The North America cardiac markers market size is projected to reach US$ 2.87 billion by 2031 from US$ 1.17 billion in 2023. The market is expected to register a CAGR of 11.8% during 2023–2031. The use of exosome biomarkers as a new method for the diagnosis of cardiovascular diseases (CVDs) is likely to remain a key trend in the North America cardiac markers market.
North America Cardiac Markers Market Analysis
An increase in cardiovascular diseases such as heart attacks, strokes, and other heart diseases is a crucial driver for the cardiac markers market. As CVD is one of the leading causes of death in North America, there is an increased desire for early and accurate diagnosis, which can be achieved by cardiac marker testing. Cardiac markers are crucial in determining the severity of heart problems and making treatment recommendations. The development and improvement of point-of-care testing technology have significantly impacted the cardiac marker market.
North America Cardiac Markers Market Overview
Cardiac markers are most commonly used for early detection, diagnosis, and risk stratification of acute coronary syndromes so that healthcare providers can initiate relevant therapies and interventions as quickly as possible. In addition, cardiac markers are critical for monitoring patients with known cardiovascular disease, assessing treatment effectiveness, and guiding therapeutic decisions. Its widespread use in emergency departments, intensive care units, and outpatient settings demonstrates its importance in improving patient outcomes and reducing mortality rates from cardiac events.
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North America Cardiac Markers Market: Strategic Insights
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North America Cardiac Markers Market Drivers and Opportunities
Surge in Demand for Point-of-Care Cardiac Testing Kits to Favor Market
The clinical advantages of point-of-care (POC) tests include reduced diagnostic time compared to traditional laboratory-based tests. The demand for POC test kits is surging with the increasing prevalence of CVDs, the growing geriatric population, and the ability of POC tests to provide immediate results. Several rapid and novel biomarker tests are being introduced on the back of strong research and development related to cardiovascular conditions. The POC tests can be offered as both qualitative devices and quantitative devices. Qualitative devices only indicate whether the specific biomarker is present in elevated amounts in the sample, whereas quantitative devices provide a numerical value for each biomarker. Quantitative devices are incorporated with one or more cassettes into which the sample is applied and then inserted into a benchtop analyzer to obtain the results. On the other hand, the sample is directly applied to the cassette in qualitative devices, and the results can be read directly. A surge in demand for such POC tests is bolstering the cardiac marker market growth.
Investments in Cardiovascular Medicine
With the burgeoning incidence of cardiovascular diseases, the demand for advanced diagnostics and treatments has increased significantly in North America, compelling companies to invest in their cardiology R&D capabilities. Investors are also considering forming partnerships in this discipline of medicine, which offer lucrative opportunities for market growth. A few of the recent initiatives by investors in the cardiology segment are mentioned below:
- US Heart and Vascular, a portfolio company of Ares Management, announced a partnership with Houston-based Willowbrook Cardiovascular Associates in 2022. In 2023, the company also partnered with Orion Medical, strengthening its presence in Houston.
- In 2023, Lee Equity Partners announced the launch of the new Cardiovascular Logistics platform in collaboration with the Cardiovascular Institute of the South (CIS), which is a large independent cardiovascular practice.
- In Q4 of 2022, Cardiovascular Associates of America, a Webster Equity Partners portfolio company, announced a partnership with the Chicago Cardiology Institute, The Heart House of New Jersey, the Cardiovascular Institute of New England, and Southwest Cardiovascular Associates.
Such investments and partnerships by investors and companies involved in the CVD segment create lucrative opportunities for the North America cardiac marker market growth.
North America Cardiac Markers Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cardiac markers market analysis are product type, biomarker type, indication, and end user.
- Based on product type, the North America cardiac markers market is segmented into reagents and kits, and analyzers. The analyzers segment held a larger share in 2023. The reagents and kits segment is expected to register a higher CAGR during 2023–2031.
- Based on biomarker type, the North America cardiac markers market is divided into troponin, creatine kinase-MB, myoglobin, B-type natriuretic peptide, and others. The troponin segment held the largest market share in 2023 and is estimated to register the highest CAGR in the market during 2023–2031.
- By indication, the market is segmented into congestive heart failure, myocardial infraction, acute coronary syndrome, and others. The congestive heart failure segment held the largest share of the market in 2023. The acute coronary syndrome segment is estimated to register the highest CAGR during 2023–2031.
- In terms of end user, the North America cardiac markers market is divided into hospitals, diagnostic laboratories, point-of-care testing facilities, and others. The hospitals segment held the largest market share in 2023. The diagnostic laboratories segment is estimated to register the highest CAGR in the market during 2023–2031.
North America Cardiac Markers Market Share Analysis by Region
The regional scope of the North America cardiac markers market report is mainly divided into three countries: US, Canada, and Mexico.
