Healthcare Cyber Security Market

Healthcare Cyber Security Market Size by Type of Threat (DDoS, Spyware, Malware, Lost or Stolen Devices, Advanced Persistent Threat, Others), End-Use (Medical Devices, Hospitals, Pharma & Chemicals, Health Insurance, Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-13028
  • Published Date: Nov, 2022
  • Pages: 235
  • Category: Healthcare
  • Format: PDF
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The global healthcare cyber security market was valued at USD 15.99 billion in 2022 and growing at a CAGR of 20.38% from 2022 to 2030. The market is expected to reach USD 70.55 billion by 2030. Asia Pacific is expected to increase the fastest during the forecast period.

Market Introduction:

Advanced healthcare cybersecurity solutions are more in demand as more internet of things devices are used in the healthcare industry. As there are possible risks in this industry, healthcare cybersecurity companies provide hospital and patient information security solutions and services. Maintaining data integrity, confidentiality, and accessibility is called information security or cyber security. Numerous companies in the market offer cutting-edge healthcare cybersecurity solutions. Criminals find the healthcare industry to be an appealing target. Medical information is even more important than banking information or credit card information. The risk of cyberattacks has increased with the digitization of the healthcare industry. Data theft, digital attacks and illegal access to healthcare data, devices, networks, and many more programmes are all prevented by cyber security software and technology, which assists in risk management. A cyber security plan defends healthcare providers' networks, systems, and software against online threats. Numerous software is required for healthcare cybersecurity to protect patient and healthcare organization data from online threats. Over the past few years, breaches have increased in healthcare businesses. Cybersecurity is improving due to advanced technology. Rising privacy and security concerns, increased cyberattacks, and a more significant acceptance of cutting-edge cybersecurity solutions are some of the reasons propelling the market. In addition, it is anticipated that factors such as the expanding use of cloud-based solutions in the healthcare industry, the increasing use of smartphones and connected devices, and the deployment of 5G technology will help the market expand throughout the projected period.

Healthcare Cyber Security Market Size

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Recent Development

Cisco and Cisco collaborated through the Organization of American States (PAS) to broaden and democratize cybersecurity adoption throughout Latin America.

In September 2019, IBM teamed up with the city of Los Angeles and the LA Cyber Lab to combat cybercrime and become more resistant to it. Modern technology that has a significant impact on preventing cyberattacks was made available to local businesses.

McAfee created two physical security operations and one cyber centre to provide cutting-edge protection. McAfee Security Fusion Centers are what they are called, and they are situated in Texas, Plano, and Ireland.

For instance, IBM stated in November 2021 that it would expand its cyber security and response capabilities by purchasing ReaQta, a Dutch cyber security response and threat detection company.

Market Dynamics:

Drivers:

Increasing demand for cyber security in the healthcare sector- Healthcare cyber security has undergone a market shift due to cyberattacks and data breaches in healthcare businesses. The market for healthcare cyber security is anticipated to expand over the forecast period due to fundamental reasons such as increased cybercrime, healthcare spending, and the greater significance of cyber security in the healthcare sector. The market growth for healthcare cyber security will be significantly boosted by the numerous government initiatives worldwide to safeguard personal information. Healthcare businesses must prioritize safety, including hospitals, clinics, and pharmaceutical firms. Another significant factor propelling the healthcare cyber security market is the increase in internet and gadget usage in the sector. Due to the COVID-19 epidemic, remote access devices were employed more frequently.

Restraints:

Lack of awareness- While the healthcare cyber security market is anticipated to expand significantly throughout the forecast period, some restrictions will inevitably slow expansion. Employees in the healthcare sector and others are unaware of how important cyber security is, particularly regarding security software. Medical records continue to be both a risk and a valuable resource for healthcare organizations. The black market uses various personal data, including social security numbers, bank account numbers, and more. Maintaining awareness of these threats and adjusting to technological advancements are crucial.

Opportunities:

Increasing phishing incidents in the healthcare sector- Because of the pandemic, there have been more phishing incidents in the healthcare sector, and the market has expanded. The demand for cybersecurity is growing as more industries, including the healthcare sector, use the internet and various digital platforms. It is also anticipated that the availability of cutting-edge cybersecurity solutions will aid the market's expansion. Governments and numerous health organizations are making investments in and launching new initiatives related to healthcare cybersecurity systems. Due to the rising number of data breaches, the market for healthcare cybersecurity has grown.

