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Medical Marijuana Market

Medical Marijuana Market Size by Product Type (Flowers, Oil and Concentrates and Others), Application (Cancer, Chronic Pain, Mental Disorders and Others), Distribution Channel (Dispensaries, Online, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13633
  • Published Date: Aug, 2023
  • Pages: 239
  • Category: Healthcare
  • Format: PDF
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The global medical marijuana market was valued at USD 15 billion in 2022 and grew at a CAGR of 20% from 2023 to 2032. The market is expected to reach USD 92.87 billion by 2032. Governments legalizing marijuana for medical uses globally will drive the growth of the global medical marijuana market.

Market Introduction:

Marijuana is a psychoactive drug derived from the cannabis plant. The cannabis plant is native to central and south Asia. Marijuana is also referred to as charas, Ganja and cannabis. Marijuana is known to have several medicinal properties which help in alleviating chronic pain and mental disorders. Medical marijuana, often known as medical cannabis, is marijuana and cannabinoids doctors recommend for their patients. Medical marijuana aids the user in relaxing and relieving tension, discomfort, and inflammation. It is also beneficial to control the nausea and vomiting brought on by chemotherapy for cancer. It is also prescribed for weight management to improve weight growth and increase appetite. The several benefits offered by medical marijuana have increased the demand for its legalization globally, which will benefit millions of patients and drive the market's growth.

Medical Marijuana Market Size  

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Recent Development
  • August 2023 - Medical Marijuana, Inc. declared that eXfuse, LLC, a network marketing firm headquartered in Japan, had executed an Asset Purchase Agreement with Kannaway, the company's network marketing business. The company's Kannaway division's sales team in Japan will grow due to the acquisition. The premium product "Focus" from eXfuse, which contains nootropics and supports cognitive function, has been highly welcomed in the Japanese market and complements the company's existing CBD, natural health, and beauty products. Per the asset purchase agreement, Kannaway paid USD 5 million to buy nearly all of KZ1's operating assets and will combine the sales teams from both companies.
  • August 2023 - A bill that would lift Pennsylvania's unusual prohibition on doctors advertising their capacity to approve patients for the state's medical marijuana programme is currently being examined by the state Legislature. Many proponents of medicinal marijuana, patients, and physicians supported the proposal and agreed that it would lead to a more equitable system. Instead of choosing from a list of 24 permitted ailments, doctors could approve people for any medical condition under the proposed legislation. People would also no longer need to renew their cards annually.

Market Dynamics:

Drivers

Legalization of marijuana for medical uses – It is well-recognized that marijuana has several medical benefits. It possesses anti-inflammatory qualities that aid in the treatment of chronic pain. Insomnia and eating disorders are also helped by it. It is known to be an effective treatment for nausea and vomiting. These statements have been supported by expanding evidence. As a result, there is a growing demand for marijuana to be legalized for medical use throughout the world, but mainly in North America and Europe. The cause of legalizing marijuana has also benefited from growing knowledge of its therapeutic uses. Additionally, governments worldwide lose millions due to the black market trade in marijuana, and cross-border smuggling and illegal trafficking wastefully employ law enforcement and regulatory agencies. When marijuana is legalized, the market is streamlined and integrated into the mainstream economy, which stops the threat of black marketing and generates tax money from marijuana sales. It is also thought to provide better monitoring and control of marijuana use, lessening exploitative practices.

  • July 2023 - According to a study published in the journal BMJ Supportive & Palliative Care, medical marijuana can safely help cancer patients manage their pharmaceutical load while lowering the pain associated with their disease. Researchers from Canada discovered that medical cannabis strains with balanced ratios of THC and CBD provided superior pain relief than strains dominant in either THC or CBD in their study of 358 cancer-stricken people. They also discovered a link between medical cannabis use and lower use of opioids and overall medication burden. Medical marijuana must be utilized as a component of a highly individualized strategy. The patient needs to be assessed regarding indications, contraindications, and precautions.
Restraints:

The side-effects of marijuana – Prescribed doses of marijuana for patients with certain medical conditions are highly effective in treating and elevating their quality of life. However, there is a chance that the consumer might use unauthorized quantities. Healthy individuals also can exploit the legalization of marijuana for medical purposes by using them for recreational activities. The consistent use of cannabis by a healthy individual over the long run is detrimental as the risks outweigh the benefits by a considerable margin, which is why the consumption of marijuana is discouraged. Some organisations oppose the legalization of marijuana, which will hamper the market's growth.

Opportunities:

The increasing research and development expenditure to exploit the medicinal benefits of marijuana – Millions of people who suffer from chronic illnesses have benefited from the increased awareness of marijuana and its therapeutic properties. To investigate the additional possible uses of marijuana in the treatment of various illnesses and disorders, the government and other private players have boosted their research and development spending. In the coming years, market players will have profitable prospects due to the rising capital expenditure on research and development to exploit the medicinal benefits of marijuana.

