Whole Slide Imaging Market

Whole Slide Imaging Market Size by Product Type (Hardware, Software and Service), Application (Cytopathology, Telepathology, Hematopathology, and Immunohistochemistry), End-user (Biotechnology and Pharmaceutical, Academic and Research Institutes and Hospitals and Clinics), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-12752
  • Published Date: Feb, 2024
  • Pages: 238
  • Category: Healthcare
  • Format: PDF
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The global whole slide imaging market was valued at USD 692.02 Million in 2023 and grew at a CAGR of 12.72% from 2024 to 2033. The market is expected to reach USD 2291.54 Million by 2033. The growth of the slide imaging market can be attributed to the rising demand for such technology in diagnosing several chronic diseases. The rising investment by biotechnology and pharmaceutical in drug development processes is fueling the market's growth in developing regions.

Market Introduction:

Virtual microscopy, or whole slide imaging, scans an entire microscope slide and produces a single, high-resolution digital file. Usually, this is accomplished by taking numerous tiny, high-resolution picture strips or tiles assembled to form a complete image of a histological section. Workflows in many laboratories are evolving as a result of whole slide imaging. Sharing microscopic specimens with others is easy because full-slide photographs are digital. Photos of entire slides stay the same over time as specimens on glass slides do. This is not the case with the authentic specimens. The viewer can zoom in to see a considerable deal of information, including individual cells and subcellular structures, in whole slide images. This procedure enables remote analysis and cooperation with consideration for usability, speed and image quality.

Whole Slide Imaging Market Size

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Market Dynamics:

Drivers

Increasing demand for WSI in drug discovery: Drug discovery has advanced significantly due to digital imaging technology. Digital imaging technologies utilise whole slide imaging to provide fast and high-resolution digital images that aid drug development. Digital pathology and image analysis have been widely employed for a long time in early discovery research, including biomarker development, in a capacity similar to academic research. Imaging can be useful throughout the early phases of the drug development process. Once a particular target has been selected, molecular imaging aids in the target's spatial and temporal quantification and its detection in vivo. As whole slide imaging becomes more sophisticated and widely acknowledged for its wealth of information, it is expected to be applied more frequently to reduce the considerable time and expense involved in bringing a new drug to the market.

Restraints:

High cost: The high cost would impede the growth of the whole slide imaging market. Whole slide imaging technologies are expensive, preventing many developing nations from adopting them. A major issue that is anticipated to impede the market's growth is the high cost of entire slide imaging and slide scanning, which is out of reach for small and medium-sized laboratories. This has limited the expansion of the slide imaging market and reduced the number of slide imaging scanners in small-scale laboratories where test samples are examined for a single diagnosis.

Opportunities:

Increasing prevalence of cancer: Cancer has resulted in the death of almost 10 million people worldwide in 2020. Globally increasing numbers of cancer patients are promising growth prospects for the market. Therapeutics for cancer treatment are being researched and developed with full-slide imaging. Planning initiatives for early detection, risk reduction, and cancer management will be made easier with whole slide imaging. During the forecast period, whole slide imaging scanners will likely contribute to the market's growth by providing images that may be used to build an accurate drug delivery system for cancer therapy.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa.  Asia-Pacific emerged as the most significant whole slide imaging market, with a 37.05% market revenue share in 2023.

Asia-Pacific region will account for the largest market share with revenue growth. The region has a high demand for whole slide imaging as the prevalence of cancer is rapidly growing. The growing investment in the development of advanced hardware such as scanners, viewers, management systems and software is promoting the development of the whole slide imaging market. The presence of global manufacturers is the primary factor for the market growth of whole slide imaging. Furthermore, the increasing funding from government agencies is leading to the development of such novel technologies.

Asia-Pacific region Whole Slide Imaging Market Share in 2023 - 37.05%

 

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Product Type Segment Analysis

The product type segment is divided into hardware, software and service. The hardware segment dominated the market, with a share of around 47.20% in 2023. The whole slide imaging hardware is available in both manual and automatic versions. Due to the growing prevalence of chronic diseases, there has been a rise in demand for such hardware. Additionally, hardware such as scanners, viewers, etc., offers more thorough details about the disease's state, assisting medical experts in making knowledgeable treatment decisions.

Application Segment Analysis

The application segment is divided into cytopathology, telepathology, hematopathology, and immunohistochemistry. The telepathology segment dominated the market, with a share of around 39.05% in 2023. Telepathology is a field that benefits greatly from the diverse use of whole slide imaging technologies. In telepathology, whole slide imaging is a relatively recent technique for data retention that is gaining popularity.

End-user Segment Analysis

The end-user segment is divided into biotechnology and pharmaceutical, academic and research institutes and hospitals and clinics. The biotechnology and pharmaceutical segment dominated the market, with a share of around 43.19% in 2023. Numerous biotech and pharmaceutical businesses are making big investments in the whole slide imaging market to create new drugs. Biotechnology and pharmaceutical businesses use the whole slide imaging technique to investigate medical conditions in great detail, enabling the development of individualized medications.

Some of the Key Market Players:
  • 3DHISTECH Ltd.
  • Olympus
  • Inspirata Inc.
  • Nikon
  • Visiopharm AS
  • Danaher
  • Akoya Biosciences Inc.
  • Indica Labs
  • Koninklijke Philips N.V.
  • Mikroscan Technologies Inc.

