Patient Monitoring Market Overview and Forecast by 2031
The Patient Monitoring Market is expected to register a CAGR of 7.9% 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 Patient Monitoring By Devices (Hemodynamic Monitoring Devices, Remote Patient Monitoring Devices, Temperature Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, Respiratory Monitoring Devices, Multi-Parameter Monitoring Devices, and Others), Application (Cardiology, Neurology, Respiratory, Fetal and Neonatal, Weight Management and Fitness Monitoring, and Other Applications), End User (Home Healthcare, Hospitals & Clinics, and Other End Users), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America). 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 Patient Monitoring 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.
Patient Monitoring Market Segmentation
Devices- Hemodynamic Monitoring Devices
- Remote Patient Monitoring Devices
- Temperature Monitoring Devices
- Neuromonitoring Devices
- Cardiac Monitoring Devices
- Respiratory Monitoring Devices
- Multi-Parameter Monitoring Devices
- Others
- Cardiology
- Neurology
- Respiratory
- Fetal and Neonatal
- Weight Management and Fitness Monitoring
- Other Applications
- Home Healthcare
- Hospitals & Clinics
- Other End Users
Strategic Insights
Patient Monitoring Market Growth Drivers- Rising cases of COPD across the world: The number of COPD cases is projected to increase by 112 million to a total of 592 million by 2050 (9.5% of the total eligible population), a relative increase of 23.3% from 2020 to 2050. As of 2024, breast cancer is the most common cancer in India, accounting for 28.2% of all female cancers, with an estimated 216,108 cases by 2022
- Rising Geriatric Population: The population aged 60 years and over was estimated to be 1 billion in 2020. By 2050, the world's population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
- Increasing incidence of Chronic Diseases: More than half (51.8%) of adults had at least 1 of 10 selected diagnosed chronic conditions (arthritis, cancer, chronic obstructive pulmonary disease, coronary heart disease, current asthma, diabetes, hepatitis, hypertension, stroke, and weak or failing kidneys). About 21% of the elderly in India reportedly have at least one chronic disease.
- Innovative Systems: Introduction of innovative systems are being designed by companies to be more user-friendly and less invasive, ensuring that patients can receive the monitoring they need without unnecessary discomfort. This will primarily focus on patient experience and enhancing the quality of care.
- Predictive Analytics and Personalized Care: In the rapidly evolving landscape of healthcare infrastructure, predictive analytics stands as a hope, transforming how organizations deliver personalized care. For instance, Mount Sinai Health System, which implemented predictive modeling to identify patients at risk of developing chronic and acute conditions.
- Regulatory Developments: The Centers for Medicare & Medicaid Services (CMS) expanded telehealth services access, leading to a 63% surge in telehealth visits in 2020 alone. Companies like Teladoc Health played a crucial role, reporting over 4 million virtual visits in the first quarter of 2021.
- Patient Engagement through Telehealth Solutions: By using video calls and chat services, the clinic not only maintains continuity of care but also established a more profound sense of trust and communication with their patients. Most studies suggest that telemedicine is cost-effective, activates patients, and allows them to remain in their natural environment for as long as they wasn’t to.
- Integrating Wearable Devices : Users reported feeling more motivated to exercise regularly and adhere to healthier lifestyles, showcasing the impact that these devices can have a positive impact on the overall well-being of a patient. Features like step counters, heart rate monitors and sleep trackers allow patients to easily gather data about their daily behaviours and habits.
- Technology Advancements: In recent years, the healthcare landscape has been transformed by emerging technologies in remote patient monitoring (RPM). One compelling case is that of Philips, which developed a cloud-based RPM system that allows healthcare providers to monitor patients with chronic conditions from their homes.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Patient Monitoring 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 Patient Monitoring 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
Rising Geriatric Population
Europe held the second largest share in terms of revenue in 2023
Asia Pacific region is expected to witness the highest growth during the forecast period
The patient monitoring market is anticipated to witness a CAGR of 7.9% during the forecast period.
