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Aesthetic Medicine Market

Aesthetic Medicine Market Size by Procedure (Invasive Procedure and Non Invasive Procedure), End User (Clinics, Hospitals, & Medical Spas, Beauty Centres and Home Care), Gender (Male and Female), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13528
  • Published Date: Jun, 2023
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global aesthetic medicine market was valued at USD 69.53 billion in 2022 and growing at a CAGR of 10.41% from 2023 to 2032. The market is expected to reach USD 187.18 billion by 2032. The medical spa and the aesthetic organizations are very competitive, and this competition will further increase with time. Based on one of the studies in 2018, Americans invested around USD 8 Billion in cosmetic procedures, with more than USD 1 Billion spent on the injections alone. The covid-19 has significantly impacted the aesthetic medicine market. It was observed that the beauty and the luxury sector were dealing with issues in the manufacturing and supply chain, like reaching products to the end users on time and dealing with the irregular demand for the services and products. Aesthetic medicine consists of treatments or surgeries broadly used for cleansing, beautifying or changing the shape of the human body. The demand for preventative practices which provide anti-ageing benefits of injectable medicines is propelling the growth of the market.

Market Introduction:

The surge in the cases of obesity in developing and developed countries are fueling the aesthetic medicine market. Based on the International Society of Aesthetic Plastic Surgery, around 2.5 million facial rejuvenation surgeries happened in 2016 globally. Moreover, there is an increase in the adoption of fat-reduction procedures among patients suffering from obesity. These factors are driving the market. It has also been observed that the number of surgeries worldwide has increased. There is an increase in the demand for procedures such as blepharoplasty and rhinoplasty among the young generation aged 18 and above. Thus, fueling the growth of the market. Based on the American Society of Plastic Surgeons, around 31,000 nose-shaping surgeries like rhinoplasty got operated in the US in 2016. These changes are because there has been a significant shift in consumer behaviour and sentiment towards aesthetic procedures and medicine. Secondly, there is a surge in social media like Instagram and TikTok; millennials and Gen Z are obsessed with transparency around beauty, health and wellness. These have eventually brought aesthetic medicines front and centre to around 300 million smartphones in the US. The market is not only restricted to affluent women aged 40, but even younger patients are trying preemptive care. Based on one of the studies, Botox sales surpassed USD 1 billion in the first 9 months of 2021, which was an increase of around 67% in the same period in 2020. Similarly, based on one of the articles, more than 15.5 million cosmetic procedures were performed in 2020. Based on the American Society of Plastic Surgeons 2020, out of total plastic surgery, around 86% were minimally invasive. Also, it was found that in 2020 around 1.78 million Black Americans chose cosmetic procedures; the number increased gradually from 1.68 million in 2018 and 1.77 million in 2019.

Aesthetic Medicine Market Size

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Recent Development
  • In December 2021: An AbbVie company called Allergan Aesthetics announced the completion of the acquisition of Soliton Inc. This acquisition added the technology which complemented the organization's portfolio of noninvasive body contouring treatments, and it was an established treatment for the appearance of cellulite. This helped the organization in expanding its market share.
  • In January 2023: Galderma launched FACE, which was an advanced augmented reality application. This solution helps aesthetic practitioners, and patients visualize the treatment results at the initial planning stage. It was presented at the International Master Course on Aging Science (IMCAS) World Congress 2023 in Paris. This would eventually help the organization to gain more customers.
  • In December 2018: Alma acquired Medical Nova, a medical aesthetic distributor in Israel for Alma. The acquisition helped establish a direct operation in Israel and thus expanded the customer base.

Market Dynamics:

Drivers

Increase in cosmetic and plastic surgery – Based on The Aesthetic Surgery Society, in the US, surgical procedures increased by 54% in 2021. In Canada, the top cosmetic surgery procedures were botox and rhinoplasty, with more than 18,100 and 9,900 online searches for these procedures, respectively. Similarly, based on plastic surgery statistics reports, breast augmentation has been one of the top 5 cosmetic surgical practices since 2006. Silicone implants were used in 84%, and saline implants in 16% of all breast augmentation in 2020. In the same year, around 17 Billion got spent on cosmetic practices in the US. South Atlantic region of the US performed the maximum cosmetic procedures in the US with around 25%. Moreover, technological advancement made the procedure more in demand, and the surge in the demand rate led to an increase in medical practitioners' interest in plastic surgery. This is increasing the number of cosmetic surgeons. These factors are eventually driving the aesthetic medicine market.

Restraints:

High Cost – Cosmetic operations have a high cost, and there seem to be unfavourable reimbursement regulations for cosmetic surgeries. For instance, the Mediclaim policies are not designed and developed to cover the cost of cosmetic surgeries. All these factors are eventually acting as a restraint for the aesthetic medicine market.

