Cosmetic Surgery and Procedure Market

Cosmetic Surgery and Procedure Market Size by Type [Invasive Procedures (Breast Augmentation, Liposuction, Nose Reshaping, Eyelid Surgery, Tummy Tuck and Others) and Non-Invasive Procedures (Botox Injections, Soft Tissue Fillers, Chemical Peel, Laser Hair Removal, Microdermabrasion and Others)], Gender (Male and Female), Age Group (13-29 Years, 30-54 Years and 55 Years & Above), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13709
  • Published Date: Sep, 2023
  • Pages: 237
  • Category: Healthcare
  • Format: PDF
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The global cosmetic surgery and procedure market was valued at USD 70 billion in 2022 and growing at a CAGR of 10% from 2023 to 2032. The market is expected to reach USD 181.56 billion by 2032. Cosmetic surgery is a branch of medical science focusing on improving a person's appearance through surgical procedures. Unlike reconstructive surgery, which aims to restore function and form after an injury or medical condition, cosmetic surgery is performed on individuals who want to enhance their aesthetic features or achieve a more youthful appearance. The need for cosmetic surgery and procedures can vary from person to person and is often driven by individual desires to enhance or improve their appearance.

Market Introduction:

Cosmetic surgery is a unique discipline of medication aiming at improving appearance through careful and clinical strategies. Cosmetic surgery can be performed on all head, neck and body regions because treated areas function properly but lack aesthetic appeal. Cosmetic procedures are performed to reshape the body's designs and change an individual's appearance. Like any medical procedure, corrective strategies need a clinical expert trained in the methodology, including suitable recuperation time, mending and legitimate consideration. Risks include sedation and medical surgery, excessive bleeding, contamination, scarring and inability to heal. Numerous people feel that specific physical elements influence their confidence and self-perception. Cosmetic surgery can assist with tending to these worries and lift fearlessness, prompting better personal satisfaction. As individuals age, the indications of wrinkles, sagging skin, and volume loss become clearer. Cosmetic procedures like facelifts, Botox, and dermal fillers can assist with reviving the face and making a younger appearance. Pregnancy and breastfeeding can prompt changes in the body, like sagging breasts or excess abdominal skin. Procedures like breast augmentation, breast lift, and tummy tuck can help restore pre-pregnancy appearance. In competitive job markets or businesses where appearance is profoundly esteemed, people might decide on surface level methodology to work on their expert open doors. At times, individuals with body disorders might look for restorative medical procedures to mitigate flaws in their appearance. In such cases, cautious mental assessment is significant to guarantee that the medical procedure is a proper mediation.

Cosmetic Surgery and Procedure Market Size

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Recent Development
  • 03 August 2022: Allergan Aesthetics, an AbbVie company, announced the U.S. FDA approval of JUVÉDERM VOLUX XC for the enhancement of jawline definition in grownups over the age of 21 with moderate to severe loss of jawline definition.
  • CUTERA, INC., a leading provider of laser, light and other energy-based aesthetic systems for practitioners worldwide, announces the availability of truSculpt iD, the next development in body sculpting with exceptional hands-free capability and the ability to treat a full abdomen in as little as 15 minutes.

Market Dynamics:

Drivers

Growing Beauty Consciousness- The market for cosmetic surgery and procedures is expanding due to an increasing awareness of beauty. People are more willing to spend money on cosmetic procedures to improve their appearance as they become more aware of their appearance and beauty standards. In today's society, where beauty and aesthetics are valued more, people want to look better. The demand for cosmetic surgery and procedures grows as people seek ways to achieve their ideal appearance. Virtual entertainment platforms like Instagram, YouTube, and TikTok play a massive part in advancing magnificence beliefs. Celebrities and influencers frequently show off the changes they've made to their appearance, which can get their followers to think about similar cosmetic procedures.

Restraints:

High Cost- The significant expense of cosmetic surgery can create financial differences in admittance to medical services. Richer people can manage the cost of cosmetic surgery, while those with lower salaries might be passed on without choices to address their appearance concerns.

Opportunities:

Increasing Male Patients- With a developing number of men contributing to the revenue in stylish improvements, the market's client base differentiates, opening up new income streams for facilities and suppliers. As male interest in cosmetic procedures expands, there is a more prominent interest for medicines customized explicitly to male worries. This request can prompt the advancement of new systems and methods intended to address the exceptional corrective necessities of men. Famous people who are open about their corrective improvements can emphatically affect male interest in this methodology. Their underwriting can assist with normalizing restorative medicines for men and drive expanded requests.

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 cosmetic surgery and procedure market, with a 35.81% share of the market revenue in 2022.

