Aspirin Drug Market
Aspirin Drug Market Forecasts to 2030 - Global Analysis By Product (Ecotrin, Bufferin, Generic Aspirin and Other Products), Dosage Form, Distribution Channel and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $2.5 BN |
|
Projected Year Value (2030) |
US $3.6 BN |
|
CAGR (2023 - 2030) |
5.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Aspirin Drug Market is accounted for $2.5 billion in 2023 and is expected to reach $3.6 billion by 2030 growing at a CAGR of 5.4% during the forecast period. The aspirin drug market encompasses pharmaceutical products containing acetylsalicylic acid, commonly known as aspirin, which is a widely used medication with analgesic, anti-inflammatory, and antipyretic properties. Aspirin belongs to the class of nonsteroidal anti-inflammatory drugs (NSAIDs) and is utilized for pain relief, reduction of inflammation, and fever management. Additionally, aspirin is recognized for its anticoagulant effects, contributing to its application in preventing cardiovascular events such as heart attacks and strokes.
According to a report shared by the Centers for Disease Control and Prevention, a US-based national public health agency, 1 in 4 adults in the US were suffering from doctor-diagnosed arthritis, which is almost 58.5 million people.
Market Dynamics:
Driver:
Cardiovascular health benefits
Aspirin, with its antiplatelet properties, is widely recognized for its ability to reduce the risk of cardiovascular events, including heart attacks and strokes. The drug works by inhibiting the formation of blood clots, a crucial factor in preventing blockages in blood vessels that can lead to severe cardiovascular issues. Physicians often prescribe aspirin as a preventive measure for individuals with a history of cardiovascular diseases or those at higher risk. Additionally, the drug's efficacy in managing acute conditions, such as myocardial infarction, further underscores its importance in cardiovascular care. As awareness grows regarding the significance of preventive healthcare and the role of aspirin in reducing cardiovascular risks, the demand for aspirin continues to be driven by its well-established and life-saving cardiovascular health benefits.
Restraint:
Growing awareness of potential side effects
As information about the adverse effects associated with aspirin becomes more widely disseminated, both healthcare professionals and consumers exercise increased caution in its usage. The risk of gastrointestinal complications, such as ulcers and bleeding, is a well-documented concern. This heightened awareness has led to more prudent prescribing practices by healthcare providers, who may consider alternative medications with a more favorable side effect profile. However, patients are becoming more informed about the potential risks, impacting their willingness to use aspirin, particularly for long-term applications.
Opportunity:
Global aging population
With an increasing number of elderly individuals worldwide, there is a higher prevalence of age-related health conditions, particularly cardiovascular diseases. Aspirin, known for its cardiovascular benefits, is commonly prescribed to the aging demographic as a preventive measure against heart attacks and strokes. The elderly population often experiences a higher risk of thrombotic events, making aspirin a key component in their healthcare regimen. Additionally, as people age, they may be more susceptible to conditions associated with pain and inflammation, further contributing to the demand for aspirin as an analgesic and anti-inflammatory medication.
Threat:
Risk of bleeding
While aspirin's anticoagulant properties are crucial for preventing cardiovascular events, they concurrently elevate the risk of bleeding complications. This concern is particularly relevant for individuals undergoing surgical procedures or those with pre-existing bleeding disorders. The delicate balance between aspirin's benefits and potential adverse effects requires careful consideration by healthcare professionals when prescribing the drug. However, the fear of bleeding events may lead to hesitancy in prescribing aspirin, especially in certain patient populations where the risk-benefit ratio must be meticulously assessed.
Covid-19 Impact:
The increased awareness of potential cardiovascular complications in COVID-19 patients has led to a surge in aspirin prescriptions as a preventive measure. As aspirin exhibits antiplatelet properties, it is often considered for its potential role in mitigating the risk of thrombotic events associated with severe COVID-19 cases. However, disruptions in healthcare services, shifts in patient priorities, and altered prescribing patterns during the pandemic have influenced the market globally.
