Thyroid Function Test Market

Thyroid Function Test Market Size by Type (TSH Tests, T4 Tests, T3 Tests and Other Tests), Indication (Hypothyroidism, Hyperthyroidism, Thyroid Cancer and Others), End User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028

Base Year: 2020 Historical Data: 2018-19
  • Report ID: TBI-12584
  • Published Date: Oct, 2021
  • Pages: 239
  • Category: Healthcare
  • Format: PDF
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Global thyroid function test market is anticipated to reach USD 2.43 billion by 2028, at a CAGR of 5.39%from 2021 to 2028. Patient population increase, a rise in the prevalence of thyroid disease, increase in ageing population, an increase in healthcare spending per household, improvement in healthcare infrastructure, and an increase in the number of contractual agreements and manufacturers'acquisitions are main factors that are expected to drive the global market over the forecast timeframe.

Market Overview:

The thyroid gland is an endocrine gland in the form of a butterfly usually found at the lower neck front. The thyroid's function is to generate thyroid hormones that are secreted into the blood and then transmitted to every tissue inside the body. Thyroid hormones help the body use energy, remain warm and keep functioning the brain, heart, muscles and other organs as they should.

Thyroid function test are a series of blood tests used to determine how well the thyroid gland functions. Tests available include T3, T4, TSH and others.The aim of the thyroid function tests is to differentiate hypothyroidism and hyperthyroidism from the euthyroid condition. Direct measures of the serum concentration of the two thyroid hormones, triiodothyronine (T3) and tetraiodothyronine (T4), more commonly named thyroxine, are frequently used to fulfill this task. Thyroid function testis often routinely required in thyroid-related disorders, such as atrial fibrillation and anxiety disorder.The simplest way to check thyroid activity initially is to measure the level of TSH in a blood sample. Changes in TSH can serve as a "early warning system" sometimes occurring until the body's real thyroid hormone level becomes too low or too high.T4 is the main source of circulatingthyroid hormone in blood. A Total T4 measures the bonded and free hormone, which can alter as protein binding varies. A Free T4 measures what is not bound, which may enter and affect body tissues.T3 tests are also helpful for diagnosing hyperthyroidism or for assessing the hyperthyroidism intensity. Patients of hyperthyroid may feel an increased level of T3.

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Market Dynamics:

Drivers:
  • Rising thyroid disorders incidences

The number of patients with thyroid disorder seen in clinical outpatient practice, particularly in subclinical hypothyroidism, seems to be increasing in recent times, thus boosting the thyroid function test market growth.

  • Rising alcohol and tobacco consumption

Another factor behind the market growth is the increase of alcohol and tobacco consumption. High-income nations have the highest rate of alcohol consumption, which is one of the key reasons responsible for disability and disease, thus, driving the thyroid function test market growth. 

Restraints:
  • Thyroid disorders’ asymptomatic form

The asymptomatic nature of thyroid disorders contributes to a greater proportion of undiagnosed population, which is one of the main restraining factors in growth.

Opportunities:
  • Proactive government initiatives

Supportive government initiatives and financial assistance, have resulted in a number of hospitals and clinics specialized in diagnosis and treatment are factors for growth on the global market for thyroid function tests.

Challenges:
  • Interpretation of thyroid blood tests

The challenge in interpreting thyroid blood tests might also restrict market growth due to the fluctuations in the thyroid function test reference range.

Segmentation Analysis:

The global thyroid function test market has been segmented on the basis of type, indication, end user and regions.

