Teeth Whitening Market Size & Share | Report by 2022, 2028
The teeth whitening market is expected to grow from US$ 6,6,45.77 million in 2022 to US$ 8,556.57 million by 2028; it is estimated to grow with a CAGR of 4.3% from 2022 to 2028.
The report provides the trends prevailing in the global teeth whitening market and the factors driving and restraining the market.The market is expected to grow owing to factors such as rising awareness for oral hygiene, increased adoption of home teeth whitening kits, and technological advancements in teeth whitening products. Moreover, the boom in cosmetic dentistry is likely to boost the growth of the market in the coming years. Such factors have assisted the global teeth whitening market in the recent past and are expected to continue a similar trend over the forecast period.
Market Insights
Rising Awareness for Oral Hygiene
Rising Awareness for Oral Hygiene
Oral and dental hygiene is essential to avoid oral diseases. Good oral health can be achieved by maintaining good habits and hygiene. Extrinsic teeth stains are defined as the staining of the surface of the teeth. Extrinsic tooth stains are usually caused due to consumption of tobacco and frequent consumption of coffee, tea, wine, or cola drinks. Staining below the surface of the tooth is termed intrinsic tooth staining. Furthermore, poor dental hygiene, such as inadequate flossing and brushing, leads to tooth discoloration. Various diseases that affect the teeth enamel and dentin can also result in tooth discoloration. To increase awareness about oral hygiene and teeth whitening, many private and government organizations conduct conferences, surveys, and programs worldwide to decrease the risks of oral diseases. For instance, in June 2019, Teeth Whitening Day Conference by London Dental Specialists was conducted in London, England. In addition, the Dental Education Conference conducted its 25th International conference on Dental Education in July 2020 in Florence, Italy. The conference focused on key topics such as laser dentistry, nano dentistry, tooth whitening, and pediatric dentistry. Such factors have assisted the global teeth whitening market in the recent past and is expected to continue a similar trend over the forecast period.
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Teeth Whitening Market: Strategic Insights
Market Size Value in US$ 6,6,45.77 Million in 2022 Market Size Value by US$ 8,556.57 Million by 2028 Growth rate CAGR of 4.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Teeth Whitening Market: Strategic Insights
Market Size Value in | US$ 6,6,45.77 Million in 2022 |
Market Size Value by | US$ 8,556.57 Million by 2028 |
Growth rate | CAGR of 4.3% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
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Speak to AnalystBoom in Cosmetic Dentistry
Dentists have a wide range of equipment and systems which enhance the look of a patient’s teeth. Cosmetic dentistry has gained enormous popularity; it includes techniques such as whitening, shaping, closing spaces, and substituting teeth. Over time, teeth become discolored or stained due to smoking and consuming medications, foods, tea, coffee, and other food products. Using a whitening process, the dentist bleaches teeth. The dentists can perform procedures or provide products to use at home for whitening purposes. Teeth whitening procedures will never go out of demand, as most patients opt for procedures that give natural-looking white teeth that are not overly white. Super-white teeth also weaken the enamel and are observed as heavily treated teeth. Advancements in cosmetic dentistry have led to options where patients can ask for healthy and naturally white teeth. Tooth whitening has become one of the most popular cosmetic dentistry treatments among men and women, as these processes are affordable and effective. Such factors have aided the growth of global teeth whitening market.
According to the 2015 State of the Cosmetic Dentistry Industry survey, patients were seeking cosmetic dentistry procedures for several reasons such as to enhance physical attractiveness and self-esteem; for restorative or health reasons; to look younger; and for anticipated upcoming events such as marriage. Thus, cosmetic dentistry is a rapidly growing field in the dental industry. Cosmetic dentistry is flourishing and is anticipated to grow significantly due to advancements in dental technology, such as 3D printing, veneers, whitening solutions, and the growing aging population.
