Sports Medicine Market

Sports Medicine Market Size by Product Type (Body Reconstruction & Repair, Body Support & Recovery and Body Monitoring & Evaluation), Application (Knees, Shoulders, Back & Spine, Ankle & Foot, Back & Spine, Hips, Elbow & Wrist and Others), End-use (Hospitals, Ambulatory Surgical 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-14549
  • Published Date: Oct, 2024
  • Pages: 238
  • Category: Healthcare
  • Format: PDF
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The global Sports Medicine market was valued at USD 6.68 Billion in 2023 and growing at a CAGR of 6.05% from 2024 to 2033. The market is expected to reach USD 12.02 Billion by 2033. Sports medicine is growing substantially. It is going beyond the traditional injury treatment to become an important component for improving sports performance. Athletes and sports lovers both understand the importance of preventive measures and the need for performance optimization, which can be possible through sports medicine. Conventionally, sports medicine was used to treat injuries when they happened. But at present, there is a paradigm shift in preventive sports medicine. Athletes are now looking for personalized wellness programs, proactive rehabilitation and injury prevention strategies to achieve peak performance levels. Hence, the sports medicine market is growing tremendously.   

Market Introduction:

The rise in the demand for sports medicine also gives opportunities for technologies and services that help prioritize complete athlete well-being. The key trend shaping the landscape of sports medicine is the addition of cutting-edge technologies. Smart fabrics, wearable devices and sensor technologies have become crucial tools for sports professionals and athletes. Such technologies offer real-time data on many physiological parameters, which help in the precise monitoring of an athlete’s performance, overall health and recovery.  There is a growing demand for data-driven solutions in the sports medicine market, which help in optimizing athletic performance.  AI technologies and advanced analytics collect data to analyze the biomechanics and sleeping patterns of athletes. It helps find the nutrition and training load. The analysis helps in designing the training program, which helps mitigate injury risks and enhance performance. Regenerative medicine, which consists of treatment such as stem cell therapy and plate-rich plasma (PRP) injections, is also growing in importance in the sports medicine sector. These therapies help accelerate the healing process and enhance tissue repair, which helps athletes recover faster from injuries and keep their performance level at their peak. There is a shift towards more advanced and personalized treatment preferences in this sector. Moreover, telemedicine is also getting popular in the sports medicine sector, offering athletes remote access to medical professionals and specialists. It is proving helpful in times of global events, helping athletes receive expert suggestions, personalized care and rehabilitation guidance in their comfort. Nutrition is considered a key role in sports performance, and hence, there is a surge in the emphasis on nutritional optimization in the sports medicine sector. Athletes are broadly looking for personalized dietary plans that are designed to meet their specific requirements by considering factors such as training intensity, metabolism, and recovery requirements. This has led to an influx of personalized meal plans, nutritional supplements and advanced dietary analysis services. The most remarkable trend in the sports medicine market is the growing focus on inclusivity and accessibility. The services and technologies that were initially exclusive to elite athletes have now become more accessible to amateur sports enthusiasts. Hence, the democratization of sports medicine has happened, and it is broadly due to an increase in awareness about the advantages of preventive care and performance optimization at all levels of athletic engagements. There are growing incidents of sports-related injuries and growing involvement in exercise and other sports, which is creating a demand for sports medicine. At present, this market is largely driven by a growing focus from preventive to proactive for injuries in sports.

Sports Medicine Market Size

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Recent Development
  • In January 2023: Zimmer Biomet entered into an agreement to acquire Embody, an organization that makes collagen-based implants that heal soft tissue injuries. The acquisition, worth USD 275 million, will help expand the organization's sports medicine portfolio.

Market Dynamics:

Drivers

The growing incidences of sports-related accidents:  It has been observed that people all across the world have broadly started participating in some form of sports activities and physical sports. It also leads to an increase in sports-related accidents like sprains, fractures and muscle traces. Based on one of the studies, around 30 million kids and teenagers, on average, participate in organized sports, and around 3.5 million injuries in a year lead them to miss their sports activities for a while. Therefore, there is a growing need for better treatment alternatives, preventive measures, and rehabilitation services provided by sports medication organizations, which assist athletes in recovering and improving their overall performance. There are also advancements in technology in orthopaedic implants and growth in minimally invasive surgical procedures, which are also propelling the growth of the sports medicine market. Technological advancements have led to less invasive and faster recovery options using advanced materials such as titanium alloys, which improve implant durability. Also, minimally invasive procedures like arthroscopy decrease the trauma and healing time. All these factors are driving the sports medicine market.

