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In Silico Clinical Trials Market

Global In Silico Clinical Trials Market Size By Therapeutic Area (Oncology, Hematology, Cardiology, Dermatology, Neurology, Diabetes, and Others), By Phase (Phase I, II, III), By Industry (Medical Devices, Pharmaceutical), Regions, Global Industry Analysis, By End-use, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12796
  • Published Date: Jun, 2022
  • Pages: 233
  • Category: Healthcare
  • Format: PDF
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The global in silico clinical trials market is expected to reach USD 5.6 billion by 2030, at a CAGR of 6.9% from 2021 to 2030. In silico clinical trials helps reduce the chances of adverse reactions during clinical trials of human and animal testing, thus, improving the efficacy and safety of research studies which drives the market's growth during the forecast period.

Market Overview:

In silico clinical trials is also known as a virtual clinical trial. It is a method used to develop medical products and devices using computer simulation. It is powered by artificial intelligence. It helps the researchers adapt to the computer-based environment quickly and helps transform large data sets to establish the knowledge better, understand the drug response and behavior with earlier outcomes, and discover new drug indications. This method allows testing the drug samples in “virtual patients” using strict computational modeling and simulation methods before trying them on humans. Various numbers of drugs and other medical devices are formed using this technique. This technique can detect the chances of failure in clinical trials at a very early stage. The outbreak of the Covid-19 pandemic has improved the interest in using computer simulations to predict clinical trial outcomes. Specific guidelines and improved techniques can take this field to a greater height. This clinical trial method is comparatively cheaper than any other type. It is an underutilized method of clinical research using electronic monitoring devices. It reduces the size and duration of clinical trials using better designs by recognizing the traits and risks of complications in a patient.

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Market Dynamics:

Drivers:
  • Cheaper cost and greater success rate

The high cost linked with the traditional clinical trials is one of the significant factors behind adopting these computer-based trials. Advanced simulation techniques used by the in silico clinical trials help understand the safety and success rate of a drug or medical device. Due to a lack of precaution and poor estimation of the success rate, there are many failures in the traditional clinical trial method. In contrast, research on drugs and medical devices is more acceptable in this in silico clinical trial method. Concerns regarding animal welfare are driving the growth of the in silico clinical trials market as these are not conducted on animals.

Restraints:
  • Limited-time period

One major drawback of this clinical trial method is its limited period. This limited-time is often too short for analyzing things. The time ranges from milliseconds to seconds, which leads to insufficient sampling. A complete simulated clinical trial is not feasible with the present technology. There is a lack of proper technological methods to conduct this method. This trial requires a virtual patient, computer-simulated using software phantoms. The rising price of the technical devices and machines used is one factor restraining the proper adoption of this trial method.

Opportunities:
  • A better understanding of the safety and efficacy of a drug and devices

In silico clinical method is less costly than traditional clinical trials, and so this method is being preferred for drug discovery and discovery of medical devices. It provides better knowledge and results about the effect and safety of a drug or any technical, medical device. This type of clinical trial reduces the chances of declining the clinical trials, and hence the expenditure is also minimized. Many medical therapeutics and vaccines are required after the Covid-19 outbreak, but the traditional clinical trials cannot meet this requirement. Hence, researchers are using computer simulation to meet the needs, creating an opportunity for this market to evolve.

Challenges:
  • Limitations due to some practical implementations

While conducting the trial, certain limitations in practical implementations sometimes affect the observations. Also, the choices of some parameters value for analysis purposes may affect the evaluation power of the model. The complexity of the molecular dynamics is another limitation. This method is entirely dependent on the computer data and the size of the simulated systems. This sometimes provides an inadequate sampling of confrontations. Various innovative steps and approaches are still needed to identify the drug targets much more progress and determine the efficacy predictions. All these combinedly pose a challenge to the growth of the in silico clinical trials market.

Segmentation Analysis:

The global in silico clinical trials market has been segmented based on therapeutic area, phase, industry, and regions.

