Sclerotherapy Market Drivers and Opportunities [2021-2031]
The Sclerotherapy Market is expected to register a CAGR of 6.5% 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 (Ultrasound Sclerotherapy, Liquid Sclerotherapy, Foam Sclerotherapy). The report is segmented by Application (Venous Disease, Gastrointestinal Bleeding, Bronchopleural Fistula, Cystic Disease). The report is segmented by End User (Hospitals, Clinics, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Sclerotherapy 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.
Sclerotherapy Market Segmentation
Product- Ultrasound Sclerotherapy
- Liquid Sclerotherapy
- Foam Sclerotherapy
- Venous Disease
- Gastrointestinal Bleeding
- Bronchopleural Fistula
- Cystic Disease
- Hospitals
- Clinics
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Sclerotherapy Market Growth Drivers- Increase in Incidence Record for Vein Disorders: The rising cases of vein disorders such as varicose veins and chronic venous insufficiency (CVI) among the population is also a significant factor causing the growth of the sclerotherapy market. An aging population, more sedentary lifestyles, lots of cases of obesity, genetic makeup all lead to more and more individuals turning up for treatment of venous pathologies. The American Society for Vascular Surgery Contends that about 25% of adults suffer from Varicose veins but mostly the female gender. As treatment to alleviate the aesthetic as well as health distress caused by such disorders becomes highly sought for, sclerotherapy has emerged as a popular practice because it is non invasive.
- Presenting a Medical Procedure with Low Invasiveness: Sclerotherapy’s popularity as a procedure that is less surgical in nature is another reason which drives its demand in the market. Most forms of conventional surgery for treating varicose veins do not cut, inject a needle or give anesthesia even after which the patient has to endure a long postoperative recovery period. Such cases are rare, for instance in this case, after the procedure patients can be active and undergo their normal routine the same or following day. Such convenience has led to the developing need especially where patients expect to see results as quick as possible without too much interference in their activities as in the case of cosmetic dermatology.
- Technological Developments in Sclerotherapy: The other aspect that has boosted the sclerotherapy market is the development of newer sclerotherapy techniques. The emergence of ultrasound guided sclerotherapy for instance has made the procedure better and more effective. It allows clinicians to perform the procedure in a targeted way on the trouble veins hence improving the results while minimizing the chances of adverse effects. The advent of modern sclerosants which are more efficient and safe than the older ones coupled with better injection methods has also improved the efficacy of the procedure and increased its range of indications.
- Medical Procedures and Appearance Concerns Working Together: Medical treatments as well as aesthetic treatments are becoming much more interconnected these days and sclerotherapy is taking the lead in this development. The growth of the sclerotherapy treatment process can be seen in that patients with spider or varicose veins and those who wish to have aesthetic improvement opt to undergo the process of sclerotherapy as it is fast, effective and relatively non-invasive. The procedure has gained acceptance with aesthetic clinics and dermatology practices offering sclerotherapy in their services, thus increasing both the market for cosmetic and therapeutic indications of the procedure.
- Growth in Market Penetration and Geographic Expansion: The global sclerotherapy market has been experiencing a positive growth rate as the awareness and treatment seeking behavior for the same is growing outside the conventional Western markets. Countries in the Asia Pacific, Latin America, and Middle East Regions have started using sclerotherapy due to the advancements in health care and the affordability of less invasive procedures. As the demographic profile of this region changes with people living longer and more cases of venous disorders being diagnosed, the uptake for sclerotherapy is forecasted to grow.
- Increase in Non-Surgical Aesthetic Treatments: Unlike most traditional cosmetic treatments, sclerotherapy is very easy and comfortable for the client and this is why it has become very popular because all non-invasive cosmetic treatments have become a very high trend. Patients are now more inclined on getting painless procedures that work than undergoing traditional surgery that comes with certain complications and downtime. This is more pronounced in the younger segments of the population who are averse to surgery for minor conditions such as spider veins. Due to the increasing preferences of patients induced with the non surgical treatments, the aesthetic role of sclerotherapy is gradually increasing.
- Generation of Novel Sclerosant Agents: Trendy and even more potent sclerosing agents have opened new avenues for making the sclerotherapy market grow. Conventional agents such as sodium tetradecyl sulfate (STS) and polidocanol have worked well for a fair share of time, hence there is an increasing need for sclerosing agents that are more safe, more effective, and have less side effects. This is likely to spur further growth of the market if new formulation that can achieve better results with less risks especially in high risk populations are developed.