Technical expertise is one of the key challenges faced by the overall market
Technological Advancements
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Patient Monitoring Market - By Devices
1.3.2 Patient Monitoring Market - By Application
1.3.3 Patient Monitoring Market - By End User
1.3.4 Patient Monitoring Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PATIENT MONITORING 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. PATIENT MONITORING 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. PATIENT MONITORING MARKET - GLOBAL MARKET ANALYSIS
6.1. PATIENT MONITORING - GLOBAL MARKET OVERVIEW
6.2. PATIENT MONITORING - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PATIENT MONITORING MARKET - REVENUE AND FORECASTS TO 2028 - DEVICES
7.1. OVERVIEW
7.2. DEVICES MARKET FORECASTS AND ANALYSIS
7.3. HEMODYNAMIC MONITORING DEVICES
7.3.1. Overview
7.3.2. Hemodynamic Monitoring Devices Market Forecast and Analysis
7.4. REMOTE PATIENT MONITORING DEVICES
7.4.1. Overview
7.4.2. Remote Patient Monitoring Devices Market Forecast and Analysis
7.5. TEMPERATURE MONITORING DEVICES
7.5.1. Overview
7.5.2. Temperature Monitoring Devices Market Forecast and Analysis
7.6. NEUROMONITORING DEVICES
7.6.1. Overview
7.6.2. Neuromonitoring Devices Market Forecast and Analysis
7.7. CARDIAC MONITORING DEVICES
7.7.1. Overview
7.7.2. Cardiac Monitoring Devices Market Forecast and Analysis
7.8. RESPIRATORY MONITORING DEVICES
7.8.1. Overview
7.8.2. Respiratory Monitoring Devices Market Forecast and Analysis
7.9. MULTI-PARAMETER MONITORING DEVICES
7.9.1. Overview
7.9.2. Multi-Parameter Monitoring Devices Market Forecast and Analysis
7.10. OTHERS
7.10.1. Overview
7.10.2. Others Market Forecast and Analysis
8. PATIENT MONITORING MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CARDIOLOGY
8.3.1. Overview
8.3.2. Cardiology Market Forecast and Analysis
8.4. NEUROLOGY
8.4.1. Overview
8.4.2. Neurology Market Forecast and Analysis
8.5. RESPIRATORY
8.5.1. Overview
8.5.2. Respiratory Market Forecast and Analysis
8.6. FETAL AND NEONATAL
8.6.1. Overview
8.6.2. Fetal and Neonatal Market Forecast and Analysis
8.7. WEIGHT MANAGEMENT AND FITNESS MONITORING
8.7.1. Overview
8.7.2. Weight Management and Fitness Monitoring Market Forecast and Analysis
8.8. OTHER APPLICATIONS
8.8.1. Overview
8.8.2. Other Applications Market Forecast and Analysis
9. PATIENT MONITORING MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. HOME HEALTHCARE
9.3.1. Overview
9.3.2. Home Healthcare Market Forecast and Analysis
9.4. HOSPITALS AND CLINICS
9.4.1. Overview
9.4.2. Hospitals and Clinics Market Forecast and Analysis
9.5. OTHER END USERS
9.5.1. Overview
9.5.2. Other End Users Market Forecast and Analysis
10. PATIENT MONITORING MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Patient Monitoring Market Overview
10.1.2 North America Patient Monitoring Market Forecasts and Analysis
10.1.3 North America Patient Monitoring Market Forecasts and Analysis - By Devices
10.1.4 North America Patient Monitoring Market Forecasts and Analysis - By Application
10.1.5 North America Patient Monitoring Market Forecasts and Analysis - By End User
10.1.6 North America Patient Monitoring Market Forecasts and Analysis - By Countries
10.1.6.1 United States Patient Monitoring Market
10.1.6.1.1 United States Patient Monitoring Market by Devices
10.1.6.1.2 United States Patient Monitoring Market by Application
10.1.6.1.3 United States Patient Monitoring Market by End User
10.1.6.2 Canada Patient Monitoring Market
10.1.6.2.1 Canada Patient Monitoring Market by Devices
10.1.6.2.2 Canada Patient Monitoring Market by Application
10.1.6.2.3 Canada Patient Monitoring Market by End User
10.1.6.3 Mexico Patient Monitoring Market
10.1.6.3.1 Mexico Patient Monitoring Market by Devices
10.1.6.3.2 Mexico Patient Monitoring Market by Application
10.1.6.3.3 Mexico Patient Monitoring Market by End User