The ecotrin segment is expected to be the largest during the forecast period
Ecotrin segment commanded the largest market share of aspirin drug globally over the projected period due to its focus on enteric-coated aspirin formulations. Ecotrin, a brand recognized for its enteric-coated aspirin products, addresses the issue of gastrointestinal side effects commonly associated with aspirin use. Furthermore, the enteric coating enables the aspirin to pass through the stomach without causing irritation, releasing the medication in the intestines where absorption occurs. This innovation reduces the risk of stomach ulcers and bleeding, enhancing the drug's tolerability for patients requiring long-term aspirin therapy.
The chewable tablets segment is expected to have the highest CAGR during the forecast period
With a growing market trend toward patient convenience and adherence, chewable aspirin tablets offer a more palatable and user-friendly alternative to traditional pill forms. This innovation appeals to individuals who may have difficulty swallowing pills, including the elderly and children. The Chewable Tablets segment is capitalizing on the demand for a more accessible and enjoyable medication experience, contributing to increased patient compliance. Furthermore, the pleasant taste of chewable aspirin tablets makes them a favorable choice for individuals seeking over-the-counter pain relief options.
Region with largest share:
Due to the rising awareness of cardiovascular health, a surge in chronic diseases, and an expanding aging population, Asia Pacific region is expected to hold largest market share over the forecast period. As countries in the region undergo economic development and urbanization, lifestyles are evolving, leading to an increase in sedentary habits and dietary changes that contribute to health concerns. Additionally, the growing prevalence of cardiovascular diseases in tandem with an increasing understanding of aspirin's preventive benefits is fostering a higher demand for this medication.
Region with highest CAGR:
Europe is expected to hold profitable growth owing to the region's aging population, coupled with a high prevalence of cardiovascular diseases, has propelled the demand for aspirin as a preventive measure against heart attacks and strokes. The region's emphasis on evidence-based medicine and a strong regulatory framework supports the continued prescription and use of aspirin in various clinical contexts. Additionally, as cardiovascular health remains a primary focus in European healthcare systems, aspirin's role as a cost-effective and widely available medication aligns with the region's commitment to managing and preventing cardiovascular diseases, thereby contributing significantly to the flourishing aspirin drug market in the region.
Key players in the market
Some of the key players in Aspirin Drug market include Cadila Healthcare Limited, Alembic Pharmaceuticals Limited, GlaxoSmithKline Consumer Healthcare Ltd, Takeda Pharmaceutical Company Limited, Torrent Pharmaceuticals Ltd, Abbott Laboratories, Aspen Pharmacare Holdings Limited, Dr. Reddy's Laboratories Ltd, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd, Novartis International AG, Pfizer Inc, Bayer AG and Roche Holding AG.
Key Developments:
In December 2023, Zydus Worldwide DMCC, a wholly-owned subsidiary of Zydus Lifesciences Ltd and Daewoong Pharmaceutical Co Ltd, has entered into a licensing agreement to co-develop and commercialise Leuprolide Acetate for Depot Suspension in six dosage strengths for the United States (US) market, the company in a regulatory filing with the BSE. The terms of the agreement will result in Zydus assuming full responsibility for the clinical development and commercialisation in the US market. Daewoong, on the other hand, will be responsible for the pre-clinical studies, production, and supply of the product.
In March 2023, Ahmedabad-based Cadila Pharmaceuticals has signed a Memorandum of Understanding (MoU) with the government of Gujarat to invest Rs 1,000 crore in different existing projects. The MoU was signed in Gandhinagar between Industries Commissioner Rahul Gupta on behalf of the government of Gujarat and Cadila Pharmaceuticals COO, Mitul Dave, under the Government of Gujarat’s “Atma Nirbhar Gujarat Schemes for Assistance to Industries”.
