Europe, the liquid biopsy market, is anticipated to reach US$ 2,251.12 Mn in 2027 from US$ 1,097.82 Mn in 2019. The market is projected to grow with a CAGR of 9.5% from 2020-2027.
The liquid biopsy market is growing primarily due to government and global health organizations initiatives. Restraining factor such as, low sensitivity of liquid biopsy is likely to damage the growth of the market in the coming years. On the other hand, rising liquid biopsy due to growing application and advancements is expected to have a positive impact on the growth of the Europe liquid biopsy market in the coming years.
Since 2014, the clinical use of liquid biopsy has significantly increased. Several assays were commercially available and FDA-approved. For instance, in 2016, Cobas EGFR Mutation Test v2 was FDA approved to determine the eligibility of non-small cell lung cancer patients to receive specific EGFR tyrosine kinase inhibitors. Though its adoption in clinics is slower due to false-negative concerns, its clinical utilization is increasing, which is driven by patients and physicians demand to identify targetable mutations for off-label use or clinical trial enrolment. The application of liquid biopsy is expanding, and the emerging methods include mutational profiling, assessing treatment response, residual disease monitoring, exposure of disease recurrence, and monitoring for the emergence of resistance mutations. The uses of liquid biopsy range from monitoring cancer growth to detecting genetic mutations, identifying signs of relapse, and predicting sensitivity to immunotherapy.
The advantages of liquid biopsies and technological improvements will continue to expand their applicability and utility in monitoring patients for relapse and determining the best treatments. The growing applications are likely to offer significant opportunity for the growth of the market.
Moreover, in the United States, due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. Furthermore, the pandemic spread is also preventing the clinical trials, drug development, and diagnostic industry in the US. For instance, California-based Lucence Diagnostics Pte Ltd., who develops liquid biopsy and has a known player in this industry, has been diverted now to manufacture kits for COVID-19.
In 2019, the Germany accounted for the largest market share in Europe liquid biopsy market, and it is also expected to grow at a faster pace over the forecast period. Increasing number of cancer cases, and presence of major market players in the Germany are responsible for the highest revenue share of the region. Moreover, increasing government initiatives help to grow the market in the forecast period. Hence, considering the mentioned factors, the liquid biopsy market is expected to grow at a significant pace in the Germany during the forecast period.
Rest of Europe Liquid Biopsy Market Revenue and Forecasts to 2027 (US$ Mn)
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EUROPE LIQUID BIOPSY – MARKET SEGMENTATION
By Product & Service
- Equipment
- Reagents & Kits
- Services
By Sample
- Blood Based
- Urine Based
- Other samples
By Circulating Biomarker
- Circulating Tumor Cells (CTC)
- Exosomes
- Free Nucleic Acid
By Application
- Noninvasive Prenatal Testing (NIPT)
- Oncology
- Transplant Diagnostics
- Other Applications
By End User
- Academic & Research Institutes
- Hospitals
- Reference Laboratories
- Other End Users
By Geography
Europe
- UK
- Germany
- France
- Italy
- Spain
Company Profiles
- F. Hoffmann-la Roche ltd
- Inivata Ltd
- LungLife AI, Inc.
