devices segment, by application, dominated the market in 2023.
North America region dominated the Orthopedic Equipment market in 2023.
Development of Orthobiologics act as a opportunity for growth of the market in forecast period.
The Orthopedic Equipment Market is estimated to witness a CAGR of 6.1% from 2023 to 2031
The major factors driving the Orthopedic Equipment market are:
1. Internationally Aging Population
2. Rising Prevalence of Lifestyle Diseases
Players operating in the market are Superior Group of Companies, Strategic Partners, Inc., Landau Uniforms, FIGS INC., Cintas Corporation, Peaches Uniforms, IguanaMed, Simon Jersey, 3M, Healing Hands
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Orthopedic Equipment Market - By Product
1.3.2 Orthopedic Equipment Market - By Application
1.3.3 Orthopedic Equipment Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ORTHOPEDIC EQUIPMENT MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. ORTHOPEDIC EQUIPMENT 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. ORTHOPEDIC EQUIPMENT MARKET - GLOBAL MARKET ANALYSIS
6.1. ORTHOPEDIC EQUIPMENT - GLOBAL MARKET OVERVIEW
6.2. ORTHOPEDIC EQUIPMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ORTHOPEDIC EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. DRILL GUIDE
7.3.1. Overview
7.3.2. Drill Guide Market Forecast and Analysis
7.4. GUIDE TUBES
7.4.1. Overview
7.4.2. Guide Tubes Market Forecast and Analysis
7.5. IMPLANT HOLDER
7.5.1. Overview
7.5.2. Implant Holder Market Forecast and Analysis
7.6. CUSTOM CLAMPS
7.6.1. Overview
7.6.2. Custom Clamps Market Forecast and Analysis
7.7. DISTRACTERS
7.7.1. Overview
7.7.2. Distracters Market Forecast and Analysis
7.8. SCREW DRIVERS
7.8.1. Overview
7.8.2. Screw Drivers Market Forecast and Analysis
8. ORTHOPEDIC EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HIP ORTHOPEDIC DEVICES
8.3.1. Overview
8.3.2. Hip Orthopedic Devices Market Forecast and Analysis
8.4. KNEE ORTHOPEDIC DEVICES
8.4.1. Overview
8.4.2. Knee Orthopedic Devices Market Forecast and Analysis
8.5. SPINE ORTHOPEDIC DEVICES
8.5.1. Overview
8.5.2. Spine Orthopedic Devices Market Forecast and Analysis
8.6. DENTAL ORTHOPEDIC DEVICES
8.6.1. Overview
8.6.2. Dental Orthopedic Devices Market Forecast and Analysis
8.7. TRAUMA ORTHOPEDIC DEVICES
8.7.1. Overview
8.7.2. Trauma Orthopedic Devices Market Forecast and Analysis
8.8. OTHER APPLICATIONS
8.8.1. Overview
8.8.2. Other Applications Market Forecast and Analysis
9. ORTHOPEDIC EQUIPMENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Orthopedic Equipment Market Overview
9.1.2 North America Orthopedic Equipment Market Forecasts and Analysis
9.1.3 North America Orthopedic Equipment Market Forecasts and Analysis - By Product
9.1.4 North America Orthopedic Equipment Market Forecasts and Analysis - By Application
9.1.5 North America Orthopedic Equipment Market Forecasts and Analysis - By Countries
9.1.5.1 Canada Orthopedic Equipment Market
9.1.5.1.1 Canada Orthopedic Equipment Market by Product
9.1.5.1.2 Canada Orthopedic Equipment Market by Application
9.1.5.2 Mexico Orthopedic Equipment Market
9.1.5.2.1 Mexico Orthopedic Equipment Market by Product
9.1.5.2.2 Mexico Orthopedic Equipment Market by Application
9.1.5.3 US Orthopedic Equipment Market
9.1.5.3.1 US Orthopedic Equipment Market by Product
9.1.5.3.2 US Orthopedic Equipment Market by Application
9.2. EUROPE
9.2.1 Europe Orthopedic Equipment Market Overview
9.2.2 Europe Orthopedic Equipment Market Forecasts and Analysis
9.2.3 Europe Orthopedic Equipment Market Forecasts and Analysis - By Product
9.2.4 Europe Orthopedic Equipment Market Forecasts and Analysis - By Application
9.2.5 Europe Orthopedic Equipment Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Orthopedic Equipment Market
9.2.5.1.1 Germany Orthopedic Equipment Market by Product
9.2.5.1.2 Germany Orthopedic Equipment Market by Application
9.2.5.2 France Orthopedic Equipment Market
9.2.5.2.1 France Orthopedic Equipment Market by Product
9.2.5.2.2 France Orthopedic Equipment Market by Application
9.2.5.3 Italy Orthopedic Equipment Market
9.2.5.3.1 Italy Orthopedic Equipment Market by Product
9.2.5.3.2 Italy Orthopedic Equipment Market by Application
9.2.5.4 Spain Orthopedic Equipment Market
9.2.5.4.1 Spain Orthopedic Equipment Market by Product
9.2.5.4.2 Spain Orthopedic Equipment Market by Application
9.2.5.5 United Kingdom Orthopedic Equipment Market
9.2.5.5.1 United Kingdom Orthopedic Equipment Market by Product
9.2.5.5.2 United Kingdom Orthopedic Equipment Market by Application
9.2.5.6 Rest of Europe Orthopedic Equipment Market
9.2.5.6.1 Rest of Europe Orthopedic Equipment Market by Product
