Medical Robotic Systems Market

Medical Robotic Systems Market Size By Product Type (Surgical Robotic Systems, Rehabilitative Robotic Systems, Non-invasive Radiosurgery Robots, and Hospital & Pharmacy Robotic Systems), By Application (Radiation Therapy and Laproscopy), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13576
  • Published Date: Jul, 2023
  • Pages: 237
  • Category: Healthcare
  • Format: PDF
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The global medical robotic systems market was valued at USD 25.0 billion in 2022, growing at a CAGR of 17% from 2023 to 2032. The market is expected to reach USD 120.1 billion by 2032. The elderly are more prone to injuries and other illnesses that need surgical treatment due to the pathological and psychological changes associated with ageing. The primary drivers of medical robotic systems market expansion are the increased demand for precise laparoscopic procedures and the rising incidence of trauma injuries. Additionally, rising per capita healthcare spending and advancing medical equipment technology are expected to fuel the market in emerging nations.

Market Introduction:

Medical robotic systems are complex machines that automate and employ robotics to carry out precise operations. To better care for patients, medical robots are automated assistance systems utilized both inside and outside hospitals. This technique not only eases the workload on medical staff but also enables them to treat patients more effectively. Therefore, the widespread use of medical robots to deliver remote care, reduce hospital-acquired infections, and successfully and consistently take blood from patients is improving the whole sector's prognosis. They were employed in radiography, minor procedures, prosthetics, the emergency room, and neurosurgery. Medical robotic systems come in various styles, each with its requirements. Medical robotics is a cutting-edge piece of equipment that helps with complex surgical procedures, physical difficulties, and hospital automation to attain accuracy in medical, recuperation, and assistive ways.

Medical Robotic Systems Market Size

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Recent Development

The Flex Robotic System for robot-assisted visualization in general surgical, gynaecological, and thoracic operations was approved for sale in the United States by the FDA in January 2022, according to a medical robotics business called Medrobotics Corp. The Company's progress in creating revolutionary products for single-port general, gynaecological, thoracic, and urological operations is reaffirmed by this clearance.

Titan Medical and Medtronic announced their agreement for a restricted development programme in 2022. The deal states that Titan Medical will initially apply its surgical robot to gynaecological treatments. Medtronic will evaluate the efficiency of Titan's equipment and cameras during such procedures.

According to Intuitive, a leading global technology company in minimally invasive care and the creator of robotic-assisted surgery, the U.S. Food and Drug Administration approved the integration of a mobile cone-beam CT (CBCT) imaging technology and the Ion Endoluminal System used for robotic-assisted bronchoscopy in 2022.

In North America in 2021, Renishaw stated that it had secured a deal with Verisurf Software Inc. This helps the Company progress technologically and achieve its ambition to support more REVO sensors.

Robotic Assistance Devices (RAD), the Company's wholly-owned subsidiary, has received an order from the top 20 global medical device companies, which employs about 50,000 people, for what RAD anticipates will be the first of several HSO (Health Screening Option) units to be deployed at one of their client's manufacturing facilities in 2020.

2020 saw Medtronic (U.S.) buy Digital Surgery, a surgical artificial intelligence, data, and analytics pioneer. As a result, Medtronic's portfolio and platform for robotic surgery have expanded.

Market Dynamics:

Drivers

Technological Development- The market has expanded owing to the rapid development of surgical technology and equipment. The market will also keep expanding because of the rapid development of technology in fields like 3D imaging, remote navigation, robotic catheter control systems (CCS), motion sensors, and others. Additionally, more products gaining FDA approval are projected to spur market growth during the forecast period.

Restraints:

High Cost- Market expansion is expected to be constrained by a lack of infrastructure, expensive robotically assisted procedures, and high research and development expenditures. In addition, the market is anticipated to experience difficulties due to poor technology adoption, favourable reimbursement situations in developing economies, and expensive infrastructure capital and maintenance expenses in low and middle-income countries. Robotic surgery is more expensive than open surgery. For instance, the most popular robotic system, the da Vinci system, is between USD 1.0 million and USD 3.0 million per unit. In contrast, the CyberKnife radiosurgery robotic system costs USD 4.2 to USD 5.2 million per unit. A further $100,000 will be spent on maintenance.

