Traditional Wound Management Market

Traditional Wound Management Market Size by Product Type (Gauzes, Bandages, Tapes, and Cotton), Application [Acute Wounds (Surgical and Traumatic Wounds and Burns) and Chronic Wounds (Pressure Ulcers, Diabetic Foot Ulcers, Venous Leg Ulcers and Others)], End-users (Hospitals, Clinics, Home Healthcare, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13531
  • Published Date: Jun, 2023
  • Pages: 237
  • Category: Healthcare
  • Format: PDF
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The global traditional wound management market was valued at USD 6.16 Billion in 2022 and grew at a CAGR of 4.78% from 2023 to 2032. The market is expected to reach USD 9.82 Billion by 2032. The growth of the traditional wound management market can be attributed to the rise in the prevalence of chronic infections and increasing surgical operations.

Market Introduction:

A wound is caused on the skin or mucosa's epithelial lining due to thermal or physical trauma. The length and kind of the healing process distinguish acute and chronic wounds. An injury to the skin caused by an accident or surgical procedure is an acute wound. Depending on the size, depth, and degree of the injury to the epidermis and dermis layers of the skin, it usually recovers within 8 to 12 weeks. On the other hand, chronic wounds cannot heal usually and cannot be fixed in a timely and ordered fashion. Due to their low cost and straightforward manufacturing procedure, traditional or inert dressings are the most commonly used clinical dressings.

Traditional Wound Management Market Size

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Recent Development
  • In 2022, a significant player, Cardinal Health, launched a surgical drape made from Chlorhexidine Gluconate and Avery Dennison’s adhesive technology named BeneHold.

Market Dynamics:

Drivers

Benefits of traditional wound management: Dressings made of lint, gauze, and cotton are commonly used in traditional wound care. Ancient Egypt was the first place where traditional wound dressing materials were widely used. Additionally, they believed that honey had healing properties, so they put it to the wounds. Dressings have historically served various purposes, including haemostasis, cosmesis, protection, absorption and support; despite recent innovations in wound care dressing materials, traditional wound dressings are still used in wound treatment, especially in underdeveloped nations. Traditional wound dressings are frequently used in clinical practice because they are affordable and easy to use.

Restraints:

The inefficiency of traditional dressings: Traditional wound dressings, in contrast to current wound dressings, cannot keep the wound moist, which is now understood to be necessary for the best possible wound healing. Traditional wound dressings also stick to the wound bed, which can cause damage. Additionally, conventional dressings like gauze are frequently a weak defence against bacterial infection.

Opportunities:

Increasing cases of chronic diseases: The increasing prevalence of chronic diseases has led to a high incidence of wounds, especially among the geriatric population. These chronic diseases cause several disorders in the body, which can disrupt the flow of blood and damage the immunity system. Also, chronic diseases can cause acute pain, which can be highly uncomfortable for patients. Numerous chronic illnesses frequently brought on by ageing exist, including those that affect the blood vessels, heart, kidneys, musculoskeletal system, lungs and nervous system. These chronic illnesses affect wound development, healing, and treatment. The increasing cases of mortality by heart diseases have shifted consumers' preference towards traditional wound management that can maintain chronic wounds.

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 traditional wound management market, with a 41.02% market revenue share in 2022.

North American region will account for the largest market share with revenue growth. Nations such as U.S. and Canada have a tremendous demand for traditional wound management due to the rising cases of chronic diseases such as cancer, cardiovascular diseases, diabetes, and rising cases of road accidents. A high percentage of the elderly population is vulnerable to different chronic wounds.

North America region Traditional Wound Management Market Share in 2022 - 41.02%

 

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Product Type Segment Analysis

The product type segment is divided into gauze, bandages, tapes, and cotton. The gauze segment dominated the market, with a share of around 43.10% in 2022. Gauze is a thin and versatile fabric which can be directly applied to wounds. It enables quick healing of the wound and is thus used in the treatment of many chronic wounds.

Application Segment Analysis

The application segment is divided into acute wounds and chronic wounds. The acute wounds segment further includes surgical and traumatic wounds and burns. The chronic wounds segment further includes pressure ulcers, diabetic foot ulcers, venous leg ulcers and others. The acute wounds segment dominated the market, with a share of around 63.19% in 2022. An acute wound is skin damage that happens immediately rather than gradually. It heals at the anticipated and predictable rate of a typical wound.

End-users Segment Analysis

The end-users segment is divided into hospitals, clinics, home healthcare, and others. The hospital segment dominated the market, with a share of around 51.83% in 2022. Patients prefer to visit hospitals to get their surgery done and to operate on their chronic wounds.

Some of the Key Market Players:
  • ConvaTec Group PLC
  • 3M
  • DermaRite Industries LLC.
  • Hollister Incorporated
  • DeRoyal Industries Inc.
  • Coloplast A/S
  • Integra LifeSciences Holdings Corp.
  • Medtronic plc.
  • Smith & Nephew plc.
  • Mölnlycke Health Care AB
  • B. Braun Melsungen AG
  • Johnson & Johnson Pvt. Ltd.
  • PAUL HARTMANN AG

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 6.16 Billion
Market size value in 2032 USD 9.82 Billion
CAGR (2023 to 2032) 4.78%
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, Application and End-users

Frequesntly Asked Questions

As per The Brainy Insights, the size of the traditional wound management market was valued 6.16 billion in 2022 to USD 9.82 Billion by 2032.

