Veterinary Software Market

Veterinary Software Market Size by Product Type (Veterinary Imaging Software, Veterinary Practice Management Software and Others), Practice Type (Mixed Animal Practices, Small Animal Practices, Equine Practices, Bovine Practices and Food-Producing Animal Practices), Deployment Mode (Cloud and On-Premise), End-users (Reference Laboratories and Hospitals & Clinics and Ambulatory Services), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13636
  • Published Date: Aug, 2023
  • Pages: 237
  • Category: Healthcare
  • Format: PDF
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The global veterinary software market was valued at USD 561.92 Million in 2022 and grew at a CAGR of 7.02% from 2023 to 2032. The market is expected to reach USD 1107.45 Million by 2032. The growth of the veterinary software market can be attributed to the rise in demand for veterinary care among pet owners.

Market Introduction:

Veterinarians utilize veterinary software to handle several tasks, including bookkeeping, patient information, treatment planning, and scheduling. Software of this kind enables nurses or technicians to administer treatments effectively and aids veterinary clinics in managing patient diagnosis and treatment. Veterinary practice management software is used by administrative staff to control patient payments, communications, and influx. For veterinary hospitals, more sophisticated practice management software is available; smaller clinics and private practices can use scaled-down versions. These solutions frequently incorporate software integrations for claims processing. Integration with veterinary-specific electronic health records software is necessary to obtain patient health information.

Veterinary Software Market Size

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Recent Development
  • In May 2022, a significant player, Covetrus, launched veterinary practice management software, Ascend, designed to simplify internal operations in veterinarians. The software is available around Asia-Pacific, EMEA and U.K.

Market Dynamics:

Drivers

Multi-functions of veterinary software: The instrument that aids in managing a veterinarian practice's daily activities is veterinary practice management software. Veterinary software automates the management of clients, employees, schedules, and invoicing, allowing animal care specialists and clinics to increase the effectiveness of their services. Historically, it has made it possible to record patient information often, arrange appointments, and perform other routine tasks related to veterinary operations. Most veterinary practice management systems can ensure compliance with numerous financial and health regulations, among others. The dependable veterinary practice software available today offers easy service integration. The functionality and user interface will continue to improve, which will help access remote client records.

Restraints:

High cost of deployment: A significant investment is required to install veterinary software in hospitals and clinics. In addition, timely updates are essential for the maintenance of such software, which leads to the additional cost being added to the overall cost the company is spending. Therefore, the high initial investment and maintenance cost is one of the key factors that may hinder the market's growth over the forecast period.

Opportunities:

Increased spending on pet healthcare: The adoption of the pet has increased around the globe owing to the increasing requirement for companionship. Consumers have started to spend increasingly on their pets, which can be attributed to their increasing disposable income. The trend of pet humanization is increasing, which has positively influenced the market growth of the veterinary software market. People are adopting small size pets as they can be easily indulged in the human environment. With increasing humanization, consumers are willing to spend heavily on their pets to provide their pets the best quality of life. Also, consumers have started to provide their pets with constant veterinary care. Apart from this, veterinary expenses have also increased in recent years. This expenditure accounts for one of the highest spending in the pet care market. Further, the increasing prevalence of diseases has propelled consumers to spend more on regular check-ups. Thus, the demand for premium veterinary software has increased.

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 veterinary software market, with a 41.91% market revenue share in 2022.

North American region will account for the largest market share with revenue growth. Nations such as the U.S. and Canada have a tremendous demand for veterinary software due to growing investment in the veterinary industry. The increasing investment in maintaining the quality of livestock is driving the growth of veterinary software. Further, pet owners' increasing spending on pet healthcare is another factor contributing to the market growth.  

North America Region Veterinary Software Market Share in 2022 - 41.91%

 

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Product Type Segment Analysis

The product type segment is divided into veterinary imaging software, veterinary practice management software and others. The veterinary practice management software segment dominated the market, with a share of around 46.92% in 2022. This software helps in supporting and recording databases for veterinary. It can be used for several applications, such as inventory tracking, resource management, billing and invoicing, treatment procedure management and inventory tracking.

