The remote patient monitoring market in North America is expected to grow from US$ 11,540.64 million in 2021 to US$ 76,657.92 million by 2028; it is estimated to grow at a CAGR of 31.1% from 2021 to 2028.
With a rise in cases of chronic illnesses such as diabetes and hypertension, there has been a rise in health awareness among population. Also, in recent days, there has been a significant rise in the number of individuals suffering from heart related disorders. These factors have led to increase in the importance of maintaining health among the population in the developed and developing nations. The demand for various health monitoring devices for tracking health status has increased significantly in the recent years. Also, there has been a rise in number of specialty clinics and home healthcare business in countries such as the US and Canada. Also, due to an increase in the disposable income as well as the rate of urbanization in the economies such as Mexico the market is expected to experience growth opportunities. The use of handheld and wearable devices for monitoring vital signs has been increased among the old age population as well as millennial. Owing to the growth in awareness regarding health, the market for remote patient monitoring devices is anticipated to witness significant growth during the forecast period.
North America has experienced a rising number of cases of COVID-19 since its outbreak. The clinical and product development engine has experienced profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also severely affected by disruptions in both new enrollment and in keeping existing patients on therapies. The impact of COVID-19 has placed many biomedical sensors companies under pressure. However, it also has had a positive impact on the medical device industry, wherein the demand for R&D activity is increasing, leading to a rise in medical device assistance for the detection of COVID-19. For instance, the researchers of the University Of Illinois Grainger College Of Engineering developed an ultrasensitive test using a paper-based electrochemical sensor that can detect the presence of the coronavirus in five minutes. Furthermore, the Government of Canada is invested $25.8M in COVID-19 research to contribute to the global efforts for research on medical countermeasures against COVID-19. For instance, a research project on “Rapid, Ultrasensitive Clinical Detection of 2019 Novel Coronavirus (nCOVID-19) by Novel Microfluidic Electrochemical Nano-Biosensors” was funded US$ 0.79 million. The Government of Canada provided the funding ($26.8M) for the first wave of COVID-19 research projects through the CIHR, the Natural Sciences and Engineering Research Council of Canada (NSERC), the Social Sciences and Humanities Research Council (SSHRC), the International Development Research Centre (IDRC), the Canada Research Coordinating Committee (CRCC) through the New Frontiers in Research Fund (NFRF), and Genome Canada (GC). Thus, increasing funding by the government in research and development activities anticipated the growth of the remote patient monitoring market.
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 North America remote patient monitoring market. The North America remote patient monitoring market is expected to grow at a good CAGR during the forecast period.
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North America Remote Patient Monitoring Market Segmentation
North America Remote Patient Monitoring Market – By Type
- Software
- Cloud
- On-Premise
- Devices
- Cardiac Monitoring Devices
- Neurological Monitoring Devices
- Respiratory Monitoring Devices
- Multiparameter Monitoring Devices
- Blood Glucose Monitoring Devices
- Fetal and Neonatal Monitoring Devices
- Weight Monitoring Devices
- Other Monitoring Devices
- Services
North America Remote Patient Monitoring Market – By End User
- Providers
- Hospitals
- Home Care Settings
- Ambulatory Care Centers
- Others
- Payers
- Patients
- Others
North America Remote patient monitoring market – By Country
- US
- Canada
- Mexico
North America Remote patient monitoring market – Companies Mentioned
- Medtronic
- Koninklijke Philips N.V.
- Boston Scientific Corporation
- Abbott
- OMRON Corporation
- Siemens Healthineers AG
- Nihon Kohden Corporation
- General Electric Company
- VitalConnect
- Cerner Corporation
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
This text is related
to country scope.
