The Suture Needles 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 Type (Eyed Needles, Eyeless Needles). The report further presents analysis based on the Shape (Straight Shaped Needles, Half Curved Shaped Needles, Compound Curve, J Shape Needles, Others). The report is segmented by End-User (Hospital, Ambulatory Surgical Centers, 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 Suture Needles 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.
Suture Needles Market Segmentation
Type- Eyed Needles
- Eyeless Needles
- Straight Shaped Needles
- Half Curved Shaped Needles
- Compound Curve
- J Shape Needles
- Others
- Hospital
- Ambulatory Surgical Centers
- Clinics
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Suture Needles Market Growth Drivers- Increasing Surgical Procedures: Some of the key drivers for the growth of the suture needles market include the rising number of surgeries being conducted across the world. The drivers related to increasing surgical procedures include the aging population, better surgical techniques, and rising cases of those illnesses that require surgery like cardiovascular diseases, orthopedic disorders, and cancers. Several reports indicate that the number of surgical procedures is highly likely to continue rising in the coming years. This will, thus, create a higher need for sutures and suture needles. The trend of a minimally invasive surgery increases the need for specialized suturing needles to be used in these procedures in most cases as such interventions demand careful precision and often possess specific attributes.
- Technological Advancements: Technological advancements also significantly impact the suture needles market. The companies are concerned with researching and developing better quality, specialized needles to improve surgical results. Examples include a biodegradable element, some novel forms of needle shape, and coating technologies with a view to improving performance by suture needles. For instance, an anti-friction-coated needle is able to penetrate more easily through tissues, minimizing tissue injury and making it an efficient and effective surgical procedure. Increased further with regards to improvements in manufacturing techniques, for example, automation in manufacturing needles, since this enhances the quality of the product as well as the consistency.
- Rising Incidence of Chronic Diseases: Enhanced chronic diseases, such as diabetes, obesity, and cardiovascular conditions, directly affect the market for suture needles. Most of these chronic diseases require surgical intervention, either as part of their treatment or as a complication arising from the disease itself. Diabetic patients might need amputation or reconstructive surgery while bariatric surgery, which is a surgery that controls obesity, has become highly common. The demand for surgeries correlates directly with the prevalence of chronic disease; consequently, it is quite important to use suture needles in contemporary medical care.
- Shift Towards Minimally Invasive Surgeries: Among the major trends of the suture needles market, there is an increasing tendency for minimally invasive surgical procedures, which generally involve less damage to tissues, lower pain, and quicker recovery, thus giving higher patient satisfaction. Demand, therefore, increases in the use of specialty suture needles prepared for minimally invasive surgeries. This has motivated producers to develop specialty needles to serve the specific needs for the procedure.
- Sustainability and Biodegradable Products: Sustainability is now a concern within the folds of many sectors, most especially in the health care industry. Foreseeing this aspect of environmental awareness and concerns, there's an enormous move to develop and use biodegradable sutures and suture needles. This would not only reduce the negative footprint on the environment but also answer the trend on consumers demanding more environmentally friendly products within the healthcare sector. Companies that hold interest in sustainability will most likely enhance their brand reputation and enjoy consumers sensitive to the environment.
- Regulatory Changes and Compliance: The healthcare industries are subject to regulatory requirements as well as compliance standards, which keep changing. Most of the countries have been shifting towards stringent standards regarding medical products, like suture needles, hence manufacturers need to be wary of any changes in regulations and amend according to that. To gain access to the market and acceptance of the product, compliance with international standards is the only way; hence ISO and CE marking. Companies, therefore, that are proactive in engagement with the regulatory bodies and ensure their products are meeting the current standards of regulation are sure to thrive in the flourishing suture needles market.
- Emerging Markets: As the healthcare infrastructure develops in emerging economies, the market presents an important opportunity for expansion. Today, Asian-Pacific, Latin American, and African countries are seeing more investment in healthcare, which is fueling increased surgeries. In turn, this is promoted by the rising middle class, greater access to care, and health conditions existing in these countries. Companies looking forward to expanding their market share will find flexibility in the form of adaptation of their products to the regional needs, such as affordability and access.
- Development of Advanced Products: There's a huge scope for innovation in product developments, especially in specialized suture needles for laparoscopic surgeries and orthopedic procedures, or more subtly, cosmetic surgeries. There could also be smart sutures that could monitor the wound healing process or could deliver medicine. Companies which invest in research and development of such advanced products may likely have a competitive advantage, along with healthcare providers that may seek better surgical solutions.
- Collaboration and Strategic Partnerships: Manufacturers, health service providers, and research facilities will likely collaborate to further the development of the suture needles market. Strategic alliances enable companies to share resources, knowledge, and even technology to create better and more innovative products. Such partnerships also pave the way for improved market access through different expansion efforts in various distribution channels, mainly for advanced surgical products in unexposed areas around the world.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Suture Needles 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 Suture Needles 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
This text is related
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
The Suture Needles Market is estimated to witness a CAGR of 5.4% from 2023 to 2031
The major factors driving the suture needles market are:
1. Increasing Surgical Procedures
2.Rising Incidence of Chronic Diseases
Development of Advanced Products act as a opportunity for growth of the market in forecast period.
