The PACS and RIS market in Europe is expected to grow from US$ 779.0 million in 2019 to US$ 1,439.9 million by 2027; it is estimated to grow at a CAGR of 7.9% from 2020 to 2027.
The national rate for CT scans were 126 per 1,000 individuals around 2014 and 2015. Rates ranged from 209 (New Brunswick) and 170 (Newfoundland and Labrador) to 88 (Alberta) and 93 (Prince Edward Island). In addition, according to the National Health Services (NHS) UK, there were 4.1 million imaging tests conducted in England in the 12 months from February 2017 to January 2017. Of these, 3.49 million imaging tests were reported to have taken place in January 2017. Moreover, as per the World Health Organization (WHO), with improved health care policy and the guided protocol of medical imaging for COVID-19 diagnosis, there has been a rise in the number of imaging-based procedures. Thus, the growing number of diagnostic imaging procedures performed across the region resulting in the increasing requirement of consumables for tests are likely expected to drive the growth of the Europe PACS and RIS market over the coming years.
The rapid spread of the COVID-19 virus and the special care that critical patients need put a major pressure on the European healthcare system. Government of various European countries started employing plans to prepare for the crisis situation after the boom of infections hit Italy in April 2020. During the action plan, the private and public healthcare institutions raised demand for radiological imaging devices of high quality to provide accurate diagnostics to the sufferers. The hospital capacities were increased in various countries for immediate treatment of the patients. The NHS also closely monitoring supplies of various medical devices in various countries of the region and managed distribution networks to make the primary equipment available to hospitals and public healthcare centers. Thus, the efforts undertaken by government created a surge in demand for PACS and RISs during the pandemic in the European region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the PACS and RIS market. The Europe PACS and RIS market is expected to grow at a good CAGR during the forecast period.
Europe PACS and RIS Market Revenue and Forecast to 2027(US$ Million)
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Europe PACS and RIS Market Segmentation
By Product
- Picture Archiving And Communication System (PACS)
- Radiology Information System (RIS)
By Component
- Hardware
- Software
- Services
By Deployment
- Web-Based
- On-Premise
- Cloud-Based
By End User
- Hospitals
- Diagnostic Centers
- Others
By Country
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Companies Mentioned
- Agfa-Gevaert Group
- INFINITT Healthcare Co., Ltd.
- McKesson Corporation
- Cerner Corporation
- General Electric Company
- Koninklijke Philips N.V.
- FUJIFILM Holdings Corporation
- Siemens AG
- IBM
- Novarad
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Component, Deployment, End User
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 PACS and RIS Market – By Product
1.3.2 PACS and RIS Market – By Component
1.3.3 PACS and RIS Market – By Deployment
1.3.4 PACS and RIS Market – By End User
1.3.5 Europe PACS and RIS Market – By Country
2. Europe PACS and RIS Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe PACS and RIS Market – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 PACS and RIS Market- Europe PEST Analysis
4.3 Expert Opinion
5. Europe PACS and RIS Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Developments in Diagnostic Imaging Modalities Coupled with Rising Number of Diagnostic Tests Procedures
5.1.2 Affordable Price of New Generation PACS Software
5.2 Market Restraints
5.2.1 Availability of Better Substitutes
5.2.2 Concerns Regarding Data Privacy
5.3 Market Opportunities
5.3.1 Increasing Demand for Orthopaedic PACS
5.4 Market Trends
5.4.1 Technology Advancement and New Product Launches
5.5 Impact Analysis
6. PACS and RIS Market – Europe Analysis
6.1 Europe PACS and RIS Market Revenue Forecasts and Analysis
7. Europe PACS and RIS Market Analysis and Forecasts To 2027 – By Product
7.1 Overview
7.2 Europe PACS and RIS Market, By Product, 2019 & 2027 (% Share)
7.3 Picture Archive and Communication System (PACS) Market
7.3.1 Overview
7.3.2 Europe Picture Archive and Communication System (PACS) Market Revenue and Forecasts to 2027 (US$ Mn)
