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Osteosynthesis Devices Market

Osteosynthesis Devices Market Size by Device Type (External Fixation Devices and Internal Fixation Devices), Fracture Type (Hip, Spine, Foot and Ankle, Knee, Shoulder, Facial Bones and Others), End-User (Hospitals, Orthopaedic Clinics, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13665
  • Published Date: Aug, 2023
  • Pages: 237
  • Category: Healthcare
  • Format: PDF
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The global osteosynthesis devices market was valued at USD 8 billion in 2022 and grew at a CAGR of 7% from 2023 to 2032. The market is expected to reach USD 15.73 billion by 2032. The increasing geriatric population will drive the growth of the global osteosynthesis devices market.

Market Introduction:

Bones can heal on their own. When a bone breaks or fractures within the body, it is held or stabilized with a few devices like screws, plates and implants to stabilize the fracture site and speed up the healing process correctly. Osteosynthesis is the process of fixing a bone. The devices which assist in fixing the bone are called osteosynthesis devices. Osteosynthesis can be external or internal. Internal osteosynthesis can be divided into Open reduction internal fixation and closed-reduction internal fixation. Osteosynthesis devices are highly effective in restoring complete mobility or function of the broken bone. These devices are intended to hold broken bones together in the proper alignment so that new bone tissue may develop and join the pieces back together to form one whole bone. Magnesium-based alloys have a density and strength comparable to human cortical bone, which is why it is ideal for osteosynthesis devices.

Osteosynthesis Devices Market Size

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Recent Development
  • June 2023 - Patients who had plate osteosynthesis for a humeral shaft fracture recovered more quickly and had better shoulder function than those who underwent intramedullary nailing. The study found that 169 patients (mean age, 57 years) had intramedullary nailing while 76 patients (mean age, 43 years) received plate osteosynthesis. According to researchers, patients in the plating cohort had a quicker rate of mean DASH score improvement over time.

Market Dynamics:

Drivers

The increasing geriatric population – the demographic changes over the past few decades have decreased birth and death rates. Medical advancements have led to increased life expectancy globally. Furthermore, lifestyle changes have increased the proportion of the elderly in the overall population. Bones lose mass, density and become brittle and fragile with age. They are more prone to breakage. Cognitive ability, vision, balance and hearing also decline with age, increasing the chances of accidents in the elderly. Furthermore, the increasing incidence of osteoporosis or arthritis in the young population increases the vulnerability of these patients to bone fractures. Given the rising adoption of an active lifestyle in the young population, the increasing incidents of sports injuries will also drive the market's demand. Therefore, the increasing geriatric population will drive the global osteosynthesis devices market's growth.

  • July 2023 - Patients who underwent direct screw osteosynthesis experienced fast fracture stabilization and reduced neck pain, enabling early mobilization. This finding is especially significant for the elderly, in whom prolonged immobility may result in a decline in general health and quality of life. In addition, difficulties related to long-term immobilization with a halo vest or rigid cervical collar can be avoided with immediate stabilization of the fracture with direct screw osteosynthesis. Although older patients are typically reluctant to undergo surgical therapy, the C2 direct screw osteosynthesis has substantial advantages. C2 osteosynthesis has several benefits, particularly for elderly patients with trouble responding to conservative measures.
Restraints:

The risk of post-op infection and other complications – no surgery is full-proof and is associated with some complications. Osteosynthesis can also lead to infection, improper healing or blood clots in the post-op phase. The risks attract scrutiny from regulatory authorities, thereby hampering the market's growth. It also alienates the patients who prefer traditional treatments over modern medicine, limiting the market's growth.

Opportunities:

Increasing research and development expenditure – the increasing incidence of injuries, accidents and osteoporosis in the population, combined with the rising number of geriatric individuals, has increased the research expenditure to develop customizable osteosynthesis devices compatible with every body type and autonomy. In the forecast period, more innovations are being driven by both public and private players, which will offer lucrative growth and development opportunities in the osteosynthesis devices market.

