Telemedicine Market

Telemedicine Market Size by Modality (Real Time, Store & Forward and Others), Component [Product (Software, Hardware and Others) and Services (Tele-education, Tele-monitoring and Tele-consulting)], Application (Teledermatology, Telepathology, Telepsychiatry, Telecardiology, Teleradiology and Others), End-users (Patients, Payers, Providers and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-12486
  • Published Date: Sep, 2023
  • Pages: 247
  • Category: Healthcare
  • Format: PDF
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The global telemedicine market was valued at USD 94.02 Billion in 2022 and grew at a CAGR of 18.44% from 2023 to 2032. The market is expected to reach USD 510.74 Billion by 2032. The increasing demand for telemedicine can be attributed to the growth of the e-commerce and retail industry. These telemedicines enable the consumer to make cashless transactions.

Market Introduction:

Telemedicine applications include email, wireless tools, two-way video, smartphones, and other telecommunications technology. Telemedicine can also be utilized for a variety of services. Through their information technology or way of providing healthcare, telemedicine settings have a wider financial investment that includes their goods and services. Numerous studies have proven that telemedicine services result in higher-quality medical care. Industry experts, including mid-levels, doctors, dentists, and even nurses, are interacting electronically with patients seeking solutions due to the Internet and the advantages of telemedicine. Assessment and counselling for mental health are also available through telemedicine.

Telemedicine Market Size

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Market Dynamics:

Drivers

Increasing use of telemedicine for monitoring remote patients: Telemedicine has some of the most significant effects on the patient, their family, and the community. Telemedicine reduces the stress and travel time for patients. Numerous studies conducted over the past 15 years have revealed rising patient satisfaction and acceptance of telemedicine services. Through these services, patients have access to healthcare professionals who would only be available and can receive treatment by travelling a great distance. Patients in rural areas have had access to healthcare for more than 40 years due to telemedicine. Telemedicine makes it easier for consumers to obtain care and enables medical professionals to connect with offices outside their network. Millions of patients are now receiving more care due to telemedicine despite a lack of doctors in urban and rural locations.

Restraints:

Unavailability of physical diagnosis: Live video communications technology was recently developed to enable full medical care. Most patients today have easy access to technology that enables high-quality video conferencing, as do the majority of doctors. More than virtual sessions are required for some telemedicine physicians to make a diagnosis or begin treatment.

Opportunities:

Increasing technological advancements: Teleradiology, teledermatology, telepathology, and telepsychiatry are just a few of the telemedicine-related fields where artificial intelligence is broadening the scope of technology. Intelligent systems powered by AI are making it possible to do more than merely remotely screen patients' diagnostic needs. Some of the examples include care-assistive apps and predictive algorithms. By automatically converting prescriptions into Electronic Health Records and producing medical reports, it lessens the workload placed on healthcare professionals, particularly in times of emergency. All forms of mixed reality, including augmented reality, virtual reality, and telemedicine, are compatible.

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 most significant telemedicine market, with a 36.54% market revenue share in 2022.

North America region will account for the largest market share with revenue growth. Nations such as the U.S., Canada and Mexico have a tremendous demand for telemedicine due to the growth of the healthcare industry and rising investment in IT infrastructure. The favourable government regulations are promoting the use of telemedicine technology, especially for consumers present in remote locations.

North America region Telemedicine Market Share in 2022 - 36.54%

 

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Modality Segment Analysis

The modality segment is divided into real-time, store & forward and others. The real-time segment dominated the market, with a share of around 43.22% in 2022. The increasing requirement for medical consultation on demand and rising usage of mHealth services is leading to higher adoption of real-time telemedicine. Patients suffering from chronic diseases may require real-time screening in case of emergency.

Component Segment Analysis

The component segment is divided into products and services. The product segment further includes software, hardware and others. The services segment further includes tele-education, tele-monitoring and tele-consulting. The product segment dominated the market, with a share of around 69.31% in 2022. Telemedicine requires the use of efficient software and hardware to implement the services. Hardware such as display screens, peripheral devices, microphones, and audio and video devices are necessary for facilitating efficient healthcare services.