Report Description:

Attribute Description
Market Size Revenue (USD Million)
Market size value in 2023 USD 692.02 Million
Market size value in 2033 USD 2291.54 Million
CAGR (2024 to 2033) 12.72%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Application and End-user

Frequesntly Asked Questions

As per The Brainy Insights, the size of the whole slide imaging market was valued at USD 692.02 Million in 2023 to USD 2291.54 Million by 2033.

Global whole slide imaging market is growing at a CAGR of 12.72% during the forecast period 2024-2033.

Asia Pacific region emerged as the largest market for the whole slide imaging.

The market's growth will be influenced by the growing demand for whole slide imaging in drug development processes.

The high cost of equipment can hamper the market growth.

The growth of biotechnology and pharmaceutical industry is providing huge opportunities to the market.

Key players are 3DHISTECH Ltd., Olympus, Inspirata, Inc., Nikon, Visiopharm AS, Danaher, Akoya Biosciences, Inc., Indica Labs, Koninklijke Philips N.V., Mikroscan Technologies, Inc. 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 Product 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. Increasing demand for whole slide imaging in drug development process
    5.3. Restraints
          5.3.1. High cost
    5.4. Opportunities
          5.4.1. Increasing technological advancement
    5.5. Challenges
          5.5.1. Unavailability of skilled professional

6. Global Whole Slide Imaging Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Hardware
    6.3. Software
    6.4. Service

7. Global Whole Slide Imaging Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Cytopathology
    7.3. Telepathology
    7.4. Hematopathology
    7.5. Immunohistochemistry

8. Global Whole Slide Imaging Market Analysis and Forecast, By End-user
    8.1. Segment Overview
    8.2. Biotechnology and Pharmaceutical
    8.3. Academic and Research Institutes
    8.4. Hospitals and Clinics Automotive

9. Global Whole Slide Imaging 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 Whole Slide Imaging Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Whole Slide Imaging 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. 3DHISTECH Ltd.
          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. Olympus
          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. Inspirata 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. Nikon
          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. Visiopharm AS
          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. Danaher
          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. Akoya Biosciences Inc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Indica Labs
          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. Koninklijke Philips N.V.
          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. Mikroscan Technologies, Inc
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

2. Global Hardware, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

3. Global Software, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

4. Global Service, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

5. Global Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

6. Global Cytopathology, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

7. Global Telepathology, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

8. Global Hematopathology, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

9. Global Immunohistochemistry, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

10. Global Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

11. Global Biotechnology and Pharmaceutical, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

12. Global Academic and Research Institutes, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

13. Global Hospitals and Clinics, Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

14. Global Whole Slide Imaging Market, By Region, 2020-2033 (USD Million) 

15. North America Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

16. North America Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

17. North America Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million)

18. U.S. Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

19. U.S. Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

20. U.S. Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

21. Canada Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

22. Canada Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

23. Canada Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

24. Mexico Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

25. Mexico Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

26. Mexico Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

27. Europe Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

28. Europe Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

29. Europe Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million)

30. Germany Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

31. Germany Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

32. Germany Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

33. France Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

34. France Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

35. France Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

36. U.K. Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

37. U.K. Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

38. U.K. Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

39. Italy Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

40. Italy Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

41. Italy Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

42. Spain Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

43. Spain Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

44. Spain Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

45. Asia Pacific Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

46. Asia Pacific Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

47. Asia Pacific Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

48. Japan Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

49. Japan Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

50. Japan Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million)

51. China Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

52. China Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

53. China Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

54. India Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

55. India Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

56. India Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

57. South America Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

58. South America Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

59. South America Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

60. Brazil Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

61. Brazil Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

62. Brazil Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

63. Middle East and Africa Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

64. Middle East and Africa Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

65. Middle East and Africa Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

66. UAE Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

67. UAE Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

68. UAE Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

69. South Africa Whole Slide Imaging Market, By Product Type, 2020-2033 (USD Million) 

70. South Africa Whole Slide Imaging Market, By Application, 2020-2033 (USD Million) 

71. South Africa Whole Slide Imaging Market, By End-user, 2020-2033 (USD Million) 

List of Figures

1. Global Whole Slide Imaging Market Segmentation

2. Whole Slide Imaging 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 Whole Slide Imaging Market Attractiveness Analysis by Product Type

9. Global Whole Slide Imaging Market Attractiveness Analysis by Application 

10. Global Whole Slide Imaging Market Attractiveness Analysis by End-user

11. Global Whole Slide Imaging Market Attractiveness Analysis by Region

12. Global Whole Slide Imaging Market: Dynamics

13. Global Whole Slide Imaging Market Share by Product Type (2023 & 2033)

14. Global Whole Slide Imaging Market Share by Application  (2023 & 2033)

15. Global Whole Slide Imaging Market Share by End-user (2023 & 2033)

16. Global Whole Slide Imaging Market Share by Regions (2023 & 2033)

17. Global Whole Slide Imaging 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 whole slide imaging market based on below mentioned segments:

Global Whole Slide Imaging Market by Product Type:

  • Hardware
  • Software
  • Service

Global Whole Slide Imaging Market by Application:

  • Cytopathology
  • Telepathology
  • Hematopathology
  • Immunohistochemistry

Global Whole Slide Imaging Market by End-user:

  • Biotechnology and Pharmaceutical
  • Academic and Research Institutes
  • Hospitals and Clinics

Global Whole Slide Imaging 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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