The Spinal Devices Market is expected to register a CAGR of 5.4% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Product Type (Fusion Devices, Non-Fusion Devices, Stimulation Devices). The report is segmented by Indication (Degenerative Disc Disease, Traumas & Fractures, Complex Deformity, Others). The report is segmented by End User (Hospitals, Ambulatory Surgery Centers, Specialty Clinics, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Spinal Devices 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.
Spinal Devices Market Segmentation
Product Type- Fusion Devices
- Non-Fusion Devices
- Stimulation Devices
- Degenerative Disc Disease
- Traumas & Fractures
- Complex Deformity
- Others
- Hospitals
- Ambulatory Surgery Centers
- Specialty Clinics
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Spinal Devices Market Growth Drivers- Increasing Cases of Spinal Disorders: With changing verticalities of advancements in spinal disorders such as scoliosis, spinal stenosis, herniated discs, and other degenerative disc diseases above all continue to push the market for spinal devices. Chronic pain and mobility limitations emerge as a result of being sedentary, poor posture, and aging populations. For example, according to the WHO, musculoskeletal disorders, which include conditions of the spine, were reported by millions of people globally. With such escalating cases of spinal conditions, the requirement for spinal devices, such as implants, fusion devices, and prosthetic solutions, is also on the rise.
- Improving Technology in Spinal Surgery: Examples of innovations in surgical techniques and devices that have greatly increased the scope in this market-minimally invasive spinal surgery (MISS); robotic surgery-spinal-assisted; and customized 3D printed implants for spinal surgery. These enable quick recovery, minimal complications, and better long-term results, all of which increase the demand for advanced spinal devices. Surgeons have started accepting these technologies, thereby changing the paradigms of treatment and creating growth in this spinal device market.
- Elder Population: The population is aging worldwide, and an increasing percentage of people are reaching advanced ages. Older adults are more prone to spinal conditions such as osteoporosis, degenerative disc diseases, and spinal deformities; hence they are crucial to the demand for spinal devices. According to the United Nations, in the year 2050, the number of individuals 60 years or older will double in comparison to 2000. With age advancement among the elderly population, there is bound to be an increased need for surgical interventions involving spinal devices.
- Minimally Invasive Spine Surgery (MISS): One of the latest trends in spinal devices is the rising popularity of minimally invasive spine surgery, or MISS. MISS is less traumatic to the body with smaller incisions, and tends to contribute to shorter recovery times. The growing number of patients opting for the latest advancements in surgery compared to the older open surgical methods has indeed resulted in the higher demand for specialized spinal devices such as pedicle screws, interbody fusion devices, and artificial discs. Patients with lower back pain, degenerative disc disease, or scoliosis prefer these minimally invasive surgeries due to their proven advantages as compared to other surgical techniques.
- Integration of Robotics and Artificial Intelligence: Spinal Surgery has another transforming concept that shapes the future, and that is towards what is known as Robotic Spinal Surgery. They include Mazor Robotics system and ExcelsiusGPS: robotic systems that increase accuracy and precision in implant placement for spine surgery, while more tailor-made treatment is offered. Furthermore, AI has been developed for preoperative planning and intraoperative navigation, with post surgical care linked to optimum outcomes following surgery. Robotic and AI technologies will revolutionize the spine surgery landscape with their growing usage, which is likely to increase the adoption of spinal devices.
- Customized Spinal Implants through 3D printing: 3D printing has been taking great strides in the medical device arena, particularly spinal implants. This technique can be used to engineer a highly individualized spinal implant that is designed for the specific anatomy of the patient. 3D printed implants might be more ideally fitted and functioning in spinal devices when compared with conventional products, thereby offering better outcomes and fewer complications. Reducing costs in 3D printing will ultimately allow scaling up of adoption into hospitals and surgical centers and, thus, the growth of the spinal devices market.
- Artificial Disc Replacement - Increasing Adoption: In ADR, spinal devices marks a promising opportunity. More and more artificial discs are considered as an alternative to traditional spinal fusion surgery, providing quicker recovery time, motion preservation, and reduced risk of complications for patients. ADR technology has improved since the past, backed by improvements in the material itself and design. As patients become more aware of the benefits of ADRs, this market segment is expected to grow significantly.