Challenges:

High cost of cybersecurity solutions- Healthcare institutions have a certain amount of funding at their disposal, and a meagre portion of the overall IT budget is set aside for cybersecurity. Healthcare institutions such as hospitals prioritize operational efficiency over cybersecurity, which leaves relatively little in the way of safeguards for digital assets. The cost of cybersecurity solutions is a significant barrier to the growth of the healthcare cybersecurity industry, even when practical and efficient solutions are considered.

Segmentation analysis:

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 healthcare cyber security market, with a 37.24% share of the market revenue in 2022.

North America, which accounted for 37.24% of the total revenue in the global healthcare cyber security market in 2022, led the market revenue share. Major companies being present and the rising use of cyber security by healthcare organizations are the main contributing factors to the market's growth. The industry is fuelled by increased expenditure on cyber security and technical development. Additionally, the market expansion is contributed to the sophisticated healthcare infrastructure. Introducing novel devices to protect patient data in the healthcare sector is another factor driving market expansion. The most recent "Cisco Umbrella" was, for instance, produced by Cisco in 2018. It was implemented at the University of Kansas Hospital to safeguard medical equipment and financial data from ransomware.

North America Region Healthcare Cyber Security Market Share in 2022 - 37.24%

 

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Type of Threat Segment Analysis 

The type of threat segment is divided into DDoS, spyware, malware, lost or stolen devices, advanced persistent threats, and others. The malware segment dominated the market, with a market share of around 23.81% in 2022. There are numerous cybersecurity-related problems in the healthcare sector. These include Distributed Denial of Service (DDoS) assaults that impair providers' capacity to deliver quality patient care, malware that jeopardizes system integrity and patient privacy, and other threats. Because hackers are aware of and prefer ransomware, a ransomware attack is the most common malware.

End-Use Segment Analysis

The end-use segment is divided into medical devices, hospitals, pharma & chemicals, health insurance, and others. In 2022, the hospitals segment dominated the market, accounting for around 27.94% of global revenue. Due to the enormous amount of patient data they store, hospitals are particularly susceptible to cyberattacks. These attacks increase when a pandemic threatens patient care and private data. The use of cyber security will rise as a result. Consider the case of Blackbaud, a cloud computing provider, where a security lapse exposed patient data from over 46 hospitals and health organizations. After a security breach in hospitals, annual spending on advertising surged. By incurring this additional cost, hospitals can keep patients longer than their rivals in the market and rebuild their patient base. By putting in place a better data security system, which is predicted to drive a rise in hospital cyber security investment, such costs to the healthcare system can be avoided.

Some of the Key Market Players:

Some of the Key Market Players:

  • IBM
  • Symantec
  • MacAfee
  • Kaspersky
  • Northrop Grumman
  • Fortinet Inc
  • Cisco
  • Trend Micro
  • Imperva Inc
  • Lockheed Martin
  • Medigate Ltd
  • FireEye
  • Intel

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 15.99 Billion
Market size value in 2030 USD 70.55 Billion
CAGR (2022 to 2030) 20.38%
Historical data 2019-2020
Base Year 2021
Forecast 2022-2030
Segments Type of Threat, End-Use
Regional Segments The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the healthcare cyber security market was valued USD 15.99 billion in 2022 & USD 70.55 billion by 2030.

Global healthcare cyber security market is growing at a CAGR of 20.38% during the forecast period 2022-2030.

The global healthcare cyber security market has been segmented based on type of threat, end-use, and regions.

North America region emerged as the largest market for the healthcare cyber security.

The market's growth will be influenced by the increasing demand for cyber security in the healthcare sector.

Increasing phishing incidents in the healthcare sector is providing huge opportunities to the market.

The market will be challenged by the high cost of cybersecurity solutions.

Key players are IBM, Symantec, MacAfee, Kaspersky, Northrop Grumman, Fortinet Inc, Cisco, Trend Micro, Imperva Inc, Lockheed Martin, Medigate Ltd, FireEye, Intel among others.

