Topical Pain Relief Market Key Players Analysis 2031
The Topical Pain Relief Market is expected to register a CAGR of 5.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is divided into four sections: Class (Non-Opioids and Opioids), Type (Prescription Pain Relief, Over-the-counter Pain Relief), Formulation (Cream, Gel, Spray, Patch, Other Formulations) and Distribution Channel (Pharmacies & Drug Stores, e Commerce, Retail Stores). The global analysis is broken down at the regional level and major countries. The market evaluation is presented in US$ for the above segmental analysis.
Purpose of the ReportThe report Topical Pain Relief 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.
Topical Pain Relief Market Segmentation
Class- Non-Opioids and Opioids
- Prescription Pain Relief
- Over-the-counter Pain Relief
- Cream
- Gel
- Spray
- Patch
- Other Formulations
- Pharmacies & Drug Stores
- e Commerce
- Retail Stores
- Pharmacies & Drug Stores
- e Commerce
- Retail Stores
Strategic Insights
Topical Pain Relief Market Growth Drivers- Rising Geriatric Population: The aging population is more prone to chronic pain conditions, increasing the demand for topical pain relief products.
- Increasing Incidence of Musculoskeletal Disorders: The sedentary lifestyle and physical exertion associated with modern work environments contribute to the rise of musculoskeletal disorders, driving demand for topical pain relief.
- Growing Awareness of Non-Invasive Pain Management: Consumers are increasingly opting for non-invasive pain management options, such as topical pain relief, to avoid the side effects of oral medications.
- Innovative Formulations: The development of innovative formulations, such as patches, gels, and creams with enhanced efficacy and faster onset of action, is driving market growth.
- Natural and Organic Ingredients: The growing preference for natural and organic products is driving demand for topical pain relief products with natural ingredients like menthol, camphor, and capsaicin.
- Integration of Digital Health: The integration of digital health technologies, such as wearable devices and mobile apps, can provide personalized pain management solutions and improve patient compliance.
- Emerging Markets: The growing healthcare industry in emerging markets, coupled with increasing disposable incomes, presents significant opportunities for topical pain relief products.
- Over-the-Counter (OTC) Segment: The OTC segment offers significant growth potential due to increasing self-medication and easy accessibility of topical pain relief products.
- Product Differentiation: Developing unique product formulations, such as combination therapies or targeted delivery systems, can help differentiate products and gain a competitive edge.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Topical Pain Relief 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 Topical Pain Relief 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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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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
Topical Pain Relief Market is expected to grow at a CAGR of 5.5% between 2023-2031
The driving factors impacting the Topical Pain Relief Market are: Rising Geriatric Population, Increasing Incidence of Musculoskeletal Disorders and Growing Awareness of Non-Invasive Pain Management
The future trends of the Topical Pain Relief Market are: Innovative Formulations, Natural and Organic Ingredients and Integration of Digital Health
The leading players of the market are: Johnson & Johnson, Novartis AG, GlaxoSmithKline Plc, Pfizer Inc, Reckitt Benckiser Group plc, Sanofi, Topical BioMedics, AdvaCare Pharma, Sun Pharmaceutical Industries Ltd, Exzell Pharma
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Topical Pain Relief Market - By Class
1.3.2 Topical Pain Relief Market - By Type
1.3.3 Topical Pain Relief Market - By Formulation
1.3.4 Topical Pain Relief Market - By Distribution Channel
1.3.5 Topical Pain Relief Market - By Region
1.3.5.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. TOPICAL PAIN RELIEF 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. TOPICAL PAIN RELIEF 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. TOPICAL PAIN RELIEF MARKET - GLOBAL MARKET ANALYSIS
6.1. TOPICAL PAIN RELIEF - GLOBAL MARKET OVERVIEW