- Expanding Product Portfolios and Strategic Partnerships: This is an opportunity for the companies in the spinal device industry also to extend their product lines through strategic acquisitions and collaboration. Collaborations with research institutions and hospitals can facilitate innovative solutions and create a competitive advantage. Advanced spinal implants, surgical instruments, and patient-specific solutions will offer them additional opportunities for growth.
- Focus on spine biologics and regenerative medicine: The increased interest in biologics and regenerative medicine is a significant opportunity in the spinal devices market. Stem cell therapy, platelet-rich plasma (PRP), and growth factor treatments are being researched for possible applications to enhance spinal healing and regeneration. These technologies could complement the traditional spinal devices, with new options of treatment for degenerative disc conditions, promoting healing, and perhaps even preventing further surgery.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Spinal Devices 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 Spinal Devices 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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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
Fusion Devices segment, by product type, dominated the market in 2023.
The Spinal Devices Market is estimated to witness a CAGR of 5.4% from 2023 to 2031
The major factors driving the Spinal Devices Market market are:
1. Increasing Cases of Spinal Disorders
2. Improving Technology in Spinal Surgery
Focus on spine biologics and regenerative medicine act as a opportunity for growth of the market in forecast period.
North America region dominated the Spinal Devices Market market in 2023.
Players operating in the market are Medtronic, Stryker, Smith & Nephew, Zimmer Biomet, DePuy Synthes (J&J Medical Devices), NuVasive, Inc., Globus Medical, RTI Surgical, ATEC Spine, Inc, Aesculap, Inc. (B. Braun)
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Spinal Devices Market - By Product Type
1.3.2 Spinal Devices Market - By Indication
1.3.3 Spinal Devices Market - By End User
1.3.4 Spinal Devices Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SPINAL DEVICES 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. SPINAL DEVICES 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 AND RESTRAINTS
6. SPINAL DEVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. SPINAL DEVICES - GLOBAL MARKET OVERVIEW
6.2. SPINAL DEVICES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SPINAL DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. FUSION DEVICES
7.3.1. Overview
7.3.2. Fusion Devices Market Forecast and Analysis
7.3.3. Cervical Devices Market
7.3.3.1. Overview
7.3.3.2. Cervical Devices Market Forecast and Analysis
7.3.4. Thoracolumbar Devices Market
7.3.4.1. Overview
7.3.4.2. Thoracolumbar Devices Market Forecast and Analysis
7.3.5. Biologics Market
7.3.5.1. Overview
7.3.5.2. Biologics Market Forecast and Analysis
7.4. NON-FUSION DEVICES
7.4.1. Overview
7.4.2. Non-Fusion Devices Market Forecast and Analysis
7.4.3. Vertebral Compression Fracture Devices Market
7.4.3.1. Overview
7.4.3.2. Vertebral Compression Fracture Devices Market Forecast and Analysis
7.4.4. Dynamic Stabilization Devices Market
7.4.4.1. Overview
7.4.4.2. Dynamic Stabilization Devices Market Forecast and Analysis
7.5. STIMULATION DEVICES
7.5.1. Overview
7.5.2. Stimulation Devices Market Forecast and Analysis
8. SPINAL DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - INDICATION
8.1. OVERVIEW
8.2. INDICATION MARKET FORECASTS AND ANALYSIS
8.3. DEGENERATIVE DISC DISEASE
8.3.1. Overview
8.3.2. Degenerative Disc Disease Market Forecast and Analysis
8.4. TRAUMAS AND FRACTURES
8.4.1. Overview
8.4.2. Traumas and Fractures Market Forecast and Analysis
8.5. COMPLEX DEFORMITY
8.5.1. Overview
8.5.2. Complex Deformity Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. SPINAL DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. HOSPITALS
9.3.1. Overview
9.3.2. Hospitals Market Forecast and Analysis
9.4. AMBULATORY SURGERY CENTERS
9.4.1. Overview
9.4.2. Ambulatory Surgery Centers Market Forecast and Analysis
9.5. SPECIALTY CLINICS
