The North America durable medical equipment market is expected to reach US$ 131,013.4 Mn in 2027 from US$ 75,507.9 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027.
The growth of the market is driven by the factors such as, rising prevalence of chronic diseases, increasing elderly population and growing incidents of road accidents. However, high cost of therapeutic products and procedures is likely to act as a restraining factor for the growth of market.
The North American region is likely to witness growth in the durable medical equipment market owing to growing prevalence of cardiovascular disorders, increasing incidence of sleep apnea and respiratory disorders as well as cases of diabetes. The heart disease is the second major cause of the death after cancer in Canada. As per the data revealed by the Canadian Chronic Disease Surveillance System, during 2012 to 2013 around 2.4 million Canadian adults of aged 20 years and above lived with ischemic heart disease which included almost 578,000 people having history of an acute myocardial infraction. Also the data was provided for the patients living with heart failure it states that approximately 3.6% Canadians of age group 40 years and above are living with the heart failure.
Canada also has witnessed a rise in the cases of respiratory disorders such as asthma and chronic obstructive pulmonary disease (COPD). Also, about 2.4 million Canadians are reported to be living with asthma. In 2016, 8.4% of Canadians aged 12 and above (i.e. almost 2.6 million people) reported to have been diagnosed with asthma by a health professional.
In addition, during the year 2016 to 2019, various companies have made organic and inorganic growth strategies in the market there are operating. Some of the activities undertaken by the company, which have promoted its growth are, product launches, acquisition and partnership. The organic developments undertaken by the companies have led to the growth of the market as well as helped in the company’s development. For instance, in April, 2019, Royal Philips launched the DreamWisp that allows patients with sleep apnea to sleep in normal position. DreamWisp delivers a new level of comfort and freedom of movement, providing patients with the therapy option.
US is expected to be the fastest growing market for the durable medical equipment during the forecast owing to factors such as rise in the prevalence of cardiovascular and lung disorders, increasing geriatric population along with rise in the number of sleep apnea cases.
US Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
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NORTH AMERICA DURABLE MEDICAL EQUIPMENT – MARKET SEGMENTATION
By Device Type
- Personal Mobility Devices
- Wheelchairs
- Scooters
- Walkers & Rollators
- Canes & Crutches
- Other Personal Mobility Devices
- Monitoring & Therapeutic Devices
- Blood Glucose Monitors
- Vital Signs Monitoring Devices
- Infusion Pumps
- Nebulizers
- Oxygen Equipment
- Continuous Positive Airway Pressure (CPAP)
- Cardiovascular Devices
By End User
- Hospitals & Clinics
- Ambulatory Care Centers
- Home Healthcare
By Geography
•
North America
- US
- Canada
- Mexico
Company Profiles
- Invacare Corporation
- Medtronic
- BD
- Hillrom Services Inc
- Medical Depot, Inc
- GF HEALTH PRODUCTS, INC.
- Sunrise Medical (US) LLC
- Medline Industries, Inc.
- Koninklijke Philips N.V
- ResMed
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Device Type, End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
1. INTRODUCTION
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Durable Medical Equipment Market – By Device Type
1.3.2 North America Durable Medical Equipment Market – By End User
1.3.3 North America Durable Medical Equipment Market – By Geography
2. North America Durable Medical Equipment Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Durable Medical Equipment Market – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
5. North America Durable Medical Equipment Market – Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Rising Prevalence of Chronic Diseases
