Pain Management Drugs Market

Pain Management Drugs Market Size by Drug Class (Anticonvulsants, Opioids, Antidepressants, NSAIDs, and Others), Application (Cancer Pain, Bone Fracture, Migraine, Acute Appendicitis, Fibromyalgia, Chronic Back Pain, Muscle Strain, Neuropathic Pain, Arthritic Pain, Postoperative Pain and Others), Distribution Channel (Hospital Pharmacy, Online Pharmacy, and Retail Pharmacy), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13533
  • Published Date: Jun, 2023
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global pain management drugs market was valued at USD 77.03 Billion in 2022 and grew at a CAGR of 4.20% from 2023 to 2032. The market is expected to reach USD 116.23 Billion by 2032.The growth of the pain management drugs marketcan be attributed to the rise inpatients suffering from chronic pain and acute pain due to severe underlying conditions.

Market Introduction:

Pain management drugs reduce discomfort caused by injury, disease, chronic diseases and surgery. Pain management medications are employed to treat pain brought on by inflammation in reaction to chemical agents, infections, or nerve damage. Most pain management medications alter the body's biochemical functions and provide temporary relief. These drugs can be carefully targeted at certain organs or cells due to the specific protein contentof certain tissues. Pain management drugs are available over-the-counter and by prescription to treat a range of conditions. OTC medications reduce the discomfort of muscle aches, headaches, and arthritis. Prescription medications offer more potent relief for persistent or severe pain following injury or surgery. Some antidepressants, opioids, and anti-seizure drugs also alleviate pain.

Pain Management Drugs Market Size

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Recent Development
  • In April 2022, a major manufacturer of pain management drugs, Eli Lilly and Company, cleared the phase 2 trial of LY3526318, the transient receptor ankyrin 1. It is used for relieving patients of chronic pain.

Market Dynamics:

Drivers

Increasing usageof pain management drugs: There are many chronic health condition which leads to chronic pain. It may also cause consequences, including anxiety, sleep issues, and physical symptoms. These drugs are frequently used for pain associated with cancer pain, bone fracture, migraine, acute appendicitis, fibromyalgia, chronic back pain, muscle strain, neuropathic pain, arthritic pain, and postoperative pain. Typically, these drugs are considered the first line of treatment for mild to moderate pain. Patients suffering from chronic pain arising from an underlying condition can manage their pain by consuming such drugs prescribed by a healthcare expert. Also, new therapeutic drugs are created to lessen the typical adverse effects of older drugs.

Restraints:

Potential side-effects: Wooziness, vomiting, nausea, constipation, tolerance, physical dependence, and respiratory depression are typical adverse effects of pain management drugs. Clinical worries about physical dependence and addiction may hinder appropriate prescribing, resulting in in-efficient pain management.

Opportunities:

Increasing incidence of chronic pain: A frequent and distressing issue, chronic pain significantly affects people and society. It frequently results from an injury or sickness, but it is not only a symptom that goes along with another condition; it is a distinct disorder in and of itself.The increasing prevalence of chronic pain due to rising disorders has led to the high usage of pain management drugs, especially among the geriatric population.There has been an increase in prevalent chronic diseases, including depression, cancer, and hypertension. Nearly two-thirds of those who experienced chronic pain in 2019 still reported it one year later, demonstrating its persistence. According to several studies, all demographics experienced an increase in the prevalence of chronic pain, but older persons experienced the most significant increase.

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 pain management drugsmarket, with a 38.23% market revenue share in 2022.

North American region will account for the largest market share with revenue growth. Nations such as U.S. and Canada have a tremendous demand forpain management drugs due to the rising incidence of chronic diseases such as cancer, diabetes, cardiovascular diseases, and rising cases of hypertension. The high investment in research and development of pain management drugs will lead to a high growth rate in the market.

North America Region Pain Management Drugs Market Share in 2022 - 38.23%

 

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Drug Class Segment Analysis

The drug classsegment is divided into anticonvulsants, opioids, antidepressants, NSAIDS, and others. The anticonvulsants segment dominated the market, with a share of around 31.97% in 2022.Anticonvulsants can help cure or prevent seizures by restoring normalcy to how nerve impulses move along nerve cells. Electrical signals from nerve cells alter during a seizure from being at an average level to excessive or abnormally high.

