Nicotine Replacement Products Market

Nicotine Replacement Products Market by Type (Chewing Gums, Lozenges, Patches, Others), Distribution Channel, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028

Base Year: 2020 Historical Data: 2018-19
  • Report ID: TBI-12492
  • Published Date: Oct, 2021
  • Pages: 190
  • Category: Healthcare
  • Format: PDF
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Global nicotine replacement products market is expected to reach USD 3.5 billion by 2028, at a CAGR of 5.61%from 2021 to 2028. Growing dependency on nicotine along with growing awareness of smoking cessation should fuel nicotine replacement products growth and adoption over the projected timeframe.

Market Overview:

Nicotine replacement therapy is a medically-approved way to take nicotine by means other than that of tobacco. It is used to help with stopping chewing tobacco or quitting smoking. Often it is used along with other behavioral techniques. Replacement nicotine drugs come in several forms: nasal spray, gum, transdermal patch, oral inhaler, and tablet. Transdermal Patch is a sluggish, sustained, method of distribution of nicotine. Other products are immediate dosing sources of nicotine, such as gum, oral, nasal spray, inhaler and tablet. These offer general relief from craving and breakthrough relief from cravings with immediate nicotine release. Each of these products have varying degrees of potency and variable rates of absorption of nicotine, which are more successful while the consumer often receives parallel cessation-counseling, but they are beneficial even without accessory behavioral treatment. Patches include a dosage of nicotine obtained through the skin. People are weaned off nicotine over a span of weeks by transitioning to lower-dose patches. There are many types and strengths available. Nicotine gum is a fast-acting substitute type. It is taken in by the mouth's mucous membrane. Nicotine lozenges come in 2 strengths: 4 mg and 2 mg. Smokers pick their dosage depending on how long they normally take their first smoke when they wake up. Others include nicotine nasal spray and nicotine inhalers. The nasal spray immediately delivers nicotine to the body as it is absorbed by the nose. This relieves signs of addiction very quickly, which help people regulate their cravings for nicotine. Smokers generally prefer the nasal spray because it can be used, whenever they require. The nicotine inhaler is a thin plastic tube which has a nicotine cartridgein it. The nicotine inhaler distributes most nicotine vapor into the bloodstream in the mouth, unlike other inhalers which deliver most of the medicine to the lungs. They are the nicotine replacement form licensed by the FDA and is somewhat similar to smoking a cigarette, and certain smokers consider it helpful.

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Market Dynamics:

Drivers:
  • Increasing prevalence of illness

The global nicotine replacement products market is fuelled mainly by the rising prevalence of certain illness such as respiratory disorders, lung cancer and cardiac diseases. It, in effect, is caused by growing tobacco use in different ways that place a significant strain on public safety all over the globe.

  • Promotion of anti-smoking campaigns

To further drive market growth, several industry players are supporting anti-smoking campaigns and regularly launch smoking cessation items such as gums, lozenges and others.The combination of these products along with effective quit programs increases the chances of quitting smoking.

Restraints:
  • Side-effects of nicotine replacement products

The products used in nicotine replacement therapy has some side effects such as runny nose, coughing, irritation to the mouth or throat, nauseawhich is a restraining factor for the nicotine replacement products market.

Opportunities:
  • Government schemes and policies

Policy measures and initiatives to increase taxation on tobacco products and many other regulations have contributed to the usage of nicotine replacement products, as well as the rising incidence of lung cancer, asthma, chronic obstructive pulmonary disease (COPD), among others, contributing to the growth of nicotine replacement therapy and thus the demand for nicotine replacement products seems to rise substantially.

Challenges:
  • Effectiveness of nicotine replacement products

The efficacy of the nicotine replacement treatment and its products remains uncertain and this is a major challenge for the nicotine replacement therapy market.

Global Nicotine replacement products Market Key Findings:

All the segments have been evaluated on global, regional and country basis. The study includes an evaluation of more than 30 countries for each segment.

Segmentation Analysis:

The global nicotine replacement products market has been segmented based on type, distribution channel, and regions.

  • The type segment is divided into lozenges, chewing gums and patches. The chewing gums segment led the nicotine replacement products market with a market share of around 42.13% in the year 2020, because in addition to having therapeutic effects, the gums are available at an inexpensive price, contributing to greater adoption of such items. In fact, the production of flavour-induced gums often raises demand for these goods.
  • The distribution channel segment includes pharmacies, supermarket and hypermarket and online. The pharmacies segment is projected to grow at a higher CAGR of around 7.21%during the forecast period because this distribution channel offers a good assurance of product standards and consumer trust. Sales of nicotine replacement products in most countries are restricted to pharmacy shops only. Sales of these products are projected to rise in the forecast years with the trend of having general practitioners and well-trained pharmacists in the shops.