Restraints:

High Price: The high cost of sports medicine and the shortage of skilled professionals are some of the factors hindering the market. There is also a shortage of raw materials and crucial components, which is hampering the market's growth. All these factors act as restraints for the market.

Opportunities:

Advancement in technology: Technology is advancing with time; robotic systems lacked the requirement for arthroscopic procedures initially, but with time, technology is much more advanced now, such as smoother camera control and decreased latency, and thus, the system can be made viable for use in sports medicine. For instance, Convergence Medical schedules to have 30 arthroscopic robots on the market by 2026. Based on the adoption curve, such systems will significantly impact the sports medicine market. Sports-related injuries are one of the important factors which will drive the sports medicine market as it has a terrible impact on athlete performance, and their growing prevalence is affecting the well-being of the sportsperson. All these factors will drive the Sports Medicine 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 Sports Medicine market, with a 46.55% share of the market revenue in 2023.

North America holds a major market share of the sports medicine market. This market share is largely attributed to growing cases of muscle tears and sports-related injuries and an increase in the number of people involved in fitness regimens and sports-related activities. Also, there is growing use of absorbable implants and improvement in the sports healthcare infrastructure in the region.  All these factors are driving the Sports Medicine market in the region.

North America Region Sports Medicine Market Share in 2023 - 46.55%

 

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Product Type Segment Analysis

The product type segment is divided into body reconstruction and repair, body support and recovery and body monitoring and evaluation. The body reconstruction and repair segment dominated the market, with a market share of around 40.23% in 2023. This significant share is largely driven by a surge in the cases of ligament injuries and fractures, which can normally happen in group sports. Fractures can happen in ankles, feet, wrists and hands, among others. Its repair includes screws, plates and casts, among others. An increase in the number of injuries is creating a demand for the segment.  

Application Segment Analysis

The application segment is divided into knees, shoulders, back & spine, ankle & foot, back & spine, hips, elbow & wrist and others. The knees segment dominated the market, with a market share of around 30.47% in 2023. The substantial share is due to growing incidence of knee injuries due to sports and other physical activities. Too much running and jumping leads to wear and tear of knee joints. There are several options for such treatments.

End User Segment Analysis

The end user segment is divided into hospitals, ambulatory surgical centres and others. The hospitals dominated the market, with a market share of around 51.07% in 2023. The high share is broadly attributed to the hospital's large infrastructure. Also, there is easy availability of personnel needed in common therapies like fracture repair, ligament reconstruction, etc.

Some of the Key Market Players:
  • Zimmer Biomet
  • Performance Health
  • Mueller Sports Medicine, Inc.
  • Stryker
  • DePuy Synthes (Johnson & Johnson)
  • Arthrex, Inc.
  • Enovis (DJO, LLC)
  • Karl Storz SE & Co. KG
  • Bauerfeind
  • Smith+Nephew
  • CONMED Corporation
  • Breg, Inc.

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 6.68 Billion
Market size value in 2033 USD 12.02 Billion
CAGR (2024 to 2033) 6.05%
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 Product Type, Source, Distribution Channel

Frequesntly Asked Questions

As per The Brainy Insights, the size of the Sports Medicine market was valued at USD 6.68 Billion in 2023 to USD 12.02 Billion by 2033.

Global Sports Medicine market is growing at a CAGR of 6.05% during the forecast period 2024-2033.

North America region emerged as the largest market for the Sports Medicine 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 Application
          4.3.2. Market Attractiveness Analysis by Product 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 growing incidences of sports-related accidents
    5.3. Restraints
          5.3.1. High Price
    5.4. Opportunities
          5.4.1. Advancement in technology
    5.5. Challenges
          5.5.1. Economic Slowdown

6. Global Sports Medicine Market Analysis and Forecast, By Application
    6.1. Segment Overview
    6.2. Knees
    6.3. Shoulders
    6.4. Back & Spine
    6.5. Ankle & Foot
    6.6. Back & Spine
    6.7. Hips
    6.8. Elbow & Wrist
    6.9. Others

7. Global Sports Medicine Market Analysis and Forecast, By Product Type
    7.1. Segment Overview
    7.2. Body Reconstruction and Repair
    7.3. Body Support and Recovery
    7.4. Body Monitoring and Evaluation