TABLE OF CONTENTS
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 Remote Patient Monitoring Market – By Type
1.3.2 North America Remote Patient Monitoring Market – By End User
1.3.3 North America Remote Patient Monitoring Market – By Country
2. North America Remote Patient Monitoring Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Remote Patient Monitoring Market – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Expert Opinions
5. North America Remote Patient Monitoring Market – Key Market Dynamics
5.1 Drivers
5.1.1 Up-scaling Prevalence of Chronic Diseases
5.1.2 Surging Awareness Regarding Healthcare
5.1.3 Boosting Demand for Home-Based Treatments
5.2 Restraints
5.2.1 Security and Privacy Concerns
5.2.2 Unaddressed Regulatory Problems
5.3 Opportunity
5.3.1 Extension of Healthcare Facilities in Remote Locations
5.4 Future Trend
5.4.1 Growing Monitoring to Replace Patients’ Routine Visits
5.5 Impact Analysis
6. North America Remote Patient Monitoring – Market Analysis
6.1 North America Remote Patient Monitoring Market Revenue Forecast and Analysis
7. North America Remote Patient Monitoring Market Analysis – By Type
7.1 Overview
7.2 Remote Patient Monitoring Market Revenue Share, by Type (2021 and 2028)
7.3 Software
7.3.1 Overview
7.3.2 Software: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.3.2.1 Cloud Software
7.3.2.1.1 Overview
7.3.2.1.2 Cloud Software: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.3.2.2 On-Premise Software
7.3.2.2.1 Overview
7.3.2.2.2 On-Premise Software: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4 Devices
7.4.1 Overview
7.4.2 Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.1 Cardiac Monitoring Devices
7.4.2.1.1 Overview
7.4.2.1.2 Cardiac Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.2 Neurological Monitoring Devices
7.4.2.2.1 Overview
7.4.2.2.2 Neurological Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.3 Respiratory Monitoring Devices
7.4.2.3.1 Overview
7.4.2.3.2 Respiratory Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.4 Multiparameter Monitoring Devices
7.4.2.4.1 Overview
7.4.2.4.2 Multiparameter Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.5 Blood Glucose Monitoring Devices
7.4.2.5.1 Overview
7.4.2.5.2 Blood Glucose Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.6 Fetal and Neonatal Monitoring Devices
7.4.2.6.1 Overview
7.4.2.6.2 Fetal and Neonatal Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.7 Weight Monitoring Devices
7.4.2.7.1 Overview
7.4.2.7.2 Weight Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.4.2.8 Other Monitoring Devices
7.4.2.8.1 Overview
7.4.2.8.2 Other Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
7.5 Services
7.5.1 Overview
7.5.2 Services: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
8. North America Remote Patient Monitoring Market – By End User
8.1 Overview
8.2 North America Remote Patient Monitoring Market, by End User (2021 and 2028) (%)
8.3 Providers
8.3.1 Overview
8.3.2 Providers: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.3.2.1 Hospitals
8.3.2.1.1 Overview
8.3.2.1.2 Hospitals: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.3.2.2 Home Care Settings
8.3.2.2.1 Overview
8.3.2.2.2 Home Care Settings Market: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.3.2.3 Ambulatory Care Centers
8.3.2.3.1 Overview
8.3.2.3.2 Ambulatory Care Centers: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.3.2.4 Others
8.3.2.4.1 Overview
8.3.2.4.2 Others: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Payers
8.4.1 Overview
8.4.2 Payers: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Patients
8.5.1 Overview
8.5.2 Patients: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Remote Patient Monitoring Market – Country Analysis
9.1 Overview
9.1.1 North America Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Country (%)
9.1.1.1 US
9.1.1.1.1 US Remote Patient Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.2 US Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Type (US$ Million)
9.1.1.1.2.1 US Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Software (US$ Million)
9.1.1.1.2.2 US Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Devices (US$ Million)
9.1.1.1.3 US Remote Patient Monitoring Market, Revenue and Forecast to 2028, By End User (US$ Million)
9.1.1.1.3.1 US Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Provider (US$ Million)
9.1.1.2 Canada
9.1.1.2.1 Canada Remote Patient Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.2 Canada Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Type (US$ Million)
9.1.1.2.2.1 Canada Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Software (US$ Million)
9.1.1.2.2.2 Canada Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Devices (US$ Million)
9.1.1.2.3 Canada Remote Patient Monitoring Market, Revenue and Forecast to 2028, By End User (US$ Million)
9.1.1.2.3.1 Canada Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Provider (US$ Million)
9.1.1.3 Mexico
9.1.1.3.1 Mexico Remote Patient Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.2 Mexico Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Type (US$ Million)
9.1.1.3.2.1 Mexico Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Software (US$ Million)
9.1.1.3.2.2 Mexico Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Devices (US$ Million)
9.1.1.3.3 Mexico Remote Patient Monitoring Market, Revenue and Forecast to 2028, By End User (US$ Million)
9.1.1.3.3.1 Mexico Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Provider (US$ Million)
10. Impact of COVID-19 Pandemic on North America Remote Patient Monitoring Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. North America Remote Patient Monitoring Market– Industry Landscape
11.1 Overview
11.2 Organic Developments
11.2.1 Overview
11.3 Inorganic Developments
11.3.1 Overview
12. Company Profiles
12.1 Medtronic
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 Koninklijke Philips N.V.