Practice Type Segment Analysis

The practice type segment is divided into mixed animal practices, small animal practices, equine practices, bovine practices and food-producing animal practices. The food-producing animal practices segment dominated the market, with a share of around 45.19% in 2022. The growing need for maintaining livestock health is leading to the growth of veterinary software. The maintenance of information, monitoring of activities and controlling the manufacturing process are all the potential use of veterinary software in determining livestock productivity.

Deployment Mode Segment Analysis

The deployment mode segment is divided into cloud and on-premise. The on-premise segment dominated the market, with a share of around 76.21% in 2022. The on-premise software is widely available and can be used for different applications. Many veterinary clinics deploy on-premise software due to its low cost and ability to perform several functionalities.

End-users Segment Analysis

The end-users segment is divided into reference laboratories, hospitals and & clinics, and ambulatory services. The hospitals & clinics segment dominated the market, with a share of around 55.19% in 2022. Hospitals and clinics widely use different types of veterinary software for maintaining the database and providing quality care to different animal species.

Some of the Key Market Players:
  • Hippo Manager Software, Inc.
  • IDEXX Laboratories, Inc.
  • VetZ Limited
  • Henry Schein
  • Esaote SpA, Inc.
  • Patterson Companies, Inc.
  • Genetics
  • ClienTrax
  • Onward Systems, Inc.
  • VIA Information Systems
  • DaySmart Software
  • Provet Cloud
  • VitusVet
  • NaVetor
  • ezyVet
  • Animal Intelligence Software

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 561.92 Million
Market size value in 2032 USD 1107.45 Million
CAGR (2023 to 2032) 7.02%
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, Practice Type, Deployment Mode and End-users

Frequesntly Asked Questions

As per The Brainy Insights, the size of the veterinary software market was valued 561.92 million in 2022 to USD 1107.45 million by 2032.

Global veterinary software market is growing at a CAGR of 7.02% during the forecast period 2023-2032.

North America region emerged as the largest market for the veterinary software.

The market's growth will be influenced by the rising use of veterinary software.

The high cost of deployment can hamper the market growth.

The increasing spending on pet care 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 Practice Type
          4.3.3. Market Attractiveness Analysis by Deployment Mode
          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 veterinary software
    5.3. Restraints
          5.3.1. High cost of deployment
    5.4. Opportunities
          5.4.1. Increasing expenses of pet care
    5.5. Challenges
          5.5.1. Data security issues

6. Global Veterinary Software Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Veterinary Imaging Software
    6.3. Veterinary Practice Management Software
    6.4. Others

7. Global Veterinary Software Market Analysis and Forecast, By Practice Type
    7.1. Segment Overview
    7.2. Mixed Animal Practices
    7.3. Small Animal Practices
    7.4. Equine Practices
    7.5. Bovine Practices
    7.6. Food-Producing Animal Practices

8. Global Veterinary Software Market Analysis and Forecast, By Deployment Mode
    8.1. Segment Overview
    8.2. Cloud
    8.3. On-Premise

9. Global Veterinary Software Market Analysis and Forecast, By End-users
    9.1. Segment Overview
    9.2. Reference Laboratories
    9.3. Hospitals & Clinics
    9.4. Ambulatory Services

10. Global Veterinary Software 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 Veterinary Software Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in the Veterinary Software 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. Hippo Manager Software, Inc.
          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. IDEXX Laboratories, 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. VetZ Limited
          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. Henry Schein
          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. Esaote SpA, 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. Patterson Companies, Inc.
          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. Genetics
          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. ClienTrax
          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. Onward Systems, Inc.
          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. VIA Information Systems
          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. DaySmart Software
          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. Provet Cloud
          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. VitusVet
          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. NaVetor
          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
    12.15. ezyVet
          12.15.1. Business Overview
          12.15.2. Company Snapshot
          12.15.3. Company Market Share Analysis
          12.15.4. Company Product Portfolio
          12.15.5. Recent Developments
          12.15.6. SWOT Analysis
    12.16. Animal Intelligence Software
          12.16.1. Business Overview
          12.16.2. Company Snapshot
          12.16.3. Company Market Share Analysis
          12.16.4. Company Product Portfolio
          12.16.5. Recent Developments
          12.16.6. SWOT Analysis