8. Global Sports Medicine Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Hospitals
    8.3. Ambulatory Surgical Centres
    8.4. Others

9. Global Sports Medicine 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 Sports Medicine Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Sports Medicine 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. Zimmer Biomet
          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. Performance Health
          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. Mueller Sports Medicine, 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. Stryker
          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. DePuy Synthes (Johnson & Johnson)
          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. Arthrex, Inc.
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Enovis (DJO, LLC)
          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. Karl Storz SE & Co. KG
          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. Bauerfeind
          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. Smith+Nephew
          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. CONMED Corporation
          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
    11.12. Breg, Inc.
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis

List of Table

1. Global Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

2. Global Knees Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

3. Global Shoulders Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

4. Global Back & Spine Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

5. Global Ankle & Foot Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

6. Global Back & Spine Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

7. Global Hips Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

8. Global Elbow & Wrist Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

9. Global Others Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

10. Global Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

11. Global Body Reconstruction and Repair Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

12. Global Body Support and Recovery Sports Medicine Market, By Region, 2020 - 2033 (USD Billion)

13. Global Body Monitoring and Evaluation Sports Medicine Market, By Region, 2020 - 2033 (USD Billion)

14. Global Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

15. Global Hospitals Sports Medicine Market, By Region, 2020 - 2033 (USD Billion) 

16. Global Ambulatory Surgical Centres Sports Medicine Market, By Region, 2020 - 2033 (USD Billion)

17. Global Others Sports Medicine Market, By Region, 2020 - 2033 (USD Billion)

18. North America Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

19. North America Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

20. North America Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

21. U.S. Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

22. U.S. Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

23. U.S. Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

24. Canada Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

25. Canada Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

26. Canada Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

27. Mexico Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

28. Mexico Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

29. Mexico Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

30. Europe Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

31. Europe Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

32. Europe Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

33. Germany Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

34. Germany Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

35. Germany Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

36. France Sports Medicine Market, By Application 2020 - 2033 (USD Billion) 

37. France Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

38. France Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

39. U.K. Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

40. U.K. Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

41. U.K. Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

42. Italy Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

43. Italy Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

44. Italy Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

45. Spain Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

46. Spain Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

47. Spain Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

48. Asia Pacific Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

49. Asia Pacific Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

50. Asia Pacific Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

51. Japan Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

52. Japan Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

53. Japan Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

54. China Sports Medicine Market, By Application 2020 - 2033 (USD Billion) 

55. China Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

56. China Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

57. India Sports Medicine Market, By Application 2020 - 2033 (USD Billion) 

58. India Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

59. India Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

60. South America Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

61. South America Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

62. South America Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

63. Brazil Sports Medicine Market, By Application 2020 - 2033 (USD Billion) 

64. Brazil Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

65. Brazil Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

66. Middle East and Africa Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

67. Middle East and Africa Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

68. Middle East and Africa Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

69. UAE Sports Medicine Market, By Application, 2020 - 2033 (USD Billion) 

70. UAE Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

71. UAE Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

72. South Africa Sports Medicine Market, By Application 2020 - 2033 (USD Billion) 

73. South Africa Sports Medicine Market, By Product Type, 2020 - 2033 (USD Billion) 

74. South Africa Sports Medicine Market, By End User, 2020 - 2033 (USD Billion) 

List of Figures 

1. Global Sports Medicine Market Segmentation

2. Sports Medicine 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 Sports Medicine Market Attractiveness Analysis by Application 

9. Global Sports Medicine Market Attractiveness Analysis by Product Type

10. Global Sports Medicine Market Attractiveness Analysis by End user

11. Global Sports Medicine Market Attractiveness Analysis by Region

12. Global Sports Medicine Market: Dynamics

13. Global Sports Medicine Market Share by Application (2023 & 2033)

14. Global Sports Medicine Market Share by Product Type (2023 & 2033)

15. Global Sports Medicine Market Share by End User (2023 & 2033)

16. Global Sports Medicine Market Share by Regions (2023 & 2033)

17. Global Sports Medicine 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 Sports Medicine market based on below mentioned segments:

Global Sports Medicine Market by Product Type

  • Body Reconstruction and Repair
  • Body Support and Recovery
  • Body Monitoring and Evaluation

Global Sports Medicine Market by Application:

  • Knees
  • Shoulders
  • Back & Spine
  • Ankle & Foot
  • Back & Spine
  • Hips
  • Elbow & Wrist
  • Others

Global Sports Medicine Market by End User:

  • Hospitals
  • Ambulatory Surgical Centres
  • Others

Global Sports Medicine 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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