Pharmacy Automation Market Size and Share: 2031 Key Findings
The Pharmacy Automation Market is expected to register a CAGR of 7.8% 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 (Centralized Automation, Decentralized Automation, Automated Packaging And Labelling, Medication Compounding, Storage And Retrieval, Other Automation); End User (Inpatient Pharmacies, Outpatient Pharmacies, Pharmacy Management Organizations, Retail Pharmacies). The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Pharmacy Automation 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.
Pharmacy Automation Market Segmentation
Product- Centralized Automation
- Decentralized Automation
- Automated Packaging And Labelling
- Medication Compounding
- Storage And Retrieval
- Other Automation
- Inpatient Pharmacies
- Outpatient Pharmacies
- Pharmacy Management Organizations
- Retail Pharmacies
Strategic Insights
Pharmacy Automation Market Growth Drivers- Increasing Demand for Medication Accuracy and Safety: The necessity of precision in medicine dispensation and the need to reduce human errors in pharmacies is one of the factors driving the pharmacy automation market. Wrong dosages or administration of drugs to patients can lead to severe repercussions and these systems are important in controlling the delivery of drugs to patients at the right dose. There is such a growing demand for accuracy and safety that many of the pharmacies are turning to automation in order to offer quality services within a short time.
- Rising Prescription Volume and Workload: Pharmacy automation is being driven by the increased number of prescriptions tied to the growth and aging population and the increase in chronic disease prevalence. Automating these aspects of pharmacy practice allows for more prescriptions processes to be completed within a short period of time without making patients wait longer, for example, freeing up pharmacists from tasks that require them to perform the same actions over and over again. This performance improvement is why the installation of automated dispensing and management of medication systems has become more rampant.
- Cost Reduction and Operational Efficiency: Automation of such systems presents improvements in costs which include streamlining of the processes, minimizing the workforce and controlling costs on inventory that would have otherwise been idle. The task is all about being able to dispense drugs, label them, and track stock levels without completely being tied up in one location. Market expansion is driven above all by the need to lower costs and enhance operational efficiency, which is crucial for independent pharmacies and pharmacy chains wishing to reduce their costs.
- Integration of Artificial Intelligence (AI) and Machine Learning: The pharmacy automation market has seen an increasing trend in the application of enhanced artificial intelligence and machine learning technologies. Such systems assist in increasing accuracy in drug dispensing, medication stocks in retail pharmacies and predicting drug consumption. Law enforcement agencies also use such systems with the aim of encouraging the health of the patients by prescribing the appropriate medications for their conditions and facilitating the processes and hence increasing the use of smart automation systems.
- Robotics and Automated Dispensing Systems: There is an increasing degree of utilization of robots in the automation of pharmacy processes with robots now performing pill dispensing, sorting and packing among other tasks. Such automatic systems are enhancing precision, minimising labour hiring costs, and maximising productivity particularly in busy retail pharmacies. While the technology is still at its early stages, most retail establishments are employing robotic systems in order to improve their operations and the quality of services offered to their clients.
- Cloud-based Pharmacy Management Systems: The systems which are cloud based are increasingly being adopted in pharmacy practices, as they allow for management through the internet with a more efficient way of data exchange with the users. It helps pharmacies in controlling stock levels, handling more prescriptions and managing the process of drugs delivery to patients more effectively. The inclusive transition to cloud solutions also improves interactions among users, protection of data as well as improves its structural growth which is a catalyst for the expansion of the pharmacy automation sector.
- Expansion into Independent and Small Pharmacies: The continuous innovation in pharmacy automation systems renders it highly practical to explore the same technology in the independent and somewhat distant small chain pharmacies. Such smaller pharmacies would want higher productivity while lowering operational workforce costs as well as increasing precision. Further cost-effective solutions aimed at monetarily underserved markets will help improve and unlock the growth potential of the market.
- Integration with Electronic Health Records (EHR) Systems: An additional step to improve pharmacy automation is its possible incorporation with Electronic Health Records and other health information systems. In turn, this helps the pharmacies to do away with unnecessary steps through the flattening of medication ordering processes, increasing prescription accuracy as well as enabling the ordering pharmacy to be in touch with the rest of the health care system. Such instances will enhance quality of care delivered to patients and also open new prospects for growth of pharmacy automation systems.
