Photodynamic Therapy Market

Photodynamic Therapy Market Size by Type (Photosensitizer Drugs and Photodynamic Therapy Devices), Application (Cancer, Actinic Keratosis, Acne, Psoriasis and Others), End-user (Hospital, Cancer Treatment Centers and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14601
  • Published Date: Nov, 2024
  • Pages: 235
  • Category: Healthcare
  • Format: PDF
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The global Photodynamic Therapy market was valued at USD 1,770 Million in 2023 and growing at a CAGR of 7.63% from 2024 to 2033. The market is expected to reach USD 3,691.71 Million by 2033. There is a surge in the incidence of cancer, and therefore, there is a growing requirement for innovative and efficient treatment. Hence, there is also a focus on alternative therapies that can address the limitations of conventional treatments and help improve the outcomes of patients. New advancements in photodynamic therapy (PDT) are helping cancer patients. PDT is found effective in the treatment of multidrug-resistant breast cancer. Some of the complications which are related to breast cancer resistance are dysfunctional DNA repair genes and abnormal signal transduction. Organizations related to the photodynamic therapy market are becoming aware of the complications related to breast cancer and, therefore focusing on increasing the accessibility of PDT in hospitals and cancer treatment centres.

Market Introduction:

Photodynamic therapy is a type of treatment which utilizes drugs and devices to treat many chronic diseases like cancer and malignant musculoskeletal tumours. The surge in the prevalence along with the incidence of cancer and skin diseases, the growing number of surgeries and new biologics approval are some of the factors which are driving the photodynamic therapy market. There is also a surge in the incidence of actinic keratosis (AK), which is leading to innovation in the photodynamic therapy market. Dermoscopy is crucial for monitoring skin lesions in the PDT and follow-up. Healthcare providers who are utilising photodynamic therapy are treating patients suffering from actinic keratosis (AK) with aminolevulinic acid (ALA) drugs. These factors are propelling the growth of the Photodynamic Therapy Market. Actinic keratoses (AK) are skin lesions that can lead to skin cancers. Based on one of the studies of 2021, Actinic Keratoses (AK) affected around 58 million people in the US.  There is an estimation that around 13.2 million Actinic Keratoses (AK) treatments were operated in the US. In the US market, the most common treatment for Actinic Keratoses (AK) is cryotherapy, performed around 11.4 million times in 2021, making up 86.4% of the market share. Patients are also applying topical drugs for their treatment, and it has a market share of around 11.8% in 2021. it is followed by a 1.8% market share of PDT drugs, estimated to reach 3% in a year or two. PDT therapy can be broadly used for the treatment of cancer. Healthcare organizations are focusing on the PDT for breast cancer-resistant patients. Hence, PDT can be used as an alternative to traditional treatment, which is generally antibiotic therapy, and there is a reduction in the incidence of drug resistance. Leading organizations in the market are focusing on adopting new tactics to enhance clinical treatment. They are using customized protocols for curing cancer and different infectious diseases. All these factors are driving the Photodynamic therapy market.

Photodynamic Therapy Market Size

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Recent Development
  • In July 2024: Biofrontera held a CME-certified dermatologist training program in Berlin, where many experts gave an overview of the present and future developments in the Photodynamic therapy field. The organization holds over 60% of the German PDT market. These events are creating awareness and helping Biofrontera expand its market share in the Photodynamic Therapy sector.

Market Dynamics:

Drivers

Prevalence in the cancer cases: Based on one of the articles of August 2024, there is an estimation that the cancer cases worldwide in men will increase to 19 million by 2050, which is an 84.3% increase from the estimation of 2022. Also, cancer deaths will reach 10.5 million by 2050, which can be 93.2% more than the 2022 estimation. Also, it was found that cancer cases and deaths will increase by 39 per cent among the working age group and increase by 50 per cent in the countries which have high Human Development Index (HDI). Lung cancer will be the most prevalent one. Hence, PDT can be utilized for treating several types of cancer, which also include early and late-stage lung cancer, bladder cancer, oesophagal cancer and early-stage cervical cancer. It is useful for the treatment of malignant and non-malignant skin diseases. PDT can be preferable as it is less invasive than other treatments. All these factors are driving the Photodynamic Therapy market.

