Pen Needles Market

Pen Needles Market Size By Product Type (Safety Pen Needles, Standard Pen Needles), Therapy (Glucagon-like-Peptide-1 (GLP-1), Insulin, Growth Hormone), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12878
  • Published Date: Aug, 2022
  • Pages: 234
  • Category: Healthcare
  • Format: PDF
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The global pen needles market is expected to reach USD 8.91 billion by 2030, at a CAGR of 13.07% from 2022 to 2030. The increased demand for pen needles results from the rising frequency of diabetes. By 2040, 642 million people will have diabetes, according to the International Diabetes Federation (IDF). The market is anticipated to expand steadily during the projected period due to the growing number of people with diabetes. Patients with diabetes frequently use these items to inject insulin or other intravenous medicine. Diabetes is quite common among obese persons.

Market Overview:

To administer injectable drugs in the body, pen needles are used. The injectable pens in these devices, which come in different diameters and lengths, are connected by a plastic hub-encased hollow needle. The pen needles and injection pen are an alternate medication delivery technique to the conventional vial/syringe approach. The rise in the frequency of individuals afflicted with diseases, particularly diabetes, is expected to lead to growth in the global pen needle market over the forecast period. The demand for pen needles over vials and syringes is rising, the senior population is expanding, and people are shifting toward less invasive treatments, all of which are driving factors in the global pen needles market. However, the lack of endocrinologists treating hormonal abnormalities and diseases, including diabetes, and thyroid disorders, restrains the market's expansion. Additionally, the rising frequency of diabetes and growing patient awareness of the convenience of medicine administration among people with diabetes provides significant growth prospects for the industry.

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Market Dynamics:

Drivers:
  • Increasing incidence of chronic illnesses

Serious diseases have been far more common than they were a few years ago. These conditions, which include osteoporosis, multiple sclerosis, diabetes, and cardiovascular disease (CVD), necessitate the weekly or daily administration of medications, often administered using injectors. Pen injectors have replaced other injectable medication delivery technologies as the new norm in the market, which is expanding quickly. Their ease of use, dependability, and capacity to be taken by the patient without the assistance of a doctor have all contributed to their exponential rise in popularity.

Restraints:
  • A preference for alternate medication delivery methods

Pen needles are a simple and convenient way to administer medication, but they can also result in discomfort, hyperglycemia, needlestick wounds, and infections. Because the dose of insulin pens cannot be controlled, some patients have hyperglycemia due to the medication. As a result, insulin pumps have replaced insulin pens in treating diabetes since they can automatically stop insulin and lower the risk of hypoglycemia. This is a significant element limiting market expansion. Although needle-free medication delivery methods have partially solved this problem, their therapeutic application scope is still quite restricted.

Opportunities:
  • Increasing acceptance of biosimilar medications

Pharmaceutical firms, including JCR Pharmaceuticals Co., Ltd., Teva Pharmaceutical Industries Ltd., and Sandoz, launched biosimilars in 2006. The need for biosimilars has grown dramatically because of their cheaper costs (in comparison to their original versions). Additionally, the market for biosimilars will be boosted by the upcoming patent expiration of numerous biological substances. Government agencies and insurance companies encourage the adoption of generics and biosimilars equally. For instance, CVS Caremark, a significant U.S. prescription insurance provider, has substituted branded injectable medications like EpiPen by Mylan and Lantus by Sanofi with their biosimilars Basaglar by Eli Lilly and Adrenaclick by Amedra Pharmaceuticals. The market for pen needles benefits from this as Basaglar is injected using a pen. The increased desire for biosimilar medications and backing from regulators and insurance companies will ensure that this market has significant growth prospects because many other injectable medications also need pen injection.

Challenges:
  • Pen needles can be reused

The tendency to recycle pen needles is widespread across the globe, ranging from a simple 30% of patients to a whopping 95% of patients worldwide. The most frequent causes are cost, the absence of reimbursements in many developing nations, and convenience. Pen needle reuse is a significant barrier to market expansion since it reduces the need for fresh needles. In addition, the study revealed that germs already existed on pen needles after usage and that their development accelerated with every reuse. Reuse of a pen needle can result in several problems, including infection, lipohypertrophy, poor glucose control, and raising safety issues.

Segmentation Analysis:

The global pen needles market has been segmented based on product type, therapyand region.

  • The product type segment is divided into safety pen needles and standard pen needles. In 2021, the standard pen needles segment had the highest revenue share of 59.26%. Patients' frequent use of such drugs in higher dosages was attributed to the rise. Typical users of these needles include those who have cognitive issues. However, these needles are not recommended due to the significant danger of needlestick injuries since they make pen needles less safe. As a result, it is anticipated that their demand will be modest in the short term. In homes, standard pen needles are more frequently used. Incorrect dosages and associated difficulties are caused by a lack of basic instructions on using these devices properly.
  • The therapy segment is divided into glucagon-like-peptide-1 (glp-1), insulin, and growth hormone. The insulin segment became the most significant, with a revenue share of approximately 38.95% in 2021. This is because more Type 2 and Type 1 diabetes patients know the benefits of self-administering insulin.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the largest market for the global pen needles market, with a 35.48% share of the market revenue in 2021.

  • With a share of 35.48% in 2021, Europe led the market. High product pricing and a high patient volume are the main contributors to the large market share. The use of innovative technologies is encouraged by rising patient awareness and good reimbursement conditions in the region. The demand is also anticipated to be fuelled by a sedentary lifestyle and growing obesity rates. Additionally, the U.K. government invests in diabetes care and research to advance diabetic patients' treatment options.