North America region dominated the suture needles market in 2023.
Eyeless needles segment, by type, dominated the market in 2023.
Players operating in the market are Aspen Surgical, B. Braun Melsungen AG, CONMED Corporation, Hill-Rom, Holtex, Hu-Friedy Mfg. Co.LLC, Johnson & Johnson Services, Inc., Medline Industries, Inc., Medtronic Plc., Roboz Surgical Instrument
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Suture Needles Market - By Type
1.3.2 Suture Needles Market - By Shape
1.3.3 Suture Needles Market - By End-User
1.3.4 Suture Needles Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SUTURE NEEDLES 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. SUTURE NEEDLES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. SUTURE NEEDLES MARKET - GLOBAL MARKET ANALYSIS
6.1. SUTURE NEEDLES - GLOBAL MARKET OVERVIEW
6.2. SUTURE NEEDLES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SUTURE NEEDLES MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. EYED NEEDLES
7.3.1. Overview
7.3.2. Eyed Needles Market Forecast and Analysis
7.4. EYELESS NEEDLES
7.4.1. Overview
7.4.2. Eyeless Needles Market Forecast and Analysis
8. SUTURE NEEDLES MARKET - REVENUE AND FORECASTS TO 2028 - SHAPE
8.1. OVERVIEW
8.2. SHAPE MARKET FORECASTS AND ANALYSIS
8.3. STRAIGHT SHAPED NEEDLES
8.3.1. Overview
8.3.2. Straight Shaped Needles Market Forecast and Analysis
8.4. HALF CURVED SHAPED NEEDLES
8.4.1. Overview
8.4.2. Half Curved Shaped Needles Market Forecast and Analysis
8.5. COMPOUND CURVE
8.5.1. Overview
8.5.2. Compound Curve Market Forecast and Analysis
8.6. J SHAPE NEEDLES
8.6.1. Overview
8.6.2. J Shape Needles Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. SUTURE NEEDLES MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
9.1. OVERVIEW
9.2. END-USER MARKET FORECASTS AND ANALYSIS
9.3. HOSPITAL
9.3.1. Overview
9.3.2. Hospital Market Forecast and Analysis
9.4. AMBULATORY SURGICAL CENTERS
9.4.1. Overview
9.4.2. Ambulatory Surgical Centers Market Forecast and Analysis
9.5. CLINICS
9.5.1. Overview
9.5.2. Clinics Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. SUTURE NEEDLES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Suture Needles Market Overview
10.1.2 North America Suture Needles Market Forecasts and Analysis
10.1.3 North America Suture Needles Market Forecasts and Analysis - By Type
10.1.4 North America Suture Needles Market Forecasts and Analysis - By Shape
10.1.5 North America Suture Needles Market Forecasts and Analysis - By End-User
10.1.6 North America Suture Needles Market Forecasts and Analysis - By Countries
10.1.6.1 United States Suture Needles Market
10.1.6.1.1 United States Suture Needles Market by Type
10.1.6.1.2 United States Suture Needles Market by Shape
10.1.6.1.3 United States Suture Needles Market by End-User
10.1.6.2 Canada Suture Needles Market
10.1.6.2.1 Canada Suture Needles Market by Type
10.1.6.2.2 Canada Suture Needles Market by Shape
10.1.6.2.3 Canada Suture Needles Market by End-User
10.1.6.3 Mexico Suture Needles Market
10.1.6.3.1 Mexico Suture Needles Market by Type
10.1.6.3.2 Mexico Suture Needles Market by Shape
10.1.6.3.3 Mexico Suture Needles Market by End-User
10.2. EUROPE
10.2.1 Europe Suture Needles Market Overview
10.2.2 Europe Suture Needles Market Forecasts and Analysis
10.2.3 Europe Suture Needles Market Forecasts and Analysis - By Type
10.2.4 Europe Suture Needles Market Forecasts and Analysis - By Shape
10.2.5 Europe Suture Needles Market Forecasts and Analysis - By End-User
10.2.6 Europe Suture Needles Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Suture Needles Market
10.2.6.1.1 Germany Suture Needles Market by Type
10.2.6.1.2 Germany Suture Needles Market by Shape
10.2.6.1.3 Germany Suture Needles Market by End-User
10.2.6.2 France Suture Needles Market
10.2.6.2.1 France Suture Needles Market by Type
10.2.6.2.2 France Suture Needles Market by Shape
10.2.6.2.3 France Suture Needles Market by End-User
10.2.6.3 Italy Suture Needles Market
10.2.6.3.1 Italy Suture Needles Market by Type
10.2.6.3.2 Italy Suture Needles Market by Shape
10.2.6.3.3 Italy Suture Needles Market by End-User
10.2.6.4 Spain Suture Needles Market
10.2.6.4.1 Spain Suture Needles Market by Type
10.2.6.4.2 Spain Suture Needles Market by Shape
10.2.6.4.3 Spain Suture Needles Market by End-User
10.2.6.5 United Kingdom Suture Needles Market
10.2.6.5.1 United Kingdom Suture Needles Market by Type
10.2.6.5.2 United Kingdom Suture Needles Market by Shape
