Prosthetics and Orthotics Market

Prosthetics and Orthotics Market Size by Technology (Electric-powered, Conventional, and Hybrid Orthopedic Prosthetics), Type (Prosthetics [Lower Extremity, Upper Extremity, Sockets, Modular Components, and Liners] and Orthotics [Lower Limb, Upper Limb, and Spinal Orthotics]), End-User (Prosthetics Clinics, Hospitals, Rehabilitation Centre, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13627
  • Published Date: Aug, 2023
  • Pages: 238
  • Category: Healthcare
  • Format: PDF
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The global prosthetics and orthotics market was valued at USD 8.64 billion in 2022, growing at a CAGR of 4.64% from 2023 to 2032. The market is expected to reach USD 13.60 billion by 2032. The growing demand for customized and personalized solutions and the rising prevalence of chronic illnesses and disabilities are expected to propel market growth. 

Market Introduction:

Prosthetics and orthopedics are fields of clinical specialities that deal with post-amputation artificial limbs and support devices (orthotics) for people with musculoskeletal weakness or neurological disease. All devices must be an individual combination of appropriate materials, design, alignment and construction according to the individual's functional needs. Prosthetists and orthopedists are highly skilled allied health professionals who assess and treat people's physical and functional limitations resulting from disease and injury, including limb amputations. The job of prosthetics and orthopedics is to assess, determine, plan, adapt, observe, provide therapy and educate about the use and care of an appropriate prosthesis/orthosis that meets a person's needs. Prosthetics and orthotics are usually part of secondary care, rehabilitation and rehabilitation programs.

Prosthetics and Orthotics Market Size

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Recent Development
  • For example, in December 2021, WillowWood Global LLC entered into a strategic partnership with growth-focused private equity firm Blue Sea Capital LLC. The partnership will expand the company's funding and help it create more innovative products.
  • For example, in February 2022, Ossur launched its new next-generation Power Knee knee replacement system. The company designed an innovative electric prosthesis with advanced algorithms to provide movement to humans. The algorithm detects human movement, learns patterns, and adapts to the user's speed and cadence in real time. The company aims to expand its product range by launching new products.

Market Dynamics:

Drivers

The integration of robotics & artificial intelligence: The integration of robotics and artificial intelligence is one of the driving factors of market growth. Furthermore, the raised emphasis on natural appearance, the use of eco-friendly solutions, and coordination with healthcare and digital health systems are expected to drive market growth. Additionally, the increasing rate of obesity all around the globe due to different factors like massive consumption of junk food & unhealthy lifestyles are also helping to boost market growth. However, the increasing focus on improving the condition of healthcare facilities & enhancing the overall healthcare infrastructure is propelling the market growth over the forecast period.

Restraints:

The lack of consumer awareness: People in developing and underdeveloped regions are unaware of orthopaedic prosthetic appliances. Orthopaedic and prosthetic devices are used to reduce pain in the body. People with orthopaedic disorders can utilize the instruments of orthopaedic and prosthetics. Thus, the lack of customer awareness is restraining the market growth. Moreover, the lack of favourable reimbursement scenarios & technology penetration in developing economies will hinder market growth during the forecast period.

Opportunities:

Research and development proficiencies: The rapid advancement in the prosthetic and orthotics field, such as using lightweight materials and integrating technology in device development is helping boost the market growth in the upcoming year. The technological advancements in prosthetics and orthotics powered by the enormous investments in research and development by the top market players and new product launches are also helping to boost the market growth. Furthermore, the increasing expenditure for research & development proficiencies, particularly in developing & developed economies, about medical devices and instruments are the driving factor of the market growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest global prosthetics and orthotics market, with a 45.27% market revenue share in 2022. The availability of well-established healthcare infrastructure and favourable reimbursement guidelines are expected to propel market growth in this region. Moreover, supportive government initiatives, the growing frequency of osteosarcoma, and the rising rates of sports injuries are expected to drive market growth in this region. Additionally, the increasing focus on R&D of new technologies for prosthetics and orthotics is expected to propel the market growth in this region. The Asia Pacific region will account for the largest market share with revenue growth. This growth is attributed to the rising R&D investments by companies. Moreover, the increasing cases of diabetes-related amputations and supportive government activities, along with the raised investments by the top players in research and development, are helping to boost the market growth in this region. However, the increasing disposable income in developing regions allows individuals to afford advanced prosthetic and orthotic devices, also helping to boost the market growth in this region.

North America Region Prosthetics and Orthotics Market Share in 2022 - 45.27%

 

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Technology Segment Analysis

The technology segment is divided into electric-powered, conventional, and hybrid orthopedic prosthetics. The electric-powered segment dominated the market, with a market share of around 43.21% in 2022. This growth is attributed to the favourable reimbursement in the developed nations & the government initiatives in the developing countries.

Type Segment Analysis

The type segment is divided into prosthetics and orthotics. The prosthetics segment is subdivided into lower extremity, upper extremity, sockets, modular components, and liners. The orthotics segment is subdivided into lower limb, upper limb, and spinal orthotics. The orthotics segment dominated the market, with a share of around 56.17% in 2022. This growth is attributed to the rising penetration of orthopedic technologies. Further, technological innovations such as the creation of lightweight, adaptable medical devices and the advantages of orthotic therapies are also helping to boost the segment's market growth.

End-User Segment Analysis

The end-user segment is divided into prosthetics clinics, hospitals, rehabilitation center, and others. The prosthetics clinics segment dominated the market, with a market share of around 32.17% in 2022. This growth is attributed to the increasing spending capacity of Individuals and the presence of skilled medical professionals.

Some of the Key Market Players:
  • Ottobock Healthcare GmbH
  • Fillauer LLC
  • Ultraflex Systems Inc.
  • Ossur
  • Shapeways, Inc.
  • Blatchford Inc.
  • Bauerfeind AG
  • Hanger, Inc.   

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 8.64 Billion
Market size value in 2032 USD 13.60 Billion
CAGR (2023 to 2032) 4.64%
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 Technology, Type, End-User

Frequesntly Asked Questions

North America region emerged as the largest market for prosthetics and orthotics.

The market's growth will be influenced by the increasing geriatric population.

The high costs associated with prosthetic and orthotic devices could hamper the market growth.

Advancements in prosthetic & orthotic technologies will provide huge opportunities to the market.

Key players Ottobock Healthcare GmbH, Fillauer LLC, Ultraflex Systems Inc., Ossur, Shapeways, Inc., Blatchford Inc., Bauerfeind AG, and Hanger, Inc. and among others.

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 Technology
          4.3.2. Market Attractiveness Analysis By Type
          4.3.3. Market Attractiveness Analysis By End-User
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The increasing technological advancements in prosthetics & orthotics devices
          5.2.2. The increasing number of sports injuries
          5.2.3. The rising number of diabetes-related amputations
          5.2.4. The integration of robotics & artificial intelligence
          5.2.5. The increasing geriatric population
    5.3. Restraints
          5.3.1. The lack of consumer awareness
          5.3.2. The high costs associated with prosthetic and orthotic devices
    5.4. Opportunities
          5.4.1. Advancements in prosthetic & orthotic technologies
          5.4.2. The increasing expenditure for research & development proficiencies

6. Global Prosthetics and Orthotics Market Analysis and Forecast, By Technology
    6.1. Segment Overview
    6.2. Electric-powered
    6.3. Conventional
    6.4. Hybrid Orthopedic Prosthetics

7. Global Prosthetics and Orthotics Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Prosthetics
          7.2.1. Lower Extremity
          7.2.2. Upper Extremity
          7.2.3. Sockets
          7.2.4. Modular Components
          7.2.5. Liners
    7.3. Orthotics
          7.3.1. Lower Limb
          7.3.2. Upper Limb
          7.3.3. Spinal Orthotics