Global traditional wound management market is growing at a CAGR of 4.78% during the forecast period 2023-2032.

North America region emerged as the largest market for the traditional wound management.

The market's growth will be influenced by the low cost of the traditional wound dressings.

The lack of absorbing high quantity of blood can hamper the market growth.

The increasing incidence of chronic disorders is providing huge opportunities to the market.

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 Application
          4.3.3. Market Attractiveness Analysis By End-users
          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. Low cost of traditional wound dressings and breathability of fabric
    5.3. Restraints
          5.3.1. Inefficient in treatment of deep wounds
    5.4. Opportunities
          5.4.1. Increasing prevalence of chronic diseases
    5.5. Challenges
          5.5.1. Availability of effective substitute

6. Global Traditional Wound Management Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Gauzes
    6.3. Bandages
    6.4. Tapes
    6.5. Cotton

7. Global Traditional Wound Management Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Acute Wounds
          7.2.1. Surgical and Traumatic Wounds
          7.2.2. Burns
    7.3. Chronic Wounds
          7.3.1. Pressure Ulcers
          7.3.2. Diabetic Foot Ulcers
          7.3.3. Venous Leg Ulcers
          7.3.4. Others

8. Global Traditional Wound Management Market Analysis and Forecast, By End-users
    8.1. Segment Overview
    8.2. Hospitals
    8.3. Clinics
    8.4. Home Healthcare
    8.5. Others

9. Global Traditional Wound Management 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 Traditional Wound Management Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Traditional Wound Management 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. ConvaTec Group PLC
          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. 3M
          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. DermaRite Industries LLC.
          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. Hollister Incorporated
          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. DeRoyal Industries Inc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Coloplast A/S
          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. Integra LifeSciences Holdings Corp.
          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. Medtronic plc.
          1.1.1. Business Overview
          1.1.2. Company Snapshot
          1.1.3. Company Market Share Analysis
          1.1.4. Company Product Portfolio
          1.1.5. Recent Developments
          1.1.6. SWOT Analysis
    11.9. Smith & Nephew 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. Mölnlycke Health Care AB
          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. B. Braun Melsungen AG
          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. Johnson & Johnson Pvt. Ltd.
          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. PAUL HARTMANN AG
          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 Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Gauzes, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

3. Global Bandages, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

4. Global Tapes, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

5. Global Cotton, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

6. Global Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

7. Global Acute Wounds, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

8. Global Chronic Wounds, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

9. Global Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

10. Global Hospitals, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

11. Global Clinics, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

12. Global Home Healthcare, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

13. Global Others, Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

14. Global Traditional Wound Management Market, By Region, 2019-2032 (USD Billion) 

15. North America Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

16. North America Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

17. North America Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion)

18. U.S. Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

19. U.S. Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

20. U.S. Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

21. Canada Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

22. Canada Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

23. Canada Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

24. Mexico Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

25. Mexico Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

26. Mexico Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

27. Europe Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

28. Europe Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

29. Europe Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion)

30. Germany Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

31. Germany Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

32. Germany Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

33. France Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

34. France Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

35. France Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

36. U.K. Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

37. U.K. Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

38. U.K. Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

39. Italy Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

40. Italy Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

41. Italy Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

42. Spain Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

43. Spain Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

44. Spain Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

45. Asia Pacific Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

46. Asia Pacific Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

47. Asia Pacific Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

48. Japan Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

49. Japan Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

50. Japan Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion)

51. China Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

52. China Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

53. China Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

54. India Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

55. India Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

56. India Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

57. South America Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

58. South America Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

59. South America Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

60. Brazil Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

61. Brazil Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

62. Brazil Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

63. Middle East and Africa Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

64. Middle East and Africa Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

65. Middle East and Africa Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

66. UAE Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

67. UAE Traditional Wound Management Market, By Application, 2019-2032 (USD Billion)

68. UAE Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

69. South Africa Traditional Wound Management Market, By Product Type, 2019-2032 (USD Billion) 

70. South Africa Traditional Wound Management Market, By Application, 2019-2032 (USD Billion) 

71. South Africa Traditional Wound Management Market, By End-users, 2019-2032 (USD Billion) 

List of Figures 

1. Global Traditional Wound Management Market Segmentation

2. Traditional Wound Management 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 Traditional Wound Management Market Attractiveness Analysis By Product Type

9. Global Traditional Wound Management Market Attractiveness Analysis By Application

10. Global Traditional Wound Management Market Attractiveness Analysis By End-users

11. Global Traditional Wound Management Market Attractiveness Analysis By Region

12. Global Traditional Wound Management Market: Dynamics

13. Global Traditional Wound Management Market Share By Product Type (2022 & 2032)

14. Global Traditional Wound Management Market Share by Application (2022 & 2032)

15. Global Traditional Wound Management Market Share by End-users (2022 & 2032)

16. Global Traditional Wound Management Market Share by Regions (2022 & 2032)

17. Global Traditional Wound Management 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 traditional wound management market based on below mentioned segments:

Global Traditional Wound Management Market by Product Type:

  • Gauzes
  • Bandages
  • Tapes
  • Cotton

Global Traditional Wound Management Market by Application:

  • Acute Wounds
    • Surgical and Traumatic Wounds
    • Burns
  • Chronic Wounds
    • Pressure Ulcers
    • Diabetic Foot Ulcers
    • Venous Leg Ulcers
    • Others

Global Traditional Wound Management Market by End-users:

  • Hospitals
  • Clinics
  • Home Healthcare
  • Others

Global Traditional Wound Management 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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