10.2.6.5.3 United Kingdom Suture Needles Market by End-User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Suture Needles Market Overview
10.3.2 Asia-Pacific Suture Needles Market Forecasts and Analysis
10.3.3 Asia-Pacific Suture Needles Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Suture Needles Market Forecasts and Analysis - By Shape
10.3.5 Asia-Pacific Suture Needles Market Forecasts and Analysis - By End-User
10.3.6 Asia-Pacific Suture Needles Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Suture Needles Market
10.3.6.1.1 Australia Suture Needles Market by Type
10.3.6.1.2 Australia Suture Needles Market by Shape
10.3.6.1.3 Australia Suture Needles Market by End-User
10.3.6.2 China Suture Needles Market
10.3.6.2.1 China Suture Needles Market by Type
10.3.6.2.2 China Suture Needles Market by Shape
10.3.6.2.3 China Suture Needles Market by End-User
10.3.6.3 India Suture Needles Market
10.3.6.3.1 India Suture Needles Market by Type
10.3.6.3.2 India Suture Needles Market by Shape
10.3.6.3.3 India Suture Needles Market by End-User
10.3.6.4 Japan Suture Needles Market
10.3.6.4.1 Japan Suture Needles Market by Type
10.3.6.4.2 Japan Suture Needles Market by Shape
10.3.6.4.3 Japan Suture Needles Market by End-User
10.3.6.5 South Korea Suture Needles Market
10.3.6.5.1 South Korea Suture Needles Market by Type
10.3.6.5.2 South Korea Suture Needles Market by Shape
10.3.6.5.3 South Korea Suture Needles Market by End-User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Suture Needles Market Overview
10.4.2 Middle East and Africa Suture Needles Market Forecasts and Analysis
10.4.3 Middle East and Africa Suture Needles Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Suture Needles Market Forecasts and Analysis - By Shape
10.4.5 Middle East and Africa Suture Needles Market Forecasts and Analysis - By End-User
10.4.6 Middle East and Africa Suture Needles Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Suture Needles Market
10.4.6.1.1 South Africa Suture Needles Market by Type
10.4.6.1.2 South Africa Suture Needles Market by Shape
10.4.6.1.3 South Africa Suture Needles Market by End-User
10.4.6.2 Saudi Arabia Suture Needles Market
10.4.6.2.1 Saudi Arabia Suture Needles Market by Type
10.4.6.2.2 Saudi Arabia Suture Needles Market by Shape
10.4.6.2.3 Saudi Arabia Suture Needles Market by End-User
10.4.6.3 U.A.E Suture Needles Market
10.4.6.3.1 U.A.E Suture Needles Market by Type
10.4.6.3.2 U.A.E Suture Needles Market by Shape
10.4.6.3.3 U.A.E Suture Needles Market by End-User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Suture Needles Market Overview
10.5.2 South and Central America Suture Needles Market Forecasts and Analysis
10.5.3 South and Central America Suture Needles Market Forecasts and Analysis - By Type
10.5.4 South and Central America Suture Needles Market Forecasts and Analysis - By Shape
10.5.5 South and Central America Suture Needles Market Forecasts and Analysis - By End-User
10.5.6 South and Central America Suture Needles Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Suture Needles Market
10.5.6.1.1 Brazil Suture Needles Market by Type
10.5.6.1.2 Brazil Suture Needles Market by Shape
10.5.6.1.3 Brazil Suture Needles Market by End-User
10.5.6.2 Argentina Suture Needles Market
10.5.6.2.1 Argentina Suture Needles Market by Type
10.5.6.2.2 Argentina Suture Needles Market by Shape
10.5.6.2.3 Argentina Suture Needles Market by End-User
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. SUTURE NEEDLES MARKET, KEY COMPANY PROFILES
12.1. ASPEN SURGICAL
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. B. BRAUN MELSUNGEN AG
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. CONMED CORPORATION
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. HILL-ROM
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. HOLTEX
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. HU-FRIEDY MFG. CO.LLC
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. JOHNSON AND JOHNSON SERVICES, INC.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. MEDLINE INDUSTRIES, INC.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. MEDTRONIC PLC.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. ROBOZ SURGICAL INSTRUMENT
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Aspen Surgical
2. B. Braun Melsungen AG
3. CONMED Corporation
4. Hill-Rom
5. Holtex
6. Hu-Friedy Mfg. Co.LLC
7. Johnson & Johnson Services, Inc.
8. Medline Industries, Inc.
9. Medtronic Plc.
10. Roboz Surgical Instrument
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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