Application Segment Analysis

The application segment is divided into teledermatology, telepathology, telepsychiatry, telecardiology, teleradiology and others. The teleradiology segment dominated the market, with a share of around 32.91% in 2022. Telemedicine is specially used for general purposes by budget-conscious consumers. People mostly use it for making general day-to-day transactions. In teleradiology, radiological pictures are transmitted from one site to another via telecommunications infrastructure. Any noninvasive imaging study, including ultrasound, digital X-rays, MRI, CT scan, and nuclear medicine examinations, can be interpreted this way.

End-users Segment Analysis

The end-users segment is divided into patients, payers, providers and others. The patients segment dominated the market, with a share of around 49.11% in 2022. Patients benefit the most from telemedicine services as most of them can connect with the healthcare professional from a remote location. Further, this has also increased their access to healthcare services as they can connect with doctors on a timely basis.

Some of the Key Market Players:
  • American Well Corp.
  • MDlive, Inc.
  • Twilio, Inc.
  • Teladoc Health, Inc.
  • Zoom Video Communications, Inc.
  • NXGN Management, LLC
  • SOC Telemed, Inc.
  • Plantronics, Inc.
  • VSee
  • Practo
  • Sesame, Inc.
  • PlushCare
  • Doxy.me Inc.
  • HealthTap, Inc.

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 94.02 Billion
Market size value in 2032 USD 510.74 Billion
CAGR (2023 to 2032) 18.44%
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 Modality, Component, Application and End-users

Frequesntly Asked Questions

As per The Brainy Insights, the size of the telemedicine market was valued USD 94.02 billion in 2022 to USD 510.74 billion by 2032.

Global telemedicine market is growing at a CAGR of 18.44% during the forecast period 2023-2032.

The global telemedicine market has been segmented based on modality, component, application, end-users and regions. The real time segment led the market in 2022 in the modality segment. The product segment led the market in 2022 in the component segment.

North America region emerged as the largest market for the telemedicine.

The market's growth will be influenced by the rising use of telemedicine for treatment of remotely situated patients

The technical issues can hamper the market growth.

The technological advancements in the industry is providing huge opportunities to the market.

Key players are American Well Corp., MDlive, Inc., Twilio, Inc., Teladoc Health, Inc., Zoom Video Communications, Inc., NXGN Management, LLC, SOC Telemed, Inc., Plantronics, Inc., VSee, Practo, Sesame, Inc.,

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 Modality
          4.3.2. Market Attractiveness Analysis by Component
          4.3.3. Market Attractiveness Analysis by Application
          4.3.4. Market Attractiveness Analysis by End-users
          4.3.5. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing use of telemedicine among remote patients
    5.3. Restraints
          5.3.1. Lack of physical examination
    5.4. Opportunities
          5.4.1. Increasing technological advancement
    5.5. Challenges
          5.5.1. Data security issues

6. Global Telemedicine Market Analysis and Forecast, By Modality
    6.1. Segment Overview
    6.2. Real Time
    6.3. Store & Forward
    6.4. Others

7. Global Telemedicine Market Analysis and Forecast, By Component
    7.1. Segment Overview
    7.2. Product
          7.2.1. Software
          7.2.2. Hardware
          7.2.3. Others
    7.3. Services
          7.3.1. Tele-education
          7.3.2. Tele-monitoring
          7.3.3. Tele-consulting

8. Global Telemedicine Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Teledermatology
    8.3. Telepathology
    8.4. Telepsychiatry
    8.5. Telecardiology
    8.6. Teleradiology
    8.7. Others

9. Global Telemedicine Market Analysis and Forecast, By End-users
    9.1. Segment Overview
    9.2. Patients
    9.3. Payers
    9.4. Providers
    9.5. Others

10. Global Telemedicine Market Analysis and Forecast, By Regional Analysis
    10.1. Segment Overview
    10.2. North America
          10.2.1. U.S.
          10.2.2. Canada
          10.2.3. Mexico
    10.3. Europe
          10.3.1. Germany
          10.3.2. France
          10.3.3. U.K.
          10.3.4. Italy
          10.3.5. Spain
    10.4. Asia-Pacific
          10.4.1. Japan
          10.4.2. China
          10.4.3. India
    10.5. South America
          10.5.1. Brazil
    10.6. Middle East and Africa
          10.6.1. UAE
          10.6.2. South Africa

11. Global Telemedicine Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in the Telemedicine Market
          11.2.1. Global Company Market Share
          11.2.2. North America Company Market Share
          11.2.3. Europe Company Market Share
          11.2.4. APAC Company Market Share
    11.3. Competitive Situations and Trends
          11.3.1. Product Launches and Developments
          11.3.2. Partnerships, Collaborations, and Agreements
          11.3.3. Mergers & Acquisitions
          11.3.4. Expansions

