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Elderly Care Services Market

Global Elderly Care Services Market Size By Product Type (Pharmaceuticals, Housing & Assistive Devices), Service Type (Homecare, Institutional Care, Adult Day Care), Application (Heart Diseases, Diabetes, Kidney Diseases, Arthritis, Cancer, Osteoporosis, Neurological, Respiratory and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12772
  • Published Date: May, 2022
  • Pages: 237
  • Category: Consumer Goods
  • Format: PDF
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The global elderly care services market is expected to reach USD 2.74 billion by 2030, at a CAGR of 8.1% during the forecast period 2022 to 2030. The increasing geriatric population and rise in awareness regarding the care of aged people are driving the market's growth.

Market Overview:

Elderly care services are, in simple terms looking after the demands and requirements of the older people or the senior citizens. It includes many facilities such as home care, hospice care, residential care, health care, assisted living, and adult daycare. Many practices and institutions meet this sector's needs and demands. This is sometimes divided into two categories. One is medical or skilled care, and the other is non-medical or social care. Elderly care mainly stresses the social and personal needs of the aged people who want to live with dignity with only some medical and daily activities assistance. The best part is that in many Asian countries, many governments organize elderly care homes where the younger generations take care of the aged people. Most of the eldercare services are run by the public funds, which account for 65.5% of the global elderly care services share. Eldercare services accounted for less than 1% of the global medical services market in 2021. The improving daycare facilities and the rise in the number of aged care centers are increasing revenue generation. The increasing geriatric population is fueling the growth of this market.

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Market Dynamics:

Drivers:
  • The rising elderly population and advancements in assistive devices

The growing demand for home care services is a notable factor driving the growth of this market. Also, there is an increasing population of older people, accelerating its demand. Another major factor responsible for the development of this market is technological progress and product advancements. Many assisting gadgets, monitoring devices, emergency aid, and health monitoring devices are coming up on the market, which help the older person with less effort. Various new products such as sitting devices and toilet accessories also contribute to the market's growth.

Restraints:
  • Financial aspects

In various developing and low-income countries, there is a scarcity of skilled professionals who can take care of elderly patients, which is the reason behind the low demand for elderly care services. The ongoing assistance and supportive lifestyle provided to the senior citizens have many attributes that can contribute to low-profit margins. Low refunds are generated by the government funds and some insurance companies, which significantly restrains the market's growth. The financial aspects cannot meet the home services' premium quality services, hindering the market's growth. As the medical costs are increasing, the service providers cannot meet the health care cost of the elderly care services.

Opportunities:
  • Preference for better lifestyle and healthcare services after retirement

Growing general awareness about better lifestyles and healthcare facilities post-retirement is an opportunity for the market's growth. Usually, after retirement, this feature allows the aged people to shift from an independent living style to well-serviced residents with better care and facilities. Numerous facilities provided to these retired communities enhance opportunities for the growth of this kind of service.

Challenges:
  • Lack of skilled professionals

The lack of skilled and experienced workers in elderly home care centers or institutions is a significant challenge threatening the market's growth. The high cost associated with the elderly care management and the lack of money to get the expensive innovative products and bring the technological advancements into service is a significant drawback in this field. Inadequate public policies and regulations, lack of supportive thinking from the care providers, changing family structures, and ignoring senior citizens are some challenges restraining the market's growth.

Segmentation Analysis:

The global elderly care services market has been segmented based on product type, service type, application, and regions.

  • The product type segment is divided into pharmaceuticals and housing, and assistive devices. The housing and assistive devices segment dominated the market, with a market share of around 72% in 2021. The segment's growth is driven by the increase in chronic disease among the senior population who need housing and assistive device services to look after their ailing health condition.
  • The service type segment is divided into homecare, institutional care, and adult daycare. Over the forecast period, the institutional care segment is expected to grow at the fastest CAGR of 10.3%. The institutional care services provide comprehensive care for the elderly population, including health management and home care services which drives the segment's growth during the forecast period.
  • The application segment is divided into heart diseases, kidney diseases, cancer, diabetes, osteoporosis, neurological, arthritis, respiratory, and others. In 2021, the heart disease segment dominated the market, accounting for around 23% of global revenue. The increasing prevalence of blood pressure, hypertension, and cardiovascular diseases among the geriatric population increase the chances of heart diseases among the elderly, driving the market's growth.
Regional Segmentation Analysis:

The regions analyzed for the elderly care services market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the largest market for the global elderly care services market, with a 36.8% share of the market revenue in 2021.

