DNA Testing Market

DNA Testing Market Size by Product Type (Equipment, Consumables and Software & Services), Technology (PCR Based, In-Situ Hybridization, Microarray, and NGS DNA Diagnosis), Application (Newborn DNA Screening, Pre-natal DNA Carrier Screening, Oncology Diagnostics & Histopathology, Pre-implantation Diagnosis, Infectious Disease Diagnostics, Pharmacogenomics Diagnostic Testing, Identify Diagnostics & Forensic, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13017
  • Published Date: Jan, 2024
  • Pages: 235
  • Category: Healthcare
  • Format: PDF
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The global DNA testing market was valued at USD 10.34 Billion in 2022 and grew at a CAGR of 12.92% from 2023 to 2032. The market is expected to reach USD 34.85 Billion by 2032. The growth of the DNA testing market can be attributed to the rising demand for disease diagnostics, personalized drug development and increasing adoption of genomic mapping technology.

Market Introduction:

A few medical applications for DNA testing include newborn DNA screening, identity diagnostics & forensics, pre-natal DNA carrier screening, infectious disease diagnostics, oncology histopathology and diagnostics, etc. Samples of hair, blood, skin, etc., are used for genetic testing. Depending on the suspected disease, the sample is transported to a lab where researchers search for particular proteins, DNA, or chromosome alterations. Kits and panels are used in DNA testing to screen for diseases in humans using DNA. Human blood samples are obtained for DNA testing, and test kits are used in lab equipment to perform the tests.

DNA Testing Market Size

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Market Dynamics:

Drivers

Increasing demand for DNA testing for different applications: Diagnostic testing is performed to determine or rule out a specific genetic or chromosomal issue. Genetic testing is frequently utilized to confirm the diagnosis when a problem is suspected based on physical indications and symptoms. Although diagnostic testing is not accessible for every gene or genetic disorder, it can be done before birth or at any point in an individual's life. The findings of a diagnostic test may influence decisions on medical care and disease management. DNA sequences are used in forensic testing to identify a person for legal purposes. This testing can determine biological ties between individuals, identify victims of crime or disaster, exclude or implicate a criminal suspect, and more.

Restraints:

The fluctuating cost of material: The most common material in vehicle wiring harnesses is copper and aluminium. Copper's appeal can be attributed to its flexibility, high conductivity, and dependability. On the other hand, supply-demand imbalances brought about by supply chain interruptions and logistical constraints make the price of copper unpredictable on the global market. For market participants, this volatility in material cost impacts the market's growth.

Opportunities:

Increasing research and development activities: R&D is an investment in future knowledge and technology that can be used to generate profitable products or services. Companies, governments, and academic institutions can invest significant time and money in product development, research, process improvement, and innovation, only to fall short of goals or deadlines, just like any other investment. The development of automated sequencers, the emergence of service providers, the industrialization and establishment of sequencing centres and international consortiums, and the continued development of computing hardware and software to store and analyze nucleotide sequences all contributed to a sudden increase in the number of DNA sequences generated. The use of DNA in clinical practice is not limited to diagnosis. It's also used to find targeted therapy mutation targets and identify those at high risk for certain hereditary malignancies. Several molecular targeting medications have been produced recently, and more are coming.

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 most significant DNA testing market, with a 39.12% market revenue share in 2022.

North America region will account for the largest market share with revenue growth. The region's advanced healthcare infrastructure boosts the demand for DNA testing. The prominent global players are present in the U.S. due to the availability of a technically advanced manufacturing base and supportive government regulations propelling the regional market's growth. The growing investment in the drug development industry in the region is providing a lucrative opportunity to the market.

North America region DNA Testing Market Share in 2022 - 39.12%

 

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Product Type Segment Analysis

The product type segment is divided into equipment, consumables and software & services. The consumables segment dominated the market, with a share of around 47.11% in 2022. Medical supplies and equipment that must be discarded after use are examples of consumables, but they are not the only ones. DNA testing consumables are available in different types for specific purposes.

Technology Segment Analysis

The technology segment is divided into PCR-based, in-situ hybridization, microarray-based, and NGS DNA diagnosis. The PCR-based segment dominated the market, with a share of around 47.28% in 2022. PCR testing is a quick and accurate method of identifying genetic alterations and infectious illnesses. The assays identify pathogens or aberrant cells in a sample by looking for their DNA or RNA. In contrast to many other tests, PCR testing can detect disease even in the initial stages of infection.