- Combination Therapies: There exists a possibility for the intraoperative sclerotherapy to be used in conjunction with other therapies laser for instance or endovenous thermal ablation, in order to attain best results. Combining sclerotherapy with further treatment options in the case of vein therapy allows practitioners to extend the efficacy and range of treatment in the case of more complicated or larger varicose veins. This is likely to improve the patients’ results and their contentment with the services hence creating further demand due to the desire for quality care.
- Telemedicine and Distant Consultations: There is an increase in the number of cases whereby through telemedicine, sick persons ask doctors for their help even in aesthetic or medical procedures. Allowing sclerotherapy treatment to be consulted over the internet is all beneficial especially to the clinics and practitioners where they will have patients from further distances where patients cannot come for appointments or treatments physically. This transition is relevant, as it indicates a market shift, more so in areas where such services are scarce, the providers are fewer, or completely unavailable.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Sclerotherapy 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 Sclerotherapy 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.
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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
Players operating in the market are Boston Scientific Corporation, Cook Medical, Inc., ChemischeFabrikKreussler& Co. GmbH, Troikaa Pharmaceuticals Ltd., TianyuChang'an Group, Endo-Flex GmbH (Meditek Systems), BionichePharma Group Ltd, Angiodynamics, Inc., Medtronic, Perrigo Company PLC (Omega Pharmaceuticals)
North America region dominated the Sclerotherapy market in 2023.
Liquid Sclerotherapy segment, by product, dominated the market in 2023.
The Sclerotherapy Market is estimated to witness a CAGR of 6.5% from 202#to 2031
Generation of Novel Sclerosant Agents act as a opportunity for growth of the market in forecast period.
The major factors driving the Sclerotherapy market are:
1. Increase in Incidence Record for Vein Disorders
2. Technological Developments in Sclerotherapy
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Sclerotherapy Market - By Product
1.3.2 Sclerotherapy Market - By Application
1.3.3 Sclerotherapy Market - By End User
1.3.4 Sclerotherapy Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SCLEROTHERAPY 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. SCLEROTHERAPY 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. SCLEROTHERAPY MARKET - GLOBAL MARKET ANALYSIS
6.1. SCLEROTHERAPY - GLOBAL MARKET OVERVIEW
6.2. SCLEROTHERAPY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SCLEROTHERAPY MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. ULTRASOUND SCLEROTHERAPY
7.3.1. Overview
7.3.2. Ultrasound Sclerotherapy Market Forecast and Analysis
7.4. LIQUID SCLEROTHERAPY
7.4.1. Overview
7.4.2. Liquid Sclerotherapy Market Forecast and Analysis
7.5. FOAM SCLEROTHERAPY
7.5.1. Overview
7.5.2. Foam Sclerotherapy Market Forecast and Analysis
8. SCLEROTHERAPY MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. VENOUS DISEASE
8.3.1. Overview
8.3.2. Venous Disease Market Forecast and Analysis
8.4. GASTROINTESTINAL BLEEDING
8.4.1. Overview
8.4.2. Gastrointestinal Bleeding Market Forecast and Analysis
8.5. BRONCHOPLEURAL FISTULA
8.5.1. Overview
8.5.2. Bronchopleural Fistula Market Forecast and Analysis
8.6. CYSTIC DISEASE
8.6.1. Overview
8.6.2. Cystic Disease Market Forecast and Analysis
9. SCLEROTHERAPY MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. HOSPITALS
9.3.1. Overview
9.3.2. Hospitals Market Forecast and Analysis
9.4. CLINICS
9.4.1. Overview
9.4.2. Clinics Market Forecast and Analysis
9.5. OTHERS
9.5.1. Overview
9.5.2. Others Market Forecast and Analysis
10. SCLEROTHERAPY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Sclerotherapy Market Overview