12. Company Profiles
    12.1. American Well Corp.
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Product Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. MDlive, Inc.
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Product Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. Twilio, Inc.
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Product Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. Teladoc Health, Inc.
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Product Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. Zoom Video Communications, Inc.
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Product Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. NXGN Management, LLC
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Product Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. SOC Telemed, Inc.
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Product Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. Plantronics, Inc.
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Product Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis
    12.9. VSee
          12.9.1. Business Overview
          12.9.2. Company Snapshot
          12.9.3. Company Market Share Analysis
          12.9.4. Company Product Portfolio
          12.9.5. Recent Developments
          12.9.6. SWOT Analysis
    12.10. Practo
          12.10.1. Business Overview
          12.10.2. Company Snapshot
          12.10.3. Company Market Share Analysis
          12.10.4. Company Product Portfolio
          12.10.5. Recent Developments
          12.10.6. SWOT Analysis
    12.11. Sesame, Inc.
          12.11.1. Business Overview
          12.11.2. Company Snapshot
          12.11.3. Company Market Share Analysis
          12.11.4. Company Product Portfolio
          12.11.5. Recent Developments
          12.11.6. SWOT Analysis
    12.12. PlushCare
          12.12.1. Business Overview
          12.12.2. Company Snapshot
          12.12.3. Company Market Share Analysis
          12.12.4. Company Product Portfolio
          12.12.5. Recent Developments
          12.12.6. SWOT Analysis
    12.13. Doxy.me Inc.
          12.13.1. Business Overview
          12.13.2. Company Snapshot
          12.13.3. Company Market Share Analysis
          12.13.4. Company Product Portfolio
          12.13.5. Recent Developments
          12.13.6. SWOT Analysis
    12.14. HealthTap, Inc.
          12.14.1. Business Overview
          12.14.2. Company Snapshot
          12.14.3. Company Market Share Analysis
          12.14.4. Company Product Portfolio
          12.14.5. Recent Developments
          12.14.6. SWOT Analysis
 

