Refractive Surgery Devices Market | 2031 Insights | Recent updates
The Refractive Surgery Devices Market is expected to register a CAGR of 8.7% 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 (Ophthalmic Lasers and Microkeratome); End User (Hospitals, Ophthalmic Clinics, and Ambulatory Surgical Centers). The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Refractive Surgery Devices 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.
Refractive Surgery Devices Market Segmentation
Product- Ophthalmic Lasers and Microkeratome
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgical Centers
Strategic Insights
Refractive Surgery Devices Market Growth Drivers- The Expanding Incidence of Vision Disorders: Growth in incidence of refractive errors like myopia, hyperopia, and astigmatism is one of the key drivers for the growth of the refractive surgery devices market. New lifestyles and excessive use of computers are increasing the number of people requiring corrective treatment to enhance their vision. Increasing demand for better options in vision correction fuels innovation and investment into much more advanced refractive surgery technologies.
- Expansion of Vision Care Services: The refractive surgery devices market is heavily driven by the expansion of vision care services. Improved awareness over eye health, advancements in surgical technology, and the increasing demand for aesthetic and functional correction of vision are responsible for driving growth in this market. Also, the easier access to specialty clinics and more personalized care options have motivated patients to favor refractive surgeries further, which would increase the demand for the refractive surgery devices.
- Rise in Adoption of Minimally Invasive Surgeries: The overall preference towards minimally invasive surgical procedures is on the rise in healthcare industries, not excluding the eye sector. Refractive surgeries are gaining popularity among people due to less recovery time and decrease in discomfort and trauma compared to traditional correction procedures. More so, this acceptance, therefore, stimulates refractive surgery equipment demand, straining manufacturers to stretch their portfolios and improve their productivity.
- Laser Technology Advances in Refractive Surgery Devices: Improvements in laser technology support the market significantly involved in refractive surgery devices. In this regard, innovations include femtosecond lasers and wavefront-guided procedures that boost the level of precision and outcome. Patients treated with such accuracy lead to higher revenues in this minimally invasive refractive surgery market. Artificial intelligence can be added to push technology to unprecedented extremes.
- Personalized Treatment Plans: The personalized treatment plans based on the impetus to refractive surgery provided by advances in both diagnostic imaging and data analytics. Data specific to a patient's individual corneal shape and eye condition allows procedures to be individualized, thus giving a better outcome and higher patient satisfaction, meaning there's sure to be more focused on better refractive devices that will come to serve to meet a range of optical needs and preferences.
- Minimally Invasive Procedures in Ophthalmology: The trend is increasing toward minimal invasive refractive procedures, such as small incision lenticule extraction (SMILE), and wavefront-guided LASIK, with the least possible inconvenience to the patient and minimizing much-accelerated recovery times. As people progressively seek quick solutions for correcting vision without loss of time, advanced minimal invasive refractive devices are in huge demand.
- Investment in Research and Development: An enormous potential unlocking from critical research and development work into refractive surgery instrumentation will increase the surgical accuracy, outcomes allowing faster recovery. New innovations of lasers, imaging techniques, and biocompatible materials may even unlock further possibilities in treatment, allowing interventions to be done with even greater safety than was previously thought possible. Furthermore, increasing investment in markets toward R and D paving the way for partnerships in an emerging domain of healthcare.
- Growing Demand for Vision Correction: The rising prevelance of refractive errors, particularly among the younger population creating the demand for vision correction solutions. Public education programs and increasing use of refractive surgeries imply that these procedures are convenient and cost-effective in the long term. With growth on the rise, all market participants have an opportunity to introduce novel devices that address changing consumer preferences.
- Growth in Emerging Markets: These devices have huge growth prospects in emerging markets. Improving economic conditions along with infrastructures related to health have made correction procedures for vision affordable for people. Localized marketing along with affordable pricing of treatment will help gain traction in those markets. In addition, partnering with regional healthcare providers to facilitate refractive surgery would also help drive market penetration as well as brand recognition in potential revenues.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Refractive Surgery Devices 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 Refractive Surgery Devices 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 Ophthalmic Lasers segment accounts for highest revenue in product sgement in 2023
Carl Zeiss Medictec AG, Alcon, Bausch & Lomb Incorporated, Ellex Medical, NIDEK CO., LTD., Ziemer Ophthalmic Systems, SCHWIND eye-tech-solutions, Lumenis, iVIS Technologies, Johnson & Johnson Company are some of the major market players operating in the market
Asia Pacific region dominated the refractive surgery devices market in 2023
North America region dominated the refractive surgery devices market in 2023
The Refractive Surgery Devices Market is estimated to witness a CAGR of 8.7% from 2023 to 2031
The major factors driving the refractive surgery devices market are:
1.Increasing Incidence of Vision Disorders
2. Expansion of Vision Care Services
3. Rise in Adoption of Minimally Invasive Surgeries
1. INTRODUCTION
1.1 SCOPE OF THE STUDY
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3 MARKET SEGMENTATION
1.3.1 Refractive Surgery Devices Market- By Product
1.3.2 Refractive Surgery Devices Market- By End User
1.3.3 Refractive Surgery Devices Market- By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. REFRACTIVE SURGERY DEVICES MARKET LANDSCAPE
4.1 MARKET 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 & Africa - PEST Analysis
4.2.5 South and Central America - PEST Analysis
5. REFRACTIVE SURGERY DEVICES MARKET- KEY INDUSTRY 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. REFRACTIVE SURGERY DEVICES MARKET- GLOBAL ANALYSIS
6.1 REFRACTIVE SURGERY DEVICES MARKET - GLOBAL MARKET OVERVIEW
6.2 REFRACTIVE SURGERY DEVICES MARKET - GLOBAL MARKET AND FORECAST TO 2028
6.3 MARKET POSITIONING/ MARKET SHARE OF KEY PLAYERS
7. REFRACTIVE SURGERY DEVICES MARKET REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1 OVERVIEW
7.2 PRODUCT MARKET FORECASTS AND ANALYSIS
7.3 OPHTHALMIC LASERS MARKET
7.3.1 Overview
7.3.2 Ophthalmic Lasers Market Revenue Forecasts and Analysis (US$ Mn)
7.3.3 Excimer Lasers Market
7.3.3.1 Overview
7.3.3.2 Excimer Lasers Market Revenue Forecasts and Analysis (US$ Mn)
7.3.4 Femtosecond Lasers Market
7.3.4.1 Overview
7.3.4.2 Femtosecond Lasers Market Revenue Forecasts and Analysis (US$ Mn)
7.3.5 YAG Lasers Market
7.3.5.1 Overview
7.3.5.2 YAG Lasers Market Revenue Forecasts and Analysis (US$ Mn)
7.4 MICROKERATOME MARKET
7.4.1 Overview
7.4.2 Microkeratome Market Revenue Forecasts and Analysis (US$ Mn)
8. REFRACTIVE SURGERY DEVICES MARKET REVENUE AND FORECASTS TO 2028 - END USER
8.1 OVERVIEW
8.2 END USER MARKET FORECASTS AND ANALYSIS
8.3 HOSPITALS MARKET
8.3.1 Overview
8.3.2 Hospitals Market Forecast and Analysis (US$ Mn)
8.4 OPHTHALMOLOGY CLINICS MARKET
8.4.1 Overview
8.4.2 Ophthalmology Clinics Market Forecast and Analysis (US$ Mn)
8.5 AMBULATORY SURGICAL CENTERS MARKET
8.5.1 Overview
8.5.2 Ambulatory Surgical Centers Market Forecast and Analysis (US$ Mn)
9. REFRACTIVE SURGERY DEVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1 NORTH AMERICA REFRACTIVE SURGERY DEVICES MARKET
9.1.1 North America Refractive Surgery Devices Market Forecasts and Analysis (US$ Mn)
9.1.2 North America Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.1.2.1 North America Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.1.3 North America Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.1.4 North America Refractive Surgery Devices Market Forecasts and Analysis - By Country
9.1.5 US Market Overview
9.1.5.1 US Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.1.5.1.1 US Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.1.5.2 US Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.1.6 Canada Market Overview
9.1.6.1 Canada Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.1.6.1.1 Canada Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.1.6.2 Canada Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.1.7 Mexico Market Overview
9.1.7.1 Mexico Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.1.7.1.1 Mexico Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.1.7.2 Mexico Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.2 EUROPE REFRACTIVE SURGERY DEVICES MARKET
9.2.1 Europe Refractive Surgery Devices Market Forecasts and Analysis (US$ Mn)
9.2.2 Europe Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.2.2.1 Europe Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.2.3 Europe Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.2.4 Europe Refractive Surgery Devices Market Forecasts and Analysis - By Country
9.2.5 UK Market Overview
9.2.5.1 UK Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.2.5.1.1 UK Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.2.5.2 UK Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.2.6 Germany Market Overview
9.2.6.1 Germany Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.2.6.1.1 Germany Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.2.6.2 Germany Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.2.7 France Market Overview
9.2.7.1 France Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.2.7.1.1 France Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.2.7.2 France Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.2.8 Italy Market Overview
9.2.8.1 Italy Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.2.8.1.1 Italy Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.2.8.2 Italy Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.2.9 Spain Market Overview
9.2.9.1 Spain Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.2.9.1.1 Spain Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.2.9.2 Spain Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.3 ASIA PACIFIC REFRACTIVE SURGERY DEVICES MARKET