10.1.2 North America Sclerotherapy Market Forecasts and Analysis
10.1.3 North America Sclerotherapy Market Forecasts and Analysis - By Product
10.1.4 North America Sclerotherapy Market Forecasts and Analysis - By Application
10.1.5 North America Sclerotherapy Market Forecasts and Analysis - By End User
10.1.6 North America Sclerotherapy Market Forecasts and Analysis - By Countries
10.1.6.1 United States Sclerotherapy Market
10.1.6.1.1 United States Sclerotherapy Market by Product
10.1.6.1.2 United States Sclerotherapy Market by Application
10.1.6.1.3 United States Sclerotherapy Market by End User
10.1.6.2 Canada Sclerotherapy Market
10.1.6.2.1 Canada Sclerotherapy Market by Product
10.1.6.2.2 Canada Sclerotherapy Market by Application
10.1.6.2.3 Canada Sclerotherapy Market by End User
10.1.6.3 Mexico Sclerotherapy Market
10.1.6.3.1 Mexico Sclerotherapy Market by Product
10.1.6.3.2 Mexico Sclerotherapy Market by Application
10.1.6.3.3 Mexico Sclerotherapy Market by End User
10.2. EUROPE
10.2.1 Europe Sclerotherapy Market Overview
10.2.2 Europe Sclerotherapy Market Forecasts and Analysis
10.2.3 Europe Sclerotherapy Market Forecasts and Analysis - By Product
10.2.4 Europe Sclerotherapy Market Forecasts and Analysis - By Application
10.2.5 Europe Sclerotherapy Market Forecasts and Analysis - By End User
10.2.6 Europe Sclerotherapy Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Sclerotherapy Market
10.2.6.1.1 Germany Sclerotherapy Market by Product
10.2.6.1.2 Germany Sclerotherapy Market by Application
10.2.6.1.3 Germany Sclerotherapy Market by End User
10.2.6.2 France Sclerotherapy Market
10.2.6.2.1 France Sclerotherapy Market by Product
10.2.6.2.2 France Sclerotherapy Market by Application
10.2.6.2.3 France Sclerotherapy Market by End User
10.2.6.3 Italy Sclerotherapy Market
10.2.6.3.1 Italy Sclerotherapy Market by Product
10.2.6.3.2 Italy Sclerotherapy Market by Application
10.2.6.3.3 Italy Sclerotherapy Market by End User
10.2.6.4 Spain Sclerotherapy Market
10.2.6.4.1 Spain Sclerotherapy Market by Product
10.2.6.4.2 Spain Sclerotherapy Market by Application
10.2.6.4.3 Spain Sclerotherapy Market by End User
10.2.6.5 United Kingdom Sclerotherapy Market
10.2.6.5.1 United Kingdom Sclerotherapy Market by Product
10.2.6.5.2 United Kingdom Sclerotherapy Market by Application
10.2.6.5.3 United Kingdom Sclerotherapy Market by End User
10.2.6.6 Rest of Europe Sclerotherapy Market
10.2.6.6.1 Rest of Europe Sclerotherapy Market by Product
10.2.6.6.2 Rest of Europe Sclerotherapy Market by Application
10.2.6.6.3 Rest of Europe Sclerotherapy Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Sclerotherapy Market Overview
10.3.2 Asia-Pacific Sclerotherapy Market Forecasts and Analysis
10.3.3 Asia-Pacific Sclerotherapy Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Sclerotherapy Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Sclerotherapy Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Sclerotherapy Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Sclerotherapy Market
10.3.6.1.1 Australia Sclerotherapy Market by Product
10.3.6.1.2 Australia Sclerotherapy Market by Application
10.3.6.1.3 Australia Sclerotherapy Market by End User
10.3.6.2 China Sclerotherapy Market
10.3.6.2.1 China Sclerotherapy Market by Product
10.3.6.2.2 China Sclerotherapy Market by Application
10.3.6.2.3 China Sclerotherapy Market by End User
10.3.6.3 India Sclerotherapy Market
10.3.6.3.1 India Sclerotherapy Market by Product
10.3.6.3.2 India Sclerotherapy Market by Application
10.3.6.3.3 India Sclerotherapy Market by End User
10.3.6.4 Japan Sclerotherapy Market
10.3.6.4.1 Japan Sclerotherapy Market by Product
10.3.6.4.2 Japan Sclerotherapy Market by Application
10.3.6.4.3 Japan Sclerotherapy Market by End User
10.3.6.5 South Korea Sclerotherapy Market
10.3.6.5.1 South Korea Sclerotherapy Market by Product
10.3.6.5.2 South Korea Sclerotherapy Market by Application
10.3.6.5.3 South Korea Sclerotherapy Market by End User