  • January 2023 - The most common method currently utilized by surgeons to reduce the sternal fragments involves the lateral insertion of bone clamps or reduction forceps into the adjacent intercostal gaps. This procedure may damage the surrounding vessels or mediastinal organs. Other methods might leave a gap between the fragmented parts and prevent compression of the fractured sternum. By minimizing the amount of dissection posterior and lateral to the sternum, the compression/distraction device approach lowers the danger to the surrounding structures. While preparing for sternal fixation with plates, the compression/distraction device can readily keep the bone segments firmly in place and apply compression. The approach aligns displaced sternal fractures more effectively and might be safer.
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 osteosynthesis devices market, with a 38% market revenue share in 2022.

The increasing geriatric population of the region will contribute significantly to the market's growth. Furthermore, the well-established healthcare sector with positive reimbursement policies and wide health insurance coverage will augment the market's growth. The presence of significant market players who drive innovation and are the leading manufacturers of osteosynthesis devices are headquartered in the region, thereby driving the regional market's development and growth. The increasing fiscal healthcare expenditure and growing medical innovation will drive the regional market's growth.

North America Region Osteosynthesis devices Market Share in 2022 - 38%

 

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Device Type Segment Analysis

The device type segment is divided into external fixation devices and internal fixation devices. The internal fixation devices segment dominated the market, with a share of around 52% in 2022. The internal fixation devices reduce hospital stays and allow patients to return to their homes, which promotes faster healing, given the psychological benefits of outside hospital bedroom walls. Furthermore, internal fixation devices ensure proper healing at the right joint and in the right way.

  • Osteosynthesis implants' functionality and longevity can be increased by improving surface polish. The dry finishing capabilities of the DLyte machine line enhance implant surface finishes. The Drylyte technology-based mDLyte family of machines for metal alloy surface finishing emphasises automation, simplification, and standardization. DLyte machines don't leave processing traces on the workpieces to provide a mirror finish. Dry electropolishing equipment from DLyte has undergone comprehensive testing for biocompatibility and viability. The materials, after processing, are thought to be non-cytotoxic, corrosion resistant, have a smoother surface, and have more lustre. The method speeds up lead times, lowers costs, and reduces mistakes in manufacturing.
Fracture type Segment Analysis

The fracture type segment is divided into hip, spine, foot and ankle, knee, shoulder, facial bones and others. The hip segment dominated the market, with a market share of around 35% in 2022. A bone fracture in the upper thighbone is called a hip fracture. Hip fractures happen from falls and accidents. They are common in the elderly population, given their partial loss of cognitive abilities, vision and balance. Furthermore, fractures happen more often, given that bone density has reduced and contributed to the brittleness and fragility of the body. Therefore, increasing accidents falls, and the rising geriatric population will contribute to the segment's growth. 

End-user Segment Analysis

The end-user segment is divided into hospitals, orthopaedic clinics, and others. The hospital segment dominated the market, with a market share of around 45% in 2022. Hospitals are the first point of contact for people looking for any healthcare service. They offer a wide range of services and are equipped with all the equipment, devices, instruments, and qualified personnel to deal with emergencies. Public healthcare hospitals are the only means for most of the population globally, and the increasing infrastructural spending for the healthcare sector will drive the segment's growth.

Some of the Key Market Players:
  • Arthrex
  • DePuy Synthes, Inc.
  • Globus Medical, Inc.
  • Life Spine, Inc.
  • Medtronic
  • Olympus Corporation
  • Precision Spine, Inc
  • Smith & Nephew
  • Stryker
  • Zimmer Biomet Inc.

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 8 Billion
Market size value in 2032 USD 15.73 Billion
CAGR (2023 to 2032) 7%
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 Device Type, Fracture Type and End-User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global osteosynthesis devices market was valued at USD 8 billion in 2022 to USD 15.73 billion by 2032.

Global osteosynthesis devices market is growing at a CAGR of 7% during the forecast period 2023-2032.

The market's growth will be influenced by the increasing geriatric population.

The risk of post-op infection and other complications could hamper the market growth.

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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 Device Type
          4.3.2. Market Attractiveness Analysis by Fracture Type
          4.3.3. Market Attractiveness Analysis by End User
          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. The increasing geriatric population
    5.3. Restraints
          5.3.1. The risk of post-op infection and other complications
    5.4. Opportunities
          5.4.1. Increasing research and development expenditure
    5.5. Challenges
          5.5.1. Stringent regulations

6. Global Osteosynthesis Devices Market Analysis and Forecast, By Device Type
    6.1. Segment Overview
    6.2. External Fixation Devices
    6.3. Internal Fixation Devices

7. Global Osteosynthesis Devices Market Analysis and Forecast, By Fracture Type
    7.1. Segment Overview
    7.2. Hip
    7.3. Spine
    7.4. Foot and Ankle
    7.5. Knee
    7.6. Shoulder
    7.7. Facial Bones
    7.8. Others

8. Global Osteosynthesis Devices Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Hospitals
    8.3. Orthopaedic Clinics
    8.4. Others

9. Global Osteosynthesis Devices 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 Osteosynthesis Devices Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Osteosynthesis Devices 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. Arthrex
          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. DePuy Synthes, Inc.
          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. Globus Medical, 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. Life Spine, Inc.
          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. Medtronic
          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. Olympus Corporation
          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. Precision Spine, 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. Smith & Nephew
          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. Stryker
          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. Zimmer Biomet Inc.
          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 Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

2. Global External Fixation Devices Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

3. Global Internal Fixation Devices Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

4. Global Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

5. Global Hip Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

6. Global Spine Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

7. Global Foot and Ankle Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

8. Global Knee Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

9. Global Shoulder Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

10. Global Facial Bones Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

11. Global Others Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

12. Global Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

13. Global Hospitals Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

14. Global Orthopaedic Clinics Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

15. Global Others Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

16. Global Osteosynthesis Devices Market, By Region, 2019-2032 (USD Billion) 

17. North America Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

18. North America Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

19. North America Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

20. U.S. Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

21. U.S. Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

22. U.S. Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

23. Canada Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

24. Canada Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

25. Canada Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

26. Mexico Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

27. Mexico Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

28. Mexico Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

29. Europe Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

30. Europe Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

31. Europe Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

32. Germany Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

33. Germany Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

34. Germany Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

35. France Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

36. France Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

37. France Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

38. U.K. Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

39. U.K. Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

40. U.K. Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

41. Italy Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

42. Italy Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

43. Italy Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

44. Spain Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

45. Spain Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

46. Spain Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

47. Asia Pacific Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

48. Asia Pacific Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

49. Asia Pacific Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

50. Japan Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

51. Japan Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

52. Japan Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

53. China Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

54. China Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

55. China Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

56. India Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

57. India Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

58. India Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

59. South America Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

60. South America Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion)

61. South America Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion)

62. Brazil Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

63. Brazil Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

64. Brazil Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion)

65. Middle East and Africa Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

66. Middle East and Africa Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

67. Middle East and Africa Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion)

68. UAE Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

69. UAE Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

70. UAE Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion)

71. South Africa Osteosynthesis Devices Market, By Device Type, 2019-2032 (USD Billion) 

72. South Africa Osteosynthesis Devices Market, By Fracture Type, 2019-2032 (USD Billion) 

73. South Africa Osteosynthesis Devices Market, By End User, 2019-2032 (USD Billion) 

List of Figures 

1. Global Osteosynthesis Devices Market Segmentation

2. Osteosynthesis Devices 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 Osteosynthesis Devices Market Attractiveness Analysis by Device Type

9. Global Osteosynthesis Devices Market Attractiveness Analysis by Fracture Type

10. Global Osteosynthesis Devices Market Attractiveness Analysis by End User

11. Global Osteosynthesis Devices Market Attractiveness Analysis by Region

12. Global Osteosynthesis Devices Market: Dynamics

13. Global Osteosynthesis Devices Market Share by Device Type (2022 & 2032)

14. Global Osteosynthesis Devices Market Share by Fracture Type (2022 & 2032)

15. Global Osteosynthesis Devices Market Share by End User (2022 & 2032)

16. Global Osteosynthesis Devices Market Share by Regions (2022 & 2032)

17. Global Osteosynthesis Devices 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 osteosynthesis devices market based on below mentioned segments:

Global Osteosynthesis Devices Market by Device Type:

  • External Fixation Devices
  • Internal Fixation Devices

Global Osteosynthesis Devices Market by Fracture Type:

  • Hip
  • Spine
  • Foot and Ankle
  • Knee
  • Shoulder
  • Facial Bones
  • Others

Global Osteosynthesis Devices Market by End User:

  • Hospitals
  • Orthopaedic Clinics
  • Others

Global Osteosynthesis Devices 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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