Product-Based Insights
Based on the product, the global teeth whitening market is segmented into whitening toothpaste, whitening gels and strips, white light teeth whitening device, and others. In 2022, the whitening toothpaste segment held the largest share of the market. Whitening toothpaste is a paste that lightens the stains on teeth and brightens teeth over some time. The number of teeth whitening options available today is attracting several consumers. The increasing popularity of teeth whitening products has prompted many manufacturers to develop products for over-the-counter and dental office use. However, whitening toothpaste is not as fast and effective as whitening strips or professional dental treatments, but it can whiten teeth over a period of time. Moreover, growing awareness about the whitening toothpaste is likely to propel the global teeth whitening market during the forecast period.
Distribution Channel-Based Insights
Based on distribution channel, the global teeth whitening market is bifurcated into offline and online. The offline segment held the largest market share in 2022. However, the online segment is anticipated to register the highest CAGR during the forecast period.
Before the onset of the COVID-19 pandemic, the global teeth whitening market grew steadily. The COVID-19 outbreak severely affected several markets, such as medical systems, in various regions. The pandemic had significantly impacted the global teeth whitening market. The COVID-19 pandemic had spotlighted the focus on personal hygiene and home dental aesthetics. The pandemic increased the market growth in the recent past and is expected to follow a similar trend over the forecast period. Moreover, studies conducted by Colgate-Palmolive suggest that certain oral care products may play a role in temporarily reducing the amount of SARS-CoV-2, the virus that causes COVID-19, in the mouth. Laboratory tests found that certain toothpaste types containing zinc, stannous fluoride, amine fluoride, and mouthwashes containing cetylpyridinium chloride (CPC), hydrogen peroxide, and chlorhexidine, or stannous fluoride/amine fluoride neutralized the virus by more than 99%. According to SmileDirectClub, a company that sells clear aligners and teeth whitening kits, in 2021, there was a 47% increase in teeth whitening and a similar rise in teeth straightening. SmileDirectClub Inc. had planned to expand its whitening product line with its new fast-dissolving Whitening Strips in January 2022.
Companies adopt product launches and expansion strategies to grow their global teeth whitening market footprint, meet the growing demand, and expand their product portfolio. Several players operating in the teeth whitening market have adopted product innovation strategies to fulfill changing customer demands and maintain their brand name globally.
- In April 2022, GSK Consumer Healthcare launched Sensodyne Nourish, toothpaste enriched with bio-active minerals to nourish and strengthen teeth for a healthy mouth that is protected from sensitivity.
- In March 2022, the Colgate-Palmolive Company launched Visible White O2, formulated with unique active oxygen technology that whitens teeth from inside out within three days. With the launch of this product, the company expanded its existing teeth whitening toothpaste portfolio in the market.
- In March 2022, Procter & Gamble launched Crest Whitening Emulsions + Overnight Freshness, a product that provides overnight convenience for consumers.
- In January 2022, SmileDirectClub Inc. planned to expand its whitening product line with its new fast-dissolving Whitening Strips.
- In September 2021, GSK Consumer Healthcare launched Repair and Protect with Deep Repair toothpaste to deliver a minty and whitening toothpaste for those having dentin hypersensitivity.
- In May 2021, Unilever announced the development of a teeth whitening kit that combines a film containing a photosensitizer and provides an actinic light source that can be used at home easily and efficiently.
- In February 2021, SmileDirectClub, Inc., the next-generation oral care company with the first MedTech platform for teeth straightening, announced the expansion of its whitening line with its new Pro Whitening System, designed to whiten teeth in just one week, up to twice as bright.
Teeth Whitening Market Report Scope
Based on product, the global teeth whitening market is segmented into whitening toothpaste, whitening gels and strips, white light teeth whitening device, and others. Based on distribution channel, the global teeth whitening market is bifurcated into offline and online. By geography, the teeth whitening market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
A few of the companies that are operating in the global teeth whitening market are Brodie & Stone; Johnson & Johnson Services, Inc.; Colgate-Palmolive Company; Procter & Gamble; Unilever; GlaxoSmithKline plc; CCA Industries; Supersmile; Henkel; and Church & Dwight Co., Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The factors such as the rising awareness for oral hygiene, increased adoption of home teeth whitening kits, and technological advancements in teeth whitening products are expected to boost the growth of the global teeth whitening market.
