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The global healthcare information system market was valued at USD 437.21 billion in 2022 and grew at a CAGR of 9.12% from 2023 to 2032. The market is expected to reach USD 1046.48 billion by 2032. The growth of the healthcare information system market can be attributed to the rise in demand for delivering patient centric care and management of administrational operations. Implementing healthcare information systems, including population health management, is crucial in enhancing disease prevention and management, leading to significant cost savings. The increasing demand for remote patient monitoring to improve care outside hospital settings is a key factor propelling market growth. Additionally, the rising adoption of smartphones, the development of advanced technological infrastructure, and a surge in initiatives and investments promoting eHealth and digital health are contributing to the market's expansion during the forecast period. Smartphones have become essential in healthcare, with applications such as telemedicine, remote disease management, and health management information systems gaining traction. Health applications enable efficient communication between patients and healthcare providers remotely, and the utilization of mobile devices among healthcare professionals is also increasing.
A system created to manage healthcare data is referred to as a health information system. This comprises the operational administration of a hospital or a system that supports the formulation of healthcare policy, as well as systems that store, gather, manage, and transmit a patient's electronic medical record. Systems that manage data connected to the operations of providers and healthcare organisations are likewise included in the category of health information systems. These could be used in concert to impact research, enhance patient outcomes, and improve policy and decision-making. Healthcare information systems offer essential solutions for safeguarding and administrating healthcare-related data. The influence of information technology on the cost, quality, and safety of healthcare services is substantial. Among the most prevalent applications in the healthcare sector are electronic medical records, healthcare records, and personal health records. Patient-centered care management, population health management, and point-of-care solutions enable providers to lower healthcare expenses while enhancing outcomes by establishing patient registries and portals. A key driver of market growth is the technological advancements in healthcare IT infrastructure, which encompass the integration of IoT, big data, and artificial intelligence. Electronic and personal health records rank among the most commonly utilized healthcare information systems. Furthermore, increased government funding for developing and digitizing healthcare infrastructure has significantly expanded the global market. Implementing development strategies, including new product launches, partnerships, and collaborations, is crucial in shaping the market's growth.
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Multi-functions of healthcare information system: For managing the administrative, clinical, and financial activities of medical organisations, the healthcare industry is continuously looking forward to integrating innovative digital solutions. For making digital appointments with doctors, sending reports to nurses from one shift to the next, and handling other health information-related tasks, health information system management can be utilized. The use of healthcare information system accelerates the process of retrieving and storing all healthcare data as well as managing patient medical billing cycles and any payment-oriented bills. Information systems typically mimic the organisational business processes, thus as they change, the specification and consequently the system's functionality also change.
High cost of deployment: A significant investment is required to install healthcare information system 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.
Increased digitalization of healthcare services: By advancing technology, the digital revolution has raised various business sectors to a new level. Digital technology is frequently used in the healthcare industry to monitor patient care quality, enhance clinical support, and search medical information resources. Digitalization improved the administrational process of the healthcare institutions. Digital technology aids healthcare by mapping and tracking the spread of infectious diseases, as well as providing effective clinical support and high-quality care. Data integration has evolved into a necessary component of enhanced digital technology use in the healthcare industry.
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 healthcare information system market, with a 42.1% market revenue share in 2023.
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 healthcare information system due to growing investment in the healthcare IT industry. The increasing investment in maintaining the patient centric management is leading to development of several systems that can be used for several administration purposes.
North America Region Healthcare Information System Market Share in 2023 - 42.1%
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The deployment mode segment is divided into cloud-based, on-premises and web-based. The web-based segment dominated the market, with a share of 44.1% in 2023. The web-based information system can handle huge amount of data at once and thus it helps in reducing the operational difficulty.
The component segment is divided into hardware, software and services. The services segment dominated the market, with a share of 48.2% in 2023. The third-party companies provide different services related to consulting, hosting, optimization, and revenue cycle services which are used for managing the information systems. The increasing demand for communication and IT services across the healthcare industry will lead to higher usage of such systems.