Opportunities:

Rise in Medical Tourism- For market participants; the developing countries are expected to present significant potential. Over the past ten years, emerging regions have seen a steady rise in the percentage of surgical procedures thanks to increased target patient populations and rising medical tourism. Since today's government has already begun to develop travel plans and since traveller's medications are a blessing, the demand for medical robotic systems will rise as medical support for tourism increases.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest global medical robotic systems market, with a 55% market revenue share in 2022.

During the forecast period, a healthy increase in demand for the advanced healthcare infrastructure system is anticipated in APAC. Governments are also assisting in market expansion because they search for technical advancements in their pharmaceutical industries. This makes way for future developments, improved accessibility for medical robotics, and increased investment. The majority of the region's market share comes from China. The rise in the use of instrument-based services in China is the key factor driving the need for medical robots there. Other elements, such as a shortage of qualified carers and physiotherapists, also support the need.

In the near future, the Asia-Pacific region's demand for sophisticated healthcare infrastructure systems is anticipated to expand enormously. The majority of the market share in the area comes from China. The growing use of instrument-based services in China fuels the need for medical robots. Still, other issues, like a shortage of qualified physiotherapists and carers, also play a role.

Although the da Vinci system has been utilized in over 60,000 surgeries in China, the South China Morning reports that the Chinese government is eager to reduce its reliance on foreign technology. It has supported more than 30 MedTech manufacturers for over two years as they create intelligent robots and robotic medical products, including surgical robots.

Asia Pacific Region Medical Robotic Systems Market Share in 2022 - 55%

 

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Product Type Segment Analysis

The product type segment is divided into surgical robotic systems, rehabilitative robotic systems, non-invasive radiosurgery robots, and hospital & pharmacy robotic systems. The surgical robotic systems segment dominated the market, with a market share of around 41% in 2022. Robotic surgery is a minimally invasive surgery that makes use of robotic technology. These robotic devices, controlled by surgeons and comprise small surgical tools mounted on robotic arms, enable surgeons to carry out precise operations. The growing demand for automation in the healthcare sector and the shift in preference for sophisticated robotic surgery are the main drivers of the surgical robot market. Researchers are creating novel methods to overcome motion and tissue resistance using collaborative robots. In delicate processes and sterile surroundings, collaborative robots, for instance, help to reduce the chance of human contamination. Collaborative robot arms from UR can precisely handle and assemble implants or other medical supplies.

Application Segment Analysis

The application segment is divided into radiation therapy and laproscopy.The laproscopy segment dominated the market, with a market share of around 63% in 2022 due to the rising laproscopy surgeries and increasing adoption of surgical robots this segment is dominant.

Some of the Key Market Players:
  • iRobot Corporation
  • Medrobotics Corporation
  • Titan Medical Inc.
  • Renishaw Plc
  • Health Robotics SLR
  • OR Productivity plc
  • Intuitive Surgical
  • Mako Surgical Corp.
  • Varian Medical Systems
  • Stereotaxis Inc.
  • Mazor Robotics
  • Medtronic
  • Stryker
  • Zimmer Biomet
  • Smith & Nephew

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 25.0 Billion
Market size value in 2032 USD 120.1 Billion
CAGR (2023 to 2032) 17%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the medical robotic systems market was valued at USD 25.0 billion in 2022 to USD 120.1 billion by 2032.

The global medical robotic systems market is growing at a CAGR of 17% during the forecast period 2023-2032.

Asia Pacific emerged as the largest medical robotic systems market.

