Stoma Care Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
MARKET OVERVIEW
An opening on the abdomen, known as a stoma, allows waste (feces or urine) to be channeled out of the body. It can be connected to either the digestive or urinary system. It resembles a little, round bit of pinkish flesh sewed to the body. It could stick out or be rather flat against the body. The patient will wear a pouch that may be closed or have a bottom opening over the top of the stoma. The patient shouldn't experience any pain from the stoma because it lacks nerve endings. According to data from the NHS, 176,824 people in the UK have stomas, with colorectal cancer, bladder cancer, ulcerative colitis, crohn's disease, and accidental damage are being the most common causes of stoma surgery. A stoma can be temporary or may be permanent, depending on the cause.
Furthermore, there are several types of stoma, depending on the procedure used to create them, including colostomy, urostomy, and ileostomy. Furthermore, the stoma care market is primarily driven by increased incidences of colorectal and bladder cancer, inflammatory bowel diseases (IBD) such as ulcerative colitis and crohn's disease, adoption of cutting-edge technology, and growing consumer awareness of stoma care products.
ARKET SCOPE
The “Global stoma care market analysis to 2030” is a specialized and in-depth study of the medical device industry with a special focus on global market trend analysis. The report aims to provide an overview of the stoma care market with detailed market segmentation by product type, application, end use and geography. The report provides key statistics on the market status of the leading stoma care market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The stoma care market is segmented based on product type, application, end use, and region. Based on product type, the global stoma care market is differentiated into closed bags, open/ drainable bags, one-piece bags, two-piece bags, and others. By application, the stoma care market is segmented into colostomy, Ileostomy, and urostomy. Based on end use, the market is classified into Homecare settings, hospitals, and others.
MARKET DYNAMICS
Drivers-
The rising incidences of inflammatory bowel disorders (IBD), such as ulcerative colitis or Crohn's disease, and colorectal cancer, which leads to increase in ostomy surgery cases, is the major factor driving the growth of market under study. According to World Health Organisation (WHO) statistics from July 2021, the number of colorectal cancer cases are expected to increase by over 70% by 2030 on global level. Additionally, according to GLOBOCAN statistics, 57,528 new colorectal cancer (CRC) cases were reported in Germany in 2021, making it the fourth most frequent cancer among Germans. Over the projection period, it is anticipated that developing effective and acceptable pouching systems and related accessories, which aid in improving the quality of life for ostomy patients, would expand the stoma care market. For instance, Trio Healthcare introduced Trio Siltac, a silicone-based ostomy seal. The only company that sells silicone-based ostomy seals is Trio Ostomy Care. This item helps to stop leaks and safeguard the skin around the stoma.
Moreover, technical advancement on stoma care products and increase in campaigns to educate people about ostomies is further expected to fuel market growth. For instance, every year on the first Saturday in October, the Hollister Incorporated celebrate World Ostomy Day to promote ostomy care. The general public will become more aware of stoma care owing to such initiatives, supporting stoma care market growth. Thus, during the forecast period, all the aforementioned factors are anticipated to positively impact the stoma care market.
Europe was the leading revenue contributor in the global stoma care market. Over the forecast period, the region is anticipated to have significant growth. During the projected period, factors such as new product developments and increased stoma patients due to ulcerative colitis and IBD are anticipated to propel the market's growth in Europe. According to MedTech Europe, around 700,000 people in European Union have ostomies. According to NCBI, inflammatory bowel disorders (IBD), including Crohn's disease or ulcerative colitis, is rapidly becoming more common in European nations. The Journal of Crohn's and Colitis reports that ulcerative colitis and Crohn's disease are becoming more common in Europe. According to estimates, IBD affects 0.3% of Europe's entire population. The U.K. recorded the greatest occurrence, whereas eastern and southern Europe recorded the lowest. Thus, market development in Europe is mostly driven by the rising incidence of IBD.
During the forecast period, major factors driving the Asia Pacific stoma care Market includes increase in awareness programs and increasing healthcare expenditure. For instance, In 2020, the government invested US$ 25,843.4 million in healthcare. The Indian government has steadily increased this expenditure to 2.5% of GDP by 2025 through its National Health Policy. Due to rising healthcare costs, hospitals are being built in Greenfield and Brownfield areas. As a result, the revenue in the medical device business has expanded as new capital systems outfitted with cutting-edge technology are installed at various healthcare institutions.
Furthermore, to increase awareness among ostomy patients, several nursing centers in the region organize various programs, including educational seminars and motivational programs. Seminars, educational programs, support gatherings and demonstrations, electronic information networks, magazine announcements, articles and advertising, and video and audio announcements are just a few of the methods used to increase awareness in the region and contributing to the overall stoma care market growth.