Europe Region Pen Needles Market Share in 2021 - 35.48%

 

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Competitive Analysis:

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

List of Key Market Players:

  • Stat Medical Inc.
  • Montmed Inc.
  • Cambridge Sensors Ltd.
  • Allison Medical
  • Terumo Corporation
  • B. Braun Melsungen AG
  • Ypsomed Holding AG
  • Owen Mumford Ltd.
  • Ulticare
  • Novo Nordisk
  • Becton, Dickinson, and Company

Key Target Audience

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

Report Description: 

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

Frequesntly Asked Questions

As per The Brainy Insights, the size of the pen needles market was valued at USD 2.95 billion in 2021 to USD 8.91 billion by 2030.

The global pen needles market is growing at a CAGR of 13.07% during the forecast period 2022-2030.

The global pen needles market has been segmented based on product types, therapy, and regions. The standard pen needles segment led the market in 2021.

The European region emerged as the largest market for the pen needles.

The market's growth will be influenced by the increasing incidence of chronic illnesses.

A preference for alternate medication delivery methods could hamper the market growth.

Increasing acceptance of biosimilar medications will provide huge opportunities to the market.

The key players are Stat Medical Inc., Montmed Inc., Cambridge Sensors Ltd., Allison Medical, Terumo Corporation, B. Braun Melsungen AG, Ypsomed Holding AG, Owen Mumford Ltd., Ulticare, Novo Nordisk, Becton, Dickinson, and Company.

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 Therapy
          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 incidence of chronic illnesses
    5.3. Restraints
          5.3.1. A preference for alternate medication delivery methods
    5.4. Opportunities
          5.4.1. Increasing acceptance of biosimilar medications

6. Global Pen Needles Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Safety Pen Needles
    6.3. Standard Pen Needles

7. Global Pen Needles Market Analysis and Forecast, By Therapy
    7.1. Segment Overview
    7.2. Glucagon-like-Peptide-1 (GLP-1)
    7.3. Insulin
    7.4. Growth Hormone

8. Global Pen Needles 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 Pen Needles Market-Competitive Landscape
    9.1. Overview
          9.1.1. Market Share of Key Players in the Pen Needles Market
          9.1.2. Global Company Market Share
          9.1.3. North America Company Market Share
          9.1.4. Europe Company Market Share
          9.1.5. APAC Company Market Share
    9.2. Competitive Situations and Trends
          9.2.1. Product Launches and Developments
          9.2.2. Partnerships, Collaborations, and Agreements
          9.2.3. Mergers & Acquisitions
          9.2.4. Expansions

10. Company Profiles
    10.1. Stat Medical Inc.
          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. Montmed Inc.
          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. Cambridge Sensors Ltd.
          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. Allison Medical
          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. Terumo Corporation
          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. B. Braun Melsungen AG
          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. Ypsomed Holding AG
          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. Owen Mumford Ltd.
          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. Ulticare
          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. Novo Nordisk
          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. Becton, Dickinson, and Company
          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
 

List of Table

1. Global Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

2. Global Safety Pen Needles Pen Needles Market, By Region, 2019-2030 (USD Billion) 

3. Global Standard Pen Needles Pen Needles Market, By Region, 2019-2030 (USD Billion)

4. Global Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

5. Global Glucagon-like-Peptide-1 (GLP-1) Pen Needles Market, By Region, 2019-2030 (USD Billion) 

6. Global Insulin Pen Needles Market, By Region, 2019-2030 (USD Billion)

7. Global Growth Hormone Market, By Region, 2019-2030 (USD Billion)

8. Global Pen Needles Market, By Region, 2019-2030 (USD Billion) 

9. North America Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

10. North America Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

11. U.S. Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

12. U.S. Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

13. Canada Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

14. Canada Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

15. Mexico Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

16. Mexico Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

17. Europe Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

18. Europe Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

19. Germany Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

20. Germany Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

21. France Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

22. France Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

23. U.K. Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

24. U.K. Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

25. Italy Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

26. Italy Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

27. Spain Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

28. Spain Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

29. Asia Pacific Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

30. Asia Pacific Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

31. Japan Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

32. Japan Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

33. China Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

34. China Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

35. India Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

36. India Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

37. South America Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

38. South America Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

39. Brazil Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

40. Brazil Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

41. Middle East and Africa Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

42. Middle East and Africa Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

43. UAE Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

44. UAE Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

45. South Africa Pen Needles Market, By Product Type, 2019-2030 (USD Billion) 

46. South Africa Pen Needles Market, By Therapy, 2019-2030 (USD Billion) 

List of Figures 

1. Global Pen Needles Market Segmentation

2. Pen Needles 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 Pen Needles Market Attractiveness Analysis By Product Type

9. Global Pen Needles Market Attractiveness Analysis By Therapy

10. Global Pen Needles Market Attractiveness Analysis By Region

11. Global Pen Needles Market: Dynamics

12. Global Pen Needles Market Share by Product Type (2022 & 2030)

13. Global Pen Needles Market Share by Therapy (2022 & 2030)

14. Global Pen Needles Market Share by Regions (2022 & 2030)

15. Global Pen Needles Market Share by Company (2021)

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

Global Pen Needles Market by Product Type:

  • Safety Pen Needles
  • Standard Pen Needles

Global Pen Needles Market by Therapy:

  • Glucagon-like-Peptide-1 (GLP-1)
  • Insulin
  • Growth Hormone

Global Pen Needles 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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