7.4 Radiology Information System (RIS) Market
7.4.1 Overview
7.4.2 Europe Radiology Information System (RIS) Market Revenue and Forecasts to 2027 (US$ Mn)
8. Europe PACS and RIS Market Analysis and Forecasts To 2027 – By Component
8.1 Overview
8.2 Europe PACS and RIS Market, By Component, 2019 & 2027 (% Share)
8.3 Software Market
8.3.1 Overview
8.3.2 Europe Software Market Revenue and Forecasts to 2027 (US$ Mn)
8.4 Hardware Market
8.4.1 Overview
8.4.2 Europe Hardware Market Revenue and Forecasts to 2027 (US$ Mn)
8.5 Services Market
8.5.1 Overview
8.5.2 Europe Services Market Revenue and Forecasts to 2027 (US$ Mn)
9. Europe PACS and RIS Market Analysis and Forecasts To 2027 – By Deployment
9.1 Overview
9.2 Europe PACS and RIS Market, By Deployment 2019 & 2027 (% Share)
9.3 Web-Based Market
9.3.1 Overview
9.3.2 Europe Web-Based Market Revenue and Forecasts to 2027 (US$ Mn)
9.4 On-Premise Market
9.4.1 Overview
9.4.2 Europe On-Premise Market Revenue and Forecasts to 2027 (US$ Mn)
9.5 Cloud-Based Market
9.5.1 Overview
9.5.2 Europe Cloud-Based Market Revenue and Forecasts to 2027 (US$ Mn)
10. Europe PACS and RIS Market Analysis and Forecasts to 2027– By End User
10.1 Overview
10.2 Europe PACS and RIS Market, By End User, 2019 & 2027 (% Share)
10.3 Hospitals Market
10.3.1 Overview
10.3.2 Europe Hospitals Market Revenue and Forecasts to 2027 (US$ Mn)
10.4 Diagnostic Centers Market
10.4.1 Overview
10.4.2 Europe Diagnostic Centers Market Revenue and Forecasts to 2027 (US$ Mn)
10.5 Others Market
10.5.1 Overview
10.5.2 Europe Others Market Revenue and Forecasts to 2027 (US$ Mn)
11. PACS and RIS Market Revenue and Forecasts to 2027 – Geographical Analysis
11.1 Europe PACS and RIS Market Revenue And Forecasts To 2027
11.1.1 Europe PACS and RIS Market Revenue And Forecasts to 2027, By Country (%)
11.1.2 UK PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.2.1 UK PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.2.2 UK PACS and RIS Market Revenue And Forecasts to 2027, By Product (US$ Mn)
11.1.2.3 UK PACS and RIS Market Revenue And Forecasts to 2027, By Component (US$ Mn)
11.1.2.4 UK PACS and RIS Market Revenue And Forecasts to 2027, By Deployment (US$ Mn)
11.1.2.5 UK PACS and RIS Market Revenue And Forecasts to 2027, By End User (US$ Mn)
11.1.3 Germany PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.3.1 Germany PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.3.2 Germany PACS and RIS Market Revenue And Forecasts to 2027, By Product (US$ Mn)
11.1.3.3 Germany PACS and RIS Market Revenue And Forecasts to 2027, By Component (US$ Mn)
11.1.3.4 Germany PACS and RIS Market Revenue And Forecasts to 2027, By Deployment (US$ Mn)
11.1.3.5 Germany PACS and RIS Market Revenue And Forecasts to 2027, By End User (US$ Mn)
11.1.4 France PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.4.1 France PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.4.2 France PACS and RIS Market Revenue And Forecasts to 2027, By Product (US$ Mn)
11.1.4.3 France PACS and RIS Market Revenue And Forecasts to 2027, By Component (US$ Mn)
11.1.4.4 France PACS and RIS Market Revenue And Forecasts to 2027, By Deployment (US$ Mn)
11.1.4.5 France PACS and RIS Market Revenue And Forecasts to 2027, By End User (US$ Mn)
11.1.5 Italy PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.5.1 Italy PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.5.2 Italy PACS and RIS Market Revenue And Forecasts to 2027, By Product (US$ Mn)
11.1.5.3 Italy PACS and RIS Market Revenue And Forecasts to 2027, By Component (US$ Mn)
11.1.5.4 Italy PACS and RIS Market Revenue And Forecasts to 2027, By Deployment (US$ Mn)
11.1.5.5 Italy PACS and RIS Market Revenue And Forecasts to 2027, By End User (US$ Mn)
11.1.6 Spain PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.6.1 Spain PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.6.2 Spain PACS and RIS Market Revenue And Forecasts to 2027, By Product (US$ Mn)
11.1.6.3 Spain PACS and RIS Market Revenue And Forecasts to 2027, By Component (US$ Mn)
11.1.6.4 Spain PACS and RIS Market Revenue And Forecasts to 2027, By Deployment (US$ Mn)
11.1.6.5 Spain PACS and RIS Market Revenue And Forecasts to 2027, By End User (US$ Mn)
11.1.7 Rest of Europe: Medical Device Adhesive Market – Revenue and Forecast to 2027 (USD Million)