The teeth whitening market majorly consists of the players such as Brodie & Stone, Johnson & Johnson Services, Inc., Colgate-Palmolive Company, Procter & Gamble (P&G), Unilever, GlaxoSmithKline plc, CCA Industries, Inc., Supersmile, Henkel, and Church & Dwight Co., Inc. among others.
The whitening toothpaste segment dominated the global teeth whitening market and held the largest market share of 39.98% in 2022.
The offline segment dominated the global teeth whitening market and held the largest market share of 66.13% in 2022.
Tooth whitening is one of the most popular cosmetic dental treatments that offer a quick, non-invasive, and affordable way to improve a smile. Three prominent teeth whitening options are available today. All three are based on different peroxide concentrations and different application times. Namely, the options are in-office whitening, professionally dispensed take-home kits, and over-the-counter products. The public is demanding whiter, more perfect smiles, and many teeth whitening options have been made available in response. These include at-home products such as toothpaste, gels, and films and in-office systems that use products containing highly concentrated bleaching agents under professional supervision. Teeth whitening treatments are considered safe when procedures are followed as directed. Laser teeth whitening, also known as power teeth whitening, is another type of teeth whitening system that a dentist can offer. A whitening product is smeared on the teeth and then exposed to light or laser to activate the whitening. Laser whitening takes about an hour. Teeth whitening is not permanent as it varies from person to person. The whitening effect will not last as long if you smoke or drink red wine, tea, or coffee, which can stain teeth. Some risks include roughening and softening of the tooth surface, increased potential for demineralization, degradation of tooth restorations, and unacceptable color change associated with tooth whitening.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Teeth Whitening Market – By Product
1.3.2 Global Teeth Whitening Market – By Distribution Channel
2. Teeth Whitening Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Teeth Whitening– Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Teeth Whitening Market in North America: PEST Analysis
4.2.2 Teeth Whitening Market in Europe: PEST Analysis
4.2.3 Teeth Whitening Market in Asia Pacific: PEST Analysis
4.2.4 Teeth Whitening Market in Middle East & Africa: PEST Analysis
4.2.5 Teeth Whitening Market in South & Central America: PEST Analysis
4.3 Expert Opinion
5. Global Teeth Whitening Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Awareness for Oral Hygiene
5.1.2 Increased Adoption of Home Teeth Whitening Kits
5.1.3 Technological Advancements in Teeth Whitening Products
5.2 Market Restraint
5.2.1 Side Effects of Teeth Whitening
5.3 Market Opportunity
5.3.1 Increasing Online Purchasing
5.4 Future Trend
5.4.1 Boom in Cosmetic Dentistry
5.5 Impact Analysis
6. Teeth Whitening Market – Global Analysis
6.1 Global Teeth Whitening Market Revenue Forecasts And Analysis
6.2 Global Teeth Whitening Market, By Geography - Forecasts And Analysis
6.3 Positioning Of Key Players
6.3.1 Colgate-Palmolive Company
6.3.2 Procter & Gamble
6.4 Brand Market Share (2020 vs. 2018 and expected sales by 2028) and Percentage to Last Year (2021)- United States
6.4.1 Non-Hydrogen Peroxide Brands vs. Hydrogen Peroxide Brands- United States
6.4.1.1 Hydrogen Peroxide Brands
6.4.1.2 Non-Hydrogen Peroxide Brands