The market growth in North America is due to the developed healthcare system and the high acceptance of cardiac markers for diagnosing and predicting diseases. The growing geriatric population needs biomarker testing for detecting conditions such as acute myocardial infarction, thereby driving demand for testing products. The presence of key players such as Quidel Corporation and Danaher Corporation is another factor contributing to the growth of the North America cardiac markers market. The World Health Organization (WHO) states that ~77 million adults over the age of 18 have type 2 diabetes, including 25 million prediabetes, which increases the possibility of CVDs and puts additional pressure on the healthcare system. Furthermore, well-planned business strategies by market players in this region to develop innovative cardiac biomarker tests are expected to contribute to the market growth in this region.
North America Cardiac Markers Market Report Scope
North America Cardiac Markers Market News and Recent Developments
The North America cardiac markers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America cardiac markers market are listed below:
- Hytest Ltd expanded into North America with a subsidiary, Hytest North America. The company will launch local operations to better serve customers and meet growing demands. With a local team in the US, the company will strive to enhance accessibility to products and services, ensuring a smoother experience for valued customers in North America. (Source: Hytest Ltd, Press Release, 2024)
- Hytest Ltd announced the launch of the latest troponin product, the recombinant chimeric human Cardiac Troponin binary Complex (Cat. # 8IFC20). This unique complex features the most stable part of cTnI (fragment 28-110) linked with TnC by a 20-aar flexible linker of the cTn I – C complex. (Source: Hytest Ltd, Press Release, 2023)
- Abbott announced that the US Food and Drug Administration (FDA) approved an expanded indication for the company's CardioMEMS HF System to support caring for more people with heart failure. With the expanded indication, an additional 1.2 million US patients can now benefit from advanced monitoring with the CardioMEMS sensor, which marks a significant increase over the current addressable population. The sensor provides an early warning system, enabling doctors to protect against worsening heart failure. (Source: Abbott Laboratories, Press Release, 2022)
North America Cardiac Markers Market Report Coverage and Deliverables
The “North America Cardiac Markers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- North America cardiac markers market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- North America cardiac markers market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- North America cardiac markers market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America cardiac markers market
- Detailed company profiles

Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
This text is related
to segments covered.

Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
This text is related
to country scope.
Frequently Asked Questions
Cardiac markers are the tests used for the diagnosis and risk assessment of patients with chest pain and suspected acute coronary syndrome (ACS) and for management and prognosis in patients with acute heart failure, pulmonary embolism, and other diseases.
The cardiac marker market majorly consists of the players such Abbott Laboratories, F.Hoffmann-La Roche, Thermo Fischer Scientific Inc, Beckman Coulter Inc, Bio-Rad Laboratories Inc, Creative Diagnostics, Diazyme Laboratories Inc, Biomerieux SA, Hytest Ltd, and QuidelOrtho Corp.
The US has dominated the cardiac marker market owing to increasing product development and growing government support for enhancing heart treatment. In addition, the growing prevalence of heart diseases and the risk involved have led to the market growth. All these factors are expected to fuel the US cardiac marker market by 2031.
By biomarker type, the market is segmented into troponin, creatine kinase-MB, myoglobin, B-type natriuretic peptide, and others. The troponin segment held the largest share of the market in 2023.
Based on product type, the North America cardiac marker market is divided into reagents and kits, and analyzers. The analyzers segment held the largest market share in 2023.
In terms of indication, the market is segmented into congestive heart failure, myocardial infraction, acute coronary syndrome, and others. The congestive heart failure segment held the largest market share in 2023.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America Cardiac Marker Market Landscape
4.1 Overview
4.2 PEST Analysis
5. North America Cardiac Marker Market – Key Market Dynamics
5.1 North America Cardiac Marker Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Rising Prevalence of Cardiovascular Diseases
5.2.2 Surge in Demand for Point-of-Care Cardiac Testing Kits
5.3 Market Restraints
5.3.1 Strict Validation and Technical Issues Related to Sample Collection and Storage
5.4 Market Opportunities
5.4.1 Investments in Cardiovascular Sector
5.5 Future Trends
5.5.1 Ongoing Research in Use of Exosomes as CVD Biomarkers
5.6 Impact analysis
6. North America Cardiac Marker Market Analysis
6.1 North America Cardiac Marker Market Revenue (US$ Million), 2021–2031
7. North America Cardiac Marker Market Analysis – by Product Type
7.1 Analyzers
7.1.1 Overview
7.1.2 Analyzers: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Reagents and Kits
7.2.1 Overview
7.2.2 Reagents and Kits: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
8. North America Cardiac Marker Market Analysis – by Biomarker Type
8.1 Troponin
8.1.1 Overview
8.1.2 Troponin: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Creatine Kinase-MB
8.2.1 Overview
8.2.2 Creatine Kinase-MB: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Myoglobin
8.3.1 Overview
8.3.2 Myoglobin: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
8.4 B-Type Natriuretic Peptide
8.4.1 Overview
8.4.2 B-Type Natriuretic Peptide: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
9. North America Cardiac Marker Market Analysis – by Indication
9.1 Congestive Heart Failure
9.1.1 Overview
9.1.2 Congestive Heart Failure: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Myocardial Infraction
9.2.1 Overview
9.2.2 Myocardial Infraction: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Acute Coronary Syndrome
9.3.1 Overview