  • The type segment is divided intoTSH tests, T3 tests, T4 tests and other tests. The TSH tests segment is anticipated to grow at the highest CAGR of around 5.9% over the forecast period. Growth in the TSH test segment can be primarily due to the rising global prevalence of thyroid disorders.
  • The indication segment includes hypothyroidism, hyperthyroidism, thyroid cancer and others. The hypothyroidism segment held the largest market share of around 28.5% in 2020.The thyroid should develop T3 and T4 at a ratio of 20 percent-80 percent when it functions as it should. The underproduction of these hormones will slow down the metabolism of the body, and can induce hypothyroidism. The main cause of hypothyroidism is autoimmune thyroiditis, in which the body's own immune system attacks the thyroid gland.
  • The end user segment includes hospitals, research laboratories and institutes, diagnostic laboratories and other end users. The hospitals segment is projected to grow at the highest CAGR during the forecast period. Growth in the hospital sector can primarily be due to factors such as the high volume of thyroid function tests conducted in hospital-based labs across the globe, the rising population of patients (and the resulting rise in the number of clinical tests undertaken in hospitals), and an increasing number of hospital-based public health awareness campaigns.
Regional Segmentation Analysis:

The regions evaluated for the thyroid function test market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.The North America region emerged as the largest market for the thyroid function test, with a 31.5% share of market revenue in 2020.

  • The availability of well-developed healthcare facilities, technological developments, rising adoption of thyroid function tests to treat various thyroid diseases and the existence of powerful industry players in the region. In addition, high expenditures on health care coupled with increasing incidence of autoimmune disorders would further boost drive market growth.
  • The Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period.Market growth can be attributed to factors such as the presence of a broad target patient population, increasing middle-class disposable income, and civilizing health-care infrastructure in emerging countries such as China and India.

North America Thyroid Function Test Market Share in 2020- 31.5%

 

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Competitive Analysis:

In September, 2019,Thermo Fisher Scientific announced it had signed an agreement with Eli Lilly and Company to create a diagnostic companion for Lilly's LOXO-292 RET kinase inhibitor. The firms plan to use Thermo Fisher's OncomineDx Target test, a sequencing panel approved by the U.S. Food and Drug Administration, to identify patients with non-small cell lung cancer and RET alterations that could benefit from LOXO-292.

  • Abbott
  • Autobio Diagnostics
  • bioMérieux
  • Cortez Diagnostics
  • Danaher
  • DiaSorin
  • F. Hoffmann-La Roche Ltd.
  • Kronus
  • Merck
  • Qualigen
  • Roche
  • Siemens Healthineers
  • Thermo Fisher

Key Target Audience

  • Hospitals
  • Research and Consulting Firms
  • Diagnostic Laboratories
  • Research Laboratories and Institutes

Report Description

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

Frequesntly Asked Questions

As per The Brainy Insights, the size of the thyroid function test market was valued at USD 1.60 billion in 2020 and is anticipated to reach USD 2.43 billion by 2028.

Global thyroid function test market is growing at a CAGR of 5.39% during the forecast period 2021-2028.

The global thyroid function test market has been segmented on the basis of type, indication, end user and regions. The hypothyroidism segment held the largest market share in 2020.

The North America region emerged as the largest market for the thyroid function test.

Rising thyroid disorders incidences is the key driving factor for the thyroid function test market.

Thyroid disorders’ asymptomatic form could hamper the market growth.

Proactive government initiatives will provide huge opportunities to the market.

Key players are Abbott,Autobio Diagnostics, bioMĂ©rieux, Cortez Diagnostics, Danaher, DiaSorin, F. Hoffmann-La Roche Ltd., Kronus

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Type
          4.3.2. Market Attractiveness Analysis By Indication
          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. Rising Thyroid Disorders Incidences
          5.2.2. Rising Alcohol and Tobacco Consumption
    5.3. Restraints
          5.3.1. Thyroid Disorders’ Asymptomatic Form
    5.4. Opportunities
          5.4.1. Proactive Government Initiatives
    5.5. Challenges
          5.5.1. Interpretation of Thyroid Blood Tests

6. Global Thyroid Function Test Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. TSH Tests
    6.3. T3 Tests
    6.4. T4 Tests
    6.5. Other Tests

7. Global Thyroid Function Test Market Analysis and Forecast, By Indication
    7.1. Segment Overview
    7.2. Hypothyroidism
    7.3. Hyperthyroidism
    7.4. Thyroid Cancer
    7.5. Others

8. Global Thyroid Function Test Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Hospitals
    8.3. Research Laboratories and Institutes
    8.4. Diagnostic Laboratories
    8.5. Others