7. Teeth Whitening Market Analysis And Forecasts To 2028 Product
7.1 Overview
7.2 Global Teeth Whitening Market Share By Product 2022 & 2028 (%)
7.3 Whitening Toothpaste
7.3.1 Overview
7.3.2 Global Whitening Toothpaste Market Revenue and Forecast to 2028 (US$ Mn)
7.4 Whitening Gels and Strips
7.4.1 Overview
7.4.2 Global Whitening Gels and Strips Market Revenue and Forecast to 2028 (US$ Mn)
7.5 White Light Teeth Whitening Device
7.5.1 Overview
7.5.2 Global White Light Teeth Whitening Device Market Revenue and Forecast to 2028 (US$ Mn)
7.6 Others
7.6.1 Overview
7.6.2 Global Others Market Revenue and Forecast to 2028 (US$ Mn)
8. Teeth Whitening Market Analysis And Forecasts To 2028 Distribution Channel
8.1 Overview
8.2 Global Teeth Whitening Market Share By Distribution Channel 2022 & 2028 (%)
8.3 Offline
8.3.1 Overview
8.3.2 Global Offline Market Revenue and Forecast to 2028 (US$ Mn)
8.3.3 Global Teeth Whitening Market Revenue and Forecasts By Cross Product to 2028, By Offline Distribution Channel (US$ Mn)
8.4 Online
8.4.1 Overview
8.4.2 Global Online Market Revenue and Forecast to 2028 (US$ Mn)
8.4.3 Global Teeth Whitening Market Revenue and Forecasts By Cross Product to 2028, By Online Distribution Channel (US$ Mn)
9. Teeth Whitening Market Revenue And Forecasts To 2028 Regional Analysis
9.1 United States Teeth Whitening Market Revenue and Forecasts To 2028
9.1.1 Overview
9.1.1.1 US Teeth Whitening Market Revenue and Forecasts to 2028 (US$ Mn)
9.1.1.2 US Teeth Whitening Market Revenue and Forecasts to 2028, By Product (US$ Mn)
9.1.1.3 US Teeth Whitening Market Revenue and Forecasts to 2028, By Distribution Channel (US$ Mn)
9.1.1.3.1 US Teeth Whitening Market Revenue and Forecasts By Cross Product to 2028, By Offline Distribution Channel (US$ Mn)
9.1.1.3.2 US Teeth Whitening Market Revenue and Forecasts By Cross Product to 2028, By Online Distribution Channel (US$ Mn)
10. Impact of COVID-19 Pandemic on Global Teeth Whitening Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
10.2 Europe: Impact Assessment of COVID-19 Pandemic
10.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
10.4 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
10.5 South & Central America: Impact Assessment of COVID-19 Pandemic
11. Teeth Whitening Market– Industry Landscape
11.1 Overview
11.2 Growth Strategies in the Teeth Whitening Market
11.3 Organic Growth Strategies
11.3.1 Overview
11.3.1.1 Recent Organic Developments By Players In The Teeth Whitening Market
11.4 Inorganic Growth Strategies
11.4.1 Overview
11.4.1.1 Recent Inorganic Developments By Players In The Teeth Whitening Market
12. Teeth Whitening Market–Key Company Profiles
12.1 Brodie & Stone
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 Johnson & Johnson Services, 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 Colgate-Palmolive Company
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Financial Information
12.3.4 Product Portfolio
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Procter & Gamble
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Financial Information
12.4.4 Product Portfolio
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Unilever
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 GlaxoSmithKline plc.
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 CCA Industries
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 Supersmile
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 Henkel
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 Church & Dwight Co., Inc.