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Europe was the leading revenue contributor in the global stoma care market. Over the forecast period, the region is anticipated to have significant growth. During the projected period, factors such as new product developments and increased stoma patients due to ulcerative colitis and IBD are anticipated to propel the market's growth in Europe. According to MedTech Europe, around 700,000 people in European Union have ostomies. According to NCBI, inflammatory bowel disorders (IBD), including Crohn's disease or ulcerative colitis, is rapidly becoming more common in European nations. The Journal of Crohn's and Colitis reports that ulcerative colitis and Crohn's disease are becoming more common in Europe. According to estimates, IBD affects 0.3% of Europe's entire population. The U.K. recorded the greatest occurrence, whereas eastern and southern Europe recorded the lowest. Thus, market development in Europe is mostly driven by the rising incidence of IBD.
During the forecast period, major factors driving the Asia Pacific stoma care Market includes increase in awareness programs and increasing healthcare expenditure. For instance, In 2020, the government invested US$ 25,843.4 million in healthcare. The Indian government has steadily increased this expenditure to 2.5% of GDP by 2025 through its National Health Policy. Due to rising healthcare costs, hospitals are being built in Greenfield and Brownfield areas. As a result, the revenue in the medical device business has expanded as new capital systems outfitted with cutting-edge technology are installed at various healthcare institutions.
Furthermore, to increase awareness among ostomy patients, several nursing centers in the region organize various programs, including educational seminars and motivational programs. Seminars, educational programs, support gatherings and demonstrations, electronic information networks, magazine announcements, articles and advertising, and video and audio announcements are just a few of the methods used to increase awareness in the region and contributing to the overall stoma care market growth.
MARKET PLAYERS
The report covers key stoma care market developments, such as organic and inorganic growth strategies. Various companies such as ALCARE Co., Ltd., Braun Melsungen AG, Coloplast A/S, ConvaTec Group Plc., Cymed, Hollister Inc., Marlen Manufacturing & Development Co., Nu-Hope Laboratories, Perma-Type Company, Inc., Salts Healthcare, Welland Medical Ltd, and among others are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players from the stoma care market are anticipated to have lucrative growth opportunities with the rising demand for stoma care products in the global market.
Key Developments in the Global Stoma care market
- In January 2023, OstomyCure reported that the clinical trial using its unique, ground-breaking titanium port TI,ES implant technology, has reached its full patient enrollment milestone. To efficiently close and open the stoma, a lid can be affixed to the TIES titanium port implant, which can be inserted inside the stoma.
- In February 2022, Coloplast launched SenSura Mio features body fit technology for stoma care in Singapore. SenSura Mio is an elastic adhesive technology suitable for all peristomal body profiles.
- In June 2021, Welland launched Aurum Plus line of ostomy pouches. The new pouches have three sizes: closed, drainable, and urostomy. The original goal of Aurum Plus was to provide ostomates with additional comfort, confidence, and choice.
The report also includes key companies' profiles, their SWOT analysis, and stoma care market size and strategies. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last three years, and key development in the past five years.
The Insight Partner’s dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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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.
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 Stoma Care Market - By Product Type
1.3.2 Stoma Care Market - By Application
1.3.3 Stoma Care Market - By End Use
1.3.4 Stoma Care Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. STOMA CARE 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. STOMA CARE 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. STOMA CARE MARKET - GLOBAL MARKET ANALYSIS
6.1. STOMA CARE - GLOBAL MARKET OVERVIEW
6.2. STOMA CARE - GLOBAL MARKET AND FORECAST TO 2030
6.3. MARKET POSITIONING
7. STOMA CARE MARKET - REVENUE AND FORECASTS TO 2030 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. CLOSED BAGS
7.3.1. Overview
7.3.2. Closed Bags Market Forecast and Analysis