6.2. TOPICAL PAIN RELIEF - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. TOPICAL PAIN RELIEF MARKET - REVENUE AND FORECASTS TO 2028 - BY CLASS
7.1. OVERVIEW
7.2. BY CLASS MARKET FORECASTS AND ANALYSIS
7.3. NON-OPIOIDS
7.3.1. Overview
7.3.2. Non-Opioids Market Forecast and Analysis
7.3.3. Nonsteroidal Anti-Inflammatory Drugs (NSAIDS) Market
7.3.3.1. Overview
7.3.3.2. Nonsteroidal Anti-Inflammatory Drugs (NSAIDS) Market Forecast and Analysis
7.3.4. Methyl Salicylate Market
7.3.4.1. Overview
7.3.4.2. Methyl Salicylate Market Forecast and Analysis
7.3.5. Capsaicin Market
7.3.5.1. Overview
7.3.5.2. Capsaicin Market Forecast and Analysis
7.3.6. Lidocaine Market
7.3.6.1. Overview
7.3.6.2. Lidocaine Market Forecast and Analysis
7.3.7. Other Non-opioids Market
7.3.7.1. Overview
7.3.7.2. Other Non-opioids Market Forecast and Analysis
7.4. OPIOIDS
7.4.1. Overview
7.4.2. Opioids Market Forecast and Analysis
7.4.3. Buprenorphine Market
7.4.3.1. Overview
7.4.3.2. Buprenorphine Market Forecast and Analysis
7.4.4. Fentanyl Market
7.4.4.1. Overview
7.4.4.2. Fentanyl Market Forecast and Analysis
8. TOPICAL PAIN RELIEF MARKET - REVENUE AND FORECASTS TO 2028 - BY TYPE
8.1. OVERVIEW
8.2. BY TYPE MARKET FORECASTS AND ANALYSIS
8.3. PRESCRIPTION PAIN RELIEF
8.3.1. Overview
8.3.2. Prescription Pain Relief Market Forecast and Analysis
8.4. OVER-THE-COUNTER (OTC) PAIN RELIEF
8.4.1. Overview
8.4.2. Over-the-counter (OTC) Pain Relief Market Forecast and Analysis
9. TOPICAL PAIN RELIEF MARKET - REVENUE AND FORECASTS TO 2028 - BY FORMULATION
9.1. OVERVIEW
9.2. BY FORMULATION MARKET FORECASTS AND ANALYSIS
9.3. CREAM
9.3.1. Overview
9.3.2. Cream Market Forecast and Analysis
9.4. GEL
9.4.1. Overview
9.4.2. Gel Market Forecast and Analysis
9.5. SPRAY
9.5.1. Overview
9.5.2. Spray Market Forecast and Analysis
9.6. PATCH
9.6.1. Overview
9.6.2. Patch Market Forecast and Analysis
9.7. OTHER FORMULATIONS
9.7.1. Overview
9.7.2. Other Formulations Market Forecast and Analysis
10. TOPICAL PAIN RELIEF MARKET - REVENUE AND FORECASTS TO 2028 - BY DISTRIBUTION CHANNEL
10.1. OVERVIEW
10.2. BY DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
10.3. PHARMACIES & DRUG STORES
10.3.1. Overview
10.3.2. Pharmacies & Drug Stores Market Forecast and Analysis
10.4. E COMMERCE
10.4.1. Overview
10.4.2. E Commerce Market Forecast and Analysis
10.5. RETAIL STORES
10.5.1. Overview
10.5.2. Retail Stores Market Forecast and Analysis
11. TOPICAL PAIN RELIEF MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Topical Pain Relief Market Overview
11.1.2 North America Topical Pain Relief Market Forecasts and Analysis
11.1.3 North America Topical Pain Relief Market Forecasts and Analysis - By Class
11.1.4 North America Topical Pain Relief Market Forecasts and Analysis - By Type
11.1.5 North America Topical Pain Relief Market Forecasts and Analysis - By Formulation
11.1.6 North America Topical Pain Relief Market Forecasts and Analysis - By Distribution Channel
11.1.7 North America Topical Pain Relief Market Forecasts and Analysis - By Countries
11.1.7.1 United States Topical Pain Relief Market
11.1.7.1.1 United States Topical Pain Relief Market By Class
11.1.7.1.2 United States Topical Pain Relief Market By Type
11.1.7.1.3 United States Topical Pain Relief Market By Formulation
11.1.7.1.4 United States Topical Pain Relief Market By Distribution Channel
11.1.7.2 Canada Topical Pain Relief Market
11.1.7.2.1 Canada Topical Pain Relief Market By Class
11.1.7.2.2 Canada Topical Pain Relief Market By Type
11.1.7.2.3 Canada Topical Pain Relief Market By Formulation
11.1.7.2.4 Canada Topical Pain Relief Market By Distribution Channel
11.1.7.3 Mexico Topical Pain Relief Market
11.1.7.3.1 Mexico Topical Pain Relief Market By Class
11.1.7.3.2 Mexico Topical Pain Relief Market By Type
11.1.7.3.3 Mexico Topical Pain Relief Market By Formulation
11.1.7.3.4 Mexico Topical Pain Relief Market By Distribution Channel
11.2. EUROPE
11.2.1 Europe Topical Pain Relief Market Overview
11.2.2 Europe Topical Pain Relief Market Forecasts and Analysis
11.2.3 Europe Topical Pain Relief Market Forecasts and Analysis - By Class
11.2.4 Europe Topical Pain Relief Market Forecasts and Analysis - By Type
11.2.5 Europe Topical Pain Relief Market Forecasts and Analysis - By Formulation
11.2.6 Europe Topical Pain Relief Market Forecasts and Analysis - By Distribution Channel
11.2.7 Europe Topical Pain Relief Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Topical Pain Relief Market
