Biopharmaceutical Market

Biopharmaceutical Market Size By Product Type (Monoclonal Antibodies, Recombinant Growth Factors, Purified Proteins, Recombinant Proteins, Recombinant Hormone, Vaccines, Synthetic Immunomodulators, and Others), By Application (Oncology, Inflammatory and Infectious Diseases, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders, Cardiovascular Diseases, Neurological Diseases, Other), Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-13002
  • Published Date: Oct, 2022
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global biopharmaceutical market was valued at USD 431.2 billion in 2022 and is anticipated to growing at a CAGR of 7.7% from 2022 to 2030. The global biopharmaceutical market is expected to reach USD 780.5 billion by 2030. The Asia Pacific is expected to grow the fastest during the forecast period.

Market Introduction:

Biotechnology is used to directly extract proteins and nucleic acids from biological sources to create biopharmaceuticals, which are medications used in medicine. Transgenic organisms are genetically engineered plants and animals that are utilized in the production of biopharmaceuticals, which are medications made primarily from live organisms. This controversial technique is still in the testing stage. One of the first drugs to be licensed for therapeutic use was recombinant human insulin. Currently, there are close to 300 approved and commercially available biopharmaceutical products. A few main factors fueling this market's growth are the rising elderly population, rising awareness levels, and increasing healthcare costs. Additionally, it is anticipated that the clearance of more recent biopharmaceutical products and ongoing R&D in this industry will favorably support this market. However, the cost of these pharmaceuticals needs to be drastically decreased to make them commercially viable, as one of the main restraint for the market’s growth over the forecast period. Since many biotech companies were working on creating medications and vaccines for COVID-19 treatment, the pandemic had a very positive effect on the market. However, several nations were in lockdowns, which prevented trade with other nations and, as a result, caused a slight decline in industrial production globally.

Biopharmaceutical Market Size

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Recent Development

  • In February 2021, a worldwide exclusive license was awarded to Bristol Myers Squibb to create, produce, and market Rockefeller's innovative monoclonal antibody (mAb) dual treatment that neutralizes the SARS-CoV-2 virus for COVID-19 treatment or prevention.
  • In July 2021, to develop and sell Takeda's potential norovirus vaccine, HIL-214 (previously TAK-214), Frazier Healthcare Partners and Takeda Pharmaceutical collaborated to create the biopharmaceutical business HilleVax.
  • In March 2020, Thermo Fisher Scientific Inc. invested almost USD 475 million to strengthen its global commercial capabilities and expand its facilities for developing biologics, cell and gene therapy, and medicinal products.

Market Dynamics:

Drivers:

Rising demand for biopharmaceuticals- Demand for biopharmaceuticals has been increasing owing to the rising cases of chronic diseases such as cancer, diabetes, and heart disease and the increasing geriatric population. Additionally, it is anticipated that the capacity of biopharmaceuticals to treat untreatable illnesses will expedite the market's overall growth. Additionally, the population's growing awareness of the efficacy and accessibility of biopharmaceuticals and the rising healthcare sector are anticipated to boost the market’s growth over the forecast period. Furthermore, the market is expected to expand due to the increased efforts to improve the biopharmaceutical sector.

Restraints:

High investment- One of the primary hindrances to this market's growth is the high cost of these medications, which must be drastically decreased to make them commercially feasible for the patients. Apart from this, a huge investment is required to develop biopharmaceutical drugs, restraining the market’s growth during the forecast period. In addition, drug failure and wastage of investment also restrain the market’s players from investing in the biopharmaceutical market. Furthermore, as the cost of biomedicine and therapy is high, people living in low-income countries cannot afford these medicines owing to low income restraining the market’s growth.

Opportunities:

Growing research and investment- The increasing focus on research and development activities is expected to provide lucrative growth opportunities for the market’s growth over the forecast period. Along with increased government funding for the development of the biopharmaceutical industry, market participants have increased their spending on the research and development of novel pharmaceuticals and their clinical trials, which provides opportunities for the market’s growth over the forecast period.

Challenges:

Stringent regulatory issues- Stringent regulatory issues related to drug approvals and drug testing is a challenge to the market’s growth. Furthermore, several countries do not allow the testing of drugs on humans before the proper approval, which challenges the market’s growth. The capacity of biopharmaceutical products to treat previously incurable diseases has cleared the way for the release of ground-breaking medications on the market; however, there are several regulatory compliances attached to these drugs, which challenges the market’s growth.

Segmentation analysis:

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 biopharmaceutical market, with a 34.8% share of the market revenue in 2022.

North America currently dominates the biopharmaceutical market due to the U.S.'s stronghold, which drives up regional innovation and massive capital investments while also driving up per capita health spending. The region's growing rare illness diagnosis rate and rising expenditure in research and development activities propel the market’s growth. The biopharmaceutical market in the region has been growing because of the region's advanced healthcare infrastructure, expanding geriatric population, and rising healthcare expenses.

The Asia Pacific is expected to be the fastest-growing region owing to increasing cases of rare diseases and rising research and development activities. Increasing investment in research and development activities for developing biopharmaceutical medicines to treat rare diseases also adds impetus to the market’s growth.

North America Region Biopharmaceutical Market Share in 2022 - 34.8%

 

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Product type segment analysis

The product type segment is divided into monoclonal antibodies, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, vaccines, synthetic immunomodulators, and others. The monoclonal antibodies segment dominated the market, with a market share of around 13.9% in 2022. Monoclonal antibodies are widely used for the treatment of Cancer, rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases, which propels the segment’s growth.

Application segment analysis

The application segment is divided into oncology, inflammatory and infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, cardiovascular diseases, neurological diseases, and others. Over the forecast period, the cardiovascular diseases segment is expected to grow at the fastest CAGR of 13.3%. Biopharmaceuticals are used to treat cardiovascular diseases due to the increasing incidence of cardiovascular diseases.

Some of the Key Market Players:

  • Amgen Inc.
  • Johnson & Johnson Private Limited
  • AstraZeneca
  • Amgen Inc.
  • F. Hoffmann-La Roche Ltd.
  • Novartis AG
  • Bristol-Myers Squibb Company
  • Novo Nordisk A/S
  • Merck & Co., Inc.
  • GlaxoSmithKline Plc.

Report Description: 

Attribute Description
Market Size Revenue (USD Billion), Volume (Kg)
Market size value in 2022 USD 38.21 Billion, Volume (Units)
Market size value in 2030 USD 68.65 Billion, Volume (Units)
CAGR (2022 to 2030) 7.60%
Historical data 2019-2020
Base Year 2021
Forecast 2022-2030
Segments Key Segments are application, product, end-user, and regions
Regional Segments The key regions are North America, South America, Europe, Asia Pacific, and Middle East & Africa.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the biopharmaceutical market was valued at USD 431.2 billion in 2022 to USD 780.5 billion by 2030.

The global biopharmaceutical market is growing at a CAGR of 7.7% during the forecast period 2022-2030.

North America emerged as the largest market for biopharmaceuticals.

Key players in the biopharmaceutical market are Amgen Inc., Johnson & Johnson Private Limited, AstraZeneca, Amgen Inc., F. Hoffmann-La Roche Ltd., Novartis AG, Bristol-Myers Squibb Company, Novo Nordisk A/S

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 Product Type
          4.3.2. Market Attractiveness Analysis By Application
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Rising demand for biopharmaceuticals
    5.3. Restraints
          5.3.1. High investment
    5.4. Opportunities
          5.4.1. Growing research and investment
    5.5. Challenges
          5.5.1. Stringent regulatory issues

1. Global Biopharmaceutical Market Analysis and Forecast, By Product Type
    1.1. Segment Overview
    1.2. Monoclonal Antibodies
    1.3. Recombinant Growth Factors
    1.4. Purified Proteins
    1.5. Recombinant Proteins
    1.6. Recombinant Hormone
    1.7. Vaccines
    1.8. Synthetic Immunomodulators
    1.9. Others

2. Global Biopharmaceutical Market Analysis and Forecast, By Application
    2.1. Segment Overview
    2.2. Oncology
    2.3. Inflammatory and Infectious Diseases
    2.4. Autoimmune Disorders
    2.5. Metabolic Disorders
    2.6. Hormonal Disorders
    2.7. Cardiovascular Diseases
    2.8. Neurological Diseases
    2.9. Others

3. Global Biopharmaceutical Market Analysis and Forecast, By Regional Analysis
    3.1. Segment Overview
    3.2. North America
          3.2.1. U.S.
          3.2.2. Canada
          3.2.3. Mexico
    3.3. Europe
          3.3.1. Germany
          3.3.2. France
          3.3.3. U.K.
          3.3.4. Italy
          3.3.5. Spain
    3.4. Asia-Pacific
          3.4.1. Japan
          3.4.2. China
          3.4.3. India
    3.5. South America
          3.5.1. Brazil
    3.6. Middle East and Africa
          3.6.1. UAE
          3.6.2. South Africa

4. Global Biopharmaceutical Market-Competitive Landscape
    4.1. Overview
    4.2. Market Share of Key Players in Global Biopharmaceutical Market
          4.2.1. Global Company Market Share
          4.2.2. North America Company Market Share
          4.2.3. Europe Company Market Share
          4.2.4. APAC Company Market Share
    4.3. Competitive Situations and Trends
          4.3.1. Product Launches and Developments
          4.3.2. Partnerships, Collaborations, and Agreements
          4.3.3. Mergers & Acquisitions
          4.3.4. Expansions

5. Company Profiles
    5.1. Amgen Inc.
          5.1.1. Business Overview
          5.1.2. Company Snapshot
          5.1.3. Company Market Share Analysis
          5.1.4. Company Product Portfolio
          5.1.5. Recent Developments
          5.1.6. SWOT Analysis
    5.2. Johnson & Johnson Private Limited
          5.2.1. Business Overview
          5.2.2. Company Snapshot
          5.2.3. Company Market Share Analysis
          5.2.4. Company Product Portfolio
          5.2.5. Recent Developments
          5.2.6. SWOT Analysis
    5.3. AstraZeneca
          5.3.1. Business Overview
          5.3.2. Company Snapshot
          5.3.3. Company Market Share Analysis
          5.3.4. Company Product Portfolio
          5.3.5. Recent Developments
          5.3.6. SWOT Analysis
    5.4. Amgen Inc.
          5.4.1. Business Overview
          5.4.2. Company Snapshot
          5.4.3. Company Market Share Analysis
          5.4.4. Company Product Portfolio
          5.4.5. Recent Developments
          5.4.6. SWOT Analysis
    5.5. F. Hoffmann-La Roche Ltd.
          5.5.1. Business Overview
          5.5.2. Company Snapshot
          5.5.3. Company Market Share Analysis
          5.5.4. Company Product Portfolio
          5.5.5. Recent Developments
          5.5.6. SWOT Analysis
    5.6. Novartis AG
          5.6.1. Business Overview
          5.6.2. Company Snapshot
          5.6.3. Company Market Share Analysis
          5.6.4. Company Product Portfolio
          5.6.5. Recent Developments
          5.6.6. SWOT Analysis
    5.7. Bristol-Myers Squibb Company
          5.7.1. Business Overview
          5.7.2. Company Snapshot
          5.7.3. Company Market Share Analysis
          5.7.4. Company Product Portfolio
          5.7.5. Recent Developments
          5.7.6. SWOT Analysis
    5.8. Novo Nordisk A/S
          5.8.1. Business Overview
          5.8.2. Company Snapshot
          5.8.3. Company Market Share Analysis
          5.8.4. Company Product Portfolio
          5.8.5. Recent Developments
          5.8.6. SWOT Analysis
    5.9. Merck & Co., Inc.
          5.9.1. Business Overview
          5.9.2. Company Snapshot
          5.9.3. Company Market Share Analysis
          5.9.4. Company Product Portfolio
          5.9.5. Recent Developments
          5.9.6. SWOT Analysis
    5.10. Merck & Co., Inc.
    5.11. GlaxoSmithKline Plc.
          5.11.1. Business Overview
          5.11.2. Company Snapshot
          5.11.3. Company Market Share Analysis
          5.11.4. Company Product Portfolio
          5.11.5. Recent Developments
          5.11.6. SWOT Analysis
 

List of Table

1. Global Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

2. Global Monoclonal Antibodies, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion) 

3. Global Recombinant Growth Factors, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion) 

4. Global Purified Proteins, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion) 

5. Global Recombinant Proteins, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

6. Global Recombinant Hormone, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion) 

7. Global Vaccines, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion) 

8. Global Synthetic Immunomodulators, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

9. Global Others, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)  

10. Global Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

11. Global Oncology, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

12. Global Inflammatory and Infectious Diseases, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

13. Global Autoimmune Disorders, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

14. Global Metabolic Disorders, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

15. Global Hormonal Disorders, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

16. Global Cardiovascular Diseases, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

17. Global Neurological Diseases, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

18. Global Other, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

19. Global Pouch, Biopharmaceutical Market, By Region, 2019-2030 (USD Billion)

20. North America Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

21. North America Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

22. U.S. Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

23. U.S. Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

24. Canada Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

25. Canada Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

26. Mexico Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

27. Mexico Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

28. Europe Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

29. Europe Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

30. Germany Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

31. Germany Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

32. France Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

33. France Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

34. U.K. Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

35. U.K. Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

36. Italy Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

37. Italy Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

38. Spain Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

39. Spain Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

40. Asia Pacific Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

41. Asia Pacific Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

42. Japan Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

43. Japan Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

44. China Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

45. China Biopharmaceutical  Market, By Application, 2019-2030 (USD Billion)

46. India Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

47. India Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

48. South America Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

49. South America Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

50. Brazil Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

51. Brazil Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

52. Middle East and Africa Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

53. Middle East and Africa Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

54. UAE Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

55. UAE Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

56. South Africa Biopharmaceutical Market, By Product Type, 2019-2030 (USD Billion)

57. South Africa Biopharmaceutical Market, By Application, 2019-2030 (USD Billion)

List of Figures 

1. Global Biopharmaceutical  Market Segmentation

2. Global Biopharmaceutical  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 Biopharmaceutical Market Attractiveness Analysis By Product Type

9. Global Biopharmaceutical Market Attractiveness Analysis By Application

10. Global Biopharmaceutical Market Attractiveness Analysis By Region

11. Global Biopharmaceutical Market: Dynamics

12. Global Biopharmaceutical Market Share By Product Type (2022 & 2030)

13. Global Biopharmaceutical Market Share By Application (2022 & 2030)

14. Global Biopharmaceutical Market Share By Regions (2022 & 2030)

15. Global Biopharmaceutical Market Share By Company (2021)

This study forecasts global, regional, and country revenue from 2019 to 2030. Brainy Insights has segmented the global biopharmaceutical market based on the below-mentioned segments:

Global Biopharmaceutical Market by Product Type:

  • Monoclonal Antibodies
  • Recombinant Growth Factors
  • Purified Proteins
  • Recombinant Proteins
  • Recombinant Hormone
  • Vaccines
  • Synthetic Immunomodulators
  • Others

Global Biopharmaceutical Market by Application:

  • Oncology
  • Inflammatory and Infectious Diseases
  • Autoimmune Disorders
  • Metabolic Disorders
  • Hormonal Disorders
  • Cardiovascular Diseases
  • Neurological Diseases
  • Other

Global Biopharmaceutical Market 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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