7.4. OPEN/ DRAINABLE BAGS
7.4.1. Overview
7.4.2. Open/ drainable Bags Market Forecast and Analysis
7.5. ONE-PIECE BAGS
7.5.1. Overview
7.5.2. One-piece Bags Market Forecast and Analysis
7.6. TWO-PIECE BAGS
7.6.1. Overview
7.6.2. Two-piece Bags Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. STOMA CARE MARKET - REVENUE AND FORECASTS TO 2030 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. COLOSTOMY
8.3.1. Overview
8.3.2. Colostomy Market Forecast and Analysis
8.4. ILEOSTOMY
8.4.1. Overview
8.4.2. Ileostomy Market Forecast and Analysis
8.5. UROSTOMY
8.5.1. Overview
8.5.2. Urostomy Market Forecast and Analysis
9. STOMA CARE MARKET - REVENUE AND FORECASTS TO 2030 - END USE
9.1. OVERVIEW
9.2. END USE MARKET FORECASTS AND ANALYSIS
9.3. HOMECARE SETTINGS
9.3.1. Overview
9.3.2. Homecare Settings Market Forecast and Analysis
9.4. HOSPITALS
9.4.1. Overview
9.4.2. Hospitals Market Forecast and Analysis
9.5. OTHERS
9.5.1. Overview
9.5.2. Others Market Forecast and Analysis
10. STOMA CARE MARKET REVENUE AND FORECASTS TO 2030 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Stoma Care Market Overview
10.1.2 North America Stoma Care Market Forecasts and Analysis
10.1.3 North America Stoma Care Market Forecasts and Analysis - By Product Type
10.1.4 North America Stoma Care Market Forecasts and Analysis - By Application
10.1.5 North America Stoma Care Market Forecasts and Analysis - By End Use
10.1.6 North America Stoma Care Market Forecasts and Analysis - By Countries
10.1.6.1 United States Stoma Care Market
10.1.6.1.1 United States Stoma Care Market by Product Type
10.1.6.1.2 United States Stoma Care Market by Application
10.1.6.1.3 United States Stoma Care Market by End Use
10.1.6.2 Canada Stoma Care Market
10.1.6.2.1 Canada Stoma Care Market by Product Type
10.1.6.2.2 Canada Stoma Care Market by Application
10.1.6.2.3 Canada Stoma Care Market by End Use
10.1.6.3 Mexico Stoma Care Market
10.1.6.3.1 Mexico Stoma Care Market by Product Type
10.1.6.3.2 Mexico Stoma Care Market by Application
10.1.6.3.3 Mexico Stoma Care Market by End Use
10.2. EUROPE
10.2.1 Europe Stoma Care Market Overview
10.2.2 Europe Stoma Care Market Forecasts and Analysis
10.2.3 Europe Stoma Care Market Forecasts and Analysis - By Product Type
10.2.4 Europe Stoma Care Market Forecasts and Analysis - By Application
10.2.5 Europe Stoma Care Market Forecasts and Analysis - By End Use
10.2.6 Europe Stoma Care Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Stoma Care Market
10.2.6.1.1 Germany Stoma Care Market by Product Type
10.2.6.1.2 Germany Stoma Care Market by Application
10.2.6.1.3 Germany Stoma Care Market by End Use
10.2.6.2 France Stoma Care Market
10.2.6.2.1 France Stoma Care Market by Product Type
10.2.6.2.2 France Stoma Care Market by Application
10.2.6.2.3 France Stoma Care Market by End Use
10.2.6.3 Italy Stoma Care Market
10.2.6.3.1 Italy Stoma Care Market by Product Type
10.2.6.3.2 Italy Stoma Care Market by Application
10.2.6.3.3 Italy Stoma Care Market by End Use
10.2.6.4 Spain Stoma Care Market
10.2.6.4.1 Spain Stoma Care Market by Product Type
10.2.6.4.2 Spain Stoma Care Market by Application
10.2.6.4.3 Spain Stoma Care Market by End Use
10.2.6.5 United Kingdom Stoma Care Market
10.2.6.5.1 United Kingdom Stoma Care Market by Product Type
10.2.6.5.2 United Kingdom Stoma Care Market by Application
10.2.6.5.3 United Kingdom Stoma Care Market by End Use
10.2.6.6 Rest of Europe Stoma Care Market
10.2.6.6.1 Rest of Europe Stoma Care Market by Product Type
10.2.6.6.2 Rest of Europe Stoma Care Market by Application
10.2.6.6.3 Rest of Europe Stoma Care Market by End Use
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Stoma Care Market Overview
10.3.2 Asia-Pacific Stoma Care Market Forecasts and Analysis
10.3.3 Asia-Pacific Stoma Care Market Forecasts and Analysis - By Product Type
10.3.4 Asia-Pacific Stoma Care Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Stoma Care Market Forecasts and Analysis - By End Use
10.3.6 Asia-Pacific Stoma Care Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Stoma Care Market
10.3.6.1.1 Australia Stoma Care Market by Product Type
10.3.6.1.2 Australia Stoma Care Market by Application
10.3.6.1.3 Australia Stoma Care Market by End Use
10.3.6.2 China Stoma Care Market
10.3.6.2.1 China Stoma Care Market by Product Type
10.3.6.2.2 China Stoma Care Market by Application
10.3.6.2.3 China Stoma Care Market by End Use
10.3.6.3 India Stoma Care Market
10.3.6.3.1 India Stoma Care Market by Product Type
10.3.6.3.2 India Stoma Care Market by Application
10.3.6.3.3 India Stoma Care Market by End Use
10.3.6.4 Japan Stoma Care Market
10.3.6.4.1 Japan Stoma Care Market by Product Type