5.1.2 Increasing Elderly Population
5.1.3 Growing Incidents Of Road Accidents
5.2 Key Market Restraints
5.2.1 High Cost of Therapeutic Products and Procedures
5.3 Key Market Opportunity
5.3.1 Rising Demand for Home-Based Treatments
5.4 Future Trend
5.4.1 Continuous Technological Advancements
5.5 Impact Analysis
6. Durable Medical Equipment Market – North America Analysis
6.1 North America Durable Medical Equipment Market Revenue Forecasts and Analysis
6.2 PERFORMANCE OF KEY PLAYERS
6.2.1 Medtronic
6.2.2 BD
6.2.3 Medline Industries, Inc.
7. North America Durable Medical Equipment Market Analysis– by Device Type
7.1 Overview
7.2 North America Durable Medical Equipment Market, By Device Type 2018 & 2027 (%)
7.3 Personal Mobility Devices Market
7.3.1 Overview
7.3.2 North America Personal Mobility Devices Market Revenue and Forecasts to 2027 (US$ Mn)
7.3.3 Wheelchairs Market
7.3.3.1 Overview
7.3.3.2 North America Wheelchairs Market Revenue and Forecasts to 2027 (US$ Mn)
7.3.4 Scooters Market
7.3.4.1 Overview
7.3.4.2 North America Scooters Market Revenue and Forecasts to 2027 (US$ Mn)
7.3.5 Walkers & Rollators Market
7.3.5.1 Overview
7.3.5.2 North America Walkers & Rollators Market Revenue and Forecasts to 2027 (US$ Mn)
7.3.6 Canes & Crutches Market
7.3.6.1 Overview
7.3.6.2 North America Canes & Crutches Market Revenue and Forecasts to 2027 (US$ Mn)
7.3.7 Other Personal Mobility Devices Market
7.3.7.1 Overview
7.3.7.2 North America Other Personal Mobility Devices Market Revenue and Forecasts to 2027 (US$ Mn)
7.4 Monitoring & Therapeutic Devices Market
7.4.1 Overview
7.4.2 North America Monitoring & Therapeutic Devices Market Revenue and Forecasts to 2027 (US$ Mn)
7.4.3 Blood Glucose Monitors Market
7.4.3.1 Overview
7.4.3.2 North America Blood Glucose Monitors Market Revenue and Forecasts to 2027 (US$ Mn)
7.4.4 Vital Signs Monitoring Devices Market
7.4.4.1 Overview
7.4.4.2 North America Vital Signs Monitoring Devices Market Revenue and Forecasts to 2027 (US$ Mn)
7.4.5 Infusion Pumps Market
7.4.5.1 Overview
7.4.5.2 North America Infusion Pumps Market Revenue and Forecasts to 2027 (US$ Mn)
7.4.6 Nebulizers Market
7.4.6.1 Overview
7.4.6.2 North America Nebulizers Market Revenue and Forecasts to 2027 (US$ Mn)
7.4.7 Oxygen Equipment Market
7.4.7.1 Overview
7.4.7.2 North America Oxygen Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
7.4.8 Continuous Positive Airway Pressure (CPAP) Market
7.4.8.1 Overview
7.4.8.2 North America Continuous Positive Airway Pressure (CPAP) Market Revenue and Forecasts to 2027 (US$ Mn)
7.4.9 Cardiovascular Devices Market
7.4.9.1 Overview
7.4.9.2 North America Cardiovascular Devices Market Revenue and Forecasts to 2027 (US$ Mn)
8. North America Durable Medical Equipment Market Analysis– by End User
8.1 Overview
8.2 North America Durable Medical Equipment Market, By End User 2018 & 2027 (%)
8.3 Hospitals & Clinics Market
8.3.1 Overview
8.3.2 North America Hospitals & Clinics Market Revenue and Forecasts to 2027 (US$ Mn)
8.4 Ambulatory Care Centers
8.4.1 Overview
8.4.2 North America Ambulatory Care Centers Market Revenue and Forecasts to 2027 (US$ Mn)
8.5 Home Healthcare Market
8.5.1 Overview
8.5.2 North America Home Healthcare Market Revenue and Forecasts to 2027 (US$ Mn)
9. Durable Medical Equipment Market Revenue and Forecasts to 2027 – Regional Analysis
9.1 North America Durable Medical Equipment Market Revenue and Forecasts to 2027
9.1.1 North America Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
9.1.2 North America Durable Medical Equipment Market Revenue And Forecasts to 2027, By Device Type (US$ Mn)
9.1.2.1 North America Monitoring & Therapeutic Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
9.1.2.2 North America Personal Mobility Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
9.1.3 North America Durable Medical Equipment Market Revenue And Forecasts to 2027, By End User (US$ Mn)