Restraints:

Lack of awareness: Photodynamic Therapy has several advantages in comparison to other therapies for people suffering from several chronic diseases. However, its awareness is very limited among people, especially in emerging economies. Also, several other therapies are available that people can learn more about for chronic diseases like cancer. All these factors are acting as restraints on the market.

Opportunities:

Advancement in technology: Leading healthcare organizations are adopting new technologies and strategies to provide enhanced clinical treatment and experience. For instance, using customized protocols has proven useful in treating cancer and different infectious diseases. The organizations are working on better version formulations of porphyrin derivative (PD) compounds. Low- and medium-level players are focusing on R&D to make wirelessly powered light-emitting devices that improve the effectiveness of light-based cancer therapy to get the required therapeutic effect on the target. Also, photodynamic devices constantly meet the requirements of cancer patients because of their accessibility, which does not require surgical suturing. All these factors will eventually drive Photodynamic Therapy in the forecasting period.

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 largest market for the global Photodynamic Therapy market, with a 35.43% share of the market revenue in 2023.

North America holds a major market share of the Photodynamic Therapy market. This market share is largely attributed to the surge in the prevalence of chronic diseases like cancer, actinic keratosis, acne, etc., in the region. Also, there is more investment in the healthcare infrastructure. There is more demand for innovative technologies for diseases like cancer.  Moreover, cancer has become the second leading reason of death in the US, and it has become the leading cause for people aged less than 85 years. All these factors eventually drive the region's Photodynamic Therapy market.

North America Region Photodynamic Therapy Market Share in 2023 - 35.43%

 

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Type Segment Analysis

The type segment is divided into photosensitizer drugs and photodynamic therapy devices. The Photosensitizer Drugs segment dominated the market, with a market share of around 62.65% in 2023. This significant share is broadly due to the effectiveness of the drugs among patients, like minimal invasive nature and efficacy, among others. Hence, the demand for Photosensitizer Drugs is increasing, which has led to a high market share.

Application Segment Analysis

The application segment is divided into cancer, actinic keratosis, acne, psoriasis and others. The cancer segment dominated the market, with a market share of around 34.32% in 2023. The significant market share is due to the high prevalence of cancer cases, which is driving the need for more innovative ways of treatment.  Businesses related to the photodynamic therapy market are becoming aware of the complications related to breast cancer and consequently focusing on increasing the accessibility of PDT in hospitals and cancer treatment centres.

End User Segment Analysis

The end user segment is divided into Hospital, Cancer Treatment Centers and Others. The Hospital sector dominated the market, with a market share of around 41.21% in 2023. This lion's share is largely due to a growing preference for PDT  due to its less invasive nature, and hence, many hospitals have started offering Photodynamic therapy. Also, there is a surge in the prevalence of cancer cases, and they still prefer hospitals for treatment.

Some of the Key Market Players:
  • Biofrontera AG.
  • Galderma Laboratories, L.P.
  • Quest PharmaTech, Inc.
  • Theralase Technologies Inc.
  • Excel Lasers Limited.
  • LUMIBIRD Medical
  • Modulight Corporation

Report Description: 

Attribute Description
Market Size Revenue (USD Million)
Market size value in 2023 USD 3,691.71 Million
Market size value in 2033 USD 1,770 Million
CAGR (2024 to 2033) 7.63%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are North America, Europe, South America, Asia Pacific, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Combination, Form and End User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the Photodynamic Therapy market was valued at USD 1,770 Million in 2023 to USD 3,691.71 Million by 2033.

Global Photodynamic Therapy market is growing at a CAGR of 7.63% during the forecast period 2024-2033.

North America region emerged as the largest market for the Photodynamic Therapy market.