List of Table

1. Global Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

2. Global Real Time, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

3. Global Store & Forward, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

4. Global Others, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

5. Global Telemedicine Market, By Component, 2019-2032 (USD Billion) 

6. Global Product, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

7. Global Services, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

8. Global Telemedicine Market, By Application, 2019-2032 (USD Billion) 

9. Global Teledermatology, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

10. Global Telepathology, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

11. Global Telepsychiatry, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

12. Global Telecardiology, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

13. Global Teleradiology, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

14. Global Others, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

15. Global Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

16. Global Patients, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

17. Global Payers, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

18. Global Providers, Telemedicine Market, By Region, 2019-2032 (USD Billion)  

19. Global Others, Telemedicine Market, By Region, 2019-2032 (USD Billion) 

20. Global Telemedicine Market, By Region, 2019-2032 (USD Billion) 

21. North America Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

22. North America Telemedicine Market, By Component, 2019-2032 (USD Billion) 

23. North America Telemedicine Market, By Application, 2019-2032 (USD Billion)

24. North America Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

25. U.S. Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

26. U.S. Telemedicine Market, By Component, 2019-2032 (USD Billion) 

27. U.S. Telemedicine Market, By Application, 2019-2032 (USD Billion) 

28. U.S. Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

29. Canada Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

30. Canada Telemedicine Market, By Component, 2019-2032 (USD Billion) 

31. Canada Telemedicine Market, By Application, 2019-2032 (USD Billion) 

32. Canada Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

33. Mexico Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

34. Mexico Telemedicine Market, By Component, 2019-2032 (USD Billion) 

35. Mexico Telemedicine Market, By Application, 2019-2032 (USD Billion) 

36. Mexico Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

37. Europe Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

38. Europe Telemedicine Market, By Component, 2019-2032 (USD Billion) 

39. Europe Telemedicine Market, By Application, 2019-2032 (USD Billion)

40. Europe Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

41. Germany Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

42. Germany Telemedicine Market, By Component, 2019-2032 (USD Billion) 

43. Germany Telemedicine Market, By Application, 2019-2032 (USD Billion) 

44. Germany Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

45. France Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

46. France Telemedicine Market, By Component, 2019-2032 (USD Billion) 

47. France Telemedicine Market, By Application, 2019-2032 (USD Billion) 

48. France Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

49. U.K. Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

50. U.K. Telemedicine Market, By Component, 2019-2032 (USD Billion) 

51. U.K. Telemedicine Market, By Application, 2019-2032 (USD Billion) 

52. U.K. Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

53. Italy Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

54. Italy Telemedicine Market, By Component, 2019-2032 (USD Billion) 

55. Italy Telemedicine Market, By Application, 2019-2032 (USD Billion) 

56. Italy Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

57. Spain Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

58. Spain Telemedicine Market, By Component, 2019-2032 (USD Billion) 

59. Spain Telemedicine Market, By Application, 2019-2032 (USD Billion) 

60. Spain Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

61. Asia Pacific Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

62. Asia Pacific Telemedicine Market, By Component, 2019-2032 (USD Billion) 

63. Asia Pacific Telemedicine Market, By Application, 2019-2032 (USD Billion) 

64. Asia Pacific Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

65. Japan Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

66. Japan Telemedicine Market, By Component, 2019-2032 (USD Billion) 

67. Japan Telemedicine Market, By Application, 2019-2032 (USD Billion)

68. Japan Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

69. China Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

70. China Telemedicine Market, By Component, 2019-2032 (USD Billion) 

71. China Telemedicine Market, By Application, 2019-2032 (USD Billion) 

72. China Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

73. India Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

74. India Telemedicine Market, By Component, 2019-2032 (USD Billion) 

75. India Telemedicine Market, By Application, 2019-2032 (USD Billion) 

76. India Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

77. South America Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

78. South America Telemedicine Market, By Component, 2019-2032 (USD Billion) 

79. South America Telemedicine Market, By Application, 2019-2032 (USD Billion) 

80. South America Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

81. Brazil Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

82. Brazil Telemedicine Market, By Component, 2019-2032 (USD Billion) 

83. Brazil Telemedicine Market, By Application, 2019-2032 (USD Billion) 

84. BrazilTelemedicine Market, By End-users, 2019-2032 (USD Billion) 

85. Middle East and Africa Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

86. Middle East and Africa Telemedicine Market, By Component, 2019-2032 (USD Billion) 

87. Middle East and Africa Telemedicine Market, By Application, 2019-2032 (USD Billion) 

88. Middle East and Africa Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

89. UAE Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

90. UAE Telemedicine Market, By Component, 2019-2032 (USD Billion) 

91. UAE Telemedicine Market, By Application, 2019-2032 (USD Billion) 

92. UAE Telemedicine Market, By End-users, 2019-2032 (USD Billion) 

93. South Africa Telemedicine Market, By Modality, 2019-2032 (USD Billion) 

94. South Africa Telemedicine Market, By Component, 2019-2032 (USD Billion) 

95. South Africa Telemedicine Market, By Application, 2019-2032 (USD Billion) 

96. South Africa Telemedicine Market, By End-users, 2019-2032 (USD Billion)  

List of Figures

1. Global Telemedicine Market Segmentation

2. Telemedicine 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 Telemedicine Market Attractiveness Analysis by Modality

9. Global Telemedicine Market Attractiveness Analysis by Component

10. Global Telemedicine Market Attractiveness Analysis by Application

11. Global Telemedicine Market Attractiveness Analysis by End-users

12. Global Telemedicine Market Attractiveness Analysis by Region

13. Global Telemedicine Market: Dynamics

14. Global Telemedicine Market Share by Modality (2022 & 2032)

15. Global Telemedicine Market Share by Component (2022 & 2032)

16. Global Telemedicine Market Share by Application (2022 & 2032)

17. Global Telemedicine Market Share by End-users (2022 & 2032)

18. Global Telemedicine Market Share by Regions (2022 & 2032)

19. Global Telemedicine 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 telemedicine market based on below mentioned segments:

Global Telemedicine Market by Modality:

  • Real Time
  • Store & Forward
  • Others

Global Telemedicine Market by Component:

  • Product
    • Software
    • Hardware
    • Others
  • Services
    • Tele-education
    • Tele-monitoring
    • Tele-consulting

Global Telemedicine Market by Application:

  • Teledermatology
  • Telepathology
  • Telepsychiatry
  • Telecardiology
  • Teleradiology
  • Others

Global Telemedicine Market by End-users:

  • Patients
  • Payers
  • Providers
  • Others

Global Telemedicine 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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