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Chromatography Resin Market

Chromatography Resin Market Size by Type (Natural and Synthetic), By Technique (Ion Exchange, Affinity, Hydrophobic Interaction and Others), By End-user (Pharmaceuticals & Biotechnology and Food & Beverages), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13645
  • Published Date: Aug, 2023
  • Pages: 237
  • Category: Chemicals & Materials
  • Format: PDF
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The global chromatography resin market was valued at USD 2.19 billion in 2022 and growing at a CAGR of 7.4% from 2023 to 2032. It is possible to distinguish between organic and inorganic chemicals using chromatography. Resins are used in the complex examination of physical forms by chromatography. The materials utilized in the separation of biological molecules are called chromatography resins. Chromatography is a reasonably simple method that proffers excellent accuracy compared to other technologies. It is a general method widely used in the biotechnology, pharmaceutical, and food manufacturing industries. The method examines food adulteration, a big problem in the food industry. Chromatography is gradually becoming more significant in various aspects of healthcare, including nutraceuticals and gene testing.

Market Introduction:

Chromatography resin is a crucial component in chromatographic procedures, widely used for separating, purifying, and analyzing a wide range of biomolecules. Chromatography resins are utilized in various applications, including pharmaceuticals, biotechnology, the food industry, etc. Chromatography resin, also known as the stationary phase, functions by selectively interacting with analytes in a sample, allowing them to be separated based on physicochemical qualities. The porosity structure of the resin, in conjunction with customized functional groups, dictates its selectivity and efficiency in various chromatography procedures. Chromatography resins typically comprise spherical beads, which provide a large surface area for analyte interactions. The size of the beads is crucial since it affects the chromatographic process's pressure drop, flow rate, and resolution. Typical chromatographic resin bead diameters range from 20 to 200 µm, with smaller beads providing higher resolution but slower flow rates. Larger beads have higher flow rates but lower resolution. Specific functional groups on the surface of the beads are responsible for the selective binding of analytes throughout the chromatographic process. These functional groups can differ based on the chromatographic resin utilized, including ion exchange, affinity, size exclusion, and hydrophobic interaction.

Chromatography Resin Market Size

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Recent Development
  • In July 2022: Bio-Rad Laboratories, based in the U.S., has introduced the EconoFit Low-Pressure Prepacked Chromatography Column Packs. The EconoFit columns are designed for resin screening, allowing clients to construct protein purification workflows to choose the optimum chemistry for each target.
  • In October 2021: Purolite, a UK-based manufacturer of resin-based chromatography separation, purification, and extraction technologies, has introduced two next generation chromatography resins. The first protein discovered in the globe Praesto Jetted A50 HipH is a resin that is used to purify a pH-sensitive antibody or other Fc-containing protein using an alkaline stable resin based on a 50 m homogeneous agarose bead.

Market Dynamics:

Drivers

Growing Biotechnology & Biopharmaceutical Industry- The biotechnology and biopharmaceutical industry has immensely contributed to the growth of the global chromatography resin market. With the rising demand for pure and high-quality monoclonal antibodies, therapeutic proteins, vaccines, and biologics, chromatography resin has become essential for effective and efficient purification operations. The need for chromatography resin in bioprocessing and protein purification is anticipated to boost the global market growth as the biotechnology and biopharmaceutical industry continues to develop new drugs and medications. Both industries are additionally witnessing substantial growth owing to advancements in synthetic biology, genetic engineering, and other technologies. Chromatography resin is crucial in purifying and separating genetic enzymes, altered proteins, and other biomolecules for different applications. With the growing biopharmaceutical and biotechnology industry applications, the demand for chromatography resin is anticipated to escalate.

Restraints:

High Initial Costs- The high initial cost of setting up chromatography processes is one of the main issues limiting the market for chromatography resin. It can be expensive to purchase and maintain chromatographic separations equipment, which includes columns, pumps, detectors, and related apparatus. Furthermore, premium chromatography resin is quite expensive. This problem, especially for smaller businesses and research labs with tight finances, may prevent them from implementing advanced chromatography techniques. Chromatography systems and equipment need routine maintenance to maintain their correct operation and accuracy. Regular maintenance tasks may result in downtime, which has an impact on output and overall process effectiveness. Industries that rely heavily on ongoing operations may encounter disruptions, affecting production plans. The costs associated with routine maintenance, the time spent getting replacement parts, and the total operational costs hinder market growth and development.

Opportunities:

Technological Advancements and Growing Research & Development Activities- Technological advancements in chromatography techniques and methodology will drive the global market. The need for effective and suitable chromatography resins is augmenting due to the evolution of novel chromatography techniques, including rapid protein liquid chromatography (FPLC) and high-performance liquid chromatography (HPLC). These technologies reduce processing times, enhance analytical performance, and enhance separation efficiency. The growing focus on research and development (R&D) coupled with the rising funding activities towards the research and development activities is expected to fuel the demand for chromatography resin. Chromatography resins are essential for examining and isolating specific compounds in biotechnology, pharmaceuticals, and chemicals for research objectives. As spending for research & development increases, it is anticipated that the market for chromatography resin to support experimentation, medication discovery, and material analysis will also grow.