  • The therapeutic area segment comprises oncology, hematology, cardiology, dermatology, neurology, diabetes, and others. The oncology segment dominated the market, with a market share of around 22% in 2021. In silico clinical trials are widely used in oncology as they have no side effects on humans and are less expensive than traditional clinical trials for cancer.
  • The phase segment is divided into phase I, phase II, and phase III. Over the forecast period, the phase II segment is expected to grow at the fastest CAGR of 8.1%. The majority of in silico clinical trials are in phase II which, which is the main reason for the largest share of the market in the segment.
  • The industry segment is divided into medical devices and pharmaceuticals. In 2021, the medical devices segment dominated the market, accounting for around 58% of global revenue. The effect of in silico clinical trials for medical devices is considered more accurate when compared to pharmaceuticals. This propels the growth of the market in the segment.
Regional Segmentation Analysis:

The regions analyzed for the in silico clinical trials market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global in silico clinical trials market, with a 44% share of the market revenue in 2021.

North America currently dominates the in silico clinical trials market with a 44% share of the market revenue in 2021. The growth of the market in this region can be attributed to prominent market players in the region, including Insilico Medicine, Inc., GNS Healthcare Inc., Immunetrics Inc., and others. Apart from this, most of the in silico clinical trials are being conducted in the US, which adds impetus to the growth of the market in the region.

North Region In Silico Clinical Trials Market Share in 2021 - 44%

 

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new Industries, product innovations, mergers & acquisitions, joint ventures, alliances, and partnerships to improve their market position in the global in silico clinical trials market industry.

List of Key Market Players:

  • Certara, Inc.
  • Novadiscovery Sas
  • Insilico Medicine, Inc.
  • Dassault Systemes Se
  • GNS Healthcare Inc.
  • The AnyLogic Company
  • InSilico Trials
  • Immunetrics Inc.
  • Nuventra pharma Sciences.
  • Abzena Ltd.

Key Target Audience

  • Market Players
  • Investors
  • End-Users
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global In Silico Clinical Trials Market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2021 is considered the base year of the report. 2019 and 2020 are considered as the historic years and 2022 to 2030 are the forecast years. The global in silico clinical trials market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global in silico clinical trials market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of in silico clinical trials based on therapeutic area, phase, industry, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to the global in silico clinical trials market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers a detailed study for the company profiles of key organizations operating in the global in silico clinical trials market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & amp; innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of porter’s five forces analysis coupled with SWOT analysis to provide business-related data and information. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company's growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market-related driving factors, growth limitations (restraints), potential industry opportunities, significant trends, and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market-related i.e., global in silico clinical trials market) are covered to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the in silico clinical trials market was valued at USD 3.1 billion in 2021 to USD 5.6 billion by 2030.

The global in silico clinical trials market is growing at a CAGR of 6.9% during the forecast period 2022-2030.

The global in silico clinical trials market has been segmented based on therapeutic area, phase, industry, and regions. The oncology segment led the market in 2021.

The North American region emerged as the largest market for in silico clinical trials.

The market's growth will be influenced by cheaper costs and a greater success rate.

Limitations due to some practical implementation concerns could hamper the market growth.

A better understanding of the safety and efficacy of a drug and devices will provide huge opportunities to the market.

Key players are Certara, Inc., Novadiscovery Sas, Insilico Medicine, Inc., Dassault Systemes Se, GNS Healthcare Inc., The AnyLogic Company, InSilico Trials, Immunetrics Inc., Nuventra pharma Sciences, and Abzena Ltd.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
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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 Therapeutic Area
          4.3.2. Market Attractiveness Analysis By Phase
          4.3.3. Market Attractiveness Analysis By Industry
          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. Cheaper cost and greater success rate
    5.3. Restraints
          5.3.1. Limited-time period
    5.4. Opportunities
          5.4.1. A better understanding of the safety and efficacy of a drug and devices
    5.5. Challenges
          5.5.1. Limitations due to some practical implementations

6. Global In Silico Clinical Trials Market Analysis and Forecast, By Therapeutic Area
    6.1. Segment Overview
    6.2. Oncology
    6.3. Hematology
    6.4. Cardiology
    6.5. Dermatology
    6.6. Neurology
    6.7. Diabetes
    6.8. Others

7. Global In Silico Clinical Trials Market Analysis and Forecast, By Phase
    7.1. Segment Overview
    7.2. Phase I
    7.3. Phase II
    7.4. Phase III

8. Global In Silico Clinical Trials Market Analysis and Forecast, By Industry
    8.1. Segment Overview
    8.2. Medical Devices
    8.3. Pharmaceutical