Products Covered:
• Ecotrin
• Bufferin
• Generic Aspirin
• Other Products
Dosage Forms Covered:
• Enteric-Coated Tablets
• Chewable Tablets
• Dissolvable or Effervescent Tablets
• Other Dosage Forms
Distribution Channels Covered:
• Pharmacies and Drugstores
• Online Retailers
• Grocery Stores and Supermarkets
• Wholesale Distributors
• Other Distribution Channels
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Aspirin Drug Market, By Product
5.1 Introduction
5.2 Ecotrin
5.3 Bufferin
5.4 Generic Aspirin
5.5 Other Products
6 Global Aspirin Drug Market, By Dosage Form
6.1 Introduction
6.2 Enteric-Coated Tablets
6.3 Chewable Tablets
6.4 Dissolvable or Effervescent Tablets
6.5 Other Dosage Forms
7 Global Aspirin Drug Market, By Distribution Channel
7.1 Introduction
7.2 Pharmacies and Drugstores
7.3 Online Retailers
7.4 Grocery Stores and Supermarkets
7.5 Wholesale Distributors
7.6 Other Distribution Channels
8 Global Aspirin Drug Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Cadila Healthcare Limited
10.2 Alembic Pharmaceuticals Limited
10.3 GlaxoSmithKline Consumer Healthcare Ltd
10.4 Takeda Pharmaceutical Company Limited
10.5 Torrent Pharmaceuticals Ltd
10.6 Abbott Laboratories
10.7 Aspen Pharmacare Holdings Limited
10.8 Dr. Reddy's Laboratories Ltd
10.9 Sun Pharmaceutical Industries Ltd
10.10 Teva Pharmaceutical Industries Ltd
10.11 Novartis International AG
10.12 Pfizer Inc
10.13 Bayer AG
10.14 Roche Holding AG
List of Tables
1 Global Aspirin Drug Market Outlook, By Region (2021-2030) ($MN)
2 Global Aspirin Drug Market Outlook, By Product (2021-2030) ($MN)
3 Global Aspirin Drug Market Outlook, By Ecotrin (2021-2030) ($MN)
4 Global Aspirin Drug Market Outlook, By Bufferin (2021-2030) ($MN)
5 Global Aspirin Drug Market Outlook, By Generic Aspirin (2021-2030) ($MN)
6 Global Aspirin Drug Market Outlook, By Other Products (2021-2030) ($MN)
7 Global Aspirin Drug Market Outlook, By Dosage Form (2021-2030) ($MN)
8 Global Aspirin Drug Market Outlook, By Enteric-Coated Tablets (2021-2030) ($MN)
9 Global Aspirin Drug Market Outlook, By Chewable Tablets (2021-2030) ($MN)
10 Global Aspirin Drug Market Outlook, By Dissolvable or Effervescent Tablets (2021-2030) ($MN)
11 Global Aspirin Drug Market Outlook, By Other Dosage Forms (2021-2030) ($MN)
12 Global Aspirin Drug Market Outlook, By Distribution Channel (2021-2030) ($MN)
13 Global Aspirin Drug Market Outlook, By Pharmacies and Drugstores (2021-2030) ($MN)
14 Global Aspirin Drug Market Outlook, By Online Retailers (2021-2030) ($MN)
15 Global Aspirin Drug Market Outlook, By Grocery Stores and Supermarkets (2021-2030) ($MN)
16 Global Aspirin Drug Market Outlook, By Wholesale Distributors (2021-2030) ($MN)
17 Global Aspirin Drug Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
18 North America Aspirin Drug Market Outlook, By Country (2021-2030) ($MN)
19 North America Aspirin Drug Market Outlook, By Product (2021-2030) ($MN)
20 North America Aspirin Drug Market Outlook, By Ecotrin (2021-2030) ($MN)
21 North America Aspirin Drug Market Outlook, By Bufferin (2021-2030) ($MN)
22 North America Aspirin Drug Market Outlook, By Generic Aspirin (2021-2030) ($MN)
23 North America Aspirin Drug Market Outlook, By Other Products (2021-2030) ($MN)
24 North America Aspirin Drug Market Outlook, By Dosage Form (2021-2030) ($MN)