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 Application
          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. Technological development
    5.3. Restraints
          5.3.1. High cost
    5.4. Opportunities
          5.4.1. Rise in medical tourism
    5.5. Challenges
          5.5.1. High cost

6. Global Medical Robotic Systems Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Surgical Robotic Systems
    6.3. Rehabilitative Robotic Systems
    6.4. Non-invasive Radiosurgery Robots
    6.5. Hospital & Pharmacy Robotic Systems

7. Global Medical Robotic Systems Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Radiation Therapy
    7.3. Laproscopy

8. Global Medical Robotic Systems 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 Medical Robotic Systems Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in Global Medical Robotic Systems 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. iRobot Corporation
          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. Medrobotics Corporation
          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. Titan Medical Inc.
          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. Renishaw Plc
          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. Health Robotics SLR
          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. OR Productivity plc
          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. Intuitive Surgical
          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. Mako Surgical Corp.
          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. Varian Medical Systems
          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. Stereotaxis Inc.
          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. Mazor Robotics
          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. Medtronic
          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. Stryker
          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
    10.14. Zimmer Biomet
          10.14.1. Business Overview
          10.14.2. Company Snapshot
          10.14.3. Company Market Share Analysis
          10.14.4. Company Product Portfolio
          10.14.5. Recent Developments
          10.14.6. SWOT Analysis
    10.15. Smith & Nephew
          10.15.1. Business Overview
          10.15.2. Company Snapshot
          10.15.3. Company Market Share Analysis
          10.15.4. Company Product Portfolio
          10.15.5. Recent Developments
          10.15.6. SWOT Analysis

List of Table

1. Global Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

2. Global Surgical Robotic Systems, Medical Robotic Systems Market, By Region, 2019-2032 (USD Billion) 

3. Global Rehabilitative Robotic Systems, Medical Robotic Systems Market, By Region, 2019-2032 (USD Billion) 

4. Global Non-invasive Radiosurgery Robots, Medical Robotic Systems Market, By Region, 2019-2032 (USD Billion) 

5. Global Hospital & Pharmacy Robotic Systems, Medical Robotic Systems Market, By Region, 2019-2032 (USD Billion)

6. Global Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

7. Global Radiation Therapy, Medical Robotic Systems Market, By Region, 2019-2032 (USD Billion)

8. Global Laproscopy     , Medical Robotic Systems Market, By Region, 2019-2032 (USD Billion)

9. North America Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

10. North America Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

11. U.S. Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

12. U.S. Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

13. Canada Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

14. Canada Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

15. Mexico Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

16. Mexico Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

17. Europe Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

18. Europe Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

19. Germany Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

20. Germany Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

21. France Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

22. France Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

23. U.K. Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

24. U.K. Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

25. Italy Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

26. Italy Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

27. Spain Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

28. Spain Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

29. Asia Pacific Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

30. Asia Pacific Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

31. Japan Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

32. Japan Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

33. China Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

34. China Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

35. India Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

36. India Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

37. South America Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

38. South America Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

39. Brazil Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

40. Brazil Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

41. Middle East and Africa Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

42. Middle East and Africa Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

43. UAE Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

44. UAE Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

45. South Africa Medical Robotic Systems Market, By Product Type, 2019-2032 (USD Billion)

46. South Africa Medical Robotic Systems Market, By Application, 2019-2032 (USD Billion)

List of Figures 

1. Global Medical Robotic Systems Market Segmentation

2. Global Medical Robotic Systems 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 Medical Robotic Systems Market Attractiveness Analysis by Product Type

9. Global Medical Robotic Systems Market Attractiveness Analysis by Application

10. Global Medical Robotic Systems Market Attractiveness Analysis by Region

11. Global Medical Robotic Systems Market: Dynamics

12. Global Medical Robotic Systems Market Share by Product Type (2023 & 2032)

13. Global Medical Robotic Systems Market Share by Application (2023 & 2032)

14. Global Medical Robotic Systems Market Share by Regions (2023 & 2032)

15. Global Medical Robotic Systems Market Share by Company (2022)

This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global medical robotic systems market based on the below-mentioned segments:

Global Medical Robotic Systems Market By Product Type:

  • Surgical Robotic Systems
  • Rehabilitative Robotic Systems
  • Non-invasive Radiosurgery Robots
  • Hospital & Pharmacy Robotic Systems

Global Medical Robotic Systems Market By Application:

  • Radiation Therapy
  • Laproscopy

Global Medical Robotic Systems 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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