North America, particularly the United States, has a wealthy population with high income. This permits a bigger part of the population to bear the cost of cosmetic procedures, making the market more powerful. There is a cultural emphasis on appearance and beauty standards norms in North America, which drives the interest in cosmetic procedures. The media and cultural standards add to an uplifted craving for stylish upgrades. Cosmetic surgery and procedure facilities are huge in North America. Patients have simple access to various medicines and administrations, making it advantageous for those looking for restorative upgrades.

North America Region Cosmetic Surgery and Procedure Market Share in 2022 - 35.81%

 

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Type Segment Analysis

The type segment is divided into invasive procedures and non-invasive procedures. The invasive procedures is further segmented into breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck and others. The non-invasive procedures segment consists of botox injections, soft tissue fillers, chemical peel, laser hair removal, microdermabrasion and others. The non-invasive procedures segment dominated the market, with a market share of around 55% in 2022. Non-invasive procedures include negligible or no cuts, and that implies less injury to the body and faster recovery times compared with conventional surgeries. Patients can frequently continue their daily activities shortly after treatment. Since Non-invasive procedures don't need surgery they convey less dangers of contamination, bleeding, and other complications generally connected with surgical interventions. This makes them a more secure choice for some patients, particularly the people who may not be suitable candidates for surgery.

Gender Segment Analysis

The gender segment is divided into male and female. The female segment dominated the market, with a market share of around 62.51% in 2022. Many women look for cosmetic surgery and procedures to address specific worries about their appearance, like body shape, wrinkles, and sagging skin. Further developing these viewpoints can help confidence and general certainty. Pregnancy and breastfeeding can cause actual changes in a lady's body, like extended stomach muscles, excess skin, and sagging breasts. Procedures like tummy tucks and breast lifts can help reestablish pre-pregnancy body shapes. Societal beauty standards and cultural norms can impact a woman's view of her appearance. Numerous women feel pressure to accept to these beliefs, driving them to think about superficial upgrades.

Age Group Segment Analysis

The age group segment is divided into 13-29 years, 30-54 years and 55 years & above. The 13-29 years segment dominated the market, with a market share of around 45% in 2022. The rise of social media has made a culture where appearance is intensely emphasized, especially among young adults. Some people in this age group may seek cosmetic enhancements as a result of the pressure to present an idealized self-image on platforms like Instagram and TikTok. Through media, influencers, and internet resources, the younger generation is exposed to information about cosmetic procedures from a young age. As they get older, this early awareness may lead them to think about cosmetic procedures. Celebrities and social media influencers who openly discuss their cosmetic procedures frequently influence young adults. This has the potential to normalize the concept of cosmetic enhancements and increase interest among this age group.

Some of the Key Market Players:
  • Cutera
  • Syneron Candela
  • Solta Medical
  • Galderma
  • Lumenis
  • Evolus Inc.
  • Cynosure
  • Alma Laser
  • AbbVie

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 70 Billion
Market size value in 2032 USD 181.56 Billion
CAGR (2023 to 2032) 10%
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, Gender, Age Group

Frequesntly Asked Questions

As per The Brainy Insights, the size of the cosmetic surgery and procedure market was valued at USD 70 billion in 2022 to USD 181.56 billion by 2032.

The global cosmetic surgery and procedure market is growing at a CAGR of 10% during the forecast period 2023-2032.

The North American region emerged as the largest market for the cosmetic surgery and procedure.

The growing beauty consciousness will influence the market's growth.

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 Gender
          4.3.3. Market Attractiveness Analysis by Age Group
          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 Beauty Consciousness
    5.3. Restraints
          5.3.1. High Cost
    5.4. Opportunities
          5.4.1. Increasing Male Patients
    5.5. Challenges
          5.5.1. Safety Concerns

6. Global Cosmetic Surgery and Procedure Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Invasive Procedures
          6.2.1. Breast Augmentation
          6.2.2. Liposuction
          6.2.3. Nose Reshaping
          6.2.4. Eyelid Surgery
          6.2.5. Tummy Tuck
          6.2.6. Others
    6.3. Non-Invasive Procedures
          6.3.1. Botox Injections
          6.3.2. Soft Tissue Fillers
          6.3.3. Chemical Peel
          6.3.4. Laser Hair Removal
          6.3.5. Microdermabrasion
          6.3.6. Others

7. Global Cosmetic Surgery and Procedure Market Analysis and Forecast, By Gender
    7.1. Segment Overview
    7.2. Male
    7.3. Female