Europe currently dominates the elderly care services market with a 36.8% share of the market revenue in 2021. The presence of prominent market players in the region is driving the market's growth and increasing awareness regarding elderly care services. The UK supports all kinds of elderly care services, including daycare, institutional services, vocational rehabilitation services, etc., to the elderly population, which adds impetus to the growth of the market in the region. Moreover, more than 50% of the people in Europe is above 65 years of age, which also offers lucrative growth opportunities for the market during the forecast period.

Europe Region Elderly Care Services Market Share in 2021 - 36.8%

 

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new applications, product innovations, mergers & acquisitions, joint ventures, alliances, and partnerships to improve their market position in the global elderly care services market industry.

List of Key Market Players:

  • Eldercare Services
  • Korian Group
  • ProVita International Medical Centre, LCC
  • Home Instead, Inc
  • Living Assistance Services, Inc.
  • Benesse Style Care Co., Ltd
  • Econ Healthcare Group
  • Epoch Elder Care
  • St Luke’s Elder Care Ltd
  • India Home Health Centre

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global Elderly Care Services Market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2021 is considered the base year of the report. 2019 and 2020 are considered as the historic years and 2022 to 2030 are the forecast years. The global elderly care services market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global elderly care services market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of elderly care services based on product type, services, application, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to the global elderly care services market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers a detailed study for the company profiles of key organizations operating in the global elderly care services market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of porter’s five forces analysis coupled with SWOT analysis to provide business-related data and information. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company's growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market-related driving factors, growth limitations (restraints), potential industry opportunities, significant trends, and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market-related i.e., global elderly care services market) are covered to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the elderly care services market was valued at USD 1.36 billion in 2021 to USD 2.74 billion by 2030.

The global elderly care services market is growing at a CAGR of 8.1% during the forecast period 2022-2030.

The global elderly care services market has been segmented based on product type, service type, application, and regions. The housing and assistive devices segment led the market in 2021.

The Europe region emerged as the largest market for elderly care services.

The market's growth will be influenced by the rising elderly population and advancements in assistive devices.

A lack of skilled professionals could hamper market growth.

Preference for better lifestyle and healthcare services after retirement will provide huge opportunities to the market.

Key players are Eldercare Services, Korian Group, ProVita International Medical Centre, LCC, Home Instead, Inc, Living Assistance Services, Inc., Benesse Style Care Co., Ltd, Econ Healthcare Group, Epoch Elder Care

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
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  • Report can be prepared for any specific country/region/segment
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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 Product Type
          4.3.2. Market Attractiveness Analysis By Service Type
          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. The rising elderly population and advancements in assistive devices
    5.3. Restraints
          5.3.1. Financial aspects
    5.4. Opportunities
          5.4.1. Preference for better lifestyle and healthcare services after retirement
    5.5. Challenges
          5.5.1. Lack of skilled professionals

6. Global Elderly Care Service Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Pharmaceuticals
    6.3. Housing & Assistive Devices

7. Global Elderly Care Service Market Analysis and Forecast, By Service Type
    7.1. Segment Overview
    7.2. Homecare
    7.3. Institutional Care
    7.4. Adult Day Care
    7.5. Others

8. Global Elderly Care Service Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Heart Diseases
    8.3. Cancer
    8.4. Kidney Diseases
    8.5. Diabetes
    8.6. Arthritis
    8.7. Osteoporosis
    8.8. Neurological
    8.9. Respiratory and Others

9. Global Elderly Care Service 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 Elderly Care Service Market-Competitive Landscape
    10.1. Overview
          10.1.1. Market Share of Key Players in the Elderly Care Service Market
          10.1.2. Global Company Market Share
          10.1.3. North America Company Market Share
          10.1.4. Europe Company Market Share
          10.1.5. APAC Company Market Share
    10.2. Competitive Situations and Trends
          10.2.1. Product Launches and Developments
          10.2.2. Partnerships, Collaborations, and Agreements
          10.2.3. Mergers & Acquisitions
          10.2.4. Expansions