9. Global Thyroid Function Test 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 Thyroid Function Test Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Thyroid Function Test 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. Abbott
          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. Autobio Diagnostics
          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. bioMérieux
          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. Cortez Diagnostics
          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. Danaher
          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. DiaSorin
          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. F. Hoffmann-La Roche Ltd.
          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. Kronus
          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. Merck
          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. Qualigen
          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
    11.11. Roche
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Siemens Healthineers
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Thermo Fisher
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Product Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis
 

List of Table

1. Global Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

2. Global TSH Tests In Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

3. Global T3 Tests In Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

4. Global T4 Tests In Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

5. Global Other Tests Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

6. Global Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

7. Global Hypothyroidism, Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

8. Global Hyperthyroidism, Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

9. Global Thyroid Cancer, Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

10. Global Others, Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

11. Global Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

12. Global Hospitals, Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

13. Global Research Laboratories and Institutes, Thyroid Function Test Market, By Region, 2018–2028  (USD Billion)

14. Global Diagnostic Laboratories, Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

15. Global Others, Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

16. Global Thyroid Function Test Market, By Region, 2018–2028 (USD Billion)

17. Global Thyroid Function Test Market, By North America, 2018–2028 (USD Billion)

18. North America Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

19. North America Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

20. North America Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

21. U.S. Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

22. U.S. Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

23. U.S.Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

24. Canada Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

25. Canada Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

26. CanadaThyroid Function Test Market, By End User, 2018–2028 (USD Billion)

27. Mexico Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

28. Mexico Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

29. MexicoThyroid Function Test Market, By End User, 2018–2028 (USD Billion)

30. Europe Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

31. Europe Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

32. EuropeThyroid Function Test Market, By End User, 2018–2028 (USD Billion)

33. Germany Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

34. Germany Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

35. GermanyThyroid Function Test Market, By End User, 2018–2028 (USD Billion)

36. France Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

37. France Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

38. France Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

39. U.K. Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

40. U.K. Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

41. U.K. Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

42. Italy Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

43. Italy Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

44. Italy Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

45. Spain Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

46. Spain Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

47. Spain Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

48. Asia Pacific Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

49. Asia Pacific Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

50. Asia Pacific Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

51. Japan Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

52. Japan Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

53. Japan Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

54. China Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

55. China Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

56. China Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

57. India Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

58. India Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

59. India Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

60. South America Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

61. South America Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

62. South America Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

63. Brazil Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

64. Brazil Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

65. Brazil Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

66. Middle East and Africa Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

67. Middle East and Africa Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

68. Middle East Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

69. UAE Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

70. UAE Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

71. UAE Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

72. South Africa Thyroid Function Test Market, By Type, 2018–2028 (USD Billion)

73. South Africa Thyroid Function Test Market, By Indication, 2018–2028 (USD Billion)

74. South Africa Thyroid Function Test Market, By End User, 2018–2028 (USD Billion)

List of Figures 

1. Global Thyroid Function Test Market Segmentation

2. Thyroid Function Test 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 Thyroid Function Test Market Attractiveness Analysis By Type

9. Global Thyroid Function Test Market Attractiveness Analysis By Indication

10. Global Thyroid Function Test Market Attractiveness Analysis By End User

11. Global Thyroid Function Test Market Attractiveness Analysis By Region

12. Global Thyroid Function Test Market: Dynamics

13. Global Thyroid Function Test Market Share By Type(2020 & 2028)

14. Global Thyroid Function Test Market Share By Indication(2020 & 2028)

15. Global Thyroid Function Test Market Share By End User(2020 & 2028)

16. Global Thyroid Function Test Market Share by Regions (2020 & 2028)

17. Global Thyroid Function Test Market Share by Company (2020)

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

Global Thyroid Function Test Market by Type:

  • TSH Tests
  • T4 Tests
  • T3 Tests 
  • Other Tests

Global Thyroid Function Test Market by Indication:

  • Hypothyroidism
  • Hyperthyroidism
  • Thyroid Cancer
  • Others

Global Thyroid Function Test Market by End-User:

  • Hospitals
  • Research Laboratories and Institutes
  • Diagnostic Laboratories
  • Other End Users

Global Thyroid Function Test 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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