9.3.2 Acute Coronary Syndrome: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
10. North America Cardiac Marker Market Analysis – by End User
10.1 Hospitals
10.1.1 Overview
10.1.2 Hospitals: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
10.2 Diagnostic Laboratories
10.2.1 Overview
10.2.2 Diagnostic Laboratories: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
10.3 Point-of-Care Testing Facilities
10.3.1 Overview
10.3.2 Point-of-Care Testing Facilities: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
10.4 Others
10.4.1 Overview
10.4.2 Others: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
11. North America Cardiac Marker Market – Country Analysis
11.1 North America
11.1.1 North America Cardiac Marker Market Breakdown by Countries
11.1.2 North America Cardiac Marker Market Revenue and Forecast and Analysis – by Country
11.1.2.1 United States: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
11.1.2.1.1 United States: North America Cardiac Marker Market Breakdown by Product Type
11.1.2.1.2 United States: North America Cardiac Marker Market Breakdown by Biomarker Type
11.1.2.1.3 United States: North America Cardiac Marker Market Breakdown by Indication
11.1.2.1.4 United States: North America Cardiac Marker Market Breakdown by End User
11.1.2.2 Canada: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
11.1.2.2.1 Canada: North America Cardiac Marker Market Breakdown by Product Type
11.1.2.2.2 Canada: North America Cardiac Marker Market Breakdown by Biomarker Type
11.1.2.2.3 Canada: North America Cardiac Marker Market Breakdown by Indication
11.1.2.2.4 Canada: North America Cardiac Marker Market Breakdown by End User
11.1.2.3 Mexico: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
11.1.2.3.1 Mexico: North America Cardiac Marker Market Breakdown by Product Type
11.1.2.3.2 Mexico: North America Cardiac Marker Market Breakdown by Biomarker Type
11.1.2.3.3 Mexico: North America Cardiac Marker Market Breakdown by Indication
11.1.2.3.4 Mexico: North America Cardiac Marker Market Breakdown by End User
12. Industry Landscape
12.1 Overview
12.2 Recent Development Strategies
12.2.1 Overview
13. Cardiac Marker Market-Industry Landscape
13.1 Overview
13.2 Organic Growth Strategies
13.2.1 Overview
14. Company Profiles
14.1 Abbott Laboratories
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 F. Hoffmann-La Roche Ltd
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 Thermo Fisher Scientific 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 Beckman Coulter 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 Bio-Rad Laboratories Inc
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Creative Diagnostics
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 Diazyme Laboratories, 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 bioMerieux SA
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
14.9 HyTest Ltd.
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 QuidelOrtho Corp
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Glossary of Terms
List of Tables
Table 1. North America Cardiac Marker Market Segmentation
Table 2. Available POC Products in the US
Table 3. Exosomes as CVD Biomarkers
Table 4. United States: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type
Table 5. United States: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Biomarker Type
Table 6. United States: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Indication
Table 7. United States: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 8. Canada: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type
Table 9. Canada: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Biomarker Type
Table 10. Canada: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Indication
Table 11. Canada: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 12. Mexico: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type
Table 13. Mexico: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Biomarker Type
Table 14. Mexico: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by Indication
Table 15. Mexico: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 16. Recent Development Activities in the Cardiac Marker Market
Table 17. Recent Organic Growth Strategies in the Cardiac Marker Market
Table 18. Glossary of Terms, North America Cardiac Marker Market
List of Figures
Figure 1. North America Cardiac Marker Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Cardiac Marker Market Revenue (US$ Million), 2021–2031
Figure 5. North America Cardiac Marker Market Share (%) – by Product Type, 2023 and 2031
Figure 6. Analyzers: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Reagents and Kits: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. North America Cardiac Marker Market Share (%) – by Biomarker Type, 2023 and 2031
Figure 9. Troponin: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Creatine Kinase-MB: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Myoglobin: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. B-Type Natriuretic Peptide: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Others: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. North America Cardiac Marker Market Share (%) – by Indication, 2023 and 2031
Figure 15. Congestive Heart Failure: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Myocardial Infraction: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Acute Coronary Syndrome: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Others: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. North America Cardiac Marker Market Share (%) – by End User, 2023 and 2031
Figure 20. Hospitals: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Diagnostic Laboratories: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Point-of-Care Testing Facilities: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Others: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. North America Cardiac Marker Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 25. United States: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Canada: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Mexico: North America Cardiac Marker Market – Revenue and Forecast to 2031 (US$ Million)
The List of Companies - North America Cardiac Markers Market
- Abbott Laboratories
- Beckman Coulter Inc
- Creative Diagnostics
- Bio-Rad Laboratories Inc
- Diazyme Laboratories Inc
- bioMerieux SA
- HyTest Ltd
- QuidelOrtho Corp
- Thermo Fisher Scientific Inc
- F. Hoffmann-La Roche Ltd
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.