11.2.7.1.1 Germany Topical Pain Relief Market By Class
11.2.7.1.2 Germany Topical Pain Relief Market By Type
11.2.7.1.3 Germany Topical Pain Relief Market By Formulation
11.2.7.1.4 Germany Topical Pain Relief Market By Distribution Channel
11.2.7.2 France Topical Pain Relief Market
11.2.7.2.1 France Topical Pain Relief Market By Class
11.2.7.2.2 France Topical Pain Relief Market By Type
11.2.7.2.3 France Topical Pain Relief Market By Formulation
11.2.7.2.4 France Topical Pain Relief Market By Distribution Channel
11.2.7.3 Italy Topical Pain Relief Market
11.2.7.3.1 Italy Topical Pain Relief Market By Class
11.2.7.3.2 Italy Topical Pain Relief Market By Type
11.2.7.3.3 Italy Topical Pain Relief Market By Formulation
11.2.7.3.4 Italy Topical Pain Relief Market By Distribution Channel
11.2.7.4 Spain Topical Pain Relief Market
11.2.7.4.1 Spain Topical Pain Relief Market By Class
11.2.7.4.2 Spain Topical Pain Relief Market By Type
11.2.7.4.3 Spain Topical Pain Relief Market By Formulation
11.2.7.4.4 Spain Topical Pain Relief Market By Distribution Channel
11.2.7.5 United Kingdom Topical Pain Relief Market
11.2.7.5.1 United Kingdom Topical Pain Relief Market By Class
11.2.7.5.2 United Kingdom Topical Pain Relief Market By Type
11.2.7.5.3 United Kingdom Topical Pain Relief Market By Formulation
11.2.7.5.4 United Kingdom Topical Pain Relief Market By Distribution Channel
11.2.7.6 Rest of Europe Topical Pain Relief Market
11.2.7.6.1 Rest of Europe Topical Pain Relief Market By Class
11.2.7.6.2 Rest of Europe Topical Pain Relief Market By Type
11.2.7.6.3 Rest of Europe Topical Pain Relief Market By Formulation
11.2.7.6.4 Rest of Europe Topical Pain Relief Market By Distribution Channel
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Topical Pain Relief Market Overview
11.3.2 Asia-Pacific Topical Pain Relief Market Forecasts and Analysis
11.3.3 Asia-Pacific Topical Pain Relief Market Forecasts and Analysis - By Class
11.3.4 Asia-Pacific Topical Pain Relief Market Forecasts and Analysis - By Type
11.3.5 Asia-Pacific Topical Pain Relief Market Forecasts and Analysis - By Formulation
11.3.6 Asia-Pacific Topical Pain Relief Market Forecasts and Analysis - By Distribution Channel
11.3.7 Asia-Pacific Topical Pain Relief Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Topical Pain Relief Market
11.3.7.1.1 Australia Topical Pain Relief Market By Class
11.3.7.1.2 Australia Topical Pain Relief Market By Type
11.3.7.1.3 Australia Topical Pain Relief Market By Formulation
11.3.7.1.4 Australia Topical Pain Relief Market By Distribution Channel
11.3.7.2 China Topical Pain Relief Market
11.3.7.2.1 China Topical Pain Relief Market By Class
11.3.7.2.2 China Topical Pain Relief Market By Type
11.3.7.2.3 China Topical Pain Relief Market By Formulation
11.3.7.2.4 China Topical Pain Relief Market By Distribution Channel
11.3.7.3 India Topical Pain Relief Market
11.3.7.3.1 India Topical Pain Relief Market By Class
11.3.7.3.2 India Topical Pain Relief Market By Type
11.3.7.3.3 India Topical Pain Relief Market By Formulation
11.3.7.3.4 India Topical Pain Relief Market By Distribution Channel
11.3.7.4 Japan Topical Pain Relief Market
11.3.7.4.1 Japan Topical Pain Relief Market By Class
11.3.7.4.2 Japan Topical Pain Relief Market By Type
11.3.7.4.3 Japan Topical Pain Relief Market By Formulation
11.3.7.4.4 Japan Topical Pain Relief Market By Distribution Channel
11.3.7.5 South Korea Topical Pain Relief Market
11.3.7.5.1 South Korea Topical Pain Relief Market By Class
11.3.7.5.2 South Korea Topical Pain Relief Market By Type
11.3.7.5.3 South Korea Topical Pain Relief Market By Formulation
11.3.7.5.4 South Korea Topical Pain Relief Market By Distribution Channel
11.3.7.6 Rest of Asia-Pacific Topical Pain Relief Market
11.3.7.6.1 Rest of Asia-Pacific Topical Pain Relief Market By Class
11.3.7.6.2 Rest of Asia-Pacific Topical Pain Relief Market By Type
11.3.7.6.3 Rest of Asia-Pacific Topical Pain Relief Market By Formulation
11.3.7.6.4 Rest of Asia-Pacific Topical Pain Relief Market By Distribution Channel
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Topical Pain Relief Market Overview
11.4.2 Middle East and Africa Topical Pain Relief Market Forecasts and Analysis
11.4.3 Middle East and Africa Topical Pain Relief Market Forecasts and Analysis - By Class
11.4.4 Middle East and Africa Topical Pain Relief Market Forecasts and Analysis - By Type