Regional segmentation analysis:

The regions analyzed for the market include Europe, North America, South America, Asia Pacific, and Middle East & Africa. North America emerged as the largest market for the global chromatography resin market, with a 36.0% share of the market revenue in 2022. Rising investments in ongoing research and development activities within the pharmaceutical fuel regional growth and development. The pharmaceutical industry vertical has been progressing and growing exponentially for years, resulting in a surge in demand for ion exchange chromatography resin. Furthermore, prominent pharmaceutical market players in the United States are the primary driver of the chromatography resin market in the North American region. Additionally, the regional market players engage in various market strategies such as mergers, acquisitions, partnerships, and strategic alliances to maintain their competitive edge.

North America Region Chromatography Resin Market Share in 2022 - 36.0%

 

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  • In January 2023: Delta Precision, a company that specializes in the development of chromatography columns used in bio-manufacturing processes, was acquired by Astrea Bioseparations.
  • In March 2019: Brammer Bio, a contract development and manufacturing organization specializing in gene therapy and viral vector manufacture, was bought by Thermo Fisher Scientific Inc. The acquisition aims to boost Thermo Fisher's position in the chromatography resins industry while expanding its biopharmaceutical market capabilities.
Type Segment Analysis

The type segment is divided into natural and synthetic. The natural segment dominated the market, with a market share of around 53% in 2022. The segment's growth can be attributed to the advantages offered by natural chromatographic resins, such as their high resolution, low nonspecific binding,  high selectivity, and high capacity. Natural chromatographic resins are generally utilized to purify enzymes, antibodies and proteins owing to the propensity to interact specifically with distinct target molecules. Furthermore, natural chromatographic resins are used in various industry verticals, including pharmaceutical, biotechnology, and food and beverage. This is the primary factor for the segment's growth.

Application Segment Analysis

The application segment is divided into pharmaceuticals & biotechnology and food & beverages. The pharmaceutical & biotechnology segment dominated the market, with a market share of around 58% in 2022. The segment's growth can be attributed to the significant consumption of resins in pharmaceutical operations. The chromatography resins are essential to create exceptionally pure materials in large quantities and to inspect the purified compounds for impurities. Furthermore, the increasing use of monoclonal antibodies in crucial therapeutic areas such as autoimmune diseases and oncology is foreseen to augment the chromatography resin demand. The growing number of contract manufacturing organizations (CMOs) and contract research organizations (CROs) in the pharmaceutical sector is expected to drive product demand.

Technique Segment Analysis

The technique segment is divided into ion exchange, affinity, hydrophobic interaction and others. The affinity segment dominated the market, with a market share of around 40% in 2022. The affinity chromatography principle is based on the specific affinity of molecules in the migratory stage for ligands bound to the stationary resin. The affinity segment is expected to expand owing to the increasing demand for protein A, which enables suitable and adequate antibody purification. Affinity chromatography significantly benefits protein purification methods, such as resolution, capacity and high selectivity. One of its benefits is that it can use a protein's natural biological structure or function to help with purification. These factors are contributing towards the segment's growth.

Some of the Key Market Players:
  • Merck KGaA
  • General Electric Company
  • Bio-Rad Laboratories Inc.
  • Thermo Fisher Scientific Inc.
  • Pall Corporation
  • Tosoh Corporation
  • Repligen Corporation
  • Life Technologies Corporation
  • Mitsubishi Chemical Corporation 
  • Danaher Corporation  

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 2.19 Billion
Market size value in 2032 USD 4.49 Billion
CAGR (2023 to 2032) 7.4%
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 Type, Application, Technique

Frequesntly Asked Questions

As per The Brainy Insights, the market size of the global chromatography resin market was valued at USD 2.19 billion in 2022 to USD 4.49 billion by 2032.

Global chromatography resin market is growing at a CAGR of 7.4% during the forecast period 2023-2032.

The market's growth will be influenced by the growing biotechnology and biopharmaceutical industries.

The high cost associated is anticipated to hamper the market growth.

