Insulin Pump Market

Insulin Pump Market Size by Product Type (Tethered Pumps, Patch Pumps, Consumables, and Others), Disease Indication (Type 1 Diabetes and Type 2 Diabetes), Distribution Channel, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-13042
  • Published Date: Nov, 2022
  • Pages: 237
  • Category: Healthcare
  • Format: PDF
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The global insulin pump market is expected to grow from USD 5.56 billion in 2022 to USD 12.40 billion by 2030, at a CAGR of 10.55% during the forecast period 2022-2030. The rising prevalence of diabetes, given the increasingly growing overweight population, will drive the global insulin pump market.

Market Introduction:

Carbohydrates, proteins, and fats are the three major macro-nutrients that the body generally needs. The body receives its energy from glucose, which is produced from carbohydrates. The hormones insulin and glucagon keep blood glucose levels within a certain range to protect organ health and prevent deadly diseases and disorders. The pancreas produces insulin, and if the blood glucose level veers off-balance, it reduces it. However, sometimes the body produces less insulin than needed or inefficient amounts due to several contributing variables. An insufficient or ineffective insulin pump causes blood glucose levels to rise. The name of this illness is diabetes. High blood sugar levels can bring on heart failure, kidney failure, and other illnesses. Type 1 diabetes and type 2 diabetes are distinguished by what causes the body's blood glucose level to rise. A common condition that is rapidly impacting the younger population is prediabetes. It is considered prediabetes when blood sugar levels are high but not high enough to qualify as type 2 diabetes. Gestational diabetes can affect expectant mothers. For those with diabetes, external insulin injections are required to control their body's blood glucose levels. Insulin is a life-saving drug for diabetic patients. Insulin pumps are used to administer insulin. It is a computerized medical device about the size of a cell phone. The pumps are designed to deliver a prescribed amount of insulin at regular intervals. Insulin pumps enable the patient's flexibility as they switch to other methods of administering insulin as and when they desire. Insulin pumps are versatile as they can be kept in one's pocket, attached to clothes with a strap, held on to a belt, or held on the stomach or arm with the help of an adhesive. One of the most beneficial factors of insulin pumps is that patients don't need to remember injecting insulin at regular intervals, which they most likely forget, as the insulin pump is attached to the body. Increasing product improvements can promote the use of the device by making the insulin pump more affordable, accessible, and available to every patient wanting to use it.

Insulin Pump Market Size

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Recent Development

October 2022 - Automated insulin delivery (AID) systems, smart insulin pens, and pumps have all been created in recent years due to significant developments in diabetes technology. Although many people with type 1 diabetes now find it easier to administer insulin, maintaining a tailored insulin regimen, calculating carbs, and adjusting insulin dosage at each meal can still be difficult. A novel AID system called the iLet Bionic Pancreas is currently undergoing FDA approval to do away with these responsibilities. A study comparing the iLet Bionic Pancreas with the current insulin delivery systems was published in September 2022 in the New England Journal of Medicine (NEJM). A linked smartphone or reader, a Dexcom G6 CGM, and a tubed insulin pump make up iLet. But unlike other AID systems, iLet does not require manual insulin dosing during meals or carb counting.

October 2022 – EOPatch is a small and lightweight wearable insulin pump made by EOFlow Co. On October 17, 2022, the company announced that it had exported an EOPatch production line to Sinoflow Co., a joint venture in China. On September 30, the company also shipped materials and partially assembled parts for the disposable insulin pump's trial production. Additionally, it sent a small group of manufacturing specialists to China to install equipment and build lines. The company's most recent DART release states that the export of production equipment and technical services amounts to around USD 1.5 million.

Market Dynamics:

Drivers:

The rising diabetic population – The exact cause of diabetes is unknown. However, a list of factors that can significantly increase the risk of diabetes has been developed after years of research, trials, and surveys. The most prominent factors are obesity and increasing age. Nearly 40% of the world's population is now obese. A sedentary lifestyle with no physical exercise and an unhealthy diet are the most common causes of obesity or overweight. The advancement in healthcare has increased the life expectancy of the world. Therefore, the geriatric population is increasing as a proportion of the total population. The geriatric population is at a greater risk of getting diabetic. As a result, the number of diabetics will probably rise as more people become obese or overweight, and old. The market will expand due to the rising number of diabetics.

Restraints:

High cost of insulin pump – The patient must take the insulin regularly because it is vital for their lives. These medical devices undergo extensive research, development, and innovation, which requires vast amounts of capital. After the necessary approvals, the product is introduced in the market, and the corporation that developed the product must break even and earn profits before its patents expire. Furthermore, the presence of only a few players in the market enables them to yield greater power of market prices. The pharma firms can set high prices without being held accountable or subject to oversight because of the loose regulatory framework and other political issues. Most consumers cannot get insulin pumps due to their high costs. The following maintenance is also high, discouraging an average individual from buying insulin pumps. As a result, the market's expansion will be hampered by the high price of insulin pumps.