- Exosome Diagnostics
- MDxHealth
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product & Services, Sample, Circulating Biomarker, Application, End User, and, Country
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
UK, Germany, France, Italy, Russia
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Liquid Biopsy Market – By Product & Service
1.3.2 Europe Liquid Biopsy Market – By Sample
1.3.3 Europe Liquid Biopsy Market – By Circulating Biomarker
1.3.4 Europe Liquid Biopsy Market – By Application
1.3.5 Europe Liquid Biopsy Market – By End User
1.3.6 Europe Liquid Biopsy Market – By Country
2. Europe Liquid Biopsy Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Liquid Biopsy Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Europe Liquid Biopsy Market - Europe PEST Analysis
4.3 Expert Opinion
5. Europe Liquid Biopsy - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Government and Global Health Organizations Initiatives
5.2 Key Restraints
5.2.1 Low Sensitivity of Liquid Biopsy
5.3 Key Market Opportunities
5.3.1 Rising Liquid Biopsy Due to Growing Application and Advancements
5.4 Future Trends
5.4.1 Consistent Launch of New Products
5.5 Impact Analysis
6. Liquid Biopsy Market – Europe Analysis
6.1 Europe Liquid Biopsy Market Revenue Forecasts and Analysis
7. Liquid Biopsy Market Analysis – By Product & Services
7.1 Overview
7.2 Liquid Biopsy Market Revenue Share, by Product& Service (2019 and 2027)
7.3 Equipment
7.3.1 Overview
7.4 Equipment: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
7.5 Reagents & Kits
7.5.1 Overview
7.5.2 Reagents & Kits: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
7.6 Services
7.6.1 Overview
7.6.2 Services: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
8. Liquid Biopsy Market Analysis – By Sample
8.1 Overview
8.2 Liquid Biopsy Market, by Sample, 2019 and 2027 (%)
8.3 Blood Based
8.3.1 Overview
8.3.2 Blood Based: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
8.4 Urine Based
8.4.1 Overview
8.4.2 Urine Based: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
8.5 Other Samples
8.5.1 Overview
8.6 Other Samples: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
9. Liquid Biopsy Market Analysis – By Circulating Biomarker
9.1 Overview
9.2 Liquid Biopsy Market, by Circulating Biomarker, 2019 and 2027 (%)
9.3 Circulating Tumor Cells (CTC)
9.3.1 Overview
9.3.2 Circulating Tumor Cell (CTC): Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
9.4 Exosomes
9.4.1 Overview
9.4.2 Exosomes: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
9.5 Free Nucleic Acid
9.5.1 Overview
9.6 Free Nucleic Acid: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
10. Liquid Biopsy Market Analysis – By Application
10.1 Overview
10.2 Liquid Biopsy Market, by Application, 2019 and 2027 (%)
10.3 Non-invasive Prenatal Testing (NIPT)
10.3.1 Overview
10.3.2 Noninvasive prenatal testing (NIPT): Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
10.4 Oncology
10.4.1 Overview
10.4.2 Oncology: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
10.5 Transplant Diagnostics
10.5.1 Overview
10.5.2 Transplant Diagnostics: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
10.6 Other Applications
10.6.1 Overview
10.7 Other applications: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
11. Liquid Biopsy Market Analysis – By End User
11.1 Overview
11.2 Liquid Biopsy Market, by End-User, 2019 and 2027 (%)
11.3 Academic & Research Institutes
11.3.1 Overview
11.3.2 Academic & Research Institutes: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
11.4 Hospitals
11.4.1 Overview
11.4.2 Hospitals: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
11.5 Reference Laboratories
11.5.1 Overview
11.6 Reference Laboratories: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
11.7 Other End Users
11.7.1 Overview
11.8 Other End Users: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
12. Liquid Biopsy Market Revenue and Forecasts To 2027 – Geographical Analysis
12.1 Europe Liquid Biopsy Market Revenue and Forecasts To 2027
12.1.1 Overview
12.1.2 Europe: Liquid Biopsy Market - Revenue and Forecast to 2027 (USD Million)
12.1.3 Europe: Liquid Biopsy Market, by Product & Service, 2018–2027 (USD Million)
12.1.4 Europe: Liquid Biopsy Market, by Sample, 2018–2027 (USD Million)
12.1.5 Europe: Liquid Biopsy Market, by Circulating Biomarker, 2018–2027 (USD Million)
12.1.6 Europe: Liquid Biopsy Market, by Application, 2018–2027 (USD Million)
12.1.7 Europe: Liquid Biopsy Market, by End User, 2018–2027 (USD Million)
12.1.8 Europe: Liquid Biopsy Market, by Country, 2018 & 2027 (%)
12.1.9 Germany: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.9.1 Germany: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.9.2 Germany: Liquid Biopsy Market, by Product & Service, 2018–2027 (USD Million)