11.4.5 Middle East and Africa Topical Pain Relief Market Forecasts and Analysis - By Formulation
11.4.6 Middle East and Africa Topical Pain Relief Market Forecasts and Analysis - By Distribution Channel
11.4.7 Middle East and Africa Topical Pain Relief Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Topical Pain Relief Market
11.4.7.1.1 South Africa Topical Pain Relief Market By Class
11.4.7.1.2 South Africa Topical Pain Relief Market By Type
11.4.7.1.3 South Africa Topical Pain Relief Market By Formulation
11.4.7.1.4 South Africa Topical Pain Relief Market By Distribution Channel
11.4.7.2 Saudi Arabia Topical Pain Relief Market
11.4.7.2.1 Saudi Arabia Topical Pain Relief Market By Class
11.4.7.2.2 Saudi Arabia Topical Pain Relief Market By Type
11.4.7.2.3 Saudi Arabia Topical Pain Relief Market By Formulation
11.4.7.2.4 Saudi Arabia Topical Pain Relief Market By Distribution Channel
11.4.7.3 U.A.E Topical Pain Relief Market
11.4.7.3.1 U.A.E Topical Pain Relief Market By Class
11.4.7.3.2 U.A.E Topical Pain Relief Market By Type
11.4.7.3.3 U.A.E Topical Pain Relief Market By Formulation
11.4.7.3.4 U.A.E Topical Pain Relief Market By Distribution Channel
11.4.7.4 Rest of Middle East and Africa Topical Pain Relief Market
11.4.7.4.1 Rest of Middle East and Africa Topical Pain Relief Market By Class
11.4.7.4.2 Rest of Middle East and Africa Topical Pain Relief Market By Type
11.4.7.4.3 Rest of Middle East and Africa Topical Pain Relief Market By Formulation
11.4.7.4.4 Rest of Middle East and Africa Topical Pain Relief Market By Distribution Channel
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Topical Pain Relief Market Overview
11.5.2 South and Central America Topical Pain Relief Market Forecasts and Analysis
11.5.3 South and Central America Topical Pain Relief Market Forecasts and Analysis - By Class
11.5.4 South and Central America Topical Pain Relief Market Forecasts and Analysis - By Type
11.5.5 South and Central America Topical Pain Relief Market Forecasts and Analysis - By Formulation
11.5.6 South and Central America Topical Pain Relief Market Forecasts and Analysis - By Distribution Channel
11.5.7 South and Central America Topical Pain Relief Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Topical Pain Relief Market
11.5.7.1.1 Brazil Topical Pain Relief Market By Class
11.5.7.1.2 Brazil Topical Pain Relief Market By Type
11.5.7.1.3 Brazil Topical Pain Relief Market By Formulation
11.5.7.1.4 Brazil Topical Pain Relief Market By Distribution Channel
11.5.7.2 Argentina Topical Pain Relief Market
11.5.7.2.1 Argentina Topical Pain Relief Market By Class
11.5.7.2.2 Argentina Topical Pain Relief Market By Type
11.5.7.2.3 Argentina Topical Pain Relief Market By Formulation
11.5.7.2.4 Argentina Topical Pain Relief Market By Distribution Channel
11.5.7.3 Rest of South and Central America Topical Pain Relief Market
11.5.7.3.1 Rest of South and Central America Topical Pain Relief Market By Class
11.5.7.3.2 Rest of South and Central America Topical Pain Relief Market By Type
11.5.7.3.3 Rest of South and Central America Topical Pain Relief Market By Formulation
11.5.7.3.4 Rest of South and Central America Topical Pain Relief Market By Distribution Channel
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. TOPICAL PAIN RELIEF MARKET, KEY COMPANY PROFILES
13.1. JOHNSON & JOHNSON
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. NOVARTIS 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. GLAXOSMITHKLINE PLC
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. PFIZER INC
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. RECKITT BENCKISER GROUP PLC
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. SANOFI
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. TOPICAL BIOMEDICS
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. ADVACARE PHARMA
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. SUN PHARMACEUTICAL INDUSTRIES LTD
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. EXZELL PHARMA
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
1. Johnson & Johnson
2. Novartis AG
3. GlaxoSmithKline Plc
4. Pfizer Inc
5. Reckitt Benckiser Group plc
6. Sanofi
7. Topical BioMedics
8. AdvaCare Pharma
9. Sun Pharmaceutical Industries Ltd.
10. Exzell Pharma
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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