10.2. EUROPE
10.2.1 Europe Patient Monitoring Market Overview
10.2.2 Europe Patient Monitoring Market Forecasts and Analysis
10.2.3 Europe Patient Monitoring Market Forecasts and Analysis - By Devices
10.2.4 Europe Patient Monitoring Market Forecasts and Analysis - By Application
10.2.5 Europe Patient Monitoring Market Forecasts and Analysis - By End User
10.2.6 Europe Patient Monitoring Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Patient Monitoring Market
10.2.6.1.1 Germany Patient Monitoring Market by Devices
10.2.6.1.2 Germany Patient Monitoring Market by Application
10.2.6.1.3 Germany Patient Monitoring Market by End User
10.2.6.2 France Patient Monitoring Market
10.2.6.2.1 France Patient Monitoring Market by Devices
10.2.6.2.2 France Patient Monitoring Market by Application
10.2.6.2.3 France Patient Monitoring Market by End User
10.2.6.3 Italy Patient Monitoring Market
10.2.6.3.1 Italy Patient Monitoring Market by Devices
10.2.6.3.2 Italy Patient Monitoring Market by Application
10.2.6.3.3 Italy Patient Monitoring Market by End User
10.2.6.4 Spain Patient Monitoring Market
10.2.6.4.1 Spain Patient Monitoring Market by Devices
10.2.6.4.2 Spain Patient Monitoring Market by Application
10.2.6.4.3 Spain Patient Monitoring Market by End User
10.2.6.5 United Kingdom Patient Monitoring Market
10.2.6.5.1 United Kingdom Patient Monitoring Market by Devices
10.2.6.5.2 United Kingdom Patient Monitoring Market by Application
10.2.6.5.3 United Kingdom Patient Monitoring Market by End User
10.2.6.6 Rest of Europe Patient Monitoring Market
10.2.6.6.1 Rest of Europe Patient Monitoring Market by Devices
10.2.6.6.2 Rest of Europe Patient Monitoring Market by Application
10.2.6.6.3 Rest of Europe Patient Monitoring Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Patient Monitoring Market Overview
10.3.2 Asia-Pacific Patient Monitoring Market Forecasts and Analysis
10.3.3 Asia-Pacific Patient Monitoring Market Forecasts and Analysis - By Devices
10.3.4 Asia-Pacific Patient Monitoring Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Patient Monitoring Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Patient Monitoring Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Patient Monitoring Market
10.3.6.1.1 Australia Patient Monitoring Market by Devices
10.3.6.1.2 Australia Patient Monitoring Market by Application
10.3.6.1.3 Australia Patient Monitoring Market by End User
10.3.6.2 China Patient Monitoring Market
10.3.6.2.1 China Patient Monitoring Market by Devices
10.3.6.2.2 China Patient Monitoring Market by Application
10.3.6.2.3 China Patient Monitoring Market by End User
10.3.6.3 India Patient Monitoring Market
10.3.6.3.1 India Patient Monitoring Market by Devices
10.3.6.3.2 India Patient Monitoring Market by Application
10.3.6.3.3 India Patient Monitoring Market by End User
10.3.6.4 Japan Patient Monitoring Market
10.3.6.4.1 Japan Patient Monitoring Market by Devices
10.3.6.4.2 Japan Patient Monitoring Market by Application
10.3.6.4.3 Japan Patient Monitoring Market by End User
10.3.6.5 South Korea Patient Monitoring Market
10.3.6.5.1 South Korea Patient Monitoring Market by Devices
10.3.6.5.2 South Korea Patient Monitoring Market by Application
10.3.6.5.3 South Korea Patient Monitoring Market by End User
10.3.6.6 Rest of Asia-Pacific Patient Monitoring Market
10.3.6.6.1 Rest of Asia-Pacific Patient Monitoring Market by Devices
10.3.6.6.2 Rest of Asia-Pacific Patient Monitoring Market by Application
10.3.6.6.3 Rest of Asia-Pacific Patient Monitoring Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Patient Monitoring Market Overview
10.4.2 Middle East and Africa Patient Monitoring Market Forecasts and Analysis
10.4.3 Middle East and Africa Patient Monitoring Market Forecasts and Analysis - By Devices
