Surgical Lasers Market SWOT Analysis by 2031
The surgical lasers market is expected to grow from US$ 3,863.46 million in 2022 to US$ 6,031.09 million in 2031, with an estimated CAGR of 7.7% from 2022 to 2031.
The use of lasers in the surgical industry has been flourishing rapidly over the years. The demand for technologically advanced laser products has been substantially growing. The global surgical lasers industry players are experiencing a higher demand for LASIK post-pandemic. Rapid advancement in laser technology and the high prevalence of vision impairment will foster the global surgical lasers market growth through 2031. As per the World Health Organization (WHO), over 2.2 billion people have a distance or near vision impairment globally. This factor could proliferate the need for LASIK eye surgery, which accounts for 90–95% of all laser vision correction surgeries. Developments in laser technology designed to target serious ailments like cancer will also add impetus to the industry expansion. In 2021, the Engineering and Physical Sciences Research Council provided a US$ 1.6 million fund to the Heriot-Watt University in Edinburgh for developing a new laser system to help surgeons distinguish and remove cancer cells without damaging nearby tissues. Such noteworthy investments in the treatment of targeted diseases will also fuel the requirement for surgical lasers machines in the coming years.
MARKET DYNAMICS
Increasing demand for minimally invasive or noninvasive procedures and rising patient inclination toward reduced hospital stays are the factors pushing manufacturers to develop products and equipment that are technologically advanced and offer faster recovery. This is boosting the competitive rivalry with new product launches. For instance, in July 2021, Candela Corporation received the US Food and Drug Administration approval for Vbeam Prima, a Pulsed Dye Laser (PDL), which is used for a wide range of skin conditions such as rosacea; acne; facial; leg and spider veins; scars; port wine stains; warts; stretch marks; and wrinkles.
MARKET SCOPE
The "Global Surgical lasers Market Analysis to 2031" is a specialized and in-depth study of the surgical lasers market with a special focus on the global market trend analysis. The report aims to provide an overview of the surgical lasers market with detailed market segmentation by type, procedure, and application. The global surgical lasers market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading surgical lasers market players and offers key trends and opportunities in the global surgical lasers market.
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Surgical Lasers Market: Strategic Insights
Market Size Value in US$ 3,863.46 million in 2022 Market Size Value by US$ 6,031.09 million in 2028 Growth rate CAGR of 7.7% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Surgical Lasers Market: Strategic Insights
| Market Size Value in | US$ 3,863.46 million in 2022 |
| Market Size Value by | US$ 6,031.09 million in 2028 |
| Growth rate | CAGR of 7.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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MARKET SEGMENTATION
The global surgical lasers market is segmented based on type, procedure, and application. Based on type, the market is segmented into carbon dioxide (CO2) lasers, argon lasers, ND:Yag (Neodymium:Yttrium-Aluminum Garnet) lasers, diode lasers, and other surgical lasers connected sensors. In terms of the procedure, the market is segmented into open surgery, laparoscopic surgery, and percutaneous surgery. Further, based on application, the market is segmented into ophthalmology, dermatology, dentistry, urology, cardiology, gynecology, oncology, and other applications.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global surgical lasers market based on various segments. It also provides market size and forecast estimates from 2022 to 2031 with respect to five major regions—North America, Europe, Asia Pacific (APAC), South & Central America and the Middle East & Africa (MEA). Each region's surgical lasers market is later subsegmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in each country.
From the regional perspective, North America dominated the global surgical lasers market with ~38% market share in 2021. The dominance can be attributed to the growing awareness of advanced aesthetic procedures. The key surgical lasers manufacturers in the region include Lumenis Be Ltd, Cynosure, Alma Lasers, Abbott, Boston Scientific Corporation, IPG Photonics Corporation, Spectranetics Corporation (Koninklijke Philips N.V.), biolitec AG, BISON MEDICAL, and Fotona. These suppliers witness constant demand from Hospitals and Ambulatory Surgery Centers (ASCs). The below figure showcases the revenue growth trend in the global surgical lasers market:
The report analyzes factors affecting the global surgical lasers market from both demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis highlighting the factors affecting the global surgical lasers market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic caused major disruptions in cancer care, owing to delayed diagnosis and treatment. Treatment pathways were altered to lower the risk of infection during surgery and radiation therapy, which created a hindrance to the steady growth of the industry in 2021- 2021. However, the gradual increase in the acceptance of refractive surgery, post-crisis, may help the industry regain traction in the coming years. The high emphasis on public health and safety amid the pandemic indirectly influenced people to re-evaluate their eye health. Situations such as these have given rise to the deployment of laser vision correction procedures, thus, contributing to the overall industry dynamics. Thus, the decline in laser surgical procedures for major applications in 2021 is one of the major factors for the revenue loss in the global surgical lasers market.