10.3.6.6 Rest of Asia-Pacific Sclerotherapy Market
10.3.6.6.1 Rest of Asia-Pacific Sclerotherapy Market by Product
10.3.6.6.2 Rest of Asia-Pacific Sclerotherapy Market by Application
10.3.6.6.3 Rest of Asia-Pacific Sclerotherapy Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Sclerotherapy Market Overview
10.4.2 Middle East and Africa Sclerotherapy Market Forecasts and Analysis
10.4.3 Middle East and Africa Sclerotherapy Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Sclerotherapy Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Sclerotherapy Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Sclerotherapy Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Sclerotherapy Market
10.4.6.1.1 South Africa Sclerotherapy Market by Product
10.4.6.1.2 South Africa Sclerotherapy Market by Application
10.4.6.1.3 South Africa Sclerotherapy Market by End User
10.4.6.2 Saudi Arabia Sclerotherapy Market
10.4.6.2.1 Saudi Arabia Sclerotherapy Market by Product
10.4.6.2.2 Saudi Arabia Sclerotherapy Market by Application
10.4.6.2.3 Saudi Arabia Sclerotherapy Market by End User
10.4.6.3 U.A.E Sclerotherapy Market
10.4.6.3.1 U.A.E Sclerotherapy Market by Product
10.4.6.3.2 U.A.E Sclerotherapy Market by Application
10.4.6.3.3 U.A.E Sclerotherapy Market by End User
10.4.6.4 Rest of Middle East and Africa Sclerotherapy Market
10.4.6.4.1 Rest of Middle East and Africa Sclerotherapy Market by Product
10.4.6.4.2 Rest of Middle East and Africa Sclerotherapy Market by Application
10.4.6.4.3 Rest of Middle East and Africa Sclerotherapy Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Sclerotherapy Market Overview
10.5.2 South and Central America Sclerotherapy Market Forecasts and Analysis
10.5.3 South and Central America Sclerotherapy Market Forecasts and Analysis - By Product
10.5.4 South and Central America Sclerotherapy Market Forecasts and Analysis - By Application
10.5.5 South and Central America Sclerotherapy Market Forecasts and Analysis - By End User
10.5.6 South and Central America Sclerotherapy Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Sclerotherapy Market
10.5.6.1.1 Brazil Sclerotherapy Market by Product
10.5.6.1.2 Brazil Sclerotherapy Market by Application
10.5.6.1.3 Brazil Sclerotherapy Market by End User
10.5.6.2 Argentina Sclerotherapy Market
10.5.6.2.1 Argentina Sclerotherapy Market by Product
10.5.6.2.2 Argentina Sclerotherapy Market by Application
10.5.6.2.3 Argentina Sclerotherapy Market by End User
10.5.6.3 Rest of South and Central America Sclerotherapy Market
10.5.6.3.1 Rest of South and Central America Sclerotherapy Market by Product
10.5.6.3.2 Rest of South and Central America Sclerotherapy Market by Application
10.5.6.3.3 Rest of South and Central America Sclerotherapy Market by End User
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. SCLEROTHERAPY MARKET, KEY COMPANY PROFILES
12.1. BOSTON SCIENTIFIC CORPORATION
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. COOK MEDICAL, INC.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. CHEMISCHE FABRIK KREUSSLER & CO. GMBH
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. TROIKAA PHARMACEUTICALS LTD.
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. TIANYU CHANG'AN GROUP
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. ENDO-FLEX GMBH (MEDITEK SYSTEMS)
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. BIONICHE PHARMA GROUP LTD
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. ANGIODYNAMICS, INC.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. MEDTRONIC
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. PERRIGO COMPANY PLC (OMEGA PHARMACEUTICALS)
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Boston Scientific Corporation
2. Cook Medical, Inc.
3. Chemische Fabrik Kreussler & Co. GmbH
4. Troikaa Pharmaceuticals Ltd.
5. Tianyu Chang'an Group
6. Endo-Flex GmbH (Meditek Systems)
7. Bioniche Pharma Group Ltd
8. Angiodynamics, Inc.
9. Medtronic
10. Perrigo Company PLC (Omega Pharmaceuticals)
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.