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 Cerner 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 Boston Scientific Corporation
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 Abbott
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 OMRON Corporation
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 Siemens Healthineers AG
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 Nihon Kohden Corporation
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 VitalConnect
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 General Electric Company
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
LIST OF TABLES
Table 1. US Remote Patient Monitoring Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 2. US Remote Patient Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)
Table 3. US Remote Patient Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)
Table 4. US Remote Patient Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)
Table 5. US Remote Patient Monitoring Market, by Providers – Revenue and Forecast to 2028 (USD Million)
Table 6. Canada Remote Patient Monitoring Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 7. Canada Remote Patient Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)
Table 8. Canada Remote Patient Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)
Table 9. Canada Remote Patient Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)
Table 10. Canada Remote Patient Monitoring Market, by Providers – Revenue and Forecast to 2028 (USD Million)
Table 11. Mexico Remote Patient Monitoring Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 12. Mexico Remote Patient Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)
Table 13. Mexico Remote Patient Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)
Table 14. Mexico Remote Patient Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)
Table 15. Mexico Remote Patient Monitoring Market, by Providers – Revenue and Forecast to 2028 (USD Million)
Table 16. Organic Developments Done By Companies
Table 17. Inorganic Developments Done By Companies
Table 18. Glossary of Terms, Remote Patient Monitoring Market
LIST OF FIGURES
Figure 1. North America Remote Patient Monitoring Market Segmentation
Figure 2. North America Remote Patient Monitoring Market Segmentation, By Country
Figure 3. North America Remote Patient Monitoring Market Overview
Figure 4. Devices Segment Held Largest Share of Remote Patient Monitoring Market, By Type
Figure 5. The US to Show Significant Growth During Forecast Period
Figure 6. North America Remote Patient Monitoring Market, Industry Landscape
Figure 7. North America PEST Analysis
Figure 8. North America Remote Patient Monitoring Market Impact Analysis of Driver and Restraints
Figure 9. North America Remote Patient Monitoring Market – Revenue Forecast and Analysis – 2021 - 2028
Figure 10. Remote Patient Monitoring Market Revenue Share, by Type (2021 and 2028)
Figure 11. Software: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 12. Cloud Software: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 13. On-Premise Software: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 14. Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 15. Cardiac Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 16. Neurological Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 17. Respiratory Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 18. Multiparameter Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 19. Blood Glucose Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 20. Fetal and Neonatal Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 21. Weight Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 22. Other Monitoring Devices: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 23. Services: Remote Patient Monitoring Market– Revenue and Forecast to 2028 (US$ Million)
Figure 24. North America Remote Patient Monitoring Market, by End User (2021 and 2028) (%)
Figure 25. Providers: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Hospitals: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Home Care Settings Market: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Ambulatory Care Centers: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Others: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. Payers: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. Patients: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Others: Remote Patient Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. North America Remote Patient Monitoring geographic overview, By Country — 2021 (US$ Million)
Figure 34. North America Remote Patient Monitoring Market, Revenue and Forecast to 2028, By Country (%)
Figure 35. US Remote Patient Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 36. Canada Remote Patient Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 37. Mexico Remote Patient Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 38. Impact of COVID-19 Pandemic in North American Country Markets
- Medtronic
- Koninklijke Philips N.V.
- Boston Scientific Corporation
- Abbott
- OMRON Corporation
- Siemens Healthineers AG
- Nihon Kohden Corporation
- General Electric Company
- VitalConnect
- Cerner Corporation
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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