Application Segment Analysis

The applicationsegment is divided into cancer pain, bone fracture, migraine, acute appendicitis, fibromyalgia, chronic back pain, muscle strain, neuropathic pain, arthritic pain, postoperative pain and others.The cancer pain segment dominated the market, with a share of around 29.80% in 2022.A tumour pressing against organs, bones, or nerves can produce pain brought on by the malignancy.While there may not always be a full recovery from cancer pain, pain management drugs help minimize it as much as possible.

Distribution Channel Segment Analysis

The distribution channel segment is divided into hospital pharmacy, online pharmacy, and retail pharmacy. The hospital pharmacy segment dominated the market, with a share of around 49.21% in 2022. Hospital pharmacies provide most pain management drugs objected for different indications. Hospital pharmacy consistently upholds and enhances patient pharmaceutical care and medication management to the highest standards in a hospital setting.

Some of the Key Market Players:
  • Novartis AG
  • Abbott Laboratories
  • Eli Lilly & Company
  • Endo Health Solutions, Inc.
  • Pfizer, Inc.
  • Purdue Pharma L.P.
  • Mylan NV.
  • Johnson & Johnson
  • Merck &Co. Inc.
  • GlaxoSmithKline Plc.
  • Zynerba Pharmaceuticals

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 77.03 Billion
Market size value in 2032 USD 116.23 Billion
CAGR (2023 to 2032) 4.20%
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 Drug Class, Application and Distribution Channel

Frequesntly Asked Questions

As per The Brainy Insights, the size of the pain management drugs market was valued 77.03 billion in 2022 to USD 116.23 Billion by 2032.

Global pain management drugs market is growing at a CAGR of 4.20% during the forecast period 2023-2032.

North America region emerged as the largest market for the pain management drugs.

The market's growth will be influenced by the high usage of pain management drugs.

The potential side-effects can hamper the market growth.

The increasing incidence of chronic disorders is providing huge opportunities to the market.

Key players are Novartis AG, Abbott Laboratories, Eli Lilly & Company, Endo Health Solutions, Inc., Pfizer, Inc., Purdue Pharma L.P., Mylan NV., Johnson & Johnson, Merck & Co. Inc., GlaxoSmithKline Plc., Zynerba Pharmaceuticals among others.

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 Drug Class
          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. Increasing consumption of pain management drugs for treatment of different indications
    5.3. Restraints
          5.3.1. Potential side-effects
    5.4. Opportunities
          5.4.1. Increasing prevalence of chronic diseases
    5.5. Challenges
          5.5.1. Stringent regulations for product approval

6. Global Pain Management Drugs Market Analysis and Forecast, By Drug Class
    6.1. Segment Overview
    6.2. Anticonvulsants
    6.3. Opioids
    6.4. Antidepressants
    6.5. NSAIDs
    6.6. Others

7. Global Pain Management Drugs Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Cancer Pain
    7.3. Bone Fracture
    7.4. Migraine
    7.5. Acute Appendicitis
    7.6. Fibromyalgia
    7.7. Chronic Back Pain
    7.8. Muscle Strain
    7.9. Neuropathic Pain
    7.10. Arthritic Pain
    7.11. Postoperative Pain
    7.12. Others

8. Global Pain Management Drugs Market Analysis and Forecast, By Distribution Channel
    8.1. Segment Overview
    8.2. Hospital Pharmacy
    8.3. Online Pharmacy
    8.4. Retail Pharmacy

9. Global Pain Management Drugs 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 Pain Management Drugs Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Pain Management Drugs 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. Novartis AG
          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. Abbott Laboratories
          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. Eli Lilly & Company
          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. Endo Health Solutions, 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. Pfizer, Inc.
          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. Purdue Pharma L.P.
          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. Mylan NV.
          1.1.1. Business Overview
          1.1.2. Company Snapshot
          1.1.3. Company Market Share Analysis
          1.1.4. Company Product Portfolio
          1.1.5. Recent Developments
          1.1.6. SWOT Analysis
    11.8. Johnson & Johnson
          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. Merck & Co. Inc.
          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. GlaxoSmithKline Plc.
          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
    11.11. Zynerba Pharmaceuticals
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis

List of Table

1. Global Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

2. Global Anticonvulsants, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

3. Global Opioids, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

4. Global Antidepressants, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

5. Global NSAIDs, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

6. Global Others, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

7. Global Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

8. Global Cancer Pain, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

9. Global Bone Fracture, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

10. Global Migraine, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

11. Global Acute Appendicitis, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

12. Global Fibromyalgia, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

13. Global Chronic Back Pain, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

14. Global Muscle Strain, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

15. Global Neuropathic Pain, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

16. Global Arthritic Pain, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

17. Global Postoperative Pain, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

18. Global Others, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

19. Global Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

20. Global Hospital Pharmacy, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

21. Global Online Pharmacy, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

22. Global Retail Pharmacy, Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

23. Global Pain Management Drugs Market, By Region, 2019-2032 (USD Billion) 

24. North America Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

25. North America Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

26. North America Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion)

27. U.S. Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

28. U.S. Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

29. U.S. Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

30. Canada Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

31. Canada Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

32. Canada Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

33. Mexico Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

34. Mexico Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

35. Mexico Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

36. Europe Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

37. Europe Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

38. Europe Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion)

39. Germany Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

40. Germany Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

41. Germany Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

42. France Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

43. France Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

44. France Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

45. U.K. Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

46. U.K. Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

47. U.K. Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

48. Italy Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

49. Italy Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

50. Italy Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

51. Spain Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

52. Spain Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

53. Spain Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

54. Asia Pacific Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

55. Asia Pacific Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

56. Asia Pacific Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

57. Japan Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

58. Japan Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

59. Japan Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion)

60. China Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

61. China Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

62. China Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

63. India Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

64. India Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

65. India Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

66. South America Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

67. South America Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

68. South America Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

69. Brazil Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

70. Brazil Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

71. Brazil Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

72. Middle East and Africa Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

73. Middle East and Africa Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

74. Middle East and Africa Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

75. UAE Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

76. UAE Pain Management Drugs Market, By Application, 2019-2032 (USD Billion)

77. UAE Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

78. South Africa Pain Management Drugs Market, By Drug Class, 2019-2032 (USD Billion) 

79. South Africa Pain Management Drugs Market, By Application, 2019-2032 (USD Billion) 

80. South Africa Pain Management Drugs Market, By Distribution Channel, 2019-2032 (USD Billion) 

List of Figures 

1. Global Pain Management Drugs Market Segmentation

2. Pain Management Drugs 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 Pain Management Drugs Market Attractiveness Analysis By Drug Class

9. Global Pain Management Drugs Market Attractiveness Analysis By Application

10. Global Pain Management Drugs Market Attractiveness Analysis By Distribution Channel

11. Global Pain Management Drugs Market Attractiveness Analysis By Region

12. Global Pain Management Drugs Market: Dynamics

13. Global Pain Management Drugs Market Share By Drug Class (2022 & 2032)

14. Global Pain Management Drugs Market Share by Application (2022 & 2032)

15. Global Pain Management Drugs Market Share by Distribution Channel (2022 & 2032)

16. Global Pain Management Drugs Market Share by Regions (2022 & 2032)

17. Global Pain Management Drugs 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 pain management drugs market based on below mentioned segments:

Global Pain Management Drugs Market by Drug Class:

  • Anticonvulsants
  • Opioids
  • Antidepressants
  • NSAIDs
  • Others

Global Pain Management Drugs Market by Application:

  • Cancer Pain
  • Bone Fracture
  • Migraine
  • Acute Appendicitis
  • Fibromyalgia
  • Chronic Back Pain
  • Muscle Strain
  • Neuropathic Pain
  • Arthritic Pain
  • Postoperative Pain
  • Others

Global Pain Management Drugs Market by Distribution Channel:

  • Hospital Pharmacy
  • Online Pharmacy
  • Retail Pharmacy

Global Pain Management Drugs 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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