9.2.5.6.2 Rest of Europe Orthopedic Equipment Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Orthopedic Equipment Market Overview
9.3.2 Asia-Pacific Orthopedic Equipment Market Forecasts and Analysis
9.3.3 Asia-Pacific Orthopedic Equipment Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Orthopedic Equipment Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Orthopedic Equipment Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Orthopedic Equipment Market
9.3.5.1.1 Australia Orthopedic Equipment Market by Product
9.3.5.1.2 Australia Orthopedic Equipment Market by Application
9.3.5.2 China Orthopedic Equipment Market
9.3.5.2.1 China Orthopedic Equipment Market by Product
9.3.5.2.2 China Orthopedic Equipment Market by Application
9.3.5.3 India Orthopedic Equipment Market
9.3.5.3.1 India Orthopedic Equipment Market by Product
9.3.5.3.2 India Orthopedic Equipment Market by Application
9.3.5.4 Japan Orthopedic Equipment Market
9.3.5.4.1 Japan Orthopedic Equipment Market by Product
9.3.5.4.2 Japan Orthopedic Equipment Market by Application
9.3.5.5 South Korea Orthopedic Equipment Market
9.3.5.5.1 South Korea Orthopedic Equipment Market by Product
9.3.5.5.2 South Korea Orthopedic Equipment Market by Application
9.3.5.6 Rest of Asia-Pacific Orthopedic Equipment Market
9.3.5.6.1 Rest of Asia-Pacific Orthopedic Equipment Market by Product
9.3.5.6.2 Rest of Asia-Pacific Orthopedic Equipment Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Orthopedic Equipment Market Overview
9.4.2 Middle East and Africa Orthopedic Equipment Market Forecasts and Analysis
9.4.3 Middle East and Africa Orthopedic Equipment Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Orthopedic Equipment Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Orthopedic Equipment Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Orthopedic Equipment Market
9.4.5.1.1 South Africa Orthopedic Equipment Market by Product
9.4.5.1.2 South Africa Orthopedic Equipment Market by Application
9.4.5.2 Saudi Arabia Orthopedic Equipment Market
9.4.5.2.1 Saudi Arabia Orthopedic Equipment Market by Product
9.4.5.2.2 Saudi Arabia Orthopedic Equipment Market by Application
9.4.5.3 U.A.E Orthopedic Equipment Market
9.4.5.3.1 U.A.E Orthopedic Equipment Market by Product
9.4.5.3.2 U.A.E Orthopedic Equipment Market by Application
9.4.5.4 Rest of Middle East and Africa Orthopedic Equipment Market
9.4.5.4.1 Rest of Middle East and Africa Orthopedic Equipment Market by Product
9.4.5.4.2 Rest of Middle East and Africa Orthopedic Equipment Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Orthopedic Equipment Market Overview
9.5.2 South and Central America Orthopedic Equipment Market Forecasts and Analysis
9.5.3 South and Central America Orthopedic Equipment Market Forecasts and Analysis - By Product
9.5.4 South and Central America Orthopedic Equipment Market Forecasts and Analysis - By Application
9.5.5 South and Central America Orthopedic Equipment Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Orthopedic Equipment Market
9.5.5.1.1 Brazil Orthopedic Equipment Market by Product
9.5.5.1.2 Brazil Orthopedic Equipment Market by Application
9.5.5.2 Argentina Orthopedic Equipment Market
9.5.5.2.1 Argentina Orthopedic Equipment Market by Product
9.5.5.2.2 Argentina Orthopedic Equipment Market by Application
9.5.5.3 Rest of South and Central America Orthopedic Equipment Market
9.5.5.3.1 Rest of South and Central America Orthopedic Equipment Market by Product
9.5.5.3.2 Rest of South and Central America Orthopedic Equipment 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. ORTHOPEDIC EQUIPMENT MARKET, KEY COMPANY PROFILES
11.1. ARTHREX, INC.
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. DJO GLOBAL, INC.
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. MEDTRONIC PLC.
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. CONMED CORPORATION
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. B. BRAUN MELSUNGEN AG
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. SMITH AND NEPHEW PLC.
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. STRYKER CORPORATION
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. ZIMMER BIOMET HOLDINGS, INC.
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. DEPUY SYNTHES
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. NUVASIVE
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. Arthrex, Inc.
2. DJO Global, Inc.
3. Medtronic Plc.
4. CONMED Corporation
5. B. Braun Melsungen AG
6. Smith and Nephew Plc.
7. Stryker Corporation
8. Zimmer Biomet Holdings, Inc.
9. DePuy Synthes
10. NuVasive
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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