  • August 2023 - The complete implementation of a new clinical trial examining the effects of medical cannabis and non-cancer chronic pain has been approved by the UK's National Health Service (NHS) Research Ethics Committee. Celadon Pharmaceuticals, an AIM-listed medical cannabis firm, stated that its subsidiary had been given the go-ahead to begin its Canpain trial following receipt of 'conditional authorization' from the Medicines and Healthcare Products Regulatory Agency. The report is the most recent in a spate of encouraging medical cannabis research advancements made by UK businesses in the previous month, as the industry keeps up its gradual but persistent push to increase patient access with the eventual objective of gaining NHS payment.
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global medical marijuana market, with a 47% market revenue share in 2022.

A growing number of US states are legalizing the medical use of marijuana. For instance, 23 US states have completely legalized marijuana for medical use. The significant awareness about marijuana and its effects also contributes to the market's growth. Mexico offers a significant supply of cannabis to the North American market. The market is also anticipated to benefit from the growing lobby of activists advocating the legalization of marijuana for medical use. It is increasingly used to treat chronic pain, PTSD, anxiety, and other physical and medical issues in war veterans. 

North America Region Medical Marijuana Market Share in 2022 - 47%

 

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  • August 2023 - Minnesota is now the 23rd state in the US to legalize the recreational use of cannabis for those at least 21 years old. The limited use of some types of medical marijuana was legalized by Minnesota lawmakers in 2014. Any person 21 or older may possess up to eight cannabis plants, but no more than four of them may be mature.
  • August 2023 - In July, legal marijuana sales in Maryland surpassed a record high of USD 87.4 million. Just over USD 50 million was the previous monthly high for medical-only purchases. Cannabis flowers accounted for most of the sales, totalling over USD 50 million. After that, Concentrates, edibles, infused non-edibles, shake trim, and plants were included.
Product Type Segment Analysis

The product type segment is divided into flowers, oils and concentrates and others. The oils and concentrates segment dominated the market, with a share of around 57% in 2022. Oils and concentrates can be infused or combined with food, a beverage of an individual's choice, or both before consumption, making it more convenient and accessible for the user. Additionally, various volume and potency categories for oils and concentrates are accessible, allowing customers to select what they need. They are readily available in the market, reasonably priced, and legal.

Application Segment Analysis

The application segment is divided into cancer, chronic pain, mental disorders and others. The chronic pain segment dominated the market, with a market share of around 39% in 2022. Marijuana has been utilized in traditional treatments worldwide and offers several medical advantages. Given its beneficial anti-inflammatory properties, it is a successful treatment for chronic pain. The rise in the incidence of chronic pain, the open market's accessibility of marijuana for pain management, and the acceptability of marijuana by society will all aid in the segment's expansion. The growing elderly population drives the need for marijuana to treat chronic physical pain. In addition, marijuana is quite helpful for treating pain brought on by trauma, accidents, or other events. Veterans of war are given marijuana prescriptions to help them manage their severe pain. Many nations have made it lawful for the same reason. Patients with arthritis, inflammation and migraines may also utilize it.

  • February 2023 - Through a medical cannabis perspective, Bombay Hemp Company (BOHECO) intends to emphasise patient centricity, particularly for pain, mental health, and stress. To do this, they are developing high-quality, professionally tested pain treatment and mental health wellness solutions that will hit the market in the upcoming quarter. In addition to working with governments to develop policy frameworks towards favourable regulatory pathways for the clinical trials & prescription-based distribution of Cannabis-based medicines, BOHECO also exports hemp-based products to several international locations, including South Korea, Malaysia, and the Middle East.
Distribution Channel Segment Analysis

The distribution channel segment is divided into dispensaries, online and others. The dispensaries segment dominated the market, with a market share of around 53% in 2022. The increasing number of states/nations approving or legalizing the medical use of marijuana has paved the way for the segment's growth, and the number of licensed dispensaries is anticipated to grow. Furthermore, the regulation, monitoring and control of the marijuana market are easier with dispensaries, given their physical presence in the market, making it easier for the authorities to restrict or prevent potential abuse or exploitation in the marijuana market. Additionally, dispensaries attached to hospitals and clinics enable easy access for patients medicated with marijuana.

  • July 2023 - According to Trulieve Cannabis Corp., a medical dispensary will move to Kissimmee. The company stated that they are dedicated to giving Florida patients a wide range of practical locations, premium items, and best-in-class customer service.
Some of the Key Market Players:
  • Aphria, Inc.
  • Aurora Cannabis
  • Cannabis Sativa, Inc.
  • Canopy Growth Corporation
  • GW Pharmaceuticals plc.
  • Maricann Group, Inc.
  • Medical Marijuana, Inc.
  • MedReleaf. Corp.
  • Tikun Olam, Ltd.
  • Tilray

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 15 Billion
Market size value in 2032 USD 92.87 Billion
CAGR (2023 to 2032) 20%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Application and Distribution Channel

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global medical marijuana market was valued at USD 15 billion in 2022 to USD 92.87 billion by 2032.