Regional Segmentation Analysis:

The regions evaluated for the nicotine replacement products market include Europe, North America, Asia Pacific, South America, and the Middle East and Africa. The North America region emerged as the largest market for the nicotine replacement products with a 34.53% share of market revenue in 2020.

  • This is attributed to increasing health awareness among consumers in this region.
  • During the forecast period, Asia Pacific is expected to be the fastest-growing region. Strict regulations formulated in China and India against smoking are projected to boost demand for increased adoption of replacement products.

North America Nicotine Replacement Products Market Share

 

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Global Nicotine Replacement Products Market Competitive Analysis:

For instance, in January, 2018, Nicotex Nicotine patches were introduced by Cipla Health, a branch of Cipla focused on customer safety goods, to support smokers quit the addiction in 12 weeks.

In June, 2015, Perrigo Company plc disclosed that it has entered into a deal to buy a portfolio of over— the-counter from GlaxoSmithKline Consumer Healthcare ("GSK") in compliance with GSK's undertakings with the European Commission and other authorities to divest thesefirms in the light of the establishment of a joint venture between Novartis International AG ("Novartis") and GSK.Perrigowill acquire GSK's Nicotine Replacement Therapy ("NRT"), mainly in the Brazil and European Economic Area ("EEA"), andNovartis's legacy Australian NRT business, comprising theNicotinell brand.

  • Alchem International Pvt. Ltd.
  • British American Tobacco Plc
  • Cipla Ltd.
  • FertinPharma
  • GlaxoSmithKline plc
  • Glenmark
  • Johnson & Johnson, Inc.
  • Perrigo Company plc
  • Pierre Fabre Group

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This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global nicotine replacement productsmarket on the basis of below mentioned segments:

Global Nicotine replacement products Market by Type:

  • Chewing Gums
  • Lozenges
  • Patches

Global Nicotine replacement products Market byDistribution Channel:

  • Supermarket and hypermarket
  • Pharmacies
  • Online

Global Nicotine replacement products 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

Report Description

  • Global Nicotine Replacement Products Market, Industry Analysis, Trends, Analysis and Forecast, 2021 to 2028 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2020 is considered as the base year of the report. 2018 and 2019 are considered as the historic years and 2021 to 2028 are the forecast years. The global nicotine replacement products market is based on revenue (USD Million/Billion), volume and price. The report incorporates the market study on the basis of revenue, and volume. The study covers the market share revenue/market share/volume for each of the segments, regions and countries catering to global nicotine replacement products market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts all across the globe. The research report also delivers an outline of the attractiveness of nicotine replacement products and regions which are deduced and formulatedon the basis of theirgrowth rate (CAGR), market size, and attractiveness by analyzing the present and future prospects to fathommarket growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global nicotine replacement products market. This offersvital and in depth insights in order to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global nicotine replacement products market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development &innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario. 
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis so as to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development in order to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which acts as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the products (market related i.e., global Nicotine Replacement Products market) is covered in order to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per the brainy insights, the size of the nicotine replacement products market was valued at USD 2.11 billion in 2020 and is anticipated to reach USD 3.5 billion by 2028.

Global nicotine replacement products market is growing at a CAGR of 5.61% during the forecast period 2021-2028.

The global nicotine replacement products market has been segmented based on type, distribution channel, and regions. The chewing gums segment led the nicotine replacement products market.

The North America region emerged as the largest market for the nicotine replacement products market.

The global nicotine replacement products market is driven majorly by the increasing prevalence of illness such as lung cancer, respiratory disorders and cardiac diseases.

Side-effects of nicotine replacement products may hamper the market growth.

Government policies and schemes to increase the taxes on cigarette will provide the huge opportunity to the market.

Key players are Alchem International Pvt. Ltd., British American Tobacco Plc, Cipla Ltd.