9.5.1. Overview
9.5.2. Specialty Clinics Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. SPINAL DEVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Spinal Devices Market Overview
10.1.2 North America Spinal Devices Market Forecasts and Analysis
10.1.3 North America Spinal Devices Market Forecasts and Analysis - By Product Type
10.1.4 North America Spinal Devices Market Forecasts and Analysis - By Indication
10.1.5 North America Spinal Devices Market Forecasts and Analysis - By End User
10.1.6 North America Spinal Devices Market Forecasts and Analysis - By Countries
10.1.6.1 United States Spinal Devices Market
10.1.6.1.1 United States Spinal Devices Market by Product Type
10.1.6.1.2 United States Spinal Devices Market by Indication
10.1.6.1.3 United States Spinal Devices Market by End User
10.1.6.2 Canada Spinal Devices Market
10.1.6.2.1 Canada Spinal Devices Market by Product Type
10.1.6.2.2 Canada Spinal Devices Market by Indication
10.1.6.2.3 Canada Spinal Devices Market by End User
10.1.6.3 Mexico Spinal Devices Market
10.1.6.3.1 Mexico Spinal Devices Market by Product Type
10.1.6.3.2 Mexico Spinal Devices Market by Indication
10.1.6.3.3 Mexico Spinal Devices Market by End User
10.2. EUROPE
10.2.1 Europe Spinal Devices Market Overview
10.2.2 Europe Spinal Devices Market Forecasts and Analysis
10.2.3 Europe Spinal Devices Market Forecasts and Analysis - By Product Type
10.2.4 Europe Spinal Devices Market Forecasts and Analysis - By Indication
10.2.5 Europe Spinal Devices Market Forecasts and Analysis - By End User
10.2.6 Europe Spinal Devices Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Spinal Devices Market
10.2.6.1.1 Germany Spinal Devices Market by Product Type
10.2.6.1.2 Germany Spinal Devices Market by Indication
10.2.6.1.3 Germany Spinal Devices Market by End User
10.2.6.2 France Spinal Devices Market
10.2.6.2.1 France Spinal Devices Market by Product Type
10.2.6.2.2 France Spinal Devices Market by Indication
10.2.6.2.3 France Spinal Devices Market by End User
10.2.6.3 Italy Spinal Devices Market
10.2.6.3.1 Italy Spinal Devices Market by Product Type
10.2.6.3.2 Italy Spinal Devices Market by Indication
10.2.6.3.3 Italy Spinal Devices Market by End User
10.2.6.4 Spain Spinal Devices Market
10.2.6.4.1 Spain Spinal Devices Market by Product Type
10.2.6.4.2 Spain Spinal Devices Market by Indication
10.2.6.4.3 Spain Spinal Devices Market by End User
10.2.6.5 United Kingdom Spinal Devices Market
10.2.6.5.1 United Kingdom Spinal Devices Market by Product Type
10.2.6.5.2 United Kingdom Spinal Devices Market by Indication
10.2.6.5.3 United Kingdom Spinal Devices Market by End User
10.2.6.6 Rest of Europe Spinal Devices Market
10.2.6.6.1 Rest of Europe Spinal Devices Market by Product Type
10.2.6.6.2 Rest of Europe Spinal Devices Market by Indication
10.2.6.6.3 Rest of Europe Spinal Devices Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Spinal Devices Market Overview
10.3.2 Asia-Pacific Spinal Devices Market Forecasts and Analysis
10.3.3 Asia-Pacific Spinal Devices Market Forecasts and Analysis - By Product Type
10.3.4 Asia-Pacific Spinal Devices Market Forecasts and Analysis - By Indication
10.3.5 Asia-Pacific Spinal Devices Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Spinal Devices Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Spinal Devices Market
10.3.6.1.1 Australia Spinal Devices Market by Product Type
10.3.6.1.2 Australia Spinal Devices Market by Indication
10.3.6.1.3 Australia Spinal Devices Market by End User
10.3.6.2 China Spinal Devices Market
10.3.6.2.1 China Spinal Devices Market by Product Type
10.3.6.2.2 China Spinal Devices Market by Indication
10.3.6.2.3 China Spinal Devices Market by End User
10.3.6.3 India Spinal Devices Market
10.3.6.3.1 India Spinal Devices Market by Product Type
10.3.6.3.2 India Spinal Devices Market by Indication
10.3.6.3.3 India Spinal Devices Market by End User
10.3.6.4 Japan Spinal Devices Market
10.3.6.4.1 Japan Spinal Devices Market by Product Type
10.3.6.4.2 Japan Spinal Devices Market by Indication
10.3.6.4.3 Japan Spinal Devices Market by End User
10.3.6.5 South Korea Spinal Devices Market
10.3.6.5.1 South Korea Spinal Devices Market by Product Type
10.3.6.5.2 South Korea Spinal Devices Market by Indication