12.1.9.3 Germany: Liquid Biopsy Market, by Sample, 2018–2027 (USD Million)
12.1.9.4 Germany: Liquid Biopsy Market, by Circulating Biomarker, 2018–2027 (USD Million)
12.1.9.5 Germany: Liquid Biopsy Market, by Application, 2018–2027 (USD Million)
12.1.9.6 Germany: Liquid Biopsy Market, by End User, 2018–2027 (USD Million)
12.1.10 UK: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.10.1 UK: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.10.2 UK: Liquid Biopsy Market, by Product & Service, 2018–2027 (USD Million)
12.1.10.3 UK: Liquid Biopsy Market, by Sample, 2018–2027 (USD Million)
12.1.10.4 UK: Liquid Biopsy Market, by Circulating Biomarker, 2018–2027 (USD Million)
12.1.10.5 UK: Liquid Biopsy Market, by Application, 2018–2027 (USD Million)
12.1.10.6 UK: Liquid Biopsy Market, by End User, 2018–2027 (USD Million)
12.1.11 France: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.11.1 France: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.11.2 France: Liquid Biopsy Market, by Product & Service, 2018–2027 (USD Million)
12.1.11.3 France: Liquid Biopsy Market, by Sample, 2018–2027 (USD Million)
12.1.11.4 France: Liquid Biopsy Market, by Circulating Biomarker, 2018–2027 (USD Million)
12.1.11.5 France: Liquid Biopsy Market, by Application, 2018–2027 (USD Million)
12.1.11.6 France: Liquid Biopsy Market, by End User, 2018–2027 (USD Million)
12.1.12 Spain: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.12.1 Spain: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.12.2 Spain: Liquid Biopsy Market, by Product & Service, 2018–2027 (USD Million)
12.1.12.3 Spain: Liquid Biopsy Market, by Sample, 2018–2027 (USD Million)
12.1.12.4 Spain: Liquid Biopsy Market, by Circulating Biomarker, 2018–2027 (USD Million)
12.1.12.5 Spain: Liquid Biopsy Market, by Application, 2018–2027 (USD Million)
12.1.12.6 Spain: Liquid Biopsy Market, by End User, 2018–2027 (USD Million)
12.1.13 Italy: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.13.1 Italy: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
12.1.13.2 Italy: Liquid Biopsy Market, by Product & Service, 2018–2027 (USD Million)
12.1.13.3 Italy: Liquid Biopsy Market, by Sample, 2018–2027 (USD Million)
12.1.13.4 Italy: Liquid Biopsy Market, by Circulating Biomarker, 2018–2027 (USD Million)
12.1.13.5 Italy: Liquid Biopsy Market, by Application, 2018–2027 (USD Million)
12.1.13.6 Italy: Liquid Biopsy Market, by End User, 2018–2027 (USD Million)
13. Impact of COVID-19 Pandemic on Global Liquid Biopsy Market
13.1 Europe: Impact Assessment of COVID-19 Pandemic
14. Company Profiles
14.1 F. Hoffmann-la Roche ltd
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 Inivata 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 LungLife AI, 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 Exosome Diagnostics
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 MDxHealth
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
15. Appendix
15.1 About The Insight Partners
15.2 Glossary of Terms
LIST OF TABLES
Table 1. Europe Liquid Biopsy Market, by Product & Service– Revenue and Forecast to 2027 (USD Million)
Table 2. Europe Liquid Biopsy Market, by Sample – Revenue and Forecast to 2027 (USD Million)
Table 3. Europe Liquid Biopsy Market, by Circulating Biomarker – Revenue and Forecast to 2027 (USD Million)
Table 4. Europe Liquid Biopsy Market, by Application – Revenue and Forecast to 2027 (USD Million)
Table 5. Europe Liquid Biopsy Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 6. Incidence, Mortality and Prevalence by cancer site, 2018, Germany
Table 7. Germany Liquid Biopsy Market, by Product & Service – Revenue and Forecast to 2027 (USD Million)
Table 8. Germany Liquid Biopsy Market, by Sample – Revenue and Forecast to 2027 (USD Million)
Table 9. Germany Liquid Biopsy Market, by Circulating Biomarker – Revenue and Forecast to 2027 (USD Million)
Table 10. Germany Liquid Biopsy Market, by Application – Revenue and Forecast to 2027 (USD Million)
Table 11. Germany Liquid Biopsy Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 12. UK Liquid Biopsy Market, by Product & Service – Revenue and Forecast to 2027 (USD Million)
Table 13. UK Liquid Biopsy Market, by Sample – Revenue and Forecast to 2027 (USD Million)
Table 14. UK Liquid Biopsy Market, by Circulating Biomarker – Revenue and Forecast to 2027 (USD Million)
Table 15. UK Liquid Biopsy Market, by Application – Revenue and Forecast to 2027 (USD Million)
Table 16. UK Liquid Biopsy Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 17. Incidence, Mortality and Prevalence By Cancer Site, 2018, France