The application segment is divided into medical imaging information system, laboratory information system, revenue cycle management, and pharmacy information systems. The revenue cycle management segment dominated the market, with a share of 67.3% in 2023. Revenue cycle managements are used for reducing the billing errors and reimbursements. Further, the rising demand for synchronized systems across hospitals, clinics and diagnostic laboratories will lead to high usage of revenue cycle management.
The end-users segment is divided into hospitals & clinics, academic & research institutes and diagnostic centres. The hospitals & clinics segment dominated the market, with a share of around 57.1% in 2023. Hospitals and clinics widely use different types of healthcare information system for maintaining the database and providing quality care to patients.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 456.23 Billion |
| Market size value in 2033 | USD 1,330.87 Billion |
| CAGR (2024 to 2033) | 11.3% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| 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 | Deployment Mode, Component, Application and End-users |
As per The Brainy Insights, the size of the healthcare information system market was valued USD 456.23 billion in 2023 to USD 1,330.87 billion by 2033.
Global healthcare information system market is growing at a CAGR of 11.3% during the forecast period 2024-2033.
North America region emerged as the largest market for the healthcare information system.
The market's growth will be influenced by the rising deployment of healthcare information system across end-users.
The high cost of deployment can hamper the market growth.
The increasing advancements in pharma and biotech industry 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 Deployment Mode
4.3.2. Market Attractiveness Analysis by Component
4.3.3. Market Attractiveness Analysis by Application
4.3.4. Market Attractiveness Analysis by End-users
4.3.5. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Increasing use of healthcare information systems across end-users
5.3. Restraints
5.3.1. High cost of deployment
5.4. Opportunities
5.4.1. Increasing digitalization of healthcare services
5.5. Challenges
5.5.1. Data security issues
6. Global Healthcare Information System Market Analysis and Forecast, By Deployment Mode
6.1. Segment Overview
6.2. Cloud-Based
6.3. On-Premises
6.4. Web-Based
7. Global Healthcare Information System Market Analysis and Forecast, By Component
7.1. Segment Overview
7.2. Hardware
7.3. Software
7.4. Services
8. Global Healthcare Information System Market Analysis and Forecast, By Application
8.1. Segment Overview
8.2. Medical Imaging Information Systems
8.3. Laboratory Information Systems
8.4. Revenue Cycle Management
8.5. Pharmacy Information Systems
9. Global Healthcare Information System Market Analysis and Forecast, By End-users
9.1. Segment Overview
9.2. Hospitals & Clinics
9.3. Academic & Research Institutes
9.4. Diagnostic Centres
10. Global Healthcare Information System 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 Healthcare Information System Market-Competitive Landscape
11.1. Overview
11.2. Market Share of Key Players in the Healthcare Information System 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. Athenahealth, 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. eClinicalWorks
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. Hewlett Packard
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. Philips Healthcare
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. McKesson Corporation
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. GEHealthcare
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. Allscripts Healthcare LLC
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. Epic Systems Corporation
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. Cerner Corporation
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. Novarad Corporation
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. Carestream Health
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. Medidata Solutions Inc.
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. e-MDs Incorporation
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. Siemens Healthineers
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. Ada Health GmbH
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. NextGen Healthcare
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
12.17. SWORD Health
12.17.1. Business Overview
12.17.2. Company Snapshot
12.17.3. Company Market Share Analysis
12.17.4. Company Product Portfolio
12.17.5. Recent Developments
12.17.6. SWOT Analysis
12.18. Oracle
12.18.1. Business Overview
12.18.2. Company Snapshot
12.18.3. Company Market Share Analysis
12.18.4. Company Product Portfolio
12.18.5. Recent Developments
12.18.6. SWOT Analysis
12.19. Siilo
12.19.1. Business Overview
12.19.2. Company Snapshot
12.19.3. Company Market Share Analysis
12.19.4. Company Product Portfolio
12.19.5. Recent Developments
12.19.6. SWOT Analysis
12.20. NXGNManagement, LLC
12.20.1. Business Overview
12.20.2. Company Snapshot
12.20.3. Company Market Share Analysis
12.20.4. Company Product Portfolio
12.20.5. Recent Developments
12.20.6. SWOT Analysis
12.21. Infor
12.21.1. Business Overview
12.21.2. Company Snapshot
12.21.3. Company Market Share Analysis
12.21.4. Company Product Portfolio
12.21.5. Recent Developments
12.21.6. SWOT Analysis
12.22. GREENWAY HEALTH, LLC.
12.22.1. Business Overview
12.22.2. Company Snapshot
12.22.3. Company Market Share Analysis
12.22.4. Company Product Portfolio
12.22.5. Recent Developments
12.22.6. SWOT Analysis
List of Table
1. Global Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
2. Global Cloud-Based, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
3. Global On-Premises, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
4. Global Web-Based Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
5. Global Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
6. Global Hardware, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
7. Global Software, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
8. Global Services, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
9. Global Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
10. Global Medical Imaging Information Systems, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
11. Global Laboratory Information Systems, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
12. Global Revenue Cycle Management, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
13. Global Pharmacy Information Systems, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
14. Global Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
15. Global Hospitals & Clinics, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
16. Global Academic & Research Institutes, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
17. Global Diagnostic Centres, Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
18. Global Healthcare Information System Market, By Region, 2020-2033 (USD Billion)
19. North America Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
20. North America Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
21. North America Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
22. North America Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
23. U.S. Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
24. U.S. Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
25. U.S. Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
26. U.S. Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
27. Canada Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
28. Canada Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
29. Canada Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
30. Canada Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
31. Mexico Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
32. Mexico Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
33. Mexico Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
34. Mexico Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
35. Europe Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
36. Europe Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
37. Europe Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
38. Europe Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
39. Germany Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
40. Germany Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
41. Germany Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
42. Germany Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
43. France Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
44. France Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
45. France Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
46. France Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
47. U.K. Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
48. U.K. Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
49. U.K. Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
50. U.K. Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
51. Italy Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
52. Italy Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
53. Italy Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
54. Italy Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
55. Spain Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
56. Spain Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
57. Spain Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
58. Spain Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
59. Asia Pacific Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
60. Asia Pacific Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
61. Asia Pacific Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
62. Asia Pacific Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
63. Japan Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
64. Japan Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
65. Japan Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
66. Japan Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
67. China Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
68. China Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
69. China Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
70. China Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
71. India Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
72. India Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
73. India Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
74. India Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
75. South America Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
76. South America Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
77. South America Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
78. South America Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
79. Brazil Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
80. Brazil Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
81. Brazil Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
82. BrazilHealthcare Information System Market, By End-user, 2020-2033 (USD Billion)
83. Middle East and Africa Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
84. Middle East and Africa Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
85. Middle East and Africa Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
86. Middle East and Africa Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
87. UAE Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
88. UAE Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
89. UAE Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
90. UAE Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
91. South Africa Healthcare Information System Market, By Deployment Mode, 2020-2033 (USD Billion)
92. South Africa Healthcare Information System Market, By Component, 2020-2033 (USD Billion)
93. South Africa Healthcare Information System Market, By Application, 2020-2033 (USD Billion)
94. South Africa Healthcare Information System Market, By End-user, 2020-2033 (USD Billion)
List of Figures
1. Global Healthcare Information System Market Segmentation
2. Healthcare Information System 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 Healthcare Information System Market Attractiveness Analysis by Deployment Mode
9. Global Healthcare Information System Market Attractiveness Analysis by Component
10. Global Healthcare Information System Market Attractiveness Analysis by Application
11. Global Healthcare Information System Market Attractiveness Analysis by End-user
12. Global Healthcare Information System Market Attractiveness Analysis by Region
13. Global Healthcare Information System Market: Dynamics
14. Global Healthcare Information System Market Share by Deployment Mode (2023 & 2033)
15. Global Healthcare Information System Market Share by Component (2023 & 2033)
16. Global Healthcare Information System Market Share by Application (2023 & 2033)
17. Global Healthcare Information System Market Share by End-user (2023 & 2033)
18. Global Healthcare Information System Market Share by Regions (2023 & 2033)
19. Global Healthcare Information System Market Share by Company (2023)
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global healthcare information system market based on below mentioned segments:
Global Healthcare Information System Market by Deployment Mode:
Global Healthcare Information System Market by Component:
Global Healthcare Information System Market by Application:
Global Healthcare Information System Market by End-users:
Global Healthcare Information System Market by Region:
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.
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Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:
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:
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:
The demand side for the market is estimated through:
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:
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:
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:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
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