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The global insulin market is expected to grow from USD 21.91 billion in 2023 to USD 31.82 billion by 2033, at a CAGR of 3.8% during the forecast period 2024-2033. The increasing prevalence of diabetes would drive the global insulin market. Technological advancements, the rise in research and development funding, increased government support, and the rise of diabetes prevalence are strong drivers for the global market. Researchers worldwide have intensified their efforts to create a highly effective insulin molecule capable of mitigating side effects and enhancing efficacy, resulting in increased R&D activities within the insulin market sector. Furthermore, since there is no price-cap regulation on drugs globally, some key pharmaceutical companies opt to raise prices on generic drugs such as insulin, driving higher anticipated growth levels. Moreover, the ease-of-use aspect of premixed insulin products makes them attractive for consumers.
The food is broken down into fundamental nutrients: carbohydrates, protein, and fats. The carbohydrates are converted into glucose in the body with the help of oxygen and ATP or energy currency. The glucose derived from carbohydrates provides energy to the body to carry out functions. The glucose levels in the bloodstream are maintained within a specific range to keep the organs healthy and avoid fatal diseases/conditions. The pancreas produces insulin, which lowers the blood glucose level if it gets out of range. However, due to various contributing factors, the insulin produced in the body becomes ineffective or is not produced in the desired amount. Ineffective or inadequate insulin leads to an increase in blood glucose levels. This condition is called diabetes. Increased blood glucose levels can cause heart failure, kidney failure, or other diseases. There are type 1 diabetes and type 2 diabetes, depending on how the blood glucose level in the body increases. Prediabetes is a prevalent disease that is increasingly affecting the younger population. Prediabetes is when the blood glucose level is high but not high enough to be type 2 diabetes. Pregnant women can suffer from gestational diabetes. Individuals suffering from diabetes need to inject insulin from outside to regulate the blood glucose in the body. Different types of insulin are prescribed depending on the diagnosis the doctor makes. It is primarily injected with a syringe. Other forms of administrating insulin are insulin pens, pumps, jet injections, and inhaled insulin. Diabetes is a chronic condition that can be regulated with proper diet and insulin medication. Insulin is part of the lifestyle of diabetic patients. Increasing product innovations can facilitate the adoption of insulin by making it affordable, accessible, and available to each patient willing to take it.
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September 2022 - A new multicenter clinical trial has discovered that a device known as a bionic pancreas was more effective at keeping blood glucose (sugar) levels within the normal range among people with type 1 diabetes than standard healthcare management. The device employs next-generation technology to deliver insulin automatically. The trial was published in the New England Journal of Medicine and was primarily supported by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), a division of the National Institutes of Health.
September 2022 – The Danish business Novo Nordisk released positive findings from the ONWARDS 5 phase 3 trial. When used with a dose guide app, once-weekly insulin icodec demonstrated a superior decrease of HbA1 in persons with type 2 diabetes. The 52-week ONWARDS 5 trial of 1,085 insulin-naive people with type 2 diabetes in a clinical practice setting demonstrated non-inferiority in lowering HbA1 at week 52 compared to once-daily basal insulin analogue. The company is gearing up to apply for FDA approval for distribution in the US market.
The increasing prevalence of diabetes – The exact cause that triggers the ineffectiveness or inadequacy of insulin in the body leading to an increase in blood glucose levels, is unknown. However, with multiple research studies, clinical trials, and surveys over the years, scientists and physicians have deduced several factors that might significantly contribute to the risk of diabetes for an individual. Obesity, aging, diet, environmental factors, genetic conditions, socioeconomic status, and other lifestyle factors are few amongst the several listed causes of diabetes. Obesity or overweight is one of the most prominent factors contributing to the body building insulin resistance and causing diabetes. The increasing prevalence of unhealthy diets consisting of highly processed foods, in-the-snacking, lack of mindful eating, and deficient nutrient intake has led to almost 40% of the global population becoming obese. The busy lifestyles and hectic work cultures have led to no physical exercise, thereby exacerbating the prevalence of obesity. Therefore, the obese or overweight population will likely increase the diabetic population. The increase in the diabetic population will drive the growth of the market.
High cost of insulin – Insulin is a life-saving drug that needs to be taken regularly by the patient. However, the oligopolist nature of the insulin market has led to pharmaceutical companies charging high retail prices. The amount of capital invested in research & development and innovation of these drugs is huge and the companies need to achieve a break-even before their patent expires. The lax regulatory system and other political factors enable the pharma giants to charge high prices without accountability and oversight. The lack of access to insurance covers leads to heavy out-of-pocket expenditure for consumers, leaving a majority without access to insulin, thereby compromising their health. Therefore, the high cost of insulin will hamper the market's growth.