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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 Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by Technique
          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. Growing Biotechnology & Biopharmaceutical Industry
    5.3. Restraints
          5.3.1. High Initial Costs
    5.4. Opportunities
          5.4.1. Technological Advancements and Growing Research & Development Activities

6. Global Chromatography Resins Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Natural
    6.3. Synthetic
    6.4. Software

7. Global Chromatography Resins Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Pharmaceuticals & Biotechnology
    7.3. Food & Beverages
    7.4. Stem Cell
    7.5. Drug Discovery

8. Global Chromatography Resins Market Analysis and Forecast, By Technique
    8.1. Segment Overview
    8.2. Ion Exchange
    8.3. Affinity
    8.4. Hydrophobic Interaction
    8.5. Others

9. Global Chromatography Resins 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
          9.4.4. South Korea
          9.4.5. Australia
    9.5. South America
          9.5.1. Brazil
          9.5.2. Argentina
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa
          9.6.3. Saudi Arabia

10. Global Chromatography Resins Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Chromatography Resins 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. Type Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Merck KGaA
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Type Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. General Electric Company
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Type Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Bio-Rad Laboratories Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Type Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Thermo Fisher Scientific Inc.
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Type Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Leica Microsystems GmbH
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Type Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Pall Corporation
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Type Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Tosoh Corporation
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Type Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Repligen Corporation
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Type Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Life Technologies Corporation
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Type Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Mitsubishi Chemical Corporation
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Type Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. Danaher Corporation
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Type Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
 

List of Table

1. Global Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

2. Global Natural Chromatography Resins Market, By Region, 2019-2032 (USD Billion) 

3. Global Synthetic Chromatography Resins Market, By Region, 2019-2032 (USD Billion) 

4. Global Chromatography Resins Market, By Application, 2019-2032 (USD Billion) 

5. Global Pharmaceuticals & Biotechnology Chromatography Resins Market, By Region, 2019-2032 (USD Billion) 

6. Global Food & Beverages Chromatography Resins Market, By Region, 2019-2032 (USD Billion)

7. Global Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

8. Global Ion Exchange Chromatography Resins Market, By Region, 2019-2032 (USD Billion) 

9. Global Affinity Chromatography Resins Market, By Region, 2019-2032 (USD Billion) 

10. Global Hydrophobic Interaction Chromatography Resins Market, By Region, 2019-2032 (USD Billion)

11. Global Others Chromatography Resins Market, By Region, 2019-2032 (USD Billion)

12. Global Chromatography Resins Market, By Region, 2019-2032 (USD Billion) 

13. North America Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

14. North America Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

15. North America Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

16. U.S. Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

17. U.S. Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

18. U.S. Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

19. Canada Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

20. Canada Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

21. Canada Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

22. Mexico Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

23. Mexico Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

24. Mexico Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

25. Europe Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

26. Europe Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

27. Europe Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

28. Germany Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

29. Germany Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

30. Germany Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

31. France Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

32. France Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

33. France Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

34. U.K. Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

35. U.K. Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

36. U.K. Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

37. Italy Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

38. Italy Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

39. Italy Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

40. Italy Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

41. Spain Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

42. Spain Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

43. Spain Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

44. Asia Pacific Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

45. Asia Pacific Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

46. Asia Pacific Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

47. Japan Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

48. Japan Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

49. Japan Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

50. China Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

51. China Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

52. China Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

53. India Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

54. India Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

55. India Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

56. South Korea Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

57. South Korea Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

58. South Korea Chromatography Resins Market, By Technique, 2019-2032 (USD Billion)

59. Australia Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

60. Australia Chromatography Resins Market, By Technique, 2019-2032 (USD Billion)

61. Australia Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

62. South America Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

63. South America Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

64. South America Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

65. Brazil Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

66. Brazil Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

67. Brazil Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

68. Argentina Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

69. Argentina Chromatography Resins Market, By Technique, 2019-2032 (USD Billion)

70. Argentina Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

71. Middle East and Africa Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

72. Middle East and Africa Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

73. Middle East and Africa Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

74. UAE Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

75. UAE Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

76. UAE Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

77. South Africa Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

78. South Africa Chromatography Resins Market, By Technique, 2019-2032 (USD Billion) 

79. South Africa Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

80. Saudi Arabia Chromatography Resins Market, By Type, 2019-2032 (USD Billion) 

81. Saudi Arabia Chromatography Resins Market, By Technique, 2019-2032 (USD Billion)

82. Saudi Arabia Chromatography Resins Market, By Application, 2019-2032 (USD Billion)

List of Figures 

1. Global Chromatography Resins Market Segmentation

2. Chromatography Resins 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 Chromatography Resins Market Attractiveness Analysis by Type 

9. Global Chromatography Resins Market Attractiveness Analysis by Application 

10. Global Chromatography Resins Market Attractiveness Analysis by Technique

11. Global Chromatography Resins Market Attractiveness Analysis by Region

12. Global Chromatography Resins Market: Dynamics

13. Global Chromatography Resins Market Share By Type (2023 & 2032)

14. Global Chromatography Resins Market Share by Application (2023 & 2032)

15. Global Chromatography Resins Market Share by Technique (2023 & 2032)

16. Global Chromatography Resins Market Share by Regions (2023 & 2032)

17. Global Chromatography Resins 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 chromatography resins market based on below mentioned segments:

Global Chromatography Resins Market by Type:

  • Natural
  • Synthetic

Global Chromatography Resins Market by Application:

  • Pharmaceuticals & Biotechnology
  • Food & Beverages

Global Chromatography Resins Market by Technique:

  • Ion Exchange
  • Affinity
  • Hydrophobic Interaction
  • Others

Global Chromatography Resins 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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