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 Type
          4.3.2. Market Attractiveness Analysis by Application
          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. Prevalence in the cancer cases
    5.3. Restraints
          5.3.1. Lack of awareness
    5.4. Opportunities
          5.4.1. Advancement in technology
    5.5. Challenges
          5.5.1. Economic Slowdown

6. Global Photodynamic Therapy Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Photosensitizer Drugs
    6.3. Photodynamic Therapy Devices

7. Global Photodynamic Therapy Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Cancer
    7.3. Actinic Keratosis
    7.4. Acne
    7.5. Psoriasis
    7.6. Others

8. Global Photodynamic Therapy Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Hospital
    8.3. Cancer Treatment Centres
    8.4. Others

9. Global Photodynamic Therapy 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 Photodynamic Therapy Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Photodynamic Therapy 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. Application Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Biofrontera AG.
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Application Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Galderma Laboratories, L.P.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Application Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Quest PharmaTech, Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Application Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Theralase Technologies Inc.
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Application Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Excel Lasers Limited.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Application Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. LUMIBIRD Medical
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Application Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Modulight Corporation
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Application Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis

List of Table

1. Global Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

2. Global Photosensitizer Drugs Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million) 

3. Global Photodynamic Therapy Devices Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million) 

4. Global Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

5. Global Cancer Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million) 

6. Global Actinic Keratosis Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million)

7. Global Acne Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million)

8. Global Psoriasis Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million)

9. Global Others Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million)

10. Global Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

11. Global Hospital Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million) 

12. Global Cancer Treatment Centres Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million)

13. Global Others Photodynamic Therapy Market, By Region, 2020 - 2033 (USD Million)

14. North America Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

15. North America Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

16. North America Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

17. U.S. Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

18. U.S. Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

19. U.S. Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

20. Canada Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

21. Canada Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

22. Canada Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

23. Mexico Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

24. Mexico Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

25. Mexico Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

26. Europe Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

27. Europe Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

28. Europe Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

29. Germany Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

30. Germany Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

31. Germany Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

32. France Photodynamic Therapy Market, By Type 2020 - 2033 (USD Million) 

33. France Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

34. France Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

35. U.K. Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

36. U.K. Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

37. U.K. Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

38. Italy Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

39. Italy Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

40. Italy Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

41. Spain Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

42. Spain Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

43. Spain Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

44. Asia Pacific Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

45. Asia Pacific Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

46. Asia Pacific Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

47. Japan Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

48. Japan Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

49. Japan Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

50. China Photodynamic Therapy Market, By Type 2020 - 2033 (USD Million) 

51. China Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

52. China Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

53. India Photodynamic Therapy Market, By Type 2020 - 2033 (USD Million) 

54. India Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

55. India Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

56. South America Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

57. South America Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

58. South America Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

59. Brazil Photodynamic Therapy Market, By Type 2020 - 2033 (USD Million) 

60. Brazil Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

61. Brazil Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

62. Middle East and Africa Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

63. Middle East and Africa Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

64. Middle East and Africa Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

65. UAE Photodynamic Therapy Market, By Type, 2020 - 2033 (USD Million) 

66. UAE Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

67. UAE Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

68. South Africa Photodynamic Therapy Market, By Type 2020 - 2033 (USD Million) 

69. South Africa Photodynamic Therapy Market, By Application, 2020 - 2033 (USD Million) 

70. South Africa Photodynamic Therapy Market, By End User, 2020 - 2033 (USD Million) 

List of Figures 

1. Global Photodynamic Therapy Market Segmentation

2. Photodynamic Therapy 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 Photodynamic Therapy Market Attractiveness Analysis by Type 

9. Global Photodynamic Therapy Market Attractiveness Analysis by Application

10. Global Photodynamic Therapy Market Attractiveness Analysis by End user

11. Global Photodynamic Therapy Market Attractiveness Analysis by Region

12. Global Photodynamic Therapy Market: Dynamics

13. Global Photodynamic Therapy Market Share by Type (2023 & 2033)

14. Global Photodynamic Therapy Market Share by Application (2023 & 2033)

15. Global Photodynamic Therapy Market Share by End User (2023 & 2033)

16. Global Photodynamic Therapy Market Share by Regions (2023 & 2033)

17. Global Photodynamic Therapy Market Share by Company (2023)

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Photodynamic Therapy market based on below mentioned segments:

Global Photodynamic Therapy Market by Type

  • Photosensitizer Drugs
  • Photodynamic Therapy Devices

Global Photodynamic Therapy Market by Application:

  • Cancer
  • Actinic Keratosis
  • Acne
  • Psoriasis
  • Others

Global Photodynamic Therapy Market by End User:

  • Hospital
  • Cancer Treatment Centers
  • Others

Global Photodynamic Therapy 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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