New product innovations and formulations – The government healthcare expenditure has increased to offer affordable and accessible healthcare services to every citizen in need. The increased funding for research and innovations of better devices, drugs, and formulations that enhance insulin absorption in the body or simply make it easier for patients to inject insulin and track their blood glucose levels at all times are gaining traction. The increasing prevalence of diabetes has encouraged significant market players to invest in research and development of better products and formulations to exploit the ever-growing diabetic market. The introduction of insulin pens, pumps, patches, and monitoring devices are a few examples of the growing innovation in the insulin market. The once-in-weekly insulin is a new endeavor undertaken by the market players, which has the potential to propel the growth of the market.
Infrastructural and systemic hurdles – Lack of healthcare infrastructure in developing and under-developed economies leaves diabetic patients exposed to exploitation by pharma giants with their high retail prices. The presence of few market players who offer insulin also leads to a low supply and high cost of insulin. The lack of favorable reimbursement policies funded by the government increases the out-of-pocket healthcare expenditure of citizens, leaving many without the necessary medication. The poor state of regulation, public healthcare system, inadequate infrastructure, and supply constraints will challenge the market's growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest market for the global insulin market, with a 39.1% market revenue share in 2023. The increasing prevalence of diabetic patients, given the unhealthy processed food-based diet of the region's population, will drive the region's growth. The accessibility and affordability of healthcare services facilitated by the rising government healthcare expenditure and favourable reimbursement policies also aid the region's development. The well-established healthcare infrastructure combined with the prevailing health awareness among consumers about diabetic diseases facilitates the regional insulin market. The region's population has access to information established with campaigns to raise awareness about the diseases in the young population. The awareness campaigns lead to consumers seeking medical attention followed by an early diagnosis and treatment. The region has a well-established pharma industry that offers multiple products of different brands in the market, enabling consumers to choose the best product at the best price. The Asia Pacific market is anticipated to grow the fastest during the forecast period. The increasing government expenditure to develop advanced healthcare infrastructure will propel the market's growth. The rising awareness about diabetes and following treatment due to the concerted government and civil society efforts to prevent the increasing number of diabetic patients will also fuel the development of the market. The region's massive population and an increasing number of diabetic patients is a potential consumer market for global players, thereby leading to their geographical expansion in the region. The highly advanced and well-established pharma market with robust supply chain resilience and distribution network will aid the market's development.
North America region Insulin Market Share in 2023 - 39.1%
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The product type segment is divided into rapid-acting insulin, combination insulin, long-acting insulin, biosimilar, and others. The long-acting insulin segment dominated the market with a revenue share of around 41% in 2023. Long-acting insulins create a baseline to regulate the blood sugar levels in the body, restricting the levels from rising too high. They are effective for a long duration. For instance, if taken before meals, they can regulate and manage the blood sugar level for an entire day. The different products in the long-acting insulin category can be substituted with each other when required in case of emergencies. The long-acting insulin needs to be taken in smaller amounts with fewer shots, making it a popular choice among patients.
The application segment is divided into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment dominated the market with a market share of around 75% in 2023. Type 1 diabetes is a chronic condition. The pancreases produce little to no insulin in the body. The blood sugar level is regulated with insulin therapy, regular exercise, and a regulated diet. Type diabetic patients are fewer than type 2 diabetic patients; however, type 1 diabetes is more dependent on insulin therapy.
The type segment is divided into human insulin and insulin analogue. The insulin analogue segment dominated the market with a market share of around 69% in 2023. Analogue insulin is designed to mimic or replicate the natural process or pattern in which the pancreas release insulin. They effectively control and regulate the body's blood glucose levels. They are offered by several brands offering choices to consumers. They are flexible, giving consumers ease of accessibility and better convenience. Furthermore, they lead to less severe side effects.
The distribution channel is divided into hospitals, retail pharmacies, online pharmacies, and others. The retail pharmacies segment dominated the market with a market share of around 49% in 2023. The increasing presence of retail pharmacy chains offering several brands and products in one place gives consumers greater choice and convenience while seeking medication.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 21.91 Billion |
| Market size value in 2033 | USD 31.82 Billion |
| CAGR (2024 to 2033) | 3.8% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions examined for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. |
| Segments | The research segment is based on product type, application, type, and distribution channel. |
As per The Brainy Insights, the size of the insulin market was valued at USD 21.91 billion in 2023 to USD 31.82 billion by 2033.
Global insulin market is growing at a CAGR of 3.8% during the forecast period 2024-2033.
The market's growth will be influenced by the increasing prevalence of diabetes.
