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Smart Pulse Oximeter Market

Smart Pulse Oximeter Market Size by Product Type (Fingertip Pulse Oximeter, Wrist-Worn Pulse Oximeter, Hand Held Pulse Oximeter, Paediatric Pulse Oximeter, and Others), Distribution Channel (Online and Offline), End User (Hospitals and Clinics, Ambulatory Settings, At-Home-Care Settings and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13547
  • Published Date: Jun, 2023
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global smart pulse oximeter market was valued at USD 1.5 billion in 2022 and grew at a CAGR of 5% from 2023 to 2032. The market is expected to reach USD 2.44 billion by 2032. The increasing incidence of chronic respiratory illnesses will drive the growth of the global smart pulse oximeter market.

Market Introduction:

A pulse oximeter monitors the user's vital signs in a non-invasive manner. These medical devices are designed to provide reliable results within a two-percentage error range. A finger is usually inserted into the device, which processes the information and presents it in an understandable numbers format. The primary parameters these devices measure are heart rate and oxygen saturation levels, indicating the state of heart and lung health. The vitals can also be measured through pulse oximeters integrated into a smartwatch. This can be connected to the user's smartphone, which can collect, organize, maintain and process the long-term health data for evaluation by the doctor or the users. Smart oximeters also measure the perfusion index, which indicates blood circulation or blood flow. These devices go through rigorous testing to assess their accuracy and reliability. They are quick and offer results within seconds. Their noninvasive, easy-to-use and convenient nature has increased their demand in the two years of covid-19 pandemic. They are excellent for use in emergencies, out-patient rooms or post-surgery for monitoring vitals. They are highly popular in at-home care settings, especially for patients with asthma, COPD, or other respiratory conditions. Their portable natures also drive their adoption in the market.

Smart Pulse Oximeter Market Size

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Recent Development
  • March 2023 - Masimo, a pioneer in noninvasive monitoring technologies and pulse oximetry, presented the newest model in its series of wearable devices. It is called the Masimo Freedom smartwatch. The Masimo Freedom smartwatch has revolutionized the wearable technology market, allowing users to control their health and privacy through accurate and continuous health tracking. It also has a cutting-edge hardware feature that lowers radiation.

Market Dynamics:

Drivers

The increasing incidence of chronic respiratory and heart illnesses – Most individuals infected with covid-19 virus are experiencing long covid symptoms. They range from neurological symptoms like anxiety and depression to pulmonary distress like shortness of breath and fatigue. The environmental changes, including rising pollution changes, have contributed towards increasing the incidence of respiratory illnesses. The lifestyle changes associated with increased alcohol and cigarette consumption have also increased the prevalence of cardiopulmonary diseases. The increasing geriatric population is also another significant contributing factor. Smart pulse oximeters allow patients suffering from chronic respiratory illnesses to monitor their health regularly with ease. It enables them to dictate early signs of distress and seek timely medical intervention. It also allows doctors to remotely monitor patient healthcare. Therefore, the increasing incidence of chronic respiratory and heart illnesses will drive the growth of the global smart pulse oximeter market.

Restraints:

The inaccuracy and unreliability of smart pulse oximeters – Smart pulse oximeters go through several tests and verification stages to prove their accuracy and reliability before being marketed. However, lack of regulatory implementation allows market players to circumvent these checks and balances, which floods the markets with low-quality products, the results of which are inaccurate or unreliable. These inaccurate results cause mental anxiety and panic for the user. It also contributes to an increase in hospital visits. Therefore, the inaccuracy and unreliability of smart pulse oximeters will hamper the market's growth.

Opportunities:

The development of smartwatches with pulse oximeters – The rising popularity of an active lifestyle has increased the demand for fit bits or fitness smartwatches. Smartwatches indicate heart rate, oxygen saturation rate, and perfusion index along with measuring calories burnt, steps taken etc. the popularity of smartwatches has increased over the years, given their ability to connect to smartphones and offer daily analysis of users' physical activity. The market players are investing in developing similar products to cater to the active lifestyle of the population. Therefore, developing novel gadgets with smart pulse oximeter features will offer lucrative opportunities for the market players.

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 smart pulse oximeter market, with a 40% market revenue share in 2022.

The increasing geriatric population with the growing need for home healthcare will drive the demand for smart pulse oximeters. The increasing incidence and prevalence of respiratory illnesses, given the increasing alcohol and cigarette consumption, will contribute to the market's growth. The well-established healthcare and pharmaceutical industry will augment the market's growth. The presence of significant market players along with retail drugstore chains has increased the accessibility and affordability of smart pulse oximeters. The growing fitness industry will also contribute to the regional market’s development.