11. Company Profiles
    11.1. Eldercare Services
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Component Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Korian Group
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Component Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. ProVita International Medical Centre, LCC
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Component Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Home Instead, Inc
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Component Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Living Assistance Services, Inc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Component Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Benesse Style Care Co., Ltd
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Component Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Econ Healthcare Group
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Component Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Epoch Elder Care
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Component Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. St Luke’s Elder Care Ltd
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Component Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. India Home Health Centre
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Component Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

2. Global Pharmaceuticals Elderly Care Service Market, By Region, 2019-2030 (USD Billion) 

3. Global Housing & Assistive Devices Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

4. Global Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

5. Global Homecare Elderly Care Service Market, By Region, 2019-2030 (USD Billion) 

6. Global Institutional Care Elderly Care Service Market, By Region, 2019-2030 (USD Billion) 

7. Global Adult Day Care Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

8. Global Other Services Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

9. Global Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

10. Global Heart Diseases Elderly Care Service Market, By Region, 2019-2030 (USD Billion) 

11. Global Cancer Elderly Care Service Market, By Region, 2019-2030 (USD Billion) 

12. Global Kidney Diseases Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

13. Global Diabetes Elderly Care Service Market, By Region, 2019-2030 (USD Billion) 

14. Global Arthritis Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

15. Global Osteoporosis Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

16. Global Neurological Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

17. Global Respiratory  Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

18. Global Other Elderly Care Service Market, By Region, 2019-2030 (USD Billion)

19. North America Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

20. North America Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

21. North America Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

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

23. U.S. Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

24. U.S. Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

25. Canada Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

26. Canada Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

27. Canada Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

28. Mexico Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

29. Mexico Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

30. Mexico Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

31. Europe Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

32. Europe Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

33. Europe Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

34. Germany Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

35. Germany Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

36. Germany Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

37. France Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

38. France Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

39. France Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

40. U.K. Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

41. U.K. Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

42. U.K. Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

43. Italy Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

44. Italy Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

45. Italy Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

46. Spain Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

47. Spain Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

48. Spain Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

49. Asia Pacific Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

50. Asia Pacific Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

51. Asia Pacific Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

52. Japan Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

53. Japan Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

54. Japan Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

55. China Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

56. China Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

57. China Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

58. India Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

59. India  Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

60. India Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

61. South America Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

62. South America Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

63. South America Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

64. Brazil Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

65. Brazil Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

66. Brazil Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

67. Middle East and Africa Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

68. Middle East and Africa Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

69. Middle East and Africa Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

70. UAE Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

71. UAE Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

72. UAE Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

73. South Africa Elderly Care Service Market, By Product Type, 2019-2030 (USD Billion) 

74. South Africa Elderly Care Service Market, By Service, 2019-2030 (USD Billion) 

75. South Africa Elderly Care Service Market, By Application, 2019-2030 (USD Billion) 

List of Figures 

1. Global Elderly Care Service Market Segmentation

2. Elderly Care Service 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 Elderly Care Service Market Attractiveness Analysis By Product Type

9. Global Elderly Care Service Market Attractiveness Analysis By Service

10. Global Elderly Care Service Market Attractiveness Analysis By Application

11. Global Elderly Care Service Market Attractiveness Analysis By Region

12. Global Elderly Care Service Market: Dynamics

13. Global Elderly Care Service Market Share by Product Type (2022 & 2030)

14. Global Elderly Care Service Market Share by Service (2022 & 2030)

15. Global Elderly Care Service Market Share by Application (2022 & 2030)

16. Global Elderly Care Service Market Share by Regions (2022 & 2030)

17. Global Elderly Care Service Market Share by Company (2021)

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

Global Elderly Care Services Market by Product Type:

  • Pharmaceuticals
  • Housing & Assistive Devices

Global Elderly Care Services Market by Service Type:

  • Homecare
  • Institutional Care
  • Adult Day Care
  • Others

Global Elderly Care Services Market by Application:

  • Heart Diseases
  • Cancer
  • Kidney Diseases
  • Diabetes
  • Arthritis
  • Osteoporosis
  • Neurological
  • Respiratory
  • Others

Global Elderly Care Services 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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