9.3.1 Asia Pacific Refractive Surgery Devices Market Forecasts and Analysis (US$ Mn)
9.3.2 Asia Pacific Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.3.2.1 Asia Pacific Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.3.3 Asia Pacific Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.3.4 Asia Pacific Refractive Surgery Devices Market Forecasts and Analysis - By Country
9.3.5 Japan Market Overview
9.3.5.1 Japan Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.3.5.1.1 Japan Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.3.5.2 Japan Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.3.6 India Market Overview
9.3.6.1 India Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.3.6.1.1 India Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.3.6.2 India Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.3.7 China Market Overview
9.3.7.1 China Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.3.7.1.1 China Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.3.7.2 China Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.3.8 South Korea Market Overview
9.3.8.1 South Korea Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.3.8.1.1 South Korea Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.3.8.2 South Korea Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.3.9 Australia Market Overview
9.3.9.1 Australia Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.3.9.1.1 Australia Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.3.9.2 Australia Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.4 MIDDLE EAST & AFRICA (MEA) REFRACTIVE SURGERY DEVICES MARKET
9.4.1 Middle East & Africa (MEA) Refractive Surgery Devices Market Forecasts and Analysis (US$ Mn)
9.4.2 Middle East & Africa (MEA) Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.4.2.1 Middle East & Africa Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.4.3 Middle East & Africa Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.4.4 Middle East & Africa (MEA) Refractive Surgery Devices Market Forecasts and Analysis - By Country
9.4.5 South Africa Market Overview
9.4.5.1 South Africa Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.4.5.1.1 South Africa Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.4.5.2 South Africa Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.4.6 Saudi Arabia Market Overview
9.4.6.1 Saudi Arabia Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.4.6.1.1 Saudi Arabia Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.4.6.2 Saudi Arabia Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.4.7 UAE Market Overview
9.4.7.1 UAE Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.4.7.1.1 UAE Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.4.7.2 UAE Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.5 SOUTH AND CENTRAL AMERICA REFRACTIVE SURGERY DEVICES MARKET
9.5.1 South and Central America Refractive Surgery Devices Market Forecasts and Analysis (US$ Mn)
9.5.2 South and Central America Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.5.2.1 South and Central America Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.5.3 South and Central America Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.5.4 South and Central America Refractive Surgery Devices Market Forecasts and Analysis - By Country
9.5.5 Brazil Market Overview
9.5.5.1 Brazil Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.5.5.1.1 Brazil Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.5.5.2 Brazil Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
9.5.6 Argentina Market Overview
9.5.6.1 Argentina Refractive Surgery Devices Market Forecasts and Analysis - By Product (US$ Mn)
9.5.6.1.1 Argentina Ophthalmology Lasers Market Forecasts and Analysis - By Type (US$ Mn)
9.5.6.2 Argentina Refractive Surgery Devices Market Forecasts and Analysis - By End User (US$ Mn)
10. INDUSTRY LANDSCAPE
10.1 ORGANIC GROWTH STRATEGIES
10.1.1 New Product Launches
10.1.2 Marketing & Promotional Activities
10.2 INORGANIC GROWTH STRATEGIES
10.2.1 Partnerships, Collaborations, and Joint Ventures
10.2.2 Mergers & Acquisitions
11. REFRACTIVE SURGERY DEVICES MARKET, KEY COMPANY PROFILES
11.1 CARL ZEISS MEDICTEC AG
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Financial Overview
11.1.4 Product Portfolio
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 ALCON
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Financial Overview
11.2.4 Product Portfolio
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 BAUSCH & LOMB INCORPORATED
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Financial Overview
11.3.4 Product Portfolio
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 ELLEX MEDICAL
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Financial Overview
11.4.4 Product Portfolio
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 NIDEK CO., LTD.
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Financial Overview
11.5.4 Product Portfolio
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 ZIEMER OPHTHALMIC SYSTEMS
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Financial Overview
11.6.4 Product Portfolio
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 SCHWIND EYE-TECH-SOLUTIONS
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Financial Overview
11.7.4 Product Portfolio
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 LUMENIS
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Financial Overview
11.8.4 Product Portfolio
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 IVIS TECHNOLOGIES
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Financial Overview
11.9.4 Product Portfolio
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 JOHNSON & JOHNSON COMPANY
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Financial Overview
11.10.4 Product Portfolio
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. APPENDIX
12.1 ABOUT THE INSIGHT PARTNERS
12.2 GLOSSARY OF TERMS
1. Carl Zeiss Medictec AG
2. Alcon
3. Bausch & Lomb Incorporated
4. Ellex Medical
5. NIDEK CO., LTD.
6. Ziemer Ophthalmic Systems
7. SCHWIND eye-tech-solutions
8. Lumenis
9. iVIS Technologies
10. Johnson & Johnson Company
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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