The telemedicine market in Europe is expected to grow from US$ 18,737.90 million in 2021 to US$ 60,872.19 million by 2028; it is estimated to grow at a CAGR of 18.3% from 2021 to 2028.
France, Germany, Italy, Spain, and UK are major economies in Europe. Significant rise in chronic and lifestyle-associated diseases is the major factor driving the growth of the Europe telemedicine market. The rising incidence of chronic diseases is a Europe concern, and these diseases cause extra financial burden on healthcare sectors. Telehomecare is a pioneering way to provide care, monitor patients, and transmit information by using latest telecommunication technologies. Monitoring allows early-stage identification of disease, thus preventing chronic disease conditions. Telehome systems can be used to track and support patients with a variety of respiratory and chronic conditions that can be treated without the need of hospital visits. Furthermore, telehome services could also help reduce communications in person and lower the spread of communicable diseases. The implementation of telehome services also benefits patients economically and lowers the burden on physicians. According to the World Health Organization (WHO), chronic diseases are the leading causes of death worldwide, accounting for 60% of total deaths. Among all chronic diseases, cardiovascular diseases (CVDs) are the leading cause of deaths. The prevalence of chronic diseases such as cancer, CVDs, stroke, respiratory diseases, and diabetes is increasing due to alterations in lifestyle and lack of access to preventive care. The causes of chronic diseases may vary from genetic disposition to environmental factors and oxidative stress. The rising incidence of these chronic diseases is propelling the demand and adoption of telemedicine platforms. The rapid growth of COVID-19 cases in Europe has had a major impact on the European economy. Spain, Italy, Germany, France, and the UK are a few most-affected European countries. On March 11, 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization, radically changing the way medicine is practiced. In the span of a few weeks, as quarantining and social distancing became the norm, in-person medical visits plummeted, suddenly thrusting telemedicine from the wings of medical care to center stage. Moreover, according to a report of UK August 2020, Scotland is again making progress on facing the COVID-19 outbreak. A collaboration between the Scottish Intercollegiate Guidelines Network (SIGN) and the Digital Health and Care Institute (DHI) has resulted in a decision support tool for predicting severe diseases. It forms part of Scotland’s COVID-19 assessment in primary care. Telemedicine experienced a huge surge in the adoption over the past few months during the pandemic. During lockdown, it has become the 'new normal' way of accessing healthcare.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe telemedicine market. The Europe telemedicine market is expected to grow at a good CAGR during the forecast period.
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Europe Telemedicine Market Segmentation
Europe Telemedicine Market – By Type
- Telehospital
- Telehome
Europe Telemedicine Market – By Product and Services
- Software and Hardware
- Tele-Consulting
- Tele-Monitoring
- Tele-Education/Training
Europe Telemedicine Market – By Specialty
- Cardiology
- Gynecology
- Neurology
- Orthopedics
- Dermatology
- Mental Health
- Others
Europe Telemedicine Market – By Delivery Mode
- Mobile
- Call Centres
- Web
Europe Telemedicine Market, by Country
- France
- Germany
- Italy
- Spain
- U.K.
- Rest of Europe
Europe Telemedicine Market - Companies Mentioned
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
- Cisco Systems, Inc.
- Honeywell International, Inc.