25 North America Aspirin Drug Market Outlook, By Enteric-Coated Tablets (2021-2030) ($MN)
26 North America Aspirin Drug Market Outlook, By Chewable Tablets (2021-2030) ($MN)
27 North America Aspirin Drug Market Outlook, By Dissolvable or Effervescent Tablets (2021-2030) ($MN)
28 North America Aspirin Drug Market Outlook, By Other Dosage Forms (2021-2030) ($MN)
29 North America Aspirin Drug Market Outlook, By Distribution Channel (2021-2030) ($MN)
30 North America Aspirin Drug Market Outlook, By Pharmacies and Drugstores (2021-2030) ($MN)
31 North America Aspirin Drug Market Outlook, By Online Retailers (2021-2030) ($MN)
32 North America Aspirin Drug Market Outlook, By Grocery Stores and Supermarkets (2021-2030) ($MN)
33 North America Aspirin Drug Market Outlook, By Wholesale Distributors (2021-2030) ($MN)
34 North America Aspirin Drug Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
35 Europe Aspirin Drug Market Outlook, By Country (2021-2030) ($MN)
36 Europe Aspirin Drug Market Outlook, By Product (2021-2030) ($MN)
37 Europe Aspirin Drug Market Outlook, By Ecotrin (2021-2030) ($MN)
38 Europe Aspirin Drug Market Outlook, By Bufferin (2021-2030) ($MN)
39 Europe Aspirin Drug Market Outlook, By Generic Aspirin (2021-2030) ($MN)
40 Europe Aspirin Drug Market Outlook, By Other Products (2021-2030) ($MN)
41 Europe Aspirin Drug Market Outlook, By Dosage Form (2021-2030) ($MN)
42 Europe Aspirin Drug Market Outlook, By Enteric-Coated Tablets (2021-2030) ($MN)
43 Europe Aspirin Drug Market Outlook, By Chewable Tablets (2021-2030) ($MN)
44 Europe Aspirin Drug Market Outlook, By Dissolvable or Effervescent Tablets (2021-2030) ($MN)
45 Europe Aspirin Drug Market Outlook, By Other Dosage Forms (2021-2030) ($MN)
46 Europe Aspirin Drug Market Outlook, By Distribution Channel (2021-2030) ($MN)
47 Europe Aspirin Drug Market Outlook, By Pharmacies and Drugstores (2021-2030) ($MN)
48 Europe Aspirin Drug Market Outlook, By Online Retailers (2021-2030) ($MN)
49 Europe Aspirin Drug Market Outlook, By Grocery Stores and Supermarkets (2021-2030) ($MN)
50 Europe Aspirin Drug Market Outlook, By Wholesale Distributors (2021-2030) ($MN)
51 Europe Aspirin Drug Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
52 Asia Pacific Aspirin Drug Market Outlook, By Country (2021-2030) ($MN)
53 Asia Pacific Aspirin Drug Market Outlook, By Product (2021-2030) ($MN)
54 Asia Pacific Aspirin Drug Market Outlook, By Ecotrin (2021-2030) ($MN)
55 Asia Pacific Aspirin Drug Market Outlook, By Bufferin (2021-2030) ($MN)
56 Asia Pacific Aspirin Drug Market Outlook, By Generic Aspirin (2021-2030) ($MN)
57 Asia Pacific Aspirin Drug Market Outlook, By Other Products (2021-2030) ($MN)
58 Asia Pacific Aspirin Drug Market Outlook, By Dosage Form (2021-2030) ($MN)
59 Asia Pacific Aspirin Drug Market Outlook, By Enteric-Coated Tablets (2021-2030) ($MN)
60 Asia Pacific Aspirin Drug Market Outlook, By Chewable Tablets (2021-2030) ($MN)
61 Asia Pacific Aspirin Drug Market Outlook, By Dissolvable or Effervescent Tablets (2021-2030) ($MN)
62 Asia Pacific Aspirin Drug Market Outlook, By Other Dosage Forms (2021-2030) ($MN)
63 Asia Pacific Aspirin Drug Market Outlook, By Distribution Channel (2021-2030) ($MN)
64 Asia Pacific Aspirin Drug Market Outlook, By Pharmacies and Drugstores (2021-2030) ($MN)
65 Asia Pacific Aspirin Drug Market Outlook, By Online Retailers (2021-2030) ($MN)