8. Global Prosthetics and Orthotics Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Prosthetics Clinics
    8.3. Hospitals
    8.4. Rehabilitation Centre
    8.5. Others

9. Global Prosthetics and Orthotics Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Prosthetics and Orthotics Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Prosthetics and Orthotics Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Ottobock Healthcare GmbH
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Fillauer LLC
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Ultraflex Systems Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Ossur
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Shapeways, Inc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Blatchford Inc.
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Bauerfeind AG
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Hanger, Inc.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis

List of Table

1. Global Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

2. Global Electric-powered, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion) 

3. Global Conventional, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion) 

4. Global Hybrid Orthopedic Prosthetics, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion) 

5. Global Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

6. Global Prosthetics, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion)

7. Global Orthotics, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion)

8. Global Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

9. Global Prosthetics Clinics, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion)

10. Global Hospitals, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion)

11. Global Rehabilitation Centre, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion)

12. Global Others, Prosthetics and Orthotics Market, By Region, 2019-2032 (USD Billion)

13. North America Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

14. North America Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

15. North America Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

16. U.S. Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

17. U.S. Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

18. U.S. Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

19. Canada Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

20. Canada Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

21. Canada Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

22. Mexico Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

23. Mexico Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

24. Mexico Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

25. Europe Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

26. Europe Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

27. Europe Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

28. Germany Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

29. Germany Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

30. Germany Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

31. France Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

32. France Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

33. France Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

34. U.K. Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

35. U.K. Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

36. U.K. Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

37. Italy Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

38. Italy Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

39. Italy Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

40. Spain Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

41. Spain Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

42. Spain Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

43. Asia Pacific Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

44. Asia Pacific Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

45. Asia Pacific Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

46. Japan Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

47. Japan Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

48. Japan Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

49. China Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

50. China Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

51. China Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

52. India Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

53. India Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

54. India Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

55. South America Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

56. South America Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

57. South America Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

58. Brazil Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

59. Brazil Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

60. Brazil Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

61. Middle East and Africa Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

62. Middle East and Africa Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

63. Middle East and Africa Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

64. UAE Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

65. UAE Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

66. UAE Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

67. South Africa Prosthetics and Orthotics Market, By Technology, 2019-2032 (USD Billion)

68. South Africa Prosthetics and Orthotics Market, By Type, 2019-2032 (USD Billion)

69. South Africa Prosthetics and Orthotics Market, By End-User, 2019-2032 (USD Billion)

List of Figures 

1. Global Prosthetics and Orthotics Market Segmentation

2. Global Prosthetics and Orthotics Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top- Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Prosthetics and Orthotics Market Attractiveness Analysis By Technology

9. Global Prosthetics and Orthotics Market Attractiveness Analysis By Type 

10. Global Prosthetics and Orthotics Market Attractiveness Analysis By End-User

11. Global Prosthetics and Orthotics Market Attractiveness Analysis By Region

12. Global Prosthetics and Orthotics Market: Dynamics

13. Global Prosthetics and Orthotics Market Share By Technology (2023 & 2032)

14. Global Prosthetics and Orthotics Market Share By Type (2023 & 2032)

15. Global Prosthetics and Orthotics Market Share By End-User (2023 & 2032)

16. Global Prosthetics and Orthotics Market Share By Regions (2023 & 2032)

17. Global Prosthetics and Orthotics Market Share By Company (2022)

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

Global Prosthetics and Orthotics Market by Technology: 

  • Electric-powered
  • Conventional
  • Hybrid Orthopedic Prosthetics

Global Prosthetics and Orthotics Market by Type:

  • Prosthetics
    • Lower Extremity
    • Upper Extremity
    • Sockets
    • Modular Components
    • Liners
  •  Orthotics
    • Lower Limb
    • Upper Limb
    • Spinal Orthotics

Global Prosthetics and Orthotics Market by End-User:

  • Prosthetics Clinics
  • Hospitals
  • Rehabilitation Centre
  • Others

Global Prosthetics and Orthotics 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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