List of Table

1. Global Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

2. Global Veterinary Imaging Software, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

3. Global Veterinary Practice Management Software, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

4. Global Others, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

5. Global Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

6. Global Mixed Animal Practices, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

7. Global Small Animal Practices, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

8. Global Equine Practices, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

9. Global Bovine Practices, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

10. Global Food-Producing Animal Practices, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

11. Global Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

12. Global Cloud, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

13. Global On-Premise, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

14. Global Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

15. Global Reference Laboratories, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

16. Global Hospitals & Clinics, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

17. Global Ambulatory Services, Veterinary Software Market, By Region, 2019-2032 (USD Million) 

18. Global Veterinary Software Market, By Region, 2019-2032 (USD Million) 

19. North America Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

20. North America Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

21. North America Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million)

22. North America Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

23. U.S. Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

24. U.S. Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

25. U.S. Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

26. U.S. Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

27. Canada Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

28. Canada Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

29. Canada Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

30. Canada Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

31. Mexico Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

32. Mexico Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

33. Mexico Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

34. Mexico Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

35. Europe Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

36. Europe Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

37. Europe Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million)

38. Europe Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

39. Germany Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

40. Germany Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

41. Germany Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

42. Germany Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

43. France Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

44. France Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

45. France Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

46. France Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

47. U.K. Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

48. U.K. Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

49. U.K. Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

50. U.K. Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

51. Italy Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

52. Italy Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

53. Italy Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

54. Italy Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

55. Spain Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

56. Spain Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

57. Spain Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

58. Spain Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

59. Asia Pacific Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

60. Asia Pacific Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

61. Asia Pacific Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

62. Asia Pacific Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

63. Japan Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

64. Japan Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

65. Japan Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million)

66. Japan Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

67. China Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

68. China Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

69. China Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

70. China Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

71. India Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

72. India Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

73. India Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

74. India Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

75. South America Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

76. South America Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

77. South America Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

78. South America Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

79. Brazil Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

80. Brazil Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

81. Brazil Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

82. BrazilVeterinary Software Market, By End-user, 2019-2032 (USD Million) 

83. Middle East and Africa Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

84. Middle East and Africa Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

85. Middle East and Africa Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

86. Middle East and Africa Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

87. UAE Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

88. UAE Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

89. UAE Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

90. UAE Veterinary Software Market, By End-user, 2019-2032 (USD Million) 

91. South Africa Veterinary Software Market, By Product Type, 2019-2032 (USD Million) 

92. South Africa Veterinary Software Market, By Practice Type, 2019-2032 (USD Million) 

93. South Africa Veterinary Software Market, By Deployment Mode, 2019-2032 (USD Million) 

94. South Africa Veterinary Software Market, By End-user, 2019-2032 (USD Million)  

List of Figures

1. Global Veterinary Software Market Segmentation

2. Veterinary Software 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 Veterinary Software Market Attractiveness Analysis by Product Type

9. Global Veterinary Software Market Attractiveness Analysis by Practice Type

10. Global Veterinary Software Market Attractiveness Analysis by Deployment Mode

11. Global Veterinary Software Market Attractiveness Analysis by End-user

12. Global Veterinary Software Market Attractiveness Analysis by Region

13. Global Veterinary Software Market: Dynamics

14. Global Veterinary Software Market Share by Product Type (2022 & 2032)

15. Global Veterinary Software Market Share by Practice Type (2022 & 2032)

16. Global Veterinary Software Market Share by Deployment Mode (2022 & 2032)

17. Global Veterinary Software Market Share by End-user (2022 & 2032)

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

19. Global Veterinary Software 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 veterinary software market based on below mentioned segments:

Global Veterinary Software Market by Product Type:

  • Veterinary Imaging Software
  • Veterinary Practice Management Software
  • Others

Global Veterinary Software Market by Practice Type:

  • Mixed Animal Practices
  • Small Animal Practices
  • Equine Practices
  • Bovine Practices

Global Veterinary Software Market by Deployment Mode:

  • Cloud
  • On-Premise

Global Veterinary Software Market by End-users:

  • Reference Laboratories
  • Hospitals & Clinics
  • Ambulatory Services

Global Veterinary software 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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