66 Asia Pacific Aspirin Drug Market Outlook, By Grocery Stores and Supermarkets (2021-2030) ($MN)
67 Asia Pacific Aspirin Drug Market Outlook, By Wholesale Distributors (2021-2030) ($MN)
68 Asia Pacific Aspirin Drug Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
69 South America Aspirin Drug Market Outlook, By Country (2021-2030) ($MN)
70 South America Aspirin Drug Market Outlook, By Product (2021-2030) ($MN)
71 South America Aspirin Drug Market Outlook, By Ecotrin (2021-2030) ($MN)
72 South America Aspirin Drug Market Outlook, By Bufferin (2021-2030) ($MN)
73 South America Aspirin Drug Market Outlook, By Generic Aspirin (2021-2030) ($MN)
74 South America Aspirin Drug Market Outlook, By Other Products (2021-2030) ($MN)
75 South America Aspirin Drug Market Outlook, By Dosage Form (2021-2030) ($MN)
76 South America Aspirin Drug Market Outlook, By Enteric-Coated Tablets (2021-2030) ($MN)
77 South America Aspirin Drug Market Outlook, By Chewable Tablets (2021-2030) ($MN)
78 South America Aspirin Drug Market Outlook, By Dissolvable or Effervescent Tablets (2021-2030) ($MN)
79 South America Aspirin Drug Market Outlook, By Other Dosage Forms (2021-2030) ($MN)
80 South America Aspirin Drug Market Outlook, By Distribution Channel (2021-2030) ($MN)
81 South America Aspirin Drug Market Outlook, By Pharmacies and Drugstores (2021-2030) ($MN)
82 South America Aspirin Drug Market Outlook, By Online Retailers (2021-2030) ($MN)
83 South America Aspirin Drug Market Outlook, By Grocery Stores and Supermarkets (2021-2030) ($MN)
84 South America Aspirin Drug Market Outlook, By Wholesale Distributors (2021-2030) ($MN)
85 South America Aspirin Drug Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
86 Middle East & Africa Aspirin Drug Market Outlook, By Country (2021-2030) ($MN)
87 Middle East & Africa Aspirin Drug Market Outlook, By Product (2021-2030) ($MN)
88 Middle East & Africa Aspirin Drug Market Outlook, By Ecotrin (2021-2030) ($MN)
89 Middle East & Africa Aspirin Drug Market Outlook, By Bufferin (2021-2030) ($MN)
90 Middle East & Africa Aspirin Drug Market Outlook, By Generic Aspirin (2021-2030) ($MN)
91 Middle East & Africa Aspirin Drug Market Outlook, By Other Products (2021-2030) ($MN)
92 Middle East & Africa Aspirin Drug Market Outlook, By Dosage Form (2021-2030) ($MN)
93 Middle East & Africa Aspirin Drug Market Outlook, By Enteric-Coated Tablets (2021-2030) ($MN)
94 Middle East & Africa Aspirin Drug Market Outlook, By Chewable Tablets (2021-2030) ($MN)
95 Middle East & Africa Aspirin Drug Market Outlook, By Dissolvable or Effervescent Tablets (2021-2030) ($MN)
96 Middle East & Africa Aspirin Drug Market Outlook, By Other Dosage Forms (2021-2030) ($MN)
97 Middle East & Africa Aspirin Drug Market Outlook, By Distribution Channel (2021-2030) ($MN)
98 Middle East & Africa Aspirin Drug Market Outlook, By Pharmacies and Drugstores (2021-2030) ($MN)
99 Middle East & Africa Aspirin Drug Market Outlook, By Online Retailers (2021-2030) ($MN)
100 Middle East & Africa Aspirin Drug Market Outlook, By Grocery Stores and Supermarkets (2021-2030) ($MN)
101 Middle East & Africa Aspirin Drug Market Outlook, By Wholesale Distributors (2021-2030) ($MN)
102 Middle East & Africa Aspirin Drug Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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