Blockchain In Healthcare Market
Blockchain in Healthcare Market Forecasts to 2030 - Global Analysis By Network Type (Public and Private), Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $3.35 BN |
|
Projected Year Value (2030) |
US $140.03 BN |
|
CAGR (2023 - 2030) |
70.4% |
|
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 |
Asia Pacific |
According to Stratistics MRC, the Global Blockchain in Healthcare Market is accounted for $3.35 billion in 2023 and is expected to reach $140.03 billion by 2030 growing at a CAGR of 70.4% during the forecast period. A increasing set of documents, referred to as blocks, that are linked together cryptographically is referred to as a blockchain. A cryptographic hash of the preceding block, the time and date, and transaction details are all included in each block. Blockchain is a cutting-edge technology that is being applied to provide ground-breaking solutions across several industries, including healthcare. A Blockchain network is utilized in the healthcare industry to store and transmit patient data across hospitals, diagnostic labs, pharmacies, and doctors. Blockchain technologies can reliably detect grave and even deadly mistakes in the medical area.
According to the World Health Organization (WHO), one in each 10 medicines fails in low- and middle-income countries because they are substandard or falsified.
Market Dynamics:
Driver:
Increasing cases of healthcare data breaches
A blockchain functions as a digital database for the storage of data. A blockchain network is utilized in the healthcare industry to store and share patient data across hospitals, diagnostic labs, pharmaceutical firms, and physicians. However, the healthcare sector has seen a sharp rise in the frequency of data breaches. Highly sensitive information, including personally identifiable information like social security numbers, names, and addresses as well as sensitive health data, is frequently exposed in healthcare data breaches. As a result, the industry is now more in demand due to the increase in data breaches.
Restraint:
Lack of awareness
Lack of information about distributed ledger technology and its use in the healthcare sector is the main obstacle to the development of blockchain technology. End customers in the healthcare sector are unaware of the advantages and functionality of this revolutionary technology. This could discourage businesses from making investments in this developing technology. In its present state, blockchain technology resembles a huge, uncharted frontier with unpredictable growth. Investors, the general public, and business owners have not yet taken advantage of its potential to alter corporate operations.
Opportunity:
Increasing demand for distributed ledger technology
The market is expected to grow as a result of the increasing number of incidents of data theft, break-ins, and the unauthorized disclosure of sensitive clinical data from electronic systems. The use of electronic records with tailored medical care data sets over paper-based clinical records is another result of the healthcare industry's rapid growth. In order to display the two blocks to every user, accuracy on the blockchain must also be compared with other data. By doing this, security is guaranteed, and data loss and harm are prevented.
Threat:
Regulatory Challenges
The introduction of blockchain technology creates new regulatory issues in the highly regulated healthcare sector. When incorporating blockchain systems, adherence to current data privacy and security requirements might be challenging. A big barrier to using blockchain's advantages is maintaining compliance. However, reluctance to disclose data is also the factor hampering the market growth.
Covid-19 Impact:
It is believed that the epidemic would benefit the market for blockchain in healthcare. To expand hospital capacity for patients diagnosed with COVID-19, a significant number of clinics and hospitals throughout the world underwent restructuring. A possible backlog in non-essential processes developed as a result of the sharp increase in cases. The lockout caused delays in the production and delivery of critical medical supplies. Limited access to medical treatment, a staffing deficit in the healthcare industry, and an increase related hospitalization are a few more variables that have an influence on the market.
The clinical trials & eConsent segment is expected to be the largest during the forecast period
The clinical trials & eConsent segment is expected to be the largest during the forecast period. Utilizing technology in clinical trials makes data management and security more effective. Additionally, secure internal connections amongst clinicians are made possible via blockchain integration. Since the blockchain forbids information updates or revisions, industry growth is projected in the years to come. Data integrity is ensured by the use of blockchain technology in medical records. Similar ideas may be used in clinical studies, where the documentation is a crucial component of the regulations.