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Financial Information
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
LIST OF TABLES
Table 1. Brand Market Share By 2018
Table 2. Brand Market Share By 2020
Table 3. Brand Market Share By 2021
Table 4. Brand Market Share By 2028
Table 5. Hydrogen Peroxide Brand Market Share By 2018
Table 6. Hydrogen Peroxide Brand Market Share By 2020
Table 7. Hydrogen Peroxide Brand Market Share By 2021
Table 8. Hydrogen Peroxide Brand Market Share By 2028
Table 9. Non-Hydrogen Peroxide Brand Market Share By 2018
Table 10. Non-Hydrogen Peroxide Brand Market Share By 2020
Table 11. Non-Hydrogen Peroxide Brand Market Share By 2021
Table 12. Non-Hydrogen Peroxide Brand Market Share By 2028
Table 13. Global Teeth Whitening Market Revenue and Forecasts By Cross Product to 2028, By Offline Distribution Channel (US$ Mn)
Table 14. Global Teeth Whitening Market Revenue and Forecasts By Cross Product to 2028, By Online Distribution Channel (US$ Mn)
Table 15. US Teeth Whitening Market Revenue and Forecasts To 2028, By Product (US$ Mn)
Table 16. US Teeth Whitening Market Revenue and Forecasts To 2028, By Distribution Channel (US$ Mn)
Table 17. US Teeth Whitening Market Revenue and Forecasts By Cross Product to 2028, By Offline Distribution Channel (US$ Mn)
Table 18. US Teeth Whitening Market Revenue and Forecasts By Cross Product to 2028, By Online Distribution Channel (US$ Mn)
Table 19. Recent Organic Developments in the Teeth Whitening Market
Table 20. Recent Inorganic Developments By Players In The Teeth Whitening Market
Table 21. Glossary of Terms, Teeth Whitening Market
LIST OF FIGURES
Figure 1. Teeth Whitening Market Segmentation
Figure 2. Teeth Whitening Segmentation, By Region
Figure 3. Global and United States Teeth Whitening Market Overview
Figure 4. Whitening Toothpaste Segment Held Largest Share Of Product Segment In Teeth Whitening Market
Figure 5. Asia Pacific Region Is Expected to Show Remarkable Growth During the Forecast Period
Figure 6. Global Teeth Whitening Market, By Geography (US$ Mn)
Figure 7. Global Teeth Whitening Market, Industry Landscape
Figure 8. Teeth Whitening Market North America: PEST Analysis
Figure 9. Teeth Whitening Market Europe: PEST Analysis
Figure 10. Teeth Whitening Market Asia Pacific: PEST Analysis
Figure 11. Teeth Whitening Market Middle East & Africa: PEST Analysis
Figure 12. Teeth Whitening Market South & Central America: PEST Analysis
Figure 13. Teeth Whitening Market Impact Analysis Of Driver And Restraints
Figure 14. Global Teeth Whitening Market – Revenue Forecasts And Analysis – 2022- 2028
Figure 15. Global Teeth Whitening Market – By Geography Forecasts And Analysis – 2022- 2028
Figure 16. Market Positioning Of Key Player In Global Teeth Whitening Market
Figure 17. Global Teeth Whitening Market Share By Product 2022 & 2028 (%)
Figure 18. Global Whitening Toothpaste Market Revenue And Forecast To 2028 (US$ Mn)
Figure 19. Global Whitening Gels and Strips Market Revenue and Forecast To 2028 (Us$ Mn)
Figure 20. Global White Light Teeth Whitening Device Market Revenue And Forecast To 2028 (US$ Mn)
Figure 21. Global White Light Teeth Whitening Device Market Revenue And Forecast To 2028 (Us$ Mn)
Figure 22. Global Teeth Whitening Market Share By Distribution Channel 2022 & 2028 (%)
Figure 23. Global Offline Market Revenue And Forecast To 2028 (US$ Mn)
Figure 24. Global Online Market Revenue And Forecast To 2028 (US$ Mn)
Figure 25. US Teeth Whitening Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 26. Impact of COVID-19 Pandemic in North American Country Markets
Figure 27. Impact of COVID-19 Pandemic in European Country Markets
Figure 28. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 29. Impact of COVID-19 Pandemic in Middle East & Africa Country Markets
Figure 30. Impact of COVID-19 Pandemic in South & Central America Country Markets
Figure 31. Growth Strategies in the Teeth Whitening Market
The List of Companies - Teeth Whitening Market
- Brodie & Stone
- Johnson & Johnson Services, Inc.
- Colgate-Palmolive Company
- Procter & Gamble
- Unilever
- GlaxoSmithKline plc
- CCA Industries
- Supersmile
- Henkel
- Church & Dwight Co., Inc.
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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