Opportunities:

Millennial population – Based on one of the studies in 2019, the millennials who are between 23 and 38 years old have increased the demand for plastic surgery procedures as they are more obsessed with self-care and, moreover, they are growing up with social media culture. These millennials are much focusing on getting drastic cosmetic surgeries but on remaining youthful and looking more natural as they are fixated to self-care. Based on an AAFPRS survey in 2018, it was found that more patients were looking for preventative, cosmetic procedures. Also millennial population, unlike the previous generation not waiting to get older to get Botox and fillers, which make them look younger, and they are looking to undergo surgeries in their 20s and 30s as they want to stay looking young. Similarly, based on the American Society of Aesthetic Plastic Surgery, people aged less than 34 are having more cosmetic surgery procedures compared to adults between the ages of 51 and 64. All these factors eventually drive the aesthetic medicine market in the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global Aesthetic Medicine market, with a 35.55% share of the market revenue in 2022.

North American region will account for the largest market share with revenue growth. This is attributed to the growing demand for aesthetic treatments and growing awareness among consumers in the region. The US aesthetic medicine market is having significant share as they have innovative healthcare infrastructure and technical development. Also, there is growing awareness regarding aesthetic procedures, and healthcare spending is also high, enhancing the region's market growth. In the US, many major industries are related to the market, leading to advanced product availability. This would propel the market in the US even in the future also.

North America Region Aesthetic Medicine Market Share in 2022 - 35.55%

 

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  • Adoption of cosmetic operations, the surge in the prevalence of skin problems, advanced healthcare infrastructure and the availability of board-certified and skilled cosmetic surgeons are propelling the market growth in the North American region. Moreover, strong local economies, expanding medical tourism, active marketing by leading US organizations, and growing awareness regarding aesthetics are fueling the market's growth.
Procedure Segment Analysis

The procedure segment is divided into invasive procedures and noninvasive procedures. The noninvasive segment dominated the market, with a market share of around 53.66% in 2022. This is due to the convenience factor. Minimally invasive or noninvasive procedures can generally happen in the office setting and need minimal recovery time, allowing individuals to return to their normal activities without delay. Also, the accessibility of these procedures is playing a crucial role in increasing the demand. The affordability and availability of such procedures make them more accessible to a broad range of individuals. Moreover, advancements in technology and techniques also play a key role in increasing the demand for this procedure.  

End User Segment Analysis

The end-user segment is divided into clinics, hospitals, & medical spas, beauty centres and home care. The clinics, hospitals, & medical spas segment dominated the market, with a market share of around 49.55% in 2022. This factor is due to the growing inclination of people to go through aesthetic procedures and the surge in disposable income in developed and developing countries. Secondly, hospitals are more capable of affording high-cost instruments and accessing expert healthcare professionals. Medical spas and beauty centres are also experiencing significant growth due to the surge in the awareness of people regarding aesthetic procedures and the presence of many non-surgical procedures which can be done in the medical spas and beauty centres. Also, there is a growing demand for non-invasive skin rejuvenation procedures such as microdermabrasion, chemical peels and skin resurfacing which would increase the revenue generation of the medical spas and beauty centres.

Gender Segment Analysis

The gender segment is divided into male and female. The female segment dominated the market, with a market share of around 77.23% in 2022. This factor is due to the growing desire among the female population to look beautiful and young. There is a growing demand for aesthetic measures which mask ageing signs such as sagging neck, eyelids, deflated cheeks and deep wrinkles. It also seems that the growing demand for such procedures among women would drive the aesthetic medicine market even in the future.

Some of the Key Market Players:
  • Allergan-AbbVie
  • Baush
  • Sientra
  • Lumenis
  • Medytox
  • Cynosure
  • Alma Lasers
  • Syneron Medical
  • Fotona
  • Merz Pharma
  • Anika Therapeutics
  • Sinclair Pharma
  • Johnson & Johnson
  • Galderma
  • Cutera
  • Solta Medical

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 69.53 Billion
Market size value in 2032 USD 187.18 Billion
CAGR (2023 to 2032) 10.41%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Procedure, End User and Gender

Frequesntly Asked Questions

North America region emerged as the largest market for the aesthetic medicine.

The market's growth will be influenced by increase in cosmetic and plastic surgery.

High cost could hamper the market growth.

Millennial population will provide huge opportunities to the market.

Key players are Allergan-AbbVie, Baush, Sientra, Lumenis, Medytox, Cynosure, Alma Lasers, Syneron Medical, Fotona, Merz Pharma, Anika Therapeutics, Sinclair Pharma, Johnson & Johnson, Galderma, Cutera, Solta Medical among others.