Opportunities:

Integrating AI and ML to develop better insulin pump technologies The increasing incidence of diabetes has encouraged the private market players to invest in better insulin-delivering systems to exploit the growing diabetic market. The insulin-dependence demands the administration of insulin at regular intervals in the proper dosage amount according to the body's requirement. However, it is difficult and cumbersome to maintain track of blood glucose levels and inject insulin whenever necessary, given the busy lifestyle pattern of the modern world. Furthermore, insulin injections are not the most convenient form of taking medication for the elderly population. Integration of artificial intelligence and machine learning in developing computerized insulin pumps that independently administer insulin as and when required after calculating the body's needs are increasing in demand. Product innovations with technological advancements to enhance the insulin delivery system will offer lucrative opportunities for the market.

Challenges:

Lack of insurance coverage or reimbursement policies Lack of public healthcare infrastructure exposes diabetic patients to pharma corporations' exploitation with their high retail prices in developing and underdeveloped economies. The absence or low presence of private insurance covering insulin pumps under their health policies, as they are highly expensive, leads to an increase in out-of-pocket expenditure of patients. Additionally, the lack of government reimbursement policies leaves numerous patients without access to insulin pumps, given their unaffordable nature. The market's growth will be hampered by the poor state of the public healthcare system, government reimbursement policies, and a lack of affordable insurance coverage.

Segmentation analysis:

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest market for the global insulin pump market, with a 44.16% market revenue share in 2022. The presence of significant market players involved in the production of medical devices and technology contributes to the market's growth. Technological advancements enable companies to reduce production costs, followed by retail cost reduction, making their products affordable and accessible to most of the population. The increasing overweight population, given the sedentary lifestyle of the modern world and the rising trend of on-the-go snacking, is increasing the risk of diabetes in overweight adults and prediabetes in overweight children. The growing geriatric population will also contribute to an increase in the diabetic population as the elderly are more susceptible to acquiring the condition. Government initiatives offering research funding to develop better products and public-private partnerships delivering promising results in the market are also responsible for the region's dominance. Well-established reimbursement mechanisms and private insurance markets also aid the development of the market. The Asia Pacific market is anticipated to grow the fastest during the forecast period. A substantial portion of the population in the region is above 60 years of age. The geriatric population is at greater risk of diabetes. Therefore, the increasing geriatric population will increase insulin dependence with the growing number of diabetic patients in the elderlies and propelling the growth of the market. The presence of significant market players supported by government initiatives to innovate, produce and manufacture medical technology domestically will also aid the market's development.

North America region Insulin Pump Market Share in 2022 - 44.16%

 

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Product type segment analysis

The product type segment is divided into tethered pumps, patch pumps, consumables, and others. The patch pumps segment dominated the market with a revenue share of around 37% in 2022. Patch pumps are small, computerized insulin pumps that can be attached to the skin's surface. Patch pumps do not require any tubes to connect the pump to the cannula, allowing greater convenience for the patient. Patch pumps can be integrated or connected to smartphone apps that help the user monitor blood glucose levels to enhance insulin regulation. Integrating technology to add better features that enhance insulin-delivering will also propel the segment's growth. 

Disease indication segment analysis

The disease indication segment is divided into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment dominated the market with a market share of around 76% in 2022. Type 1 diabetes is a chronic illness and regular insulin intake is vital for patient survival. There is little to no insulin produced by the pancreas in the body. A controlled diet, frequent exercise, and insulin pump therapy help to control blood sugar levels. The increasing prevalence of type 1 diabetes, given the several economic, social, and environmental factors, will contribute to the rising demand for insulin pumps globally. There are fewer people with type 1 diabetes than type 2 diabetes, but type 1 diabetes is more dependent on insulin pump therapy.

Distribution channel segment analysis

The distribution channel is divided into hospitals, retail pharmacies, online pharmacies, and others. The retail pharmacies segment dominated the market with a market share of around 48% in 2022. Retail pharmacies offer multiple brands and their devices in a single place, improving accessibility for the consumer. The growing presence of retail pharmacies offers greater convenience to consumers. Furthermore, retail pharmacies employ qualified personnel to assist consumers, enabling them to make informed decisions while buying insulin pumps or other necessary devices.

Some of the Key Market Players:

  • Cellenovo
  • F Hoffmann-La Roche Ltd.
  • Insulet Corporation
  • Jiangsu Delfu Co. Ltd.
  • Medtronic
  • Nipro Diagnostic Inc.
  • Sooil Development
  • Tandem Diabetes Care Inc.
  • Valeritas Inc.
  • Ypsomed AG

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 5.56 Billion
Market size value in 2030 USD 12.40 Billion
CAGR (2022 to 2030) 10.55%
Historical data 2019-2020
Base Year 2021
Forecast 2022-2030
Segments The research segment is based on product type, disease indication, and distribution channel.
Regional Segments The regions examined 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 insulin pump market was valued at USD 5.56 billion in 2022 to USD 12.40 billion by 2030.