North America Region Smart Pulse Oximeter Market Share in 2022 - 40%

 

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  • March 2023 - The world's first cellular-connected pulse oximeter, the iPulseOx, was introduced by Smart Metre, further revolutionizing remote patient monitoring services for long-term diseases like chronic obstructive pulmonary disease (COPD) and heart disease. An AT&T IoT SIM card is built inside the iPulseOx, automatically transmitting patient testing data to the Smart Metre SmartRPM cloud over the safe, dependable AT&T IoT network. The healthcare professional can access the data using a HIPAA-secure log-in to observe and monitor the patient's oxygen saturation in real-time. No wires or Bluetooth connections are required, so anyone can use the impulse.
Product type Segment Analysis

The product type segment is divided into fingertip pulse oximeters, wrist-worn pulse oximeters, hand-held pulse oximeters, paediatric pulse oximeters, and others. The fingertip pulse oximeter segment dominated the market, with a market share of around 45% in 2022. A fingertip pulse oximeter reads the vital signs when a finger is placed inside the device. A cold light passes through the finger, determining the red blood cell count. The red blood cell count enables the device to offer digitized details of heart rate, oxygen saturation levels and perfusion rate. They indicate the heart and lung health of the user. They are small, compact, simple and easy to use. They are portable with long-lasting and rechargeable batteries. They are highly popular in home care settings. The covid-19 pandemic has contributed to their increasing demand. They are available within different price ranges and features. Several brands offer these products, which are tested and verified by relevant authorities. Therefore, the fingertip pulse oximeter's convenient, easy and reliable nature will drive its growth.

  • BodiMetrics and Prevention developed the Prevention Circul+ ring. It is the only wearable pulse oximeter that is a ring and reliably measures heart rate, blood oxygen level, finger temperature, and heart rate variability. A single lead ECG and blood pressure are also recorded. It works on All skin tones. The information can be transmitted to a smartphone, stored on a secure server, and shared after authorization.
Distribution Channel Segment Analysis

The distribution channel segment is divided into online and offline. The online segment dominated the market, with a market share of around 62% in 2022. The online sales of pulse oximeters skyrocketed during the covid-19 period. It enabled consumers to compare, analyze and then choose the best product within their needs and budget without the inconvenience of going around shops. The online platforms also offer EMI options for medical devices like pulse oximeters. They offer discounts and comparative analysis with customer reviews, making shopping optimal for consumers. The proliferation of online advertising will contribute to the rising sales of pulse oximeters through these platforms. Furthermore, the growing popularity of smartwatches with these features will further drive the segment's development. Home delivery, easy returns, warranty, affordability and accessibility of online mode will propel its growth and development in the forecast period.

End-user Segment Analysis

The end-user segment is divided into hospitals and clinics, ambulatory settings, at-home-care settings and others. The hospitals and clinics segment dominated the market, with a market share of around 48% in 2022. The hospitals and clinics admit scores of patients every day, and they need to be monitored at regular intervals to ensure proper care. Smart pulse oximeters are excellent medical devices that enable doctors to check vitals through noninvasive, quick and easy methods. It enables the hospital staff to prioritize patient care, optimizing hospital resources.

Some of the Key Market Players:
  • Contec Medical Systems Co. Ltd
  • Koninklijke Philips N.V
  • Masimo Corporation
  • Meditech Equipment Co. Ltd.
  • Medtronic Plc.
  • Nonin Medical Inc.
  • Omron Corporation
  • Promed Technology Co. Ltd.
  • Smith Group Plc
  • Tenko Medical Systems

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 1.5 Billion
Market size value in 2032 USD 2.44 Billion
CAGR (2023 to 2032) 5%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Distribution Channel, and End User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global smart pulse oximeter market was valued at USD 1.5 billion in 2022 to USD 2.44 billion by 2032.

Global smart pulse oximeter market is growing at a CAGR of 5% during the forecast period 2023-2032.

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

The inaccuracy and unreliability of smart pulse oximeters could hamper the market growth.