MARKET PLAYERS
The reports cover key developments in the global surgical lasers market including organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players in the global surgical lasers market are anticipated to have lucrative growth opportunities in the future with the rising demand for surgical laser. Below is a list of a few companies engaged in the surgical lasers market.
The report also includes the profiles of key surgical lasers market companies and their SWOT analysis and market 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.
- Lumenis Be Ltd
- Cynosure
- Alma Lasers
- Abbott
- Boston Scientific Corporation
- IPG Photonics Corporation
- Spectranetics Corporation (Koninklijke Philips N.V.)
- biolitec AG
- BISON MEDICAL
- Fotona
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Procedure, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
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. Surgical Lasers Market- By Type
1.3.2. Surgical Lasers Market- By Procedure
1.3.3. Surgical Lasers Market- By Application
1.3.4. Surgical Lasers Market- By Region
1.3.4.1. By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SURGICAL LASERS 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. SURGICAL LASERS 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. SURGICAL LASERS MARKET- GLOBAL ANALYSIS
6.1. SURGICAL LASERS MARKET - GLOBAL MARKET OVERVIEW
6.2. SURGICAL LASERS MARKET - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/ MARKET SHARE OF KEY PLAYERS
7. SURGICAL LASERS MARKET REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CARBON DIOXIDE (CO2) LASERS MARKET
7.3.1. Overview
7.3.2. Carbon Dioxide (CO2) Lasers Market Forecast and Analysis (US$ Mn)
7.4. ARGON LASERS MARKET
7.4.1. Overview
7.4.2. Argon Lasers Market Forecast and Analysis (US$ Mn)
7.5. ND:YAG (NEODYMIUM:YTTRIUM-ALUMINUM-GARNET) LASERS MARKET
7.5.1. Overview
7.5.2. ND:Yag (Neodymium:Yttrium-Aluminum-Garnet) Lasers Market Forecast and Analysis (US$ Mn)
7.6. DIODE LASERS MARKET
7.6.1. Overview
7.6.2. Diode Lasers Market Forecast and Analysis (US$ Mn)
7.7. OTHER SURGICAL LASERS MARKET
7.7.1. Overview
7.7.2. Other Surgical Lasers Market Forecast and Analysis (US$ Mn)
8. SURGICAL LASERS MARKET REVENUE AND FORECASTS TO 2028 - PROCEDURE
8.1. OVERVIEW
8.2. PROCEDURE MARKET FORECASTS AND ANALYSIS
8.3. OPEN SURGERY MARKET
8.3.1. Overview
8.3.2. Open Surgery Market Forecast and Analysis (US$ Mn)
8.4. LAPAROSCOPIC SURGERY MARKET
8.4.1. Overview
8.4.2. Laparoscopic Surgery Market Forecast and Analysis (US$ Mn)
8.5. PERCUTANEOUS SURGERY MARKET
8.5.1. Overview
8.5.2. Percutaneous Surgery Market Forecast and Analysis (US$ Mn)
9. SURGICAL LASERS MARKET REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. OPHTHALMOLOGY MARKET
9.3.1. Overview
9.3.2. Ophthalmology Market Forecast and Analysis (US$ Mn)
9.4. DERMATOLOGY MARKET
9.4.1. Overview
9.4.2. Dermatology Market Forecast and Analysis (US$ Mn)
9.5. DENTISTRY MARKET
9.5.1. Overview
9.5.2. Dentistry Market Forecast and Analysis (US$ Mn)
9.6. UROLOGY MARKET
9.6.1. Overview
9.6.2. Urology Market Forecast and Analysis (US$ Mn)
9.7. CARDIOLOGY MARKET
9.7.1. Overview
9.7.2. Cardiology Market Forecast and Analysis (US$ Mn)
9.8. GYNECOLOGY MARKET
9.8.1. Overview
9.8.2. Gynecology Market Forecast and Analysis (US$ Mn)
9.9. ONCOLOGY MARKET
9.9.1. Overview
9.9.2. Oncology Market Forecast and Analysis (US$ Mn)
9.10. OTHER APPLICATIONS MARKET
9.10.1. Overview
9.10.2. Other Applications Market Forecast and Analysis (US$ Mn)
10. SURGICAL LASERS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA SURGICAL LASERS MARKET
10.1.1. North America Surgical Lasers Market Forecasts and Analysis (US$ Mn)
10.1.2. North America Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.1.3. North America Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.1.4. North America Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.1.5. North America Surgical Lasers Market Forecasts and Analysis - By Country
10.1.6. US Market Overview
10.1.6.1. US Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.1.6.2. US Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.1.6.3. US Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.1.7. Canada Market Overview
10.1.7.1. Canada Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.1.7.2. Canada Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.1.7.3. Canada Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.1.8. Mexico Market Overview
10.1.8.1. Mexico Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.1.8.2. Mexico Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.1.8.3. Mexico Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.2. EUROPE SURGICAL LASERS MARKET
10.2.1. Europe Surgical Lasers Market Forecasts and Analysis (US$ Mn)
10.2.2. Europe Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.2.3. Europe Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.2.4. Europe Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.2.5. Europe Surgical Lasers Market Forecasts and Analysis - By Country
10.2.6. UK Market Overview
10.2.6.1. UK Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.2.6.2. UK Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.2.6.3. UK Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.2.7. Germany Market Overview
10.2.7.1. Germany Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.2.7.2. Germany Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.2.7.3. Germany Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.2.8. France Market Overview