10.3.6.5.3 South Korea Spinal Devices Market by End User
10.3.6.6 Rest of Asia-Pacific Spinal Devices Market
10.3.6.6.1 Rest of Asia-Pacific Spinal Devices Market by Product Type
10.3.6.6.2 Rest of Asia-Pacific Spinal Devices Market by Indication
10.3.6.6.3 Rest of Asia-Pacific Spinal Devices Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Spinal Devices Market Overview
10.4.2 Middle East and Africa Spinal Devices Market Forecasts and Analysis
10.4.3 Middle East and Africa Spinal Devices Market Forecasts and Analysis - By Product Type
10.4.4 Middle East and Africa Spinal Devices Market Forecasts and Analysis - By Indication
10.4.5 Middle East and Africa Spinal Devices Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Spinal Devices Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Spinal Devices Market
10.4.6.1.1 South Africa Spinal Devices Market by Product Type
10.4.6.1.2 South Africa Spinal Devices Market by Indication
10.4.6.1.3 South Africa Spinal Devices Market by End User
10.4.6.2 Saudi Arabia Spinal Devices Market
10.4.6.2.1 Saudi Arabia Spinal Devices Market by Product Type
10.4.6.2.2 Saudi Arabia Spinal Devices Market by Indication
10.4.6.2.3 Saudi Arabia Spinal Devices Market by End User
10.4.6.3 U.A.E Spinal Devices Market
10.4.6.3.1 U.A.E Spinal Devices Market by Product Type
10.4.6.3.2 U.A.E Spinal Devices Market by Indication
10.4.6.3.3 U.A.E Spinal Devices Market by End User
10.4.6.4 Rest of Middle East and Africa Spinal Devices Market
10.4.6.4.1 Rest of Middle East and Africa Spinal Devices Market by Product Type
10.4.6.4.2 Rest of Middle East and Africa Spinal Devices Market by Indication
10.4.6.4.3 Rest of Middle East and Africa Spinal Devices Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Spinal Devices Market Overview
10.5.2 South and Central America Spinal Devices Market Forecasts and Analysis
10.5.3 South and Central America Spinal Devices Market Forecasts and Analysis - By Product Type
10.5.4 South and Central America Spinal Devices Market Forecasts and Analysis - By Indication
10.5.5 South and Central America Spinal Devices Market Forecasts and Analysis - By End User
10.5.6 South and Central America Spinal Devices Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Spinal Devices Market
10.5.6.1.1 Brazil Spinal Devices Market by Product Type
10.5.6.1.2 Brazil Spinal Devices Market by Indication
10.5.6.1.3 Brazil Spinal Devices Market by End User
10.5.6.2 Argentina Spinal Devices Market
10.5.6.2.1 Argentina Spinal Devices Market by Product Type
10.5.6.2.2 Argentina Spinal Devices Market by Indication
10.5.6.2.3 Argentina Spinal Devices Market by End User
10.5.6.3 Rest of South and Central America Spinal Devices Market
10.5.6.3.1 Rest of South and Central America Spinal Devices Market by Product Type
10.5.6.3.2 Rest of South and Central America Spinal Devices Market by Indication
10.5.6.3.3 Rest of South and Central America Spinal Devices Market by End User
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL SPINAL DEVICES MARKET
11.1 North America
11.2 Europe
11.3 Asia-Pacific
11.4 Middle East and Africa
11.5 South and Central America
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. SPINAL DEVICES MARKET, KEY COMPANY PROFILES
13.1. MEDTRONIC
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. STRYKER
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. SMITH AND NEPHEW
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. ZIMMER BIOMET
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. DEPUY SYNTHES(JANDJ MEDICAL DEVICES)
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. NUVASIVE, INC.
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. GLOBUS MEDICAL
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. RTI SURGICAL
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. ATEC SPINE, INC.
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. AESCULAP, INC. (B. BRAUN)
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. Medtronic
2. Stryker
3. Smith & Nephew
4. Zimmer Biomet
5. DePuy Synthes (J&J Medical Devices)
6. NuVasive, Inc.
7. Globus Medical
8. RTI Surgical
9. ATEC Spine, Inc
10. Aesculap, Inc. (B. Braun)
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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