Global insulin pump market is growing at a CAGR of 10.55% during the forecast period 2022-2030.

The market's growth will be influenced by the rising diabetic population.

High cost of insulin pump could hamper the market growth.

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

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product Type
          4.3.2. Market Attractiveness Analysis by Disease Indication
          4.3.3. Market Attractiveness Analysis by Distribution Channel
          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 diabetic population
    5.3. Restraints
          5.3.1. The high cost of insulin pump
    5.4. Opportunities
          5.4.1. Integrating AI and ML to develop better insulin pump technologies
    5.5. Challenges
          5.5.1. Lack of insurance cover or re-imbursement policies

6. Global Insulin Pump Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Tethered Pumps
    6.3. Patch Pumps
    6.4. Consumables
    6.5. Others

7. Global Insulin Pump Market Analysis and Forecast, By Disease Indication
    7.1. Segment Overview
    7.2. Type 1 Diabetes
    7.3. Type 2 Diabetes

8. Global Insulin Pump Market Analysis and Forecast, By Distribution Channel
    8.1. Segment Overview
    8.2. Hospitals
    8.3. Retail Pharmacies
    8.4. Online Pharmacies
    8.5. Others

9. Global Insulin Pump 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 Insulin Pump Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Insulin Pump 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. Cellenovo
          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. F Hoffmann-La Roche Ltd.
          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. Insulet Corporation
          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. Jiangsu Delfu Co. Ltd.
          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. Medtronic
          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. Nipro Diagnostic 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. Sooil Development
          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. Tandem Diabetes Care Inc.
          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. Valeritas Inc.
          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. Ypsomed AG
          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

List of Table

1. Global Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

2. Global Tethered Pumps Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

3. Global Patch Pumps Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

4. Global Consumables Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

5. Global Others Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

6. Global Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

7. Global Type 1 Diabetes Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

8. Global Type 2 Diabetes Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

9. Global Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

10. Global Hospitals Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

11. Global Retail Pharmacies Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

12. Global Online Pharmacies Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

13. Global Others Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

14. Global Insulin Pump Market, By Region, 2019-2030 (USD Billion) 

15. North America Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

16. North America Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

17. North America Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

18. U.S. Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

19. U.S. Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

20. U.S. Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

21. Canada Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

22. Canada Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

23. Canada Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

24. Mexico Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

25. Mexico Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

26. Mexico Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

27. Europe Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

28. Europe Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

29. Europe Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

30. Germany Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

31. Germany Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

32. Germany Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

33. France Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

34. France Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

35. France Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

36. U.K. Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

37. U.K. Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

38. U.K. Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

39. Italy Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

40. Italy Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

41. Italy Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

42. Spain Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

43. Spain Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

44. Spain Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

45. Asia Pacific Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

46. Asia Pacific Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

47. Asia Pacific Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

48. Japan Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

49. Japan Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

50. Japan Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

51. China Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

52. China Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

53. China Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

54. India Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

55. India Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

56. India Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

57. South America Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

58. South America Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

59. South America Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

60. Brazil Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

61. Brazil Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

62. Brazil Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

63. Middle East and Africa Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

64. Middle East and Africa Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

65. Middle East and Africa Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

66. UAE Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

67. UAE Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

68. UAE Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

69. South Africa Insulin Pump Market, By Product Type, 2019-2030 (USD Billion) 

70. South Africa Insulin Pump Market, By Disease Indication, 2019-2030 (USD Billion) 

71. South Africa Insulin Pump Market, By Distribution Channel, 2019-2030 (USD Billion) 

List of Figures 

1. Global Insulin Pump Market Segmentation

2. Insulin Pump 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 Insulin Pump Market Attractiveness Analysis by Product Type

9. Global Insulin Pump Market Attractiveness Analysis by Disease Indication

10. Global Insulin Pump Market Attractiveness Analysis by Distribution Channel

11. Global Insulin Pump Market Attractiveness Analysis by Region

12. Global Insulin Pump Market: Dynamics

13. Global Insulin Pump Market Share by Product Type (2022 & 2030)

14. Global Insulin Pump Market Share by Disease Indication (2022 & 2030)

15. Global Insulin Pump Market Share by Distribution Channel (2022 & 2030)

16. Global Insulin Pump Market Share by Regions (2022 & 2030)

17. Global Insulin Pump 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 insulin pump market based on below mentioned segments:

Insulin Pump Market by Product Type:

  • Tethered Pumps
  • Patch Pumps
  • Consumables
  • Others  

Insulin Pump Market by Disease Indication:

  • Type 1 Diabetes
  • Type 2 Diabetes 

Insulin Pump Market by Distribution Channel:

  • Hospitals
  • Retail Pharmacies
  • Online Pharmacies
  • Others

Insulin Pump 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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