- Insight
- Koninklijke Philips N.V
- McKesson Corporation
- Teladoc Health
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Product and Services, Specialty, and Delivery Mode
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
UK, Germany, France, Italy, Russia
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 Europe Telemedicine Market – By Product and Services
1.3.2 Europe Telemedicine Market – By Type
1.3.3 Europe Telemedicine Market – By Speciality
1.3.4 Europe Telemedicine Market – By Delivery Mode
1.3.5 Europe Telemedicine Market– By Country
2. Europe Telemedicine Market– Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Telemedicine Market– Market Landscape
4.1 Overview
4.2 Europe PEST Analysis
4.3 Expert Opinion
5. Europe Telemedicine Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Upsurge in Smartphones Usage and Mobile Platforms Getting Advanced
5.1.2 Significant Rise in Chronic and Lifestyle-Associated Diseases
5.2 Market Restraints
5.2.1 Issues Regarding Data Security and Forgery in Healthcare
5.2.2 Low Numbers of Universal Reimbursement Policies
5.3 Market Opportunities
5.3.1 COVID Pandemic Raising Adoption of Telemedicine
5.4 Future Trends
5.4.1 Product Developments and Mergers to Consolidate the Market
5.5 Impact analysis
6. Telemedicine Market– Europe Analysis
6.1 Europe Telemedicine Market Revenue Forecast and Analysis
7. Europe Telemedicine Market Analysis– By Product and Service
7.1 Overview
7.2 Europe Telemedicine Market, By Product and Service 2020 & 2028 (%)
7.3 Software and Hardware
7.3.1 Overview
7.3.2 Software and Hardware: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
7.4 Tele-Consulting
7.4.1 Overview
7.4.2 Tele-Consulting: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
7.5 Tele-Monitoring
7.5.1 Overview
7.5.2 Tele-Monitoring: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
7.6 Tele-Education/Training
7.6.1 Overview
7.6.2 Tele-Education/ Training: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
8. Europe Telemedicine Market Analysis– by Type
8.1 Overview
8.2 Europe Telemedicine Market, by Type 2020 & 2028 (%)
8.3 Telehospital
8.3.1 Overview
8.3.2 Telehospital: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
8.4 Telehome
8.4.1 Overview
8.4.2 Telehome: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9. Europe Telemedicine Market Analysis– by Specialty
9.1 Overview
9.2 Europe Telemedicine Market, by Type 2020 & 2028 (%)
9.3 Cardiology
9.3.1 Overview
9.3.2 Cardiology: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.4 Gynecology
9.4.1 Overview
9.4.2 Gynecology: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.5 Neurology
9.5.1 Overview
9.5.2 Neurology: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.6 Orthopedics
9.6.1 Overview
9.6.2 Orthopedics: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.7 Dermatology
9.7.1 Overview
9.7.2 Dermatology: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.8 Mental Health (Psychiatry)
9.8.1 Overview
9.8.2 Mental Health (Psychiatry): Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.9 Others
9.9.1 Overview
9.9.2 Others: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
10. Europe Telemedicine Market Analysis– by Delivery Mode
10.1 Overview
10.2 Europe Telemedicine Market, by Delivery Mode 2020 & 2028 (%)
10.3 Mobile
10.3.1 Overview
10.3.2 Mobile: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
10.4 Web
10.4.1 Overview
10.4.2 Web: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
10.5 Call Centers
10.5.1 Overview
10.5.2 Call Centers: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
11. Europe Telemedicine Market Analysis and Forecasts To 2028 – Country Analysis
11.1 Overview
11.1.1 Europe: Telemedicine Market, by Country, 2020 & 2028(%)
11.1.2 Germany: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.2.1 Germany: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.2.2 Germany: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
11.1.2.3 Germany: Laboratory Tests Market, by Product and Services – Revenue and Forecast to 2027 (USD Million)
11.1.2.4 Germany: Imaging Tests Market, by Delivery Mode – Revenue and Forecast to 2027 (USD Million)
11.1.2.5 Germany: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
11.1.3 France: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.3.1 France: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.3.2 France: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
11.1.3.3 France: Laboratory Tests Market, by Product and Services – Revenue and Forecast to 2027 (USD Million)
11.1.3.4 France: Imaging Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
11.1.3.5 France: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
11.1.4 UK: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.4.1 UK: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.4.2 UK: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
11.1.4.3 UK: Laboratory Tests Market, by Product and Services – Revenue and Forecast to 2027 (USD Million)
11.1.4.4 UK: Imaging Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
11.1.4.5 UK: Telemedicine Market Delivery Mode – Revenue and Forecast to 2028 (USD Million)
11.1.5 Italy: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.5.1 Italy: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.5.2 Italy: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
11.1.5.3 Italy: Telemedicine Market, by Product and Services – Revenue and Forecast to 2028 (USD Million)
11.1.5.4 Italy: Laboratory Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
11.1.5.5 Italy: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
11.1.6 Spain: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.6.1 Spain: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.6.2 Spain: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
11.1.6.3 Spain: Telemedicine Market, by Product and Services – Revenue and Forecast to 2028 (USD Million)
11.1.6.4 Spain: Laboratory Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
11.1.6.5 Spain: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
11.1.7 Rest of Europe: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.7.1 Rest of Europe: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.7.2 Rest of Europe: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
11.1.7.3 Rest of Europe: Telemedicine Market, by Product and Services – Revenue and Forecast to 2028 (USD Million)
11.1.7.4 Rest of Europe: Laboratory Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
11.1.7.5 Rest of Europe: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
12. Impact of COVID-19 Pandemic on Europe Telemedicine Market
12.1 Europe: Impact Assessment of COVID-19 Pandemic
13. Telemedicine Market– Industry Landscape
13.1 Overview
13.2 Growth Strategies Done by the Companies in the Market, (%)
13.3 Organic Developments
13.3.1 Overview
13.4 Inorganic Developments
13.4.1 Overview
14. Company Profiles
14.1 Allscripts Healthcare, LLC
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Cerner Corporation
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Cisco Systems, Inc.