Application Segment Analysis

The application segment is divided into newborn DNA screening, pre-natal DNA carrier screening, oncology diagnostics & histopathology, pre-implantation diagnosis, infectious disease diagnostics, pharmacogenomics diagnostic testing, identify diagnostics & forensics, and others. The infectious disease diagnostics segment dominated the market, with a share of around 32.06% in 2022. In the future, DNA microarray methods hold great promise for simultaneously identifying the polymicrobial pathogens that cause infectious diseases. DNA microarray technology can detect antibiotic resistance among bacteria and diagnose infectious diseases.

Some of the Key Market Players:
  • Abbott
  • GE Healthcare
  • Beckman Coulter Inc.
  • Thermo Fisher Scientific Inc.
  • Bio-Rad Laboratories, Inc.
  • Illumina Inc.
  • Hologic Inc.
  • Cepheid
  • F. Hoffmann-La Roche
  • Siemens Healthcare GmbH
  • Agilent Technologies Inc.
  • QIAGEN

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022  USD 10.34 Billion
Market size value in 2032  USD 34.85 Billion
CAGR (2023 to 2032)  12.92%
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  Product Type, Technology and Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the DNA testing market was valued 10.34 billion in 2022 to USD 34.85 Billion by 2032.

Global DNA testing market is growing at a CAGR of 12.92% during the forecast period 2023-2032.

North America region emerged as the largest market for the DNA testing.

The market's growth will be influenced by the growing usage of DNA testing.

The high cost of DNA testing can hamper the market growth.

The increasing technological advancements are providing huge opportunities to the market.

Key players are Abbott, GE Healthcare, Beckman Coulter Inc., Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Illumina Inc., Hologic Inc., Cepheid, F. Hoffmann-La Roche, Siemens Healthcare GmbH, Agilent Technologies Inc., QIAGEN among others.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product Type
          4.3.2. Market Attractiveness Analysis by Technology
          4.3.3. Market Attractiveness Analysis by Application
          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. Increasing use of DNA testing across applications
    5.3. Restraints
          5.3.1. High cost of process
    5.4. Opportunities
          5.4.1. Increasing investment in disease diagnostics
    5.5. Challenges
          5.5.1. Stringent regulations

6. Global DNA Testing Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Equipment
    6.3. Consumables
    6.4. Software & Services

7. Global DNA Testing Market Analysis and Forecast, By Technology
    7.1. Segment Overview
    7.2. PCR Based
    7.3. In-Situ Hybridization
    7.4. Microarray Based
    7.5. NGS DNA Diagnosis

8. Global DNA Testing Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Newborn DNA Screening
    8.3. Pre-natal DNA Carrier Screening
    8.4. Oncology Diagnostics & Histopathology
    8.5. Pre-implantation Diagnosis
    8.6. Infectious Disease Diagnostics
    8.7. Pharmacogenomics Diagnostic Testing
    8.8. Identify Diagnostics & Forensic
    8.9. Others

9. Global DNA 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 DNA Testing Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the DNA 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. Abbott
          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. GE Healthcare
          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. Beckman Coulter 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. 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 Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Bio-Rad Laboratories, Inc.
          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. Illumina 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. Hologic Inc.
          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. Cepheid
          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. F. Hoffmann-La Roche
          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. Siemens Healthcare GmbH
          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. Agilent Technologies Inc.
          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. QIAGEN
          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

List of Table

1. Global DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Equipment, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