The hospital segment is expected to have the highest CAGR during the forecast period
The hospital segment is expected to have the highest CAGR during the forecast period owing to the growing adoption of the technology in hospitals. Hospitals and healthcare facilities are now striving to store patient data to ensure the system's efficient operation. This aids in categorizing both new and returning patients and makes use of previous records to support the doctor's appointment. Additionally, the system will shield sensitive data from data breaches and hackers, protecting things like payment information, addresses, and phone numbers.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. The main driver of regional expansion is the rise in demand for medical record security. The U.S. healthcare industry is investing more in emerging technology, but there are also more problems with electronic medical records. Major players and other healthcare organizations are engaging in the blockchain industry as a result of the increase in need for controlled, safe, and safe data sharing across businesses.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. The expansion of this regional market is being fueled by elements like expanding healthcare infrastructure, rising adoption of EHR systems and other healthcare IT solutions, growing demand for health information exchange between various healthcare stakeholders as a result of an increase in medical tourism in this region, and growing pressure to stop fake drugs from entering the supply chain.
Key players in the market
Some of the key players in Blockchain in Healthcare Market include Blockpharma, IBM Corporation, Guardtime, Change Healthcare, iSolve, LLC, PATIENTORY INC., Medicalchain SA, Solve.Care, BurstIQ, Oracle, Equideum Health, MAH Healthcare , Avaneer Health , Microsoft Corporation, Guardtime Federal, Blockpharma and International Business Machines Corporation.
Key Developments:
In March 2022, Equideum Health selected Nokia as its partner to collaboratively develop and implement healthcare use cases. Nokia's Data Marketplace (NDM) solution, available through its Software-as-a-Service (SaaS) architecture, will support Equideum Health in launching innovative healthcare applications.
In February 2022, the Estonia-based healthcare company MAH Healthcare (Htax coin) is excited to announce the release of the HTrax currency as a step toward realizing its goal to integrate blockchain technology into the healthcare sector and digitize it.
In January 2022, Avaneer Health secured additional funding of USD 50 million from renowned healthcare institutions to support its blockchain-based health network. The network focuses on facilitating secure data sharing between payers, improving eligibility verification, and streamlining prior authorization processes.
Network Types Covered:
• Public
• Private
Applications Covered:
• Claims Adjudication & Billing Management
• Clinical Data Exchange & Interoperability
• Supply Chain Management
• Clinical Trials & eConsent
• Other Applications
End Users Covered:
• Biopharmaceutical
• Players
• Providers
• Medical Device Companies
• Other End Users
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
o 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 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 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 Blockchain in Healthcare Market, By Network Type
5.1 Introduction
5.2 Public
5.3 Private
6 Global Blockchain in Healthcare Market, By Application
6.1 Introduction
6.2 Claims Adjudication & Billing Management
6.3 Clinical Data Exchange & Interoperability
6.4 Supply Chain Management
6.5 Clinical Trials & eConsent
6.6 Other Applications
7 Global Blockchain in Healthcare Market, By End User
7.1 Introduction
7.2 Biopharmaceutical
7.3 Players
7.4 Providers
7.5 Medical Device Companies
7.6 Other End Users
8 Global Blockchain in Healthcare 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 Blockpharma
10.2 IBM Corporation
10.3 Guardtime
10.4 Change Healthcare
10.5 iSolve, LLC
10.6 PATIENTORY INC.
10.7 Medicalchain SA
10.8 Solve.Care
10.9 BurstIQ
10.10 Oracle
10.11 Equideum Health
10.12 MAH Healthcare
10.13 Avaneer Health
10.14 Microsoft Corporation
10.15 Guardtime Federal
10.16 Blockpharma
10.17 International Business Machines Corporation
List of Tables
1 Global Blockchain in Healthcare Market Outlook, By Region (2021-2030) ($MN)
2 Global Blockchain in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
3 Global Blockchain in Healthcare Market Outlook, By Public (2021-2030) ($MN)
4 Global Blockchain in Healthcare Market Outlook, By Private (2021-2030) ($MN)
5 Global Blockchain in Healthcare Market Outlook, By Application (2021-2030) ($MN)
6 Global Blockchain in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
7 Global Blockchain in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
8 Global Blockchain in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
9 Global Blockchain in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
10 Global Blockchain in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
11 Global Blockchain in Healthcare Market Outlook, By End User (2021-2030) ($MN)
12 Global Blockchain in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
13 Global Blockchain in Healthcare Market Outlook, By Players (2021-2030) ($MN)
14 Global Blockