Cardiac Biomarkers Testing Market

Cardiac Biomarkers Testing Market Size by Application (Myocardial Infarction, Congestive Heart Failure, Acute Coronary Syndrome, and Others), Product Type (Troponins, High-Sensitivity C-Reactive Protein (hs-CRP), B-Type Natriuretic Peptide (BNP), Creatine Kinase-Muscle/Brain (CK-MB), and Others), End-User (Point of Care, Pathology Labs, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13578
  • Published Date: Jul, 2023
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global cardiac biomarkers testing market was valued at USD 12.87 billion in 2022, growing at a CAGR of 13.03% from 2023 to 2032. The market is expected to reach USD 43.80 billion by 2032. The increasing need for early disease diagnosis, the rising population, and the rise in research in identifying novel clinically-relevant cardiac biomarkers propel the market growth.

Market Introduction:

Cardiac biomarkers are substances that are released into the blood when the heart is stressed or damaged. Measurements of these biomarkers are utilized to assist in diagnosing acute coronary syndrome (ACS) & cardiac ischemia, conditions associated with inadequate blood flow to the heart. Cardiac biomarkers are proteins from heart muscle cells that have spread into the bloodstream after damage to the cardiac muscle. Creatine kinase & troponin are the two proteins presently measured in biomarker tests.

Cardiac Biomarkers Testing Market Size

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Recent Development
  • For illustration, in 2021, Baxter International Company, an international leader in acute care, will unite with bioMérieux, an international leader in in vitro diagnostics, to launch the CE marking of the NEPHROCLEARTM CCL14 Test.

Market Dynamics:

Drivers

The growing prevalence of cardiovascular diseases: The rising prevalence of chronic cardiovascular diseases such as heart failure, coronary artery disease, and cardiac arrhythmia is the driving factor of the market growth. Moreover, the growing awareness among the population about the benefits of the early detection of CVDs and adequate therapy availability is helping to stimulate market growth. Additionally, an alarming rise in the obese population & physical inactivity is raising the risks of cardiovascular disorders, which is expected to drive market growth over the forecast period.  

Restraints:

The lack of accessibility to disease management services and support in low-economic countries: The increasing side effects, such as skeletal muscle injury & limited specificity, are restraining the market growth. Moreover, technical issues related to sample collection and storage also hamper the market growth over the forecast period. However, the rise in the cost of therapeutic surgery and the lack of accessibility to disorder management support & services in low-economic countries are hampering the market growth.

Opportunities:

The increasing research and development activities: The increasing research and development activities for developing novel cardiac biomarkers are the opportunity factors for market growth. Furthermore, there is an increasing need for research activities to improve the effectiveness of cardiac biomarkers-based tests. Therefore, growing R&D activities have fueled the growth of the cardiac biomarkers market during the projection period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia-Pacific emerged as the largest global cardiac biomarkers testing market, with a 47.23% market revenue share in 2022. The rising modernization, disposable incomes, and affordability are expected to propel market growth in this region. Moreover, the rising demand for efficient and rapid diagnostics of cardiovascular diseases is also helping to boost the market growth during the forecast period.  Additionally, the rising affordability of new and advanced cardiac tests, and the modernization of the healthcare infrastructure in APAC nations, are the driving factor of the market growth over the forecast period. However, the rising government investment and supportive initiatives for target disease and other research and healthcare expenditure, particularly in nations like China, India, and Malaysia, are expected to propel the market growth. The North American region will account for the largest market share with revenue growth. This growth is attributed to the increasing focus on research and development activities, the rising prevalence of cardiovascular diseases, and the increasing collaborations between key market participants are expected to propel market growth over the forecast period. Moreover, a rise in the incidence of acute coronary syndrome (ACS) and demand for point-of-care cardiac testing kits are expected to drive market growth in this region.

Asia-Pacific Region Cardiac Biomarkers Testing Market Share in 2022 - 47.23%

 

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Application Segment Analysis

The application segment is divided into myocardial infarction, congestive heart failure, acute coronary syndrome, and others. The acute coronary syndrome segment dominated the market, with a share of around 32.17% in 2022. This growth is attributed to rapid urbanization and increased sedentary employment.

Product Type Segment Analysis

The product type segment is divided into troponins, high-sensitivity c-reactive protein (hs-CRP), b-type natriuretic peptide (BNP), creatine kinase-muscle/brain (CK-MB), and others. The troponins segment dominated the market, with a market share of around 28.21% in 2022. This growth is attributed to the increasing prevalence of acute coronary syndrome. Also, a rise in patients suffering from heart attacks and chest pain due to lifestyle changes is expected to propel the segment’s market growth. The b-type natriuretic peptide (BNP) segment is anticipated to dominate the market in the forthcoming years due to the increasing demand for productive cardiac disease diagnostic tests. Additionally, the increased use of Bnp and NT-pro BNP biomarkers in diagnosing and managing heart failure, the increased awareness of heart failure, and the need for early detection are also helping to boost the segment’s market growth.

End-User Segment Analysis

The end-user segment is divided into point of care, pathology labs, and others. The point-of-care segment dominated the market, with a market share of around 43.12% in 2022. This growth is attributed to the increased R&D with new innovative techniques and developing infrastructure & healthcare facilities. Moreover, the emerging markets and healthcare professionals’ increasing preference for PoC tests over lab tests are also helping to boost the segment’s market growth.

Some of the Key Market Players:
  • Thermo Fisher Scientific Inc.
  • F. Hoffmann-La Roche Ltd.
  • PerkinElmer, Inc.
  • QIAGEN
  • Abbott
  • Eurofins Scientific
  • Merck KGaA
  • Enzo Biochem, Inc.
  • Bio-Rad Laboratories, Inc.
  • General Electric
  • Charles River Laboratories
  • Siemens
  • Bruker
  • Agilent Technologies, Inc.
  • Epigenomics AG

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 12.87 Billion
Market size value in 2032 USD 43.80 Billion
CAGR (2023 to 2032) 13.03%
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 Application, Product Type, and End-User

Frequesntly Asked Questions

Asia Pacific region emerged as the largest market for cardiac biomarkers testing.

The market's growth will be influenced by the growing prevalence of cardiovascular diseases.

The high cost of diagnostic products could hamper the market growth.

The increasing demand for point-of-care (POC) cardiac testing kits will provide huge opportunities to the market.

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 Application
          4.3.2. Market Attractiveness Analysis By Product Type
          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. The growing prevalence of cardiovascular diseases
          5.2.2. The rising prevalence of coronary heart disease
    5.3. Restraints
          5.3.1. The lack of accessibility to disease management services and support in low-economic countries
          5.3.2. The high cost of diagnostic products
    5.4. Opportunities
          5.4.1. The increasing demand for point-of-care (POC) cardiac testing kits
          5.4.2. The increasing research and development activities

6. Global Cardiac Biomarkers Testing Market Analysis and Forecast, By Application
    6.1. Segment Overview
    6.2. Myocardial Infarction
    6.3. Congestive Heart Failure
    6.4. Acute Coronary Syndrome
    6.5. Others

7. Global Cardiac Biomarkers Testing Market Analysis and Forecast, By Product Type
    7.1. Segment Overview
    7.2. Troponins
    7.3. High-Sensitivity C-Reactive Protein (hs-CRP)
    7.4. B-Type Natriuretic Peptide (BNP)
    7.5. Creatine Kinase-Muscle/Brain (CK-MB)
    7.6. Others

8. Global Cardiac Biomarkers Testing Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Point of Care
    8.3. Pathology Labs
    8.4. Others

9. Global Cardiac Biomarkers Testing 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 Cardiac Biomarkers Testing Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Cardiac Biomarkers Testing 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. Thermo Fisher Scientific Inc.
          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. F. Hoffmann-La Roche Ltd.
          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. PerkinElmer, Inc.
          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. QIAGEN
          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. Abbott
          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. Eurofins Scientific
          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. Merck KGaA
          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. Enzo Biochem, Inc.
          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. Bio-Rad Laboratories, Inc
          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. General Electric
          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. Charles River Laboratories
          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. Siemens
          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. Bruker
          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. Agilent Technologies, Inc.
          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. Epigenomics AG
          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

List of Table

1. Global Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

2. Global Myocardial Infarction, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion) 

3. Global Congestive Heart Failure, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion) 

4. Global Acute Coronary Syndrome, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion) 

5. Global Others, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion) 

6. Global Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

7. Global Troponins, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion)

8. Global High-Sensitivity C-Reactive Protein (hs-CRP), Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion)

9. Global B-Type Natriuretic Peptide (BNP), Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion)

10. Global Creatine Kinase-Muscle/Brain (CK-MB), Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion)

11. Global Others, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion) 

12. Global Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

13. Global Point of Care, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion)

14. Global Pathology Labs, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion)

15. Global Others, Cardiac Biomarkers Testing Market, By Region, 2019-2032 (USD Billion)

16. North America Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

17. North America Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

18. North America Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

19. U.S. Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

20. U.S. Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

21. U.S. Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

22. Canada Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

23. Canada Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

24. Canada Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

25. Mexico Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

26. Mexico Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

27. Mexico Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

28. Europe Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

29. Europe Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

30. Europe Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

31. Germany Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

32. Germany Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

33. Germany Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

34. France Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

35. France Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

36. France Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

37. U.K. Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

38. U.K. Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

39. U.K. Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

40. Italy Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

41. Italy Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

42. Italy Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

43. Spain Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

44. Spain Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

45. Spain Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

46. Asia Pacific Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

47. Asia Pacific Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

48. Asia Pacific Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

49. Japan Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

50. Japan Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

51. Japan Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

52. China Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

53. China Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

54. China Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

55. India Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

56. India Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

57. India Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

58. South America Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

59. South America Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

60. South America Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

61. Brazil Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

62. Brazil Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

63. Brazil Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

64. Middle East and Africa Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

65. Middle East and Africa Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

66. Middle East and Africa Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

67. UAE Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

68. UAE Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

69. UAE Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

70. South Africa Cardiac Biomarkers Testing Market, By Application, 2019-2032 (USD Billion)

71. South Africa Cardiac Biomarkers Testing Market, By Product Type, 2019-2032 (USD Billion)

72. South Africa Cardiac Biomarkers Testing Market, By End-User, 2019-2032 (USD Billion)

List of Figures 

1. Global Cardiac Biomarkers Testing Market Segmentation

2. Global Cardiac Biomarkers Testing Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top- Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Cardiac Biomarkers Testing Market Attractiveness Analysis By Application

9. Global Cardiac Biomarkers Testing Market Attractiveness Analysis By Product Type 

10. Global Cardiac Biomarkers Testing Market Attractiveness Analysis By End-User

11. Global Cardiac Biomarkers Testing Market Attractiveness Analysis By Region

12. Global Cardiac Biomarkers Testing Market: Dynamics

13. Global Cardiac Biomarkers Testing Market Share By Application (2023 & 2032)

14. Global Cardiac Biomarkers Testing Market Share By Product Type (2023 & 2032)

15. Global Cardiac Biomarkers Testing Market Share By End-User (2023 & 2032)

16. Global Cardiac Biomarkers Testing Market Share By Regions (2023 & 2032)

17. Global Cardiac Biomarkers Testing Market Share By Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global cardiac biomarkers testing based on below mentioned segments:

Global Cardiac Biomarkers Testing Market by Application:

  • Myocardial Infarction
  • Congestive Heart Failure
  • Acute Coronary Syndrome
  • Others

Global Cardiac Biomarkers Testing Market by Product Type:

  • Troponins
  • High-Sensitivity C-Reactive Protein (Hs-CRP)
  • B-Type Natriuretic Peptide (BNP)
  • Creatine Kinase-Muscle/Brain (CK-MB)
  • Others

Global Cardiac Biomarkers Testing Market by End-User:

  • Point of Care
  • Pathology Labs
  • Others

Global Cardiac Biomarkers Testing 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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