8. Global Cosmetic Surgery and Procedure Market Analysis and Forecast, By Age Group
    8.1. Segment Overview
    8.2. 13-29 Years
    8.3. 30-54 Years
    8.4. 55 Years & Above

9. Global Cosmetic Surgery and Procedure 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 Cosmetic Surgery and Procedure Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Cosmetic Surgery and Procedure 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. Cutera
          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. Syneron Candela
          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. Solta Medical
          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. Galderma
          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. Lumenis
          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. Evolus Inc.
          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. Cynosure
          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. Alma Laser
          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. AbbVie
          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
 

List of Table

1. Global Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

2. Global Invasive Procedures, Cosmetic Surgery and Procedure Market, By Region, 2019-2032 (USD Billion) 

3. Global Non-Invasive Procedures, Cosmetic Surgery and Procedure Market, By Region, 2019-2032 (USD Billion) 

4. Global Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

5. Global Male, Cosmetic Surgery and Procedure Market, By Region, 2019-2032 (USD Billion) 

6. Global Female, Cosmetic Surgery and Procedure Market, By Region, 2019-2032 (USD Billion) 

7. Global Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

8. Global 13-29 Years, Cosmetic Surgery and Procedure Market, By Region, 2019-2032 (USD Billion) 

9. Global 30-54 Years, Cosmetic Surgery and Procedure Market, By Region, 2019-2032 (USD Billion) 

10. Global 55 Years & Above, Cosmetic Surgery and Procedure Market, By Region, 2019-2032 (USD Billion) 

11. Global Cosmetic Surgery and Procedure Market, By Region, 2019-2032 (USD Billion) 

12. North America Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

13. North America Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

14. North America Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

15. U.S. Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

16. U.S. Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

17. U.S. Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

18. Canada Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

19. Canada Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

20. Canada Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

21. Mexico Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

22. Mexico Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

23. Mexico Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

24. Europe Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

25. Europe Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

26. Europe Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

27. Germany Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

28. Germany Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

29. Germany Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

30. France Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

31. France Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

32. France Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

33. U.K. Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

34. U.K. Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

35. U.K. Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

36. Italy Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

37. Italy Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

38. Italy Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

39. Spain Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

40. Spain Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

41. Spain Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

42. Asia Pacific Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

43. Asia Pacific Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

44. Asia Pacific Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

45. Japan Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

46. Japan Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

47. Japan Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

48. China Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

49. China Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

50. China Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

51. India Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

52. India Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

53. India Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

54. South America Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

55. South America Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

56. South America Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

57. Brazil Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

58. Brazil Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

59. Brazil Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

60. Middle East and Africa Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

61. Middle East and Africa Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

62. Middle East and Africa Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

63. UAE Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

64. UAE Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

65. UAE Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

66. South Africa Cosmetic Surgery and Procedure Market, By Type, 2019-2032 (USD Billion) 

67. South Africa Cosmetic Surgery and Procedure Market, By Gender, 2019-2032 (USD Billion) 

68. South Africa Cosmetic Surgery and Procedure Market, By Age Group, 2019-2032 (USD Billion) 

List of Figures 

1. Global Cosmetic Surgery and Procedure Market Segmentation

2. Cosmetic Surgery and Procedure 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 Cosmetic Surgery and Procedure Market Attractiveness Analysis by Type

9. Global Cosmetic Surgery and Procedure Market Attractiveness Analysis by Gender

10. Global Cosmetic Surgery and Procedure Market Attractiveness Analysis by Age Group

11. Global Cosmetic Surgery and Procedure Market Attractiveness Analysis by Region

12. Global Cosmetic Surgery and Procedure Market: Dynamics

13. Global Cosmetic Surgery and Procedure Market Share by Type (2022 & 2032)

14. Global Cosmetic Surgery and Procedure Market Share by Gender (2022 & 2032)

15. Global Cosmetic Surgery and Procedure Market Share by Age Group (2022 & 2032)

16. Global Cosmetic Surgery and Procedure Market Share by Regions (2022 & 2032)

17. Global Cosmetic Surgery and Procedure 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 cosmetic surgery and procedure market based on below-mentioned segments:

Global Cosmetic Surgery and Procedure Market by Type:

  • Invasive Procedures
    • Breast Augmentation
    • Liposuction
    • Nose Reshaping
    • Eyelid Surgery
    • Tummy Tuck
    • Others
  • Non-invasive Procedures
    • Botox Injections
    • Soft Tissue Fillers
    • Chemical Peel
    • Laser Hair Removal
    • Microdermabrasion
    • Others

Global Cosmetic Surgery and Procedure Market by Gender:

  • Male
  • Female

Global Cosmetic Surgery and Procedure Market by Age Group:

  • 13-29 Years
  • 30-54 Years
  • 55 Years & Above

Global Cosmetic Surgery and Procedure 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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