9.1.4 North America Durable Medical Equipment Market Revenue And Forecasts to 2027, By Country (%)
9.1.5 US Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
9.1.5.1 US Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
9.1.5.2 US Durable Medical Equipment Market Revenue And Forecasts to 2027, By Device Type (US$ Mn)
9.1.5.2.1 US monitoring & therapeutic devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
9.1.5.2.2 US Personal Mobility Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
9.1.5.3 US Durable Medical Equipment Market Revenue And Forecasts to 2027, By End User (US$ Mn)
9.1.6 Canada Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
9.1.6.1 Canada Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
9.1.6.2 Canada Durable Medical Equipment Market Revenue And Forecasts to 2027, By Device Type (US$ Mn)
9.1.6.2.1 Canada Monitoring & Therapeutic Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
9.1.6.2.2 Canada Personal Mobility Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
9.1.6.3 Canada Durable Medical Equipment Market Revenue And Forecasts to 2027, By End User (US$ Mn)
9.1.7 Mexico Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
9.1.7.1 Mexico Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
9.1.7.2 Mexico Durable Medical Equipment Market Revenue And Forecasts to 2027, By Device Type (US$ Mn)
9.1.7.2.1 Mexico Monitoring & Therapeutic Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
9.1.7.2.2 Mexico Personal Mobility Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
9.1.7.3 Mexico Durable Medical Equipment Market Revenue And Forecasts to 2027, By End User (US$ Mn)
10. Durable Medical Equipment Market– Industry Landscape
10.1 Overview
10.2 Growth Strategies in the Durable Medical Equipment Market, 2016-2019
10.3 Organic Growth Strategies
10.3.1 Overview
10.4 Organic Growth Strategies in the Durable Medical Equipment Market, 2016-2019 (%)
10.4.1 Product Launches
10.4.1.1 Recent Product Launches By Players In The Durable Medical Equipment Market
10.4.2 Product Approvals
10.4.2.1 Recent Product Approvals By Players In The Durable Medical Equipment Market
10.4.3 Expansion/Relocation Activities
10.4.3.1 Recent Expansion and Relocation Activities By Players In The Durable Medical Equipment Market
10.4.4 Product Enhancements
10.4.4.1 Recent Product Enhancements By Players In The Durable Medical Equipment Market
10.5 Inorganic Growth Strategies
10.5.1 Overview
10.6 Inorganic Growth Strategies in the Durable Medical Equipment Market, 2016-2019 (%)
10.6.1 Acquisitions
10.6.1.1 Recent Acquisitions By Players In The Durable Medical Equipment Market
10.6.2 Collaborations
10.6.2.1 Recent Collaborations By Players In The Durable Medical Equipment Market
11. Durable Medical Equipment Market–Key Company Profiles
11.1 Hillrom Services Inc.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Financial Overview
11.1.4 Product Portfolio
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Medical Depot, Inc
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Financial Overview
11.2.4 Product Portfolio
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 GF Health Products, Inc.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Financial Overview
11.3.4 Product Portfolio
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Medline Industries, Inc.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Financial Overview
11.4.4 Product Portfolio
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 INVACARE CORPORATION
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Financial Overview
11.5.4 Product Portfolio
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Sunrise Medical (US) LLC
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Financial Overview
11.6.4 Product Portfolio
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 ResMed.