11.1.7.1 Rest of Europe PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.7.2 Rest of Europe PACS and RIS Market Revenue And Forecasts to 2027, By Product (US$ Mn)
11.1.7.3 Rest of Europe PACS and RIS Market Revenue And Forecasts to 2027, By Component (US$ Mn)
11.1.7.4 Rest of Europe PACS and RIS Market Revenue And Forecasts to 2027, By Deployment (US$ Mn)
11.1.7.5 Rest of Europe PACS and RIS Market Revenue And Forecasts to 2027, By End User (US$ Mn)
12. Impact Of COVID-19 Pandemic on Europe PACS and RIS Market
12.1 Europe: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
13.1 Overview
13.2 Inorganic Growth Strategies
13.2.1 Overview
13.3 Inorganic Growth Strategies in the PACS and RIS Market, 2017-2020 (%)
13.3.1 Collaborations
13.3.1.1 Recent Collaborations By Players In The PACS and RIS Market
13.3.2 Agreements, Partnerships and Joint Ventures
13.3.2.1 Recent Agreements, Partnerships And Joint Ventures By Players In The PACS and RIS Market
13.3.3 Acquisitions
13.3.3.1 Recent Acquisitions By Players In The PACS and RIS Market
13.4 Organic Growth Strategies
13.4.1 Overview
13.5 Organic Growth Strategies in the PACS and RIS Market, 2017-2020 (%)
13.5.1 Product Launches
13.5.1.1 Recent Product Launches By Players In The PACS and RIS Market
13.5.2 Product Approval & Other Organic Growth Strategies
13.5.2.1 Recent Product Approval & Other Organic Growth Strategies By Players In The PACS and RIS Market
14. COMPANY PROFILES
14.1 Agfa-Gevaert Group
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Financial Overview
14.1.4 Product Portfolio
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 INFINITT Healthcare Co., Ltd.
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Financial Overview
14.2.4 Product Portfolio
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 McKesson Corporation
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Financial Overview
14.3.4 Product Portfolio
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Cerner Corporation
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Financial Overview
14.4.4 Product Portfolio
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 General Electric Company
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Financial Overview
14.5.4 Product Portfolio
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Koninklijke Philips N.V.
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Financial Overview
14.6.4 Product Portfolio
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 FUJIFILM Holdings Corporation
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Financial Overview
14.7.4 Product Portfolio
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Siemens AG
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Financial Overview
14.8.4 Product Portfolio
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 IBM
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Financial Overview
14.9.4 Product Portfolio
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Novarad
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Financial Overview
14.10.4 Product Portfolio
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. UK PACS and RIS Market Revenue and Forecasts to 2027, By Product (US$ Mn)
Table 2. UK PACS and RIS Market Revenue and Forecasts to 2027, By Component (US$ Mn)
Table 3. UK PACS and RIS Market Revenue and Forecasts to 2027, By Deployment (US$ Mn)
Table 4. UK PACS and RIS Market Revenue and Forecasts to 2027, By End User (US$ Mn)
Table 5. Germany PACS and RIS Market Revenue and Forecasts to 2027, By Product (US$ Mn)
Table 6. Germany PACS and RIS Market Revenue and Forecasts to 2027, By Component (US$ Mn)
Table 7. Germany PACS and RIS Market Revenue and Forecasts to 2027, By Deployment (US$ Mn)
Table 8. Germany PACS and RIS Market Revenue and Forecasts to 2027, By End User (US$ Mn)
Table 9. France PACS and RIS Market Revenue and Forecasts to 2027, By Product (US$ Mn)
Table 10. France PACS and RIS Market Revenue and Forecasts to 2027, By Component (US$ Mn)
Table 11. France PACS and RIS Market Revenue and Forecasts to 2027, By Deployment (US$ Mn)
Table 12. France PACS and RIS Market Revenue and Forecasts to 2027, By End User (US$ Mn)
Table 13. Italy PACS and RIS Market Revenue and Forecasts to 2027, By Product (US$ Mn)
Table 14. Italy PACS and RIS Market Revenue and Forecasts to 2027, By Component (US$ Mn)