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Honeywell International Inc.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 McKesson Corporation
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Financial Overview
14.5.4 SWOT Analysis
14.5.5 Key Developments
14.6 Koninklijke Philips N.V.
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Teladoc Health, Inc.
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 INSIGHT
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
15. Appendix
15.1 About the Insight Partners
15.2 Glossary of Terms
LIST OF TABLES
Table 1. Germany: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 2. Germany: Laboratory Tests Market, by Product and Services – Revenue and Forecast to 2027 (USD Million)
Table 3. Germany: Imaging Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
Table 4. Germany: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
Table 5. France: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 6. France: Laboratory Tests Market, by Product and Services – Revenue and Forecast to 2027 (USD Million)
Table 7. France: Imaging Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
Table 8. France: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
Table 9. UK: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 10. UK: Laboratory Tests Market, by Product and Services – Revenue and Forecast to 2027 (USD Million)
Table 11. UK: Imaging Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
Table 12. UK: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
Table 13. Italy: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 14. Italy: Telemedicine Market, by Product and Services – Revenue and Forecast to 2028 (USD Million)
Table 15. Italy: Laboratory Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
Table 16. Italy: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
Table 17. Incidence, Mortality and Prevalence by cancer site, 2018, Spain
Table 18. Spain: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 19. Spain: Telemedicine Market, by Product and Services – Revenue and Forecast to 2028 (USD Million)
Table 20. Spain: Laboratory Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
Table 21. Spain: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
Table 22. Rest of Europe: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 23. Rest of Europe: Telemedicine Market, by Product and Services – Revenue and Forecast to 2028 (USD Million)
Table 24. Rest of Europe: Laboratory Tests Market, by Specialty – Revenue and Forecast to 2027 (USD Million)
Table 25. Rest of Europe: Telemedicine Market, Delivery Mode – Revenue and Forecast to 2028 (USD Million)
Table 26. Organic Developments Done by Companies
Table 27. Inorganic Developments Done by Companies
Table 28. Glossary of Terms, Telemedicine Market
LIST OF FIGURES
Figure 1. Europe Telemedicine Market Segmentation
Figure 2. Europe Telemedicine Segmentation, By Country
Figure 3. Europe Telemedicine Market Overview
Figure 4. Telehospital Held Largest Share of Type Segment in Europe Telemedicine Market
Figure 5. UK to Show Remarkable Growth During Forecast Period
Figure 6. Europe: PEST Analysis
Figure 7. Europe Telemedicine Market Impact Analysis of Driver and Restraints
Figure 8. Europe Telemedicine Market– Revenue Forecast and Analysis – 2019- 2028
Figure 9. Europe Telemedicine Market, By Product and Service 2020 & 2028 (%)
Figure 10. Europe Software and Hardware: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 11. Europe Tele-Consulting: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 12. Europe Tele-Monitoring: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 13. Europe Tele-Education/ Training: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 14. Europe Telemedicine Market, by Type 2020 & 2028 (%)
Figure 15. Europe Telehospital: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 16. Europe Telehome: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 17. Europe Telemedicine Market, by Specialty 2020 & 2028 (%)
Figure 18. Europe Cardiology: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 19. Europe Gynecology: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 20. Europe Neurology: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 21. Europe Orthopedics: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 22. Europe Dermatology: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 23. Europe Mental Health (Psychiatry): Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 24. Europe Others: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 25. Europe Telemedicine Market, by Delivery Mode 2020 & 2028 (%)
Figure 26. Europe Mobile: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 27. Europe Web: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 28. Europe Call Centers: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 29. Europe: Telemedicine Market, by Key Country – Revenue (2020) (USD Million)
Figure 30. Europe: Telemedicine Market, by Country, 2020 & 2028 (%)
Figure 31. Germany: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 32. France: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 33. UK: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 34. Italy: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 35. Spain: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 36. Rest of Europe: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 37. Impact of COVID-19 Pandemic on Telemedicine Market in European Countries
Figure 38. Growth Strategies Done by the Companies in the Market, (%)
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
- Cisco Systems, Inc.
- Honeywell International, Inc.
- Insight
- Koninklijke Philips N.V
- McKesson Corporation
- Teladoc Health
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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