3. Global Consumables, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

4. Global Software & Services, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

5. Global DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

6. Global PCR Based, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

7. Global In-Situ Hybridization, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

8. Global Microarray Based, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

9. Global NGS DNA Diagnosis, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

10. Global DNA Testing Market, By Application, 2019-2032 (USD Billion) 

11. Global Newborn DNA Screening, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

12. Global Pre-natal DNA Carrier Screening, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

13. Global Oncology Diagnostics & Histopathology, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

14. Global Pre-implantation Diagnosis, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

15. Global Infectious Disease Diagnostics, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

16. Global Pharmacogenomics Diagnostic Testing, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

17. Global Identify Diagnostics & Forensic, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

18. Global Others, DNA Testing Market, By Region, 2019-2032 (USD Billion) 

19. Global DNA Testing Market, By Region, 2019-2032 (USD Billion) 

20. North America DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

21. North America DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

22. North America DNA Testing Market, By Application, 2019-2032 (USD Billion)

23. U.S. DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

24. U.S. DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

25. U.S. DNA Testing Market, By Application, 2019-2032 (USD Billion) 

26. Canada DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

27. Canada DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

28. Canada DNA Testing Market, By Application, 2019-2032 (USD Billion) 

29. Mexico DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

30. Mexico DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

31. Mexico DNA Testing Market, By Application, 2019-2032 (USD Billion) 

32. Europe DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

33. Europe DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

34. Europe DNA Testing Market, By Application, 2019-2032 (USD Billion)

35. Germany DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

36. Germany DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

37. Germany DNA Testing Market, By Application, 2019-2032 (USD Billion) 

38. France DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

39. France DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

40. France DNA Testing Market, By Application, 2019-2032 (USD Billion) 

41. U.K. DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

42. U.K. DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

43. U.K. DNA Testing Market, By Application, 2019-2032 (USD Billion) 

44. Italy DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

45. Italy DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

46. Italy DNA Testing Market, By Application, 2019-2032 (USD Billion) 

47. Spain DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

48. Spain DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

49. Spain DNA Testing Market, By Application, 2019-2032 (USD Billion) 

50. Asia Pacific DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

51. Asia Pacific DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

52. Asia Pacific DNA Testing Market, By Application, 2019-2032 (USD Billion) 

53. Japan DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

54. Japan DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

55. Japan DNA Testing Market, By Application, 2019-2032 (USD Billion)

56. China DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

57. China DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

58. China DNA Testing Market, By Application, 2019-2032 (USD Billion) 

59. India DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

60. India DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

61. India DNA Testing Market, By Application, 2019-2032 (USD Billion) 

62. South America DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

63. South America DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

64. South America DNA Testing Market, By Application, 2019-2032 (USD Billion) 

65. Brazil DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

66. Brazil DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

67. Brazil DNA Testing Market, By Application, 2019-2032 (USD Billion) 

68. Middle East and Africa DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

69. Middle East and Africa DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

70. Middle East and Africa DNA Testing Market, By Application, 2019-2032 (USD Billion) 

71. UAE DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

72. UAE DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

73. UAE DNA Testing Market, By Application, 2019-2032 (USD Billion) 

74. South Africa DNA Testing Market, By Product Type, 2019-2032 (USD Billion) 

75. South Africa DNA Testing Market, By Technology , 2019-2032 (USD Billion) 

76. South Africa DNA Testing Market, By Application, 2019-2032 (USD Billion) 

List of Figures

1. Global DNA Testing Market Segmentation

2. DNA Testing 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 DNA Testing Market Attractiveness Analysis by Product Type

9. Global DNA Testing Market Attractiveness Analysis by Technology 

10. Global DNA Testing Market Attractiveness Analysis by Application

11. Global DNA Testing Market Attractiveness Analysis by Region

12. Global DNA Testing Market: Dynamics

13. Global DNA Testing Market Share by Product Type (2022 & 2032)

14. Global DNA Testing Market Share by Technology  (2022 & 2032)

15. Global DNA Testing Market Share by Application (2022 & 2032)

16. Global DNA Testing Market Share by Regions (2022 & 2032)

17. Global DNA Testing 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 DNA testing market based on below mentioned segments:

Global DNA Testing Market by Product Type:

  • Equipment
  • Consumables
  • Software & Services

Global DNA Testing Market by Technology:

  • PCR Based
  • In-Situ Hybridization
  • Microarray Based
  • NGS DNA Diagnosis

Global DNA Testing Market by Application:

  • Newborn DNA Screening
  • Pre-natal DNA Carrier Screening
  • Oncology Diagnostics & Histopathology
  • Pre-implantation Diagnosis
  • Infectious Disease Diagnostics
  • Pharmacogenomics Diagnostic Testing
  • Identify Diagnostics & Forensic
  • Others

Global DNA Testing 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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