Table 15. Italy PACS and RIS Market Revenue and Forecasts to 2027, By Deployment (US$ Mn)
Table 16. Italy PACS and RIS Market Revenue and Forecasts to 2027, By End User (US$ Mn)
Table 17. Spain PACS and RIS Market Revenue and Forecasts to 2027, By Product (US$ Mn)
Table 18. Spain PACS and RIS Market Revenue and Forecasts to 2027, By Component (US$ Mn)
Table 19. Spain PACS and RIS Market Revenue and Forecasts to 2027, By Deployment (US$ Mn)
Table 20. Spain PACS and RIS Market Revenue and Forecasts to 2027, By End User (US$ Mn)
Table 21. Rest of Europe PACS and RIS Market Revenue and Forecasts to 2027, By Product (US$ Mn)
Table 22. Rest of Europe PACS and RIS Market Revenue and Forecasts to 2027, By Component (US$ Mn)
Table 23. Rest of Europe PACS and RIS Market Revenue and Forecasts to 2027, By Deployment (US$ Mn)
Table 24. Rest of Europe PACS and RIS Market Revenue and Forecasts to 2027, By End User (US$ Mn)
Table 25. Recent Collaborations by Players in The PACS and RIS Market
Table 26. Recent Agreements, Partnerships and Joint Ventures by Players in The PACS and RIS Market
Table 27. Recent Acquisitions by Players in The PACS and RIS Market
Table 28. Recent Product Launches in the PACS and RIS Market
Table 29. Recent Product Approval & Other Organic Growth Strategies in the PACS and RIS Market
Table 30. Glossary of Terms, PACS and RIS Market
LIST OF FIGURES
Figure 1. PACS and RIS Market Segmentation
Figure 2. Europe PACS and RIS Market Overview
Figure 3. Picture Archive and Communication System (PACS) Segment Held Largest Share of Product in PACS and RIS Market
Figure 4. Software Segment Held Largest Share of Component in PACS and RIS Market
Figure 5. UK is Expected to Show Remarkable Growth During the Forecast Period
Figure 6. PACS and RIS Market - Europe PEST Analysis
Figure 7. PACS and RIS Market Impact Analysis of Driver and Restraints
Figure 8. Europe PACS and RIS Market – Revenue Forecasts and Analysis – 2019- 2027
Figure 9. Europe PACS and RIS Market, by Product, 2019 & 2027 (% Share)
Figure 10. Europe Picture Archive and Communication System (PACS) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 11. Europe Radiology Information System (RIS) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 12. Europe PACS and RIS Market, by Component, 2019 & 2027 ((% Share)
Figure 13. Europe Software Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 14. Europe Hardware Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 15. Europe Services Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 16. Europe PACS and RIS Market, By Deployment, 2019 & 2027 (% Share)
Figure 17. Europe Web-Based Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 18. Europe On-Premise Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 19. Europe Cloud-Based Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 20. Europe PACS and RIS Market, By End User, 2019 & 2027 (% Share)
Figure 21. Europe Hospitals Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 22. Europe Diagnostic Centers Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 23. Europe Others Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 24. Europe PACS and RIS Market Revenue Overview, by Country, 2019 (US$ MN)
Figure 25. Europe PACS and RIS Market Revenue and Forecasts to 2027, By Country (%)
Figure 26. UK PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 27. Germany PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 28. France PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 29. Italy PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 30. Spain PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 31. Rest of Europe PACS and RIS Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 32. Impact of COVID-19 Pandemic in European Country Markets
Figure 33. Growth Strategies Done by the Companies in the Market, (%)
Figure 34. Inorganic Developments in the PACS and RIS Market, 2017-2020 (%)
Figure 35. Organic Growth Strategies in the PACS and RIS Market, 2017-2020 (%)
The List of Companies - Europe PACS and RIS Market
- Agfa-Gevaert Group
- INFINITT Healthcare Co., Ltd.
- McKesson Corporation
- Cerner Corporation
- General Electric Company
- Koninklijke Philips N.V.
- FUJIFILM Holdings Corporation
- Siemens AG
- IBM
- Novarad
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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