Global medical marijuana market is growing at a CAGR of 20% during the forecast period 2023-2032.

The market's growth will be influenced by the legalization of marijuana for medical uses.

The side-effects of marijuana could hamper the market growth.

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  • Segmentation on the basis of any specific country or region
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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 Product Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by Distribution Channel
          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. Legalization of marijuana for medical uses
    5.3. Restraints
          5.3.1. The side effects of Marijuana
    5.4. Opportunities
          5.4.1. The increasing research and development expenditure to exploit the medicinal benefits of marijuana
    5.5. Challenges
          5.5.1. The lack of awareness

6. Global Medical Marijuana Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Flowers
    6.3. Oils and Concentrates
    6.4. Others

7. Global Medical Marijuana Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Cancer
    7.3. Chronic Pain
    7.4. Mental Disorders
    7.5. Others

8. Global Medical Marijuana Market Analysis and Forecast, By Distribution Channel
    8.1. Segment Overview
    8.2. Dispensaries
    8.3. Online
    8.4. Others

9. Global Medical Marijuana 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 Medical Marijuana Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Medical Marijuana Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Aphria, Inc.
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Aurora Cannabis
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Cannabis Sativa, Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Canopy Growth Corporation
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. GW Pharmaceuticals plc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Maricann Group, Inc.
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Medical Marijuana, Inc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. MedReleaf. Corp.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Tikun Olam, Ltd.
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Tilray
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Flowers Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

3. Global Oils and Concentrates Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

4. Global Others Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

5. Global Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

6. Global Cancer Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

7. Global Chronic Pain Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

8. Global Mental Disorders Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

9. Global Others Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

10. Global Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

11. Global Dispensaries Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

12. Global Online Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

13. Global Others Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

14. Global Medical Marijuana Market, By Region, 2019-2032 (USD Billion) 

15. North America Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

16. North America Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

17. North America Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

18. U.S. Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

19. U.S. Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

20. U.S. Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

21. Canada Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

22. Canada Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

23. Canada Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

24. Mexico Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

25. Mexico Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

26. Mexico Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

27. Europe Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

28. Europe Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

29. Europe Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

30. Germany Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

31. Germany Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

32. Germany Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

33. France Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

34. France Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

35. France Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

36. U.K. Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

37. U.K. Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

38. U.K. Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

39. Italy Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

40. Italy Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

41. Italy Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

42. Spain Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

43. Spain Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

44. Spain Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

45. Asia Pacific Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

46. Asia Pacific Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

47. Asia Pacific Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

48. Japan Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

49. Japan Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

50. Japan Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

51. China Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

52. China Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

53. China Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

54. India Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

55. India Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

56. India Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

57. South America Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

58. South America Medical Marijuana Market, By Application, 2019-2032 (USD Billion)

59. South America Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion)

60. Brazil Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

61. Brazil Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

62. Brazil Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion)

63. Middle East and Africa Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

64. Middle East and Africa Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

65. Middle East and Africa Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion)

66. UAE Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

67. UAE Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

68. UAE Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion)

69. South Africa Medical Marijuana Market, By Product Type, 2019-2032 (USD Billion) 

70. South Africa Medical Marijuana Market, By Application, 2019-2032 (USD Billion) 

71. South Africa Medical Marijuana Market, By Distribution Channel, 2019-2032 (USD Billion) 

List of Figures 

1. Global Medical Marijuana Market Segmentation

2. Medical Marijuana 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 Medical Marijuana Market Attractiveness Analysis by Product Type

9. Global Medical Marijuana Market Attractiveness Analysis by Application

10. Global Medical Marijuana Market Attractiveness Analysis by Distribution Channel

11. Global Medical Marijuana Market Attractiveness Analysis by Region

12. Global Medical Marijuana Market: Dynamics

13. Global Medical Marijuana Market Share by Product Type (2022 & 2032)

14. Global Medical Marijuana Market Share by Application (2022 & 2032)

15. Global Medical Marijuana Market Share by Distribution Channel (2022 & 2032)

16. Global Medical Marijuana Market Share by Regions (2022 & 2032)

17. Global Medical Marijuana Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global medical marijuana market based on below mentioned segments:

Global Medical Marijuana Market by Product Type:

  • Flowers
  • Oils and Concentrates
  • Others

Global Medical Marijuana Market by Application:

  • Cancer
  • Chronic Pain
  • Mental Disorders
  • Others

Global Medical Marijuana Market by Distribution Channel:

  • Dispensaries
  • Online
  • Others

Global Medical Marijuana Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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