- Increased Adoption in Long-Term Care and Hospital Pharmacies: Long term care systems as well as hospital pharmacies are other areas fast becoming target audiences for pharmacy automation solutions. Such environments that are associated with a high demand of prescriptions and complicated course of therapy offered definitely stand to gain from medication distribution and c management systems. The gradual introduction of automation equipment in such settings will minimize mistakes whenever medications are dispensed, increase the workflow, and enhance the quality of care hence there is a lucrative market driving force.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Pharmacy Automation 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 Pharmacy Automation Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Centralized Automation segment accounts for highest revenue in product segment in 2023
BECTON DICKINSON, OMNICELL, INC, CERNER CORPORATION, CAPSA HEALTHCARE, PARATA SYSTEMS LLC, BAXTER INTERNATIONAL, INC, SCRIPT PRO, KUKA AG, TCGRX PHARMACY WORKFLOW SOLUTIONS, RX SAFE, TALYST SYSTEMS some of the major market players operating in the market
Asia Pacific region dominated the pharmacy automation market in 2023
North America region dominated the pharmacy automation market in 2023
The Pharmacy Automation Market is estimated to witness a CAGR of 7.8% from 2023 to 2031
The major factors driving the pharmacy automation market are:
1.Increasing Demand for Medication Accuracy and Safety
2.Rising Prescription Volume and Workload
3. Cost Reduction and Operational Efficiency
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Pharmacy Automation Market - By Product
1.3.2 Pharmacy Automation Market - By End User
1.3.3 Pharmacy Automation Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PHARMACY AUTOMATION 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. PHARMACY AUTOMATION 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. PHARMACY AUTOMATION MARKET - GLOBAL MARKET ANALYSIS
6.1. PHARMACY AUTOMATION - GLOBAL MARKET OVERVIEW
6.2. PHARMACY AUTOMATION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PHARMACY AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. CENTRALIZED AUTOMATION
7.3.1. Overview
7.3.2. Centralized Automation Market Forecast and Analysis
7.4. DECENTRALIZED AUTOMATION
7.4.1. Overview
7.4.2. Decentralized Automation Market Forecast and Analysis
7.5. AUTOMATED PACKAGING AND LABELLING
7.5.1. Overview
7.5.2. Automated Packaging And Labelling Market Forecast and Analysis
7.6. MEDICATION COMPOUNDING
7.6.1. Overview
7.6.2. Medication Compounding Market Forecast and Analysis
7.7. STORAGE AND RETRIEVAL
7.7.1. Overview
7.7.2. Storage And Retrieval Market Forecast and Analysis
7.8. OTHER AUTOMATION
7.8.1. Overview
7.8.2. Other Automation Market Forecast and Analysis
8. PHARMACY AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. INPATIENT PHARMACIES
8.3.1. Overview
8.3.2. Inpatient Pharmacies Market Forecast and Analysis
8.4. OUTPATIENT PHARMACIES
8.4.1. Overview
8.4.2. Outpatient Pharmacies Market Forecast and Analysis
8.5. PHARMACY MANAGEMENT ORGANIZATIONS
8.5.1. Overview
8.5.2. Pharmacy Management Organizations Market Forecast and Analysis
8.6. RETAIL PHARMACIES
8.6.1. Overview
8.6.2. Retail Pharmacies Market Forecast and Analysis
9. PHARMACY AUTOMATION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Pharmacy Automation Market Overview
9.1.2 North America Pharmacy Automation Market Forecasts and Analysis
9.1.3 North America Pharmacy Automation Market Forecasts and Analysis - By Product
9.1.4 North America Pharmacy Automation Market Forecasts and Analysis - By End User
9.1.5 North America Pharmacy Automation Market Forecasts and Analysis - By Countries
9.1.5.1 United States Pharmacy Automation Market
9.1.5.1.1 United States Pharmacy Automation Market by Product
9.1.5.1.2 United States Pharmacy Automation Market by End User
9.1.5.2 Canada Pharmacy Automation Market
9.1.5.2.1 Canada Pharmacy Automation Market by Product
9.1.5.2.2 Canada Pharmacy Automation Market by End User
9.1.5.3 Mexico Pharmacy Automation Market
9.1.5.3.1 Mexico Pharmacy Automation Market by Product
9.1.5.3.2 Mexico Pharmacy Automation Market by End User
9.2. EUROPE
9.2.1 Europe Pharmacy Automation Market Overview
9.2.2 Europe Pharmacy Automation Market Forecasts and Analysis
9.2.3 Europe Pharmacy Automation Market Forecasts and Analysis - By Product
9.2.4 Europe Pharmacy Automation Market Forecasts and Analysis - By End User
9.2.5 Europe Pharmacy Automation Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Pharmacy Automation Market
9.2.5.1.1 Germany Pharmacy Automation Market by Product
9.2.5.1.2 Germany Pharmacy Automation Market by End User
9.2.5.2 France Pharmacy Automation Market
9.2.5.2.1 France Pharmacy Automation Market by Product
9.2.5.2.2 France Pharmacy Automation Market by End User
9.2.5.3 Italy Pharmacy Automation Market
9.2.5.3.1 Italy Pharmacy Automation Market by Product
9.2.5.3.2 Italy Pharmacy Automation Market by End User
9.2.5.4 Spain Pharmacy Automation Market
9.2.5.4.1 Spain Pharmacy Automation Market by Product
9.2.5.4.2 Spain Pharmacy Automation Market by End User
9.2.5.5 United Kingdom Pharmacy Automation Market
9.2.5.5.1 United Kingdom Pharmacy Automation Market by Product