10.3.6.4.2 Japan Stoma Care Market by Application
10.3.6.4.3 Japan Stoma Care Market by End Use
10.3.6.5 South Korea Stoma Care Market
10.3.6.5.1 South Korea Stoma Care Market by Product Type
10.3.6.5.2 South Korea Stoma Care Market by Application
10.3.6.5.3 South Korea Stoma Care Market by End Use
10.3.6.6 Rest of Asia-Pacific Stoma Care Market
10.3.6.6.1 Rest of Asia-Pacific Stoma Care Market by Product Type
10.3.6.6.2 Rest of Asia-Pacific Stoma Care Market by Application
10.3.6.6.3 Rest of Asia-Pacific Stoma Care Market by End Use
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Stoma Care Market Overview
10.4.2 Middle East and Africa Stoma Care Market Forecasts and Analysis
10.4.3 Middle East and Africa Stoma Care Market Forecasts and Analysis - By Product Type
10.4.4 Middle East and Africa Stoma Care Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Stoma Care Market Forecasts and Analysis - By End Use
10.4.6 Middle East and Africa Stoma Care Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Stoma Care Market
10.4.6.1.1 South Africa Stoma Care Market by Product Type
10.4.6.1.2 South Africa Stoma Care Market by Application
10.4.6.1.3 South Africa Stoma Care Market by End Use
10.4.6.2 Saudi Arabia Stoma Care Market
10.4.6.2.1 Saudi Arabia Stoma Care Market by Product Type
10.4.6.2.2 Saudi Arabia Stoma Care Market by Application
10.4.6.2.3 Saudi Arabia Stoma Care Market by End Use
10.4.6.3 U.A.E Stoma Care Market
10.4.6.3.1 U.A.E Stoma Care Market by Product Type
10.4.6.3.2 U.A.E Stoma Care Market by Application
10.4.6.3.3 U.A.E Stoma Care Market by End Use
10.4.6.4 Rest of Middle East and Africa Stoma Care Market
10.4.6.4.1 Rest of Middle East and Africa Stoma Care Market by Product Type
10.4.6.4.2 Rest of Middle East and Africa Stoma Care Market by Application
10.4.6.4.3 Rest of Middle East and Africa Stoma Care Market by End Use
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Stoma Care Market Overview
10.5.2 South and Central America Stoma Care Market Forecasts and Analysis
10.5.3 South and Central America Stoma Care Market Forecasts and Analysis - By Product Type
10.5.4 South and Central America Stoma Care Market Forecasts and Analysis - By Application
10.5.5 South and Central America Stoma Care Market Forecasts and Analysis - By End Use
10.5.6 South and Central America Stoma Care Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Stoma Care Market
10.5.6.1.1 Brazil Stoma Care Market by Product Type
10.5.6.1.2 Brazil Stoma Care Market by Application
10.5.6.1.3 Brazil Stoma Care Market by End Use
10.5.6.2 Argentina Stoma Care Market
10.5.6.2.1 Argentina Stoma Care Market by Product Type
10.5.6.2.2 Argentina Stoma Care Market by Application
10.5.6.2.3 Argentina Stoma Care Market by End Use
10.5.6.3 Rest of South and Central America Stoma Care Market
10.5.6.3.1 Rest of South and Central America Stoma Care Market by Product Type
10.5.6.3.2 Rest of South and Central America Stoma Care Market by Application
10.5.6.3.3 Rest of South and Central America Stoma Care Market by End Use
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL STOMA CARE 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. STOMA CARE MARKET, KEY COMPANY PROFILES
13.1. ALCARE CO., LTD.
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. BRAUN MELSUNGEN AG
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. COLOPLAST A/S
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. CONVATEC GROUP PLC.
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. CYMED
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. HOLLISTER INC.
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. MARLEN MANUFACTURING AND DEVELOPMENT CO.
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. NU-HOPE LABORATORIES
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. PERMA-TYPE COMPANY, INC.
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. SALTS HEALTHCARE
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. ALCARE CO., LTD.
2. BRAUN MELSUNGEN AG
3. COLOPLAST A/S
4. CONVATEC GROUP PLC.
5. CYMED
6. HOLLISTER INC.
7. MARLEN MANUFACTURING & DEVELOPMENT CO.
8. NU-HOPE LABORATORIES
9. PERMA-TYPE COMPANY, INC.
10. SALTS HEALTHCARE
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.
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- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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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:
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- 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.
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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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