9. Global In Silico Clinical Trials 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 In Silico Clinical Trials Market-Competitive Landscape
    10.1. Overview
          10.1.1. Market Share of Key Players in the In Silico Clinical Trials Market
          10.1.2. Global Company Market Share
          10.1.3. North America Company Market Share
          10.1.4. Europe Company Market Share
          10.1.5. APAC Company Market Share
    10.2. Competitive Situations and Trends
          10.2.1. Product Launches and Developments
          10.2.2. Partnerships, Collaborations, and Agreements
          10.2.3. Mergers & Acquisitions
          10.2.4. Expansions

11. Company Profiles
    11.1. Certara, Inc.
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Component Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Novadiscovery Sas
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Component Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Insilico Medicine, Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Component Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Dassault Systemes Se
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Component Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. GNS Healthcare Inc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Component Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. The AnyLogic Company
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Component Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. InSilico Trials
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Component Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Immunetrics Inc.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Component Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Nuventra pharma Sciences.
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Component Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Abzena Ltd.
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Component Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

2. Global Oncology In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion) 

3. Global Hematology In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion)

4. Global Cardiology In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion)

5. Global Dermatology In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion)

6. Global Neurology In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion)

7. Global Diabetes In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion)

8. Global Others In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion)

9. Global In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

10. Global Phase I In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion) 

11. Global Phase II In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion) 

12. Global Phase III In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion) 

13. Global In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

14. Global Medical Devices In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion) 

15. Global Pharmaceutical In Silico Clinical Trials Market, By Region, 2019-2030 (USD Billion) 

16. North America In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

17. North America In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

18. North America In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

19. U.S. In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

20. U.S. In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

21. U.S. In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

22. Canada In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

23. Canada In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

24. Canada In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

25. Mexico In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

26. Mexico In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

27. Mexico In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

28. Europe In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

29. Europe In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

30. Europe In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

31. Germany In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

32. Germany In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

33. Germany In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

34. France In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

35. France In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

36. France In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

37. U.K. In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

38. U.K. In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

39. U.K. In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

40. Italy In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

41. Italy In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

42. Italy In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

43. Spain In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

44. Spain In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

45. Spain In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

46. Asia Pacific In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

47. Asia Pacific In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

48. Asia Pacific In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

49. Japan In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

50. Japan In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

51. Japan In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

52. China In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

53. China In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

54. China In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

55. India In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

56. India  In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

57. India In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

58. South America In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

59. South America In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

60. South America In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

61. Brazil In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

62. Brazil In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

63. Brazil In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

64. The Middle East and Africa In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

65. The Middle East and Africa In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

66. The Middle East and Africa In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

67. UAE In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

68. UAE In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

69. UAE In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

70. South Africa In Silico Clinical Trials Market, By Therapeutic Area, 2019-2030 (USD Billion) 

71. South Africa In Silico Clinical Trials Market, By Phase, 2019-2030 (USD Billion) 

72. South Africa In Silico Clinical Trials Market, By Industry, 2019-2030 (USD Billion) 

List of Figures 

1. Global In Silico Clinical Trials Market Segmentation

2. In Silico Clinical Trials 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 In Silico Clinical Trials Market Attractiveness Analysis By Therapeutic Area

9. Global In Silico Clinical Trials Market Attractiveness Analysis By Phase

10. Global In Silico Clinical Trials Market Attractiveness Analysis By Industry

11. Global In Silico Clinical Trials Market Attractiveness Analysis By Region

12. Global In Silico Clinical Trials Market: Dynamics

13. Global In Silico Clinical Trials Market Share by Therapeutic Area (2022 & 2030)

14. Global In Silico Clinical Trials Market Share by Phase (2022 & 2030)

15. Global In Silico Clinical Trials Market Share by Industry (2022 & 2030)

16. Global In Silico Clinical Trials Market Share by Regions (2022 & 2030)

17. Global In Silico Clinical Trials Market Share by Company (2021)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global in silico clinical trials based on the below-mentioned segments:

Global In Silico Clinical Trials by Therapeutic Area:

  • Oncology
  • Hematology
  • Cardiology
  • Dermatology
  • Neurology
  • Diabetes
  • Others

Global In Silico Clinical Trials by Phase:

  • Phase I
  • Phase II
  • Phase III

Global In Silico Clinical Trials by Industry:

  • Medical Devices
  • Pharmaceutical

Global In Silico Clinical Trials 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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