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Financial Overview
11.7.4 Product Portfolio
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Medtronic
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Financial Overview
11.8.4 Product Portfolio
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 BD
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Financial Overview
11.9.4 Product Portfolio
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Koninklijke Philips N.V.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Financial Overview
11.10.4 Product Portfolio
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
12.3 Contact Us
LIST OF TABLES
Table 1. North America Durable Medical Equipment Market Revenue And Forecasts to 2027, By Device Type (US$ Mn)
Table 2. North America Monitoring & Therapeutic Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 3. North America Personal Mobility Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 4. North America Durable Medical Equipment Market Revenue And Forecasts to 2027, By End User (US$ Mn)
Table 5. US Durable Medical Equipment Market Revenue And Forecasts to 2027, By Device Type (US$ Mn)
Table 6. US monitoring & therapeutic devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 7. US Personal Mobility Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 8. US Durable Medical Equipment Market Revenue And Forecasts to 2027, By End User (US$ Mn)
Table 9. Canada Durable Medical Equipment Market Revenue And Forecasts to 2027, By Device Type (US$ Mn)
Table 10. Canada Monitoring & Therapeutic Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 11. Canada Personal Mobility Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 12. Canada Durable Medical Equipment Market Revenue And Forecasts to 2027, By End User (US$ Mn)
Table 13. Mexico Durable Medical Equipment Market Revenue And Forecasts to 2027, By Device Type (US$ Mn)
Table 14. Mexico Monitoring & Therapeutic Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 15. Mexico Personal Mobility Devices Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 16. Mexico Durable Medical Equipment Market Revenue And Forecasts to 2027, By End User (US$ Mn)
Table 17. Recent Product Launches in the Durable Medical Equipment Market
Table 18. Recent product Approvals in the Durable Medical Equipment Market
Table 19. Recent Expansion and Relocation Activities By Players In The Durable Medical Equipment Market
Table 20. Recent Product Enhancements By Players In The Durable Medical Equipment Market
Table 21. Recent Acquisitions By Players In The Durable Medical Equipment Market
Table 22. Recent Collaborations By Players In The Durable Medical Equipment Market
Table 23. Glossary of Terms, Durable Medical Equipment Market
LIST OF FIGURES
Figure 1. Durable Medical Equipment Market Segmentation
Figure 2. Durable Medical Equipment Segmentation, by Geography
Figure 3. US Durable Medical Equipment Market, Revenue (US$ Mn), 2018 & 2027
Figure 4. North America Durable Medical Equipment Market By Device Type, Market Share (%), 2018
Figure 5. North America Durable Medical Equipment Market By End User, Market Share (%), 2018
Figure 6. North America : PEST Analysis
Figure 7. North America Durable Medical Equipment Market Impact Analysis of Drivers and Restraint
Figure 8. North America Durable Medical Equipment Market – Revenue Forecasts and Analysis – 2018- 2027
Figure 9. North America Durable Medical Equipment Market, by Device Type 2018 & 2027 (%)
Figure 10. North America Personal Mobility Devices Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 11. North America Wheelchairs Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 12. North America Scooters Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 13. North America Walkers & Rollators Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 14. North America Canes & Crutches Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 15. North America Other Personal Mobility Devices Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 16. North America Monitoring & Therapeutic Devices Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 17. North America Blood Glucose Monitors Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 18. North America Vital Signs Monitoring Devices Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 19. North America Infusion Pumps Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 20. North America Nebulizers Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 21. North America Oxygen Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 22. North America Continuous Positive Airway Pressure (CPAP) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 23. North America Cardiovascular Devices Market Revenue And Forecasts To 2027 (Us$ Mn)
Figure 24. North America Durable Medical Equipment Market, by End User 2018 & 2027 (%)
Figure 25. North America Hospitals & Clinics Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 26. North America Ambulatory Care Centers Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 27. North America Home Healthcare Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 28. North America Durable Medical Equipment Market Revenue Overview, by Country, 2018 (US$ MN)
Figure 29. North America Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 30. North America Durable Medical Equipment Market Revenue And Forecasts to 2027, By Country (%)
Figure 31. US Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 32. Canada Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 33. Mexico Durable Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 34. Growth Strategies in the Durable medical Equipment market, 2016-2019
Figure 35. Organic Growth Strategies in the durable Medical Equipment market, 2016-2019 (%)
Figure 36. Inorganic Developments in the Durable Medical Equipment Market, 2016-2019(%)
The List of Companies - North America Durable Medical Equipment Market
- Invacare Corporation
- Medtronic
- BD
- Hillrom Services Inc
- Medical Depot, Inc
- GF HEALTH PRODUCTS, INC.
- Sunrise Medical (US) LLC
- Medline Industries, Inc.
- Koninklijke Philips N.V
- ResMed
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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