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 Type
          4.3.2. Market Attractiveness Analysis By Distribution Channel
          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 prevalence of illness
          5.2.2. Promotion of anti-smoking campaigns
    5.3. Restrains
          5.3.1. Side-effects of nicotine replacement products
    5.4. Opportunities
          5.4.1. Government policies and schemes
    5.5. Challenges
          5.5.1. Effectiveness of nicotine replacement products

6. Global Nicotine Replacement Products Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Chewing Gums
    6.3. Lozenges
    6.4. Patches

7. Global Nicotine Replacement Products Market Analysis and Forecast, By Distribution Channel
    7.1. Segment Overview
    7.2. Supermarket and hypermarket
    7.3. Pharmacies
    7.4. Online

8. Global Nicotine Replacement Products 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 Nicotine Replacement Products Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Nicotine Replacement Products 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. Alchem International Pvt. Ltd.
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Type Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. British American Tobacco Plc
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Type Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Cipla Ltd.
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Type Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Fertin Pharma
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Type Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. GlaxoSmithKline plc
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Type Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Glenmark
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Type Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Johnson & Johnson, Inc.
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Type Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Perrigo Co. plc
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Type Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Pierre Fabre Group
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Type Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis

List of Table

1. Global Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

2. Global Chewing Gums Nicotine Replacement Products Market, By Region, 2018-2028 (USD Billion)(Units)

3. Global Lozenges Nicotine Replacement Products Market, By Region, 2018-2028 (USD Billion)(Units)

4. Global Patches Nicotine Replacement Products Market, By Region, 2018-2028 (USD Billion)(Units)

5. Global Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

6. Global Supermarket and hypermarket, Nicotine Replacement Products Market, By Region, 2018-2028 (USD Billion)(Units)

7. Global Pharmacies, Nicotine Replacement Products Market, By Region, 2018-2028 (USD Billion)(Units)

8. Global Online, Nicotine Replacement Products Market, By Region, 2018-2028  (USD Billion)(Units)

9. Global Nicotine Replacement Products Market, By Region, 2018-2028  (USD Billion)(Units)

10. Global Nicotine Replacement Products Market, By North America, 2018-2028  (USD Billion)(Units)

11. North America Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

12. North America Nicotine Replacement Products Market, By Distribution Channel, 2018-2028  (USD Billion)(Units)

13. U.S. Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

14. U.S. Nicotine Replacement Products Market, By Distribution Channel, 2018-2028  (USD Billion)(Units)

15. Canada Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

16. Canada Nicotine Replacement Products Market, By Distribution Channel, 2018-2028  (USD Billion)(Units)

17. Mexico Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

18. Mexico Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

19. Europe Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

20. Europe Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

21. Germany Nicotine Replacement Products Market, By Type, 2018-2028 (USD Billion)(Units)

22. Germany Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

23. France Nicotine Replacement Products Market, By Type, 2018-2028 (USD Billion)(Units)

24. France Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

25. U.K. Nicotine Replacement Products Market, By Type, 2018-2028 (USD Billion)(Units)

26. U.K. Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

27. Italy Nicotine Replacement Products Market, By Type, 2018-2028 (USD Billion)(Units)

28. Italy Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

29. Spain Nicotine Replacement Products Market, By Type, 2018-2028 (USD Billion)(Units)

30. Spain Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

31. Asia Pacific Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

32. Asia Pacific Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

33. Japan Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

34. Japan Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

35. China Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

36. China Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

37. India Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

38. India Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

39. South America Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

40. South America Nicotine Replacement Products Market, By Distribution Channel, 2018-2028  (USD Billion)(Units)

41. Brazil Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

42. Brazil Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

43. Middle East and Africa Nicotine Replacement Products Market, By Type, 2018-2028 (USD Billion)(Units)

44. Middle East and Africa Nicotine Replacement Products Market, By Distribution Channel, 2018-2028  (USD Billion)(Units)

45. UAE Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

46. UAE Nicotine Replacement Products Market, By Distribution Channel, 2018-2028 (USD Billion)(Units)

47. South Africa Nicotine Replacement Products Market, By Type, 2018-2028  (USD Billion)(Units)

48. South Africa Nicotine Replacement Products Market, By Distribution Channel, 2018-2028  (USD Billion)(Units)

List of Figures 

1. Global Nicotine Replacement Products Market Segmentation

2. Nicotine Replacement Products 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 Nicotine Replacement Products Market Attractiveness Analysis By Type

9. Global Nicotine Replacement Products Market Attractiveness Analysis By Distribution Channel

10. Global Nicotine Replacement Products Market Attractiveness Analysis By Region

11. Global Nicotine Replacement Products Market: Dynamics

12. Global Nicotine Replacement Products Market Share by Type (2021 & 2028)

13. Global Nicotine Replacement Products Market Share by Distribution Channel (2021 & 2028)

14. Global Nicotine Replacement Products Market Share by Regions (2021 & 2028)

15. Global Nicotine Replacement Products Market Share by Company (2020)

This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global nicotine replacement products market on the basis of below mentioned segments:

Global Nicotine Replacement Products Market by Type:

  • Chewing Gums
  • Lozenges
  • Patches

Global Nicotine Replacement Products Market by Distribution Channel:

  • Supermarket and hypermarket
  • Pharmacies
  • Online

Global Nicotine Replacement Products 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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