10.4.4 Middle East and Africa Patient Monitoring Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Patient Monitoring Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Patient Monitoring Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Patient Monitoring Market
10.4.6.1.1 South Africa Patient Monitoring Market by Devices
10.4.6.1.2 South Africa Patient Monitoring Market by Application
10.4.6.1.3 South Africa Patient Monitoring Market by End User
10.4.6.2 Saudi Arabia Patient Monitoring Market
10.4.6.2.1 Saudi Arabia Patient Monitoring Market by Devices
10.4.6.2.2 Saudi Arabia Patient Monitoring Market by Application
10.4.6.2.3 Saudi Arabia Patient Monitoring Market by End User
10.4.6.3 U.A.E Patient Monitoring Market
10.4.6.3.1 U.A.E Patient Monitoring Market by Devices
10.4.6.3.2 U.A.E Patient Monitoring Market by Application
10.4.6.3.3 U.A.E Patient Monitoring Market by End User
10.4.6.4 Rest of Middle East and Africa Patient Monitoring Market
10.4.6.4.1 Rest of Middle East and Africa Patient Monitoring Market by Devices
10.4.6.4.2 Rest of Middle East and Africa Patient Monitoring Market by Application
10.4.6.4.3 Rest of Middle East and Africa Patient Monitoring Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Patient Monitoring Market Overview
10.5.2 South and Central America Patient Monitoring Market Forecasts and Analysis
10.5.3 South and Central America Patient Monitoring Market Forecasts and Analysis - By Devices
10.5.4 South and Central America Patient Monitoring Market Forecasts and Analysis - By Application
10.5.5 South and Central America Patient Monitoring Market Forecasts and Analysis - By End User
10.5.6 South and Central America Patient Monitoring Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Patient Monitoring Market
10.5.6.1.1 Brazil Patient Monitoring Market by Devices
10.5.6.1.2 Brazil Patient Monitoring Market by Application
10.5.6.1.3 Brazil Patient Monitoring Market by End User
10.5.6.2 Argentina Patient Monitoring Market
10.5.6.2.1 Argentina Patient Monitoring Market by Devices
10.5.6.2.2 Argentina Patient Monitoring Market by Application
10.5.6.2.3 Argentina Patient Monitoring Market by End User
10.5.6.3 Rest of South and Central America Patient Monitoring Market
10.5.6.3.1 Rest of South and Central America Patient Monitoring Market by Devices
10.5.6.3.2 Rest of South and Central America Patient Monitoring Market by Application
10.5.6.3.3 Rest of South and Central America Patient Monitoring Market by End User
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL PATIENT MONITORING MARKET
11.1 North America
11.2 Europe
11.3 Asia-Pacific
11.4 Middle East and Africa
11.5 South and Central America
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. PATIENT MONITORING MARKET, KEY COMPANY PROFILES
13.1. HONEYWELL INTERNATIONAL, INC
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. PHILIPS HEALTHCARE
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. SMITHS 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. MEDTRONIC
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. ABBOTT
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. OMRON CORPORATION
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. LIFEWATCH AG
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. ROCHE DIAGNOSTICS
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. BOSTON SCIENTIFIC CORPORATION
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. NIHON KOHDEN CORPORATION
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
The List of Companies
1. Honeywell International, Inc
2. Philips Healthcare
3. Smiths Medical
4. Medtronic
5. Abbott
6. Omron Corporation
7. Lifewatch AG
8. Roche Diagnostics
9. Boston Scientific Corporation
10. Nihon Kohden Corporation
11. SCHILLER
12. DEXCOM, INC.
13. SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS
14. NONIN
15. DRÄGERWERK AG & CO. KGAA
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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