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  • Segmentation on the basis of any specific country or region
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  • Application segment can be further divided on the basis of companies
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  • Report can be prepared for any specific country/region/segment
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Procedure
          4.3.2. Market Attractiveness Analysis By Gender
          4.3.3. Market Attractiveness Analysis By End User
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increase in cosmetic and plastic surgery
    5.3. Restraints
          5.3.1. High Cost
    5.4. Opportunities
          5.4.1. Millennial population
    5.5. Challenges
          5.5.1. Economic slowdown

6. Global Aesthetic Medicine Market Analysis and Forecast, By Procedure
    6.1. Segment Overview
    6.2. Invasive Procedure
    6.3. Non Invasive Procedure



7. Global Aesthetic Medicine Market Analysis and Forecast, By Gender
    7.1. Segment Overview
    7.2. Male
    7.3. Female

8. Global Aesthetic Medicine Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Clinics, Hospitals, & Medical Spas
    8.3. Beauty Centres
    8.4. Home Care

9. Global Aesthetic Medicine Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Aesthetic Medicine Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Aesthetic Medicine Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Allergan-AbbVie
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Baush
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Sientra
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Lumenis
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Medytox
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Cynosure
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Alma Lasers
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Syneron Medical
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Fotona
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Merz Pharma
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. Anika Therapeutics
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Sinclair Pharma
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Johnson & Johnson
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Product Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis
    11.14. Galderma
          11.14.1. Business Overview
          11.14.2. Company Snapshot
          11.14.3. Company Market Share Analysis
          11.14.4. Company Product Portfolio
          11.14.5. Recent Developments
          11.14.6. SWOT Analysis
    11.15. Cutera
          11.15.1. Business Overview
          11.15.2. Company Snapshot
          11.15.3. Company Market Share Analysis
          11.15.4. Company Product Portfolio
          11.15.5. Recent Developments
          11.15.6. SWOT Analysis
    11.16. Solta Medical
          11.16.1. Business Overview
          11.16.2. Company Snapshot
          11.16.3. Company Market Share Analysis
          11.16.4. Company Product Portfolio
          11.16.5. Recent Developments
          11.16.6. SWOT Analysis

List of Table

1. Global Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

2. Global Invasive Procedures, Aesthetic Medicine Market, By Region, 2019-2032 (USD Billion) 

3. Global Non-invasive Procedures, Aesthetic Medicine Market, By Region, 2019-2032 (USD Billion) 

4. Global Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion) 

5. Global Male, Aesthetic Medicine Market, By Region, 2019-2032 (USD Billion) 

6. Global Female, Aesthetic Medicine Market, By Region, 2019-2032 (USD Billion) 

7. Global Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion) 

8. Global Clinics, Hospitals, & Medical Spas, Aesthetic Medicine Market, By Region, 2019-2032 (USD Billion) 

9. Global Beauty Centres, Aesthetic Medicine Market, By Region, 2019-2032 (USD Billion) 

10. Global Home Care, Aesthetic Medicine Market, By Region, 2019-2032 (USD Billion) 

11. North America Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

12. North America Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

13. North America Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

14. U.S. Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

15. U.S. Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

16. U.S. Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

17. Canada Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

18. Canada Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

19. Canada Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

20. Mexico Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

21. Mexico Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

22. Mexico Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

23. Europe Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

24. Europe Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

25. Europe Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

26. Germany Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

27. Germany Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

28. Germany Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

29. France Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

30. France Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

31. France Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

32. U.K. Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

33. U.K. Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

34. U.K. Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

35. Italy Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

36. Italy Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

37. Italy Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

38. Spain Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

39. Spain Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

40. Spain Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

41. Asia Pacific Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

42. Asia Pacific Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

43. Asia Pacific Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

44. Japan Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

45. Japan Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

46. Japan Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

47. China Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

48. China Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

49. China Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

50. India Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

51. India Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

52. India Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

53. South America Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

54. South America Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

55. South America Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

56. Brazil Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

57. Brazil Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

58. Brazil Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

59. Middle East and Africa Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

60. Middle East and Africa Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

61. Middle East and Africa Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

62. UAE Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

63. UAE Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

64. UAE Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

65. South Africa Aesthetic Medicine Market, By Procedure, 2019-2032 (USD Billion)

66. South Africa Aesthetic Medicine Market, By Gender, 2019-2032 (USD Billion)

67. South Africa Aesthetic Medicine Market, By End User, 2019-2032 (USD Billion)

List of Figures 

1. Global Aesthetic Medicine Market Segmentation

2. Global Aesthetic Medicine Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Aesthetic Medicine Market Attractiveness Analysis By Procedure  

9. Global Aesthetic Medicine Market Attractiveness Analysis By Gender 

10. Global Aesthetic Medicine Market Attractiveness Analysis By End User 

11. Global Aesthetic Medicine Market Attractiveness Analysis By Region

12. Global Aesthetic Medicine Market: Dynamics

13. Global Aesthetic Medicine Market Share By Procedure (2023 & 2032)

14. Global Aesthetic Medicine Market Share By Gender (2023 & 2032)

15. Global Aesthetic Medicine Market Share By End User (2023 & 2032)

16. Global Aesthetic Medicine Market Share By Regions (2023 & 2032)

17. Global Aesthetic Medicine Market Share By Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global aesthetic medicine market based on below mentioned segments:

Global Aesthetic Medicine Market by Procedure:

  • Invasive Procedure
  • Noninvasive Procedure

Global Aesthetic Medicine Market by End-user:

  • Clinics, Hospitals, & Medical Spas
  • Beauty Centres
  • Home Care

Global Aesthetic Medicine Market by Gender:

  • Male
  • Female

Global Aesthetic Medicine by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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