10.2.8.1. France Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.2.8.2. France Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.2.8.3. France Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.3. ASIA PACIFIC SURGICAL LASERS MARKET
10.3.1. Asia Pacific Surgical Lasers Market Forecasts and Analysis (US$ Mn)
10.3.2. Asia Pacific Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.3.3. Asia Pacific Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.3.4. Asia Pacific Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.3.5. Asia Pacific Surgical Lasers Market Forecasts and Analysis - By Country
10.3.6. China Market Overview
10.3.6.1. China Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.3.6.2. China Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.3.6.3. China Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.3.7. Japan Market Overview
10.3.7.1. Japan Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.3.7.2. Japan Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.3.7.3. Japan Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.3.8. India Market Overview
10.3.8.1. India Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.3.8.2. India Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.3.8.3. India Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.4. MIDDLE EAST AND AFRICA (MEA) SURGICAL LASERS MARKET
10.4.1. Middle East and Africa (MEA) Surgical Lasers Market Forecasts and Analysis (US$ Mn)
10.4.2. Middle East and Africa (MEA) Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.4.3. Middle East and Africa Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.4.4. Middle East and Africa (MEA) Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.4.5. Middle East and Africa (MEA) Surgical Lasers Market Forecasts and Analysis - By Country
10.4.6. UAE Market Overview
10.4.6.1. UAE Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.4.6.2. UAE Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.4.6.3. UAE Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.4.7. Saudi Arabia Market Overview
10.4.7.1. Saudi Arabia Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.4.7.2. Saudi Arabia Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.4.7.3. Saudi Arabia Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.4.8. South Africa Market Overview
10.4.8.1. South Africa Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.4.8.2. South Africa Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.4.8.3. South Africa Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.5. SOUTH AND CENTRAL AMERICA SURGICAL LASERS MARKET
10.5.1. South and Central America Surgical Lasers Market Forecasts and Analysis (US$ Mn)
10.5.2. South and Central America Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.5.3. South and Central America Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.5.4. South and Central America Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
10.5.5. South and Central America Surgical Lasers Market Forecasts and Analysis - By Country
10.5.6. Brazil Market Overview
10.5.6.1. Brazil Surgical Lasers Market Forecasts and Analysis - By Type (US$ Mn)
10.5.6.2. Brazil Surgical Lasers Market Forecasts and Analysis - By Procedure (US$ Mn)
10.5.6.3. Brazil Surgical Lasers Market Forecasts and Analysis - By Application (US$ Mn)
11. INDUSTRY LANDSCAPE
11.1. ORGANIC GROWTH STRATEGIES
11.1.1. New Product Launches
11.1.2. Marketing & Promotional Activities
11.2. INORGANIC GROWTH STRATEGIES
11.2.1. Partnerships, Collaborations, and Joint Ventures
11.2.2. Mergers & Acquisitions
12. SURGICAL LASERS MARKET, KEY COMPANY PROFILES
12.1. LUMENIS
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Financial Overview
12.1.4. Product Portfolio
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. CYNOSURE, INC
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Financial Overview
12.2.4. Product Portfolio
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. ALMA LASERS
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Financial Overview
12.3.4. Product Portfolio
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. ABBOTT
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Financial Overview
12.4.4. Product Portfolio
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. BOSTON SCIENTIFIC CORPORATION
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Financial Overview
12.5.4. Product Portfolio
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. IPG PHOTONICS CORPORATION
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Financial Overview
12.6.4. Product Portfolio
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. SPECTRANETICS CORPORATION
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Financial Overview
12.7.4. Product Portfolio
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. BIOLITEC AG
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Financial Overview
12.8.4. Product Portfolio
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. BISON MEDICAL CO., LTD.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Financial Overview
12.9.4. Product Portfolio
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. FOTONA D.O.O.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Financial Overview
12.10.4. Product Portfolio
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Lumenis
2. Cynosure, Inc.
3. Alma Lasers
4. Abbott
5. Boston Scientific Corporation
6. IPG Photonics Corporation
7. Spectranetics Corporation
8. Biolitec AG
9. Bison Medical Co., Ltd.
10. Fotona D.O.O
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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