Table 18. France Liquid Biopsy Market, by Product & Service – Revenue and Forecast to 2027 (USD Million)
Table 19. France Liquid Biopsy Market, by Sample – Revenue and Forecast to 2027 (USD Million)
Table 20. France Liquid Biopsy Market, by Circulating Biomarker – Revenue and Forecast to 2027 (USD Million)
Table 21. France Liquid Biopsy Market, by Application – Revenue and Forecast to 2027 (USD Million)
Table 22. France Liquid Biopsy Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 23. Incidence, Mortality and Prevalence By Cancer Site, 2018, Spain
Table 24. Spain Liquid Biopsy Market, by Product & Service – Revenue and Forecast to 2027 (USD Million)
Table 25. Spain Liquid Biopsy Market, by Sample – Revenue and Forecast to 2027 (USD Million)
Table 26. Spain Liquid Biopsy Market, by Circulating Biomarker – Revenue and Forecast to 2027 (USD Million)
Table 27. Spain Liquid Biopsy Market, by Application – Revenue and Forecast to 2027 (USD Million)
Table 28. Spain Liquid Biopsy Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 29. Incidence, Mortality and Prevalence by cancer site, 2018, Italy
Table 30. Italy Liquid Biopsy Market, by Product & Service – Revenue and Forecast to 2027 (USD Million)
Table 31. Italy Liquid Biopsy Market, by Sample – Revenue and Forecast to 2027 (USD Million)
Table 32. Italy Liquid Biopsy Market, by Circulating Biomarker – Revenue and Forecast to 2027 (USD Million)
Table 33. Italy Liquid Biopsy Market, by Application – Revenue and Forecast to 2027 (USD Million)
Table 34. Italy Liquid Biopsy Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 1. Glossary of Terms, Europe Liquid Biopsy Market
LIST OF FIGURES
Figure 1. Liquid Biopsy Market Segmentation
Figure 2. Europe Liquid Biopsy Market Overview
Figure 3. Reagents & Kits Segment Held Largest Share Of Product & Services Segment in Liquid Biopsy Market
Figure 4. Germany Is Expected to Show Remarkable Growth During the Forecast Period
Figure 5. Europe Liquid Biopsy Market- Leading Country Markets (US$ Mn)
Figure 7. Europe Liquid Biopsy Market - Europe PEST Analysis
Figure 8. Liquid Biopsy Market Impact Analysis of Drivers and Restraints
Figure 9. Europe Liquid Biopsy Market – Revenue Forecasts and Analysis – 2019- 2027
Figure 10. Liquid Biopsy Market Revenue Share, by Product & Service (2019 and 2027)
Figure 11. Equipment: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 12. Reagents & Kits: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 13. Services: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 14. Liquid Biopsy Market, by Sample, 2019 and 2027 (%)
Figure 15. Blood Based: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 16. Urine Based: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 17. Other Samples: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 18. Liquid Biopsy Market, by Circulating Biomarker, 2019 and 2027 (%)
Figure 19. Circulating Tumor Cell (CTC): Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 20. Exosomes: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 21. Free Nucleic Acid: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 22. Liquid Biopsy Market, by Application, 2019 and 2027 (%)
Figure 23. Noninvasive prenatal testing (NIPT): Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 24. Oncology: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 25. Transplant Diagnostics: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 26. Other applications: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 27. Liquid Biopsy Market, by End-User, 2019 and 2027 (%)
Figure 28. Academic & Research Institutes: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 29. Hospitals: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 30. Reference Laboratories: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 31. Other End Users: Liquid Biopsy Market – Revenue and Forecast to 2027 (US$ Million)
Figure 32. Europe: Liquid Biopsy Market, by Key Country – Revenue (2019) (USD Million)
Figure 33. Europe Liquid Biopsy Market Revenue and Forecast to 2027 (USD Million)
Figure 34. Europe: Liquid Biopsy Market, by Country, 2018 & 2027 (%)
Figure 35. Germany: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
Figure 36. UK: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
Figure 37. France: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
Figure 38. Spain: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
Figure 39. Italy: Liquid Biopsy Market – Revenue and Forecast to 2027 (USD Million)
Figure 40. Impact of COVID-19 Pandemic In European Country Marke
- F. Hoffmann-la Roche ltd
- Inivata Ltd
- LungLife AI, Inc.
- Exosome Diagnostics
- MDxHealth
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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