1. Introduction
    1.1. Objective 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 of Threat
          4.3.2. Market Attractiveness Analysis By End-Use
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing demand for cyber security in the healthcare sector
    5.3. Restraints
          5.3.1. Lack of awareness
    5.4. Opportunities
          5.4.1. Increasing phishing incidents in the healthcare sector
    5.5. Challenges
          5.5.1. High cost of cybersecurity solutions

6. Global Healthcare Cyber Security Market Analysis and Forecast, By Type of Threat
    6.1. Segment Overview
    6.2. DDoS
    6.3. Spyware
    6.4. Malware
    6.5. Lost or Stolen Devices
    6.6. Advanced Persistent Threat
    6.7. Others

7. Global Healthcare Cyber Security Market Analysis and Forecast, By End-Use
    7.1. Segment Overview
    7.2. Medical Devices
    7.3. Hospitals
    7.4. Pharma & Chemicals
    7.5. Health Insurance
    7.6. Others

8. Global Healthcare Cyber Security Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa

9. Global Healthcare Cyber Security Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Healthcare Cyber Security Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. IBM
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Symantec
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. MacAfee
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Kaspersky
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Northrop Grumman
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Fortinet Inc
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Cisco
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Trend Micro
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Imperva Inc
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. Lockheed Martin
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Product Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis
    10.11. Medigate Ltd
          10.11.1. Business Overview
          10.11.2. Company Snapshot
          10.11.3. Company Market Share Analysis
          10.11.4. Company Product Portfolio
          10.11.5. Recent Developments
          10.11.6. SWOT Analysis
    10.12. FireEye
          10.12.1. Business Overview
          10.12.2. Company Snapshot
          10.12.3. Company Market Share Analysis
          10.12.4. Company Product Portfolio
          10.12.5. Recent Developments
          10.12.6. SWOT Analysis
    10.13. Intel
          10.13.1. Business Overview
          10.13.2. Company Snapshot
          10.13.3. Company Market Share Analysis
          10.13.4. Company Product Portfolio
          10.13.5. Recent Developments
          10.13.6. SWOT Analysis

List of Table

1. Global Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

2. Global DDoS, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion) 

3. Global Spyware, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion) 

4. Global Malware, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion)

5. Global Lost or Stolen Devices, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion)

6. Global Advanced Persistent Threat, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion)

7. Global Others, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion) 

8. Global Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

9. Global Medical Devices, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion) 

10. Global Hospitals, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion)

11. Global Pharma & Chemicals, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion)

12. Global Health Insurance, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion)

13. Global Others, Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion) 

14. Global Healthcare Cyber Security Market, By Region, 2019-2030 (USD Billion) 

15. North America Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

16. North America Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

17. U.S. Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

18. U.S. Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

19. Canada Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

20. Canada Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

21. Mexico Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

22. Mexico Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

23. Europe Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

24. Europe Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

25. Germany Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

26. Germany Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

27. France Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

28. France Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

29. U.K. Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

30. U.K. Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

31. Italy Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

32. Italy Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

33. Spain Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

34. Spain Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

35. Asia Pacific Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

36. Asia Pacific Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

37. Japan Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

38. Japan Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

39. China Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

40. China Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

41. India Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

42. India Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

43. South America Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

44. South America Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

45. Brazil Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

46. Brazil Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

47. Middle East and Africa Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

48. Middle East and Africa Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

49. UAE Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

50. UAE Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion) 

51. South Africa Healthcare Cyber Security Market, By Type of Threat, 2019-2030 (USD Billion) 

52. South Africa Healthcare Cyber Security Market, By End-Use, 2019-2030 (USD Billion)

List of Figures 

1. Global Healthcare Cyber Security Market Segmentation

2. Healthcare Cyber Security 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 Healthcare Cyber Security Market Attractiveness Analysis By Type of Threat

9. Global Healthcare Cyber Security Market Attractiveness Analysis By End-Use

10. Global Healthcare Cyber Security Market Attractiveness Analysis By Region

11. Global Healthcare Cyber Security Market: Dynamics

12. Global Healthcare Cyber Security Market Share by Type of Threat (2022 & 2030)

13. Global Healthcare Cyber Security Market Share by End-Use (2022 & 2030)

14. Global Healthcare Cyber Security Market Share by Regions (2022 & 2030)

15. Global Healthcare Cyber Security Market Share by Company (2021)

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

Global Healthcare Cyber Security Market by Type of Threat:

  • DDoS
  • Spyware
  • Malware
  • Lost or Stolen Devices
  • Advanced Persistent Threat
  • Others

Global Healthcare Cyber Security Market by End-Use:

  • Medical Devices
  • Hospitals
  • Pharma & Chemicals
  • Health Insurance
  • Others

Global Healthcare Cyber Security 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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