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  • Segmentation on the basis of any specific country or region
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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 Distribution Channel
          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 incidence of chronic respiratory and heart illnesses
    5.3. Restraints
          5.3.1. The inaccuracy and unreliability of smart pulse oximeters
    5.4. Opportunities
          5.4.1. The development of smartwatches with pulse oximeters
    5.5. Challenges
          5.5.1. The rising data privacy concerns

6. Global Smart Pulse Oximeter Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Fingertip Pulse Oximeter
    6.3. Wrist Worn Pulse Oximeter
    6.4. Hand Held Pulse Oximeter
    6.5. Paediatric Pulse Oximeter
    6.6. Others

7. Global Smart Pulse Oximeter Market Analysis and Forecast, By Distribution Channel
    7.1. Segment Overview
    7.2. Online
    7.3. Offline

8. Global Smart Pulse Oximeter Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Hospitals and Clinics
    8.3. Ambulatory Settings
    8.4. At-Home-Care Settings
    8.5. Others

9. Global Smart Pulse Oximeter 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 Smart Pulse Oximeter Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Smart Pulse Oximeter 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. Contec Medical Systems Co. Ltd
          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. Koninklijke Philips N.V
          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. Masimo Corporation
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Meditech Equipment Co. Ltd.
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Medtronic Plc.
          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. Nonin Medical 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. Omron Corporation
          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. Promed Technology Co. Ltd.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Smith Group Plc
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Tenko Medical Systems
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Fingertip Pulse Oximeter Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

3. Global Wrist Worn Pulse Oximeter Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

4. Global Hand Held Pulse Oximeter Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

5. Global Paediatric Pulse Oximeter Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

6. Global Others Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

7. Global Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

8. Global Online Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

9. Global Offline Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

10. Global Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

11. Global Hospitals and Clinics Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

12. Global Ambulatory Settings Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

13. Global At-Home-Care Settings Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

14. Global Others Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

15. Global Smart Pulse Oximeter Market, By Region, 2019-2032 (USD Billion) 

16. North America Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

17. North America Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

18. North America Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

19. U.S. Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

20. U.S. Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

21. U.S. Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

22. Canada Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

23. Canada Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

24. Canada Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

25. Mexico Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

26. Mexico Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

27. Mexico Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

28. Europe Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

29. Europe Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

30. Europe Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

31. Germany Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

32. Germany Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

33. Germany Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

34. France Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

35. France Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

36. France Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

37. U.K. Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

38. U.K. Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

39. U.K. Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

40. Italy Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

41. Italy Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

42. Italy Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

43. Spain Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

44. Spain Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

45. Spain Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

46. Asia Pacific Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

47. Asia Pacific Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

48. Asia Pacific Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

49. Japan Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

50. Japan Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

51. Japan Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

52. China Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

53. China Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

54. China Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

55. India Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

56. India Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

57. India Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

58. South America Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

59. South America Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion)

60. South America Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion)

61. Brazil Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

62. Brazil Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

63. Brazil Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion)

64. Middle East and Africa Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

65. Middle East and Africa Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

66. Middle East and Africa Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion)

67. UAE Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

68. UAE Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

69. UAE Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion)

70. South Africa Smart Pulse Oximeter Market, By Product Type, 2019-2032 (USD Billion) 

71. South Africa Smart Pulse Oximeter Market, By Distribution Channel, 2019-2032 (USD Billion) 

72. South Africa Smart Pulse Oximeter Market, By End User, 2019-2032 (USD Billion) 

List of Figures 

1. Global Smart Pulse Oximeter Market Segmentation

2. Smart Pulse Oximeter 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 Smart Pulse Oximeter Market Attractiveness Analysis by Product Type

9. Global Smart Pulse Oximeter Market Attractiveness Analysis by Distribution Channel

10. Global Smart Pulse Oximeter Market Attractiveness Analysis by End User

11. Global Smart Pulse Oximeter Market Attractiveness Analysis by Region

12. Global Smart Pulse Oximeter Market: Dynamics

13. Global Smart Pulse Oximeter Market Share by Product Type (2022 & 2032)

14. Global Smart Pulse Oximeter Market Share by Distribution Channel (2022 & 2032)

15. Global Smart Pulse Oximeter Market Share by End User (2022 & 2032)

16. Global Smart Pulse Oximeter Market Share by Regions (2022 & 2032)

17. Global Smart Pulse Oximeter Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global smart pulse oximeter market based on below mentioned segments:

Global Smart Pulse Oximeter Market by Product Type:

  • Fingertip Pulse Oximeter
  • Wrist Worn Pulse Oximeter
  • Hand Held Pulse Oximeter
  • Paediatric Pulse Oximeter
  • Others

Global Smart Pulse Oximeter Market by Distribution Channel:

  • Online
  • Offline

Global Smart Pulse Oximeter Market by End User:

  • Hospitals and Clinics
  • Ambulatory Settings
  • At-Home-Care Settings
  • Others

Global Smart Pulse Oximeter 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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