9.2.5.5.2 United Kingdom Pharmacy Automation Market by End User
9.2.5.6 Rest of Europe Pharmacy Automation Market
9.2.5.6.1 Rest of Europe Pharmacy Automation Market by Product
9.2.5.6.2 Rest of Europe Pharmacy Automation Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Pharmacy Automation Market Overview
9.3.2 Asia-Pacific Pharmacy Automation Market Forecasts and Analysis
9.3.3 Asia-Pacific Pharmacy Automation Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Pharmacy Automation Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Pharmacy Automation Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Pharmacy Automation Market
9.3.5.1.1 Australia Pharmacy Automation Market by Product
9.3.5.1.2 Australia Pharmacy Automation Market by End User
9.3.5.2 China Pharmacy Automation Market
9.3.5.2.1 China Pharmacy Automation Market by Product
9.3.5.2.2 China Pharmacy Automation Market by End User
9.3.5.3 India Pharmacy Automation Market
9.3.5.3.1 India Pharmacy Automation Market by Product
9.3.5.3.2 India Pharmacy Automation Market by End User
9.3.5.4 Japan Pharmacy Automation Market
9.3.5.4.1 Japan Pharmacy Automation Market by Product
9.3.5.4.2 Japan Pharmacy Automation Market by End User
9.3.5.5 South Korea Pharmacy Automation Market
9.3.5.5.1 South Korea Pharmacy Automation Market by Product
9.3.5.5.2 South Korea Pharmacy Automation Market by End User
9.3.5.6 Rest of Asia-Pacific Pharmacy Automation Market
9.3.5.6.1 Rest of Asia-Pacific Pharmacy Automation Market by Product
9.3.5.6.2 Rest of Asia-Pacific Pharmacy Automation Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Pharmacy Automation Market Overview
9.4.2 Middle East and Africa Pharmacy Automation Market Forecasts and Analysis
9.4.3 Middle East and Africa Pharmacy Automation Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Pharmacy Automation Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Pharmacy Automation Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Pharmacy Automation Market
9.4.5.1.1 South Africa Pharmacy Automation Market by Product
9.4.5.1.2 South Africa Pharmacy Automation Market by End User
9.4.5.2 Saudi Arabia Pharmacy Automation Market
9.4.5.2.1 Saudi Arabia Pharmacy Automation Market by Product
9.4.5.2.2 Saudi Arabia Pharmacy Automation Market by End User
9.4.5.3 U.A.E Pharmacy Automation Market
9.4.5.3.1 U.A.E Pharmacy Automation Market by Product
9.4.5.3.2 U.A.E Pharmacy Automation Market by End User
9.4.5.4 Rest of Middle East and Africa Pharmacy Automation Market
9.4.5.4.1 Rest of Middle East and Africa Pharmacy Automation Market by Product
9.4.5.4.2 Rest of Middle East and Africa Pharmacy Automation Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Pharmacy Automation Market Overview
9.5.2 South and Central America Pharmacy Automation Market Forecasts and Analysis
9.5.3 South and Central America Pharmacy Automation Market Forecasts and Analysis - By Product
9.5.4 South and Central America Pharmacy Automation Market Forecasts and Analysis - By End User
9.5.5 South and Central America Pharmacy Automation Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Pharmacy Automation Market
9.5.5.1.1 Brazil Pharmacy Automation Market by Product
9.5.5.1.2 Brazil Pharmacy Automation Market by End User
9.5.5.2 Argentina Pharmacy Automation Market
9.5.5.2.1 Argentina Pharmacy Automation Market by Product
9.5.5.2.2 Argentina Pharmacy Automation Market by End User
9.5.5.3 Rest of South and Central America Pharmacy Automation Market
9.5.5.3.1 Rest of South and Central America Pharmacy Automation Market by Product
9.5.5.3.2 Rest of South and Central America Pharmacy Automation Market by End User
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. PHARMACY AUTOMATION MARKET, KEY COMPANY PROFILES
11.1. BECTON
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. DICKINSON
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. OMNICELL, INC.
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. CERNER 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. CAPSA HEALTHCARE
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. PARATA SYSTEMS LLC
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. BAXTER INTERNATIONAL, INC.
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. SCRIPT PRO
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. KUKA AG
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. TCGRX PHARMACY WORKFLOW SOLUTIONS
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
11.11. RX SAFE
11.11.1. Key Facts
11.11.2. Business Description
11.11.3. Products and Services
11.11.4. Financial Overview
11.11.5. SWOT Analysis
11.11.6. Key Developments
11.12. TALYST SYSTEMS
11.12.1. Key Facts
11.12.2. Business Description
11.12.3. Products and Services
11.12.4. Financial Overview
11.12.5. SWOT Analysis
11.12.6. Key Developments
11.13. LLC
11.13.1. Key Facts
11.13.2. Business Description
11.13.3. Products and Services
11.13.4. Financial Overview
11.13.5. SWOT Analysis
11.13.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.Becton
2.Dickinson
3.Omnicell, Inc.
4.Cerner Corporation
5.Capsa Healthcare
6.Parata Systems LLC
7.Baxter International, Inc.
8.Script Pro
9.KUKA AG
10.TCGRx Pharmacy Workflow Solutions
11.Rx Safe
12.Talyst Systems
13.LLC
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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