High cost of insulin could hamper the market growth.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Product Type
4.3.2. Market Attractiveness Analysis by Application
4.3.3. Market Attractiveness Analysis by Type
4.3.4. Market Attractiveness Analysis by Distribution Channel
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 prevalence of diabetes
5.3. Restraints
5.3.1. High cost of insulin
5.4. Opportunities
5.4.1. New product innovations and formulations
5.5. Challenges
5.5.1. Infrastructural and systemic hurdles
6. Global Insulin Market Analysis and Forecast, By Product Type
6.1. Segment Overview
6.2. Rapid-Acting Insulin
6.3. Combination Insulin
6.4. Long-Acting Insulin
6.5. Biosimilar
6.6. Others
7. Global Insulin Market Analysis and Forecast, By Application
7.1. Segment Overview
7.2. Type 1 Diabetes
7.3. Type 2 Diabetes
8. Global Insulin Market Analysis and Forecast, By Type
8.1. Segment Overview
8.2. Human Insulin
8.3. Insulin Analogue
9. Global Insulin Market Analysis and Forecast, By Distribution Channel
9.1. Segment Overview
9.2. Hospitals
9.3. Retail Pharmacies
9.4. Online Pharmacies
9.5. Others
10. Global Insulin 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 Insulin Market-Competitive Landscape
11.1. Overview
11.2. Market Share of Key Players in the Insulin 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. Biocon Ltd.
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. Boehringer Ingelheim International GmbH
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. Boston Scientific Corporation
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. Eli Lily and Company
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. Julphar
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. Nova Nordisk
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. Sanofi
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. Tonghua Dongbao Pharmaceuticals Co. Ltd.
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. United Laboratories International Holdings Limited
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. Wockhardt
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
List of Table
1. Global Insulin Market, By Product Type, 2020-2033 (USD Billion)
2. Global Rapid-Acting Insulin Market, By Region, 2020-2033 (USD Billion)
3. Global Combination Insulin Market, By Region, 2020-2033 (USD Billion)
4. Global Long-Acting Insulin Market, By Region, 2020-2033 (USD Billion)
5. Global Biosimilar Insulin Market, By Region, 2020-2033 (USD Billion)
6. Global Others Insulin Market, By Region, 2020-2033 (USD Billion)
7. Global Insulin Market, By Application, 2020-2033 (USD Billion)
8. Global Type 1 Diabetes Insulin Market, By Region, 2020-2033 (USD Billion)
9. Global Type 2 Diabetes Insulin Market, By Region, 2020-2033 (USD Billion)
10. Global Insulin Market, By Type, 2020-2033 (USD Billion)
11. Global Human Insulin Market, By Region, 2020-2033 (USD Billion)
12. Global Insulin Analogue Insulin Market, By Region, 2020-2033 (USD Billion)
13. Global Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
14. Global Hospitals Insulin Market, By Region, 2020-2033 (USD Billion)
15. Global Retail Pharmacies Insulin Market, By Region, 2020-2033 (USD Billion)
16. Global Online Pharmacies Insulin Market, By Region, 2020-2033 (USD Billion)
17. Global Others Insulin Market, By Region, 2020-2033 (USD Billion)
18. Global Insulin Market, By Region, 2020-2033 (USD Billion)
19. North America Insulin Market, By Product Type, 2020-2033 (USD Billion)
20. North America Insulin Market, By Application, 2020-2033 (USD Billion)
21. North America Insulin Market, By Type, 2020-2033 (USD Billion)
22. North America Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
23. U.S. Insulin Market, By Product Type, 2020-2033 (USD Billion)
24. U.S. Insulin Market, By Application, 2020-2033 (USD Billion)
25. U.S. Insulin Market, By Type, 2020-2033 (USD Billion)
26. U.S. Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
27. Canada Insulin Market, By Product Type, 2020-2033 (USD Billion)
28. Canada Insulin Market, By Application, 2020-2033 (USD Billion)
29. Canada Insulin Market, By Type, 2020-2033 (USD Billion)
30. Canada Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
31. Mexico Insulin Market, By Product Type, 2020-2033 (USD Billion)
32. Mexico Insulin Market, By Application, 2020-2033 (USD Billion)
33. Mexico Insulin Market, By Type, 2020-2033 (USD Billion)
34. Mexico Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
35. Europe Insulin Market, By Product Type, 2020-2033 (USD Billion)
36. Europe Insulin Market, By Application, 2020-2033 (USD Billion)
37. Europe Insulin Market, By Type, 2020-2033 (USD Billion)
38. Europe Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
39. Germany Insulin Market, By Product Type, 2020-2033 (USD Billion)
40. Germany Insulin Market, By Application, 2020-2033 (USD Billion)
41. Germany Insulin Market, By Type, 2020-2033 (USD Billion)
42. Germany Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
43. France Insulin Market, By Product Type, 2020-2033 (USD Billion)
44. France Insulin Market, By Application, 2020-2033 (USD Billion)
45. France Insulin Market, By Type, 2020-2033 (USD Billion)
46. France Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
47. U.K. Insulin Market, By Product Type, 2020-2033 (USD Billion)
48. U.K. Insulin Market, By Application, 2020-2033 (USD Billion)
49. U.K. Insulin Market, By Type, 2020-2033 (USD Billion)
50. U.K. Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
51. Italy Insulin Market, By Product Type, 2020-2033 (USD Billion)
52. Italy Insulin Market, By Application, 2020-2033 (USD Billion)
53. Italy Insulin Market, By Type, 2020-2033 (USD Billion)
54. Italy Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
55. Spain Insulin Market, By Product Type, 2020-2033 (USD Billion)
56. Spain Insulin Market, By Application, 2020-2033 (USD Billion)
57. Spain Insulin Market, By Type, 2020-2033 (USD Billion)
58. Spain Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
59. Asia Pacific Insulin Market, By Product Type, 2020-2033 (USD Billion)
60. Asia Pacific Insulin Market, By Application, 2020-2033 (USD Billion)
61. Asia Pacific Insulin Market, By Type, 2020-2033 (USD Billion)
62. Asia Pacific Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
63. Japan Insulin Market, By Product Type, 2020-2033 (USD Billion)
64. Japan Insulin Market, By Application, 2020-2033 (USD Billion)
65. Japan Insulin Market, By Type, 2020-2033 (USD Billion)
66. Japan Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
67. China Insulin Market, By Product Type, 2020-2033 (USD Billion)
68. China Insulin Market, By Application, 2020-2033 (USD Billion)
69. China Insulin Market, By Type, 2020-2033 (USD Billion)
70. China Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
71. India Insulin Market, By Product Type, 2020-2033 (USD Billion)
72. India Insulin Market, By Application, 2020-2033 (USD Billion)
73. India Insulin Market, By Type, 2020-2033 (USD Billion)
74. India Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
75. South America Insulin Market, By Product Type, 2020-2033 (USD Billion)
76. South America Insulin Market, By Application, 2020-2033 (USD Billion)
77. South America Insulin Market, By Type, 2020-2033 (USD Billion)
78. South America Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
79. Brazil Insulin Market, By Product Type, 2020-2033 (USD Billion)
80. Brazil Insulin Market, By Application, 2020-2033 (USD Billion)
81. Brazil Insulin Market, By Type, 2020-2033 (USD Billion)
82. Brazil Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
83. Middle East and Africa Insulin Market, By Product Type, 2020-2033 (USD Billion)
84. Middle East and Africa Insulin Market, By Application, 2020-2033 (USD Billion)
85. Middle East and Africa Insulin Market, By Type, 2020-2033 (USD Billion)
86. Middle East and Africa Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
87. UAE Insulin Market, By Product Type, 2020-2033 (USD Billion)
88. UAE Insulin Market, By Application, 2020-2033 (USD Billion)
89. UAE Insulin Market, By Type, 2020-2033 (USD Billion)
90. UAE Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
91. South Africa Insulin Market, By Product Type, 2020-2033 (USD Billion)
92. South Africa Insulin Market, By Application, 2020-2033 (USD Billion)
93. South Africa Insulin Market, By Type, 2020-2033 (USD Billion)
94. South Africa Insulin Market, By Distribution Channel, 2020-2033 (USD Billion)
List of Figures
1. Global Insulin Market Segmentation
2. Insulin 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 Insulin Market Attractiveness Analysis by Product Type
9. Global Insulin Market Attractiveness Analysis by Application
10. Global Insulin Market Attractiveness Analysis by Type
11. Global Insulin Market Attractiveness Analysis by Distribution Channel
12. Global Insulin Market Attractiveness Analysis by Region
13. Global Insulin Market: Dynamics
14. Global Insulin Market Share by Product Type (2023 & 2033)
15. Global Insulin Market Share by Application (2023 & 2033)
16. Global Insulin Market Share by Type (2023 & 2033)
17. Global Insulin Market Share by Distribution Channel (2023 & 2033)
18. Global Insulin Market Share by Regions (2023 & 2033)
19. Global Insulin 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 insulin market based on below mentioned segments:
Insulin Market by Product Type:
Insulin Market by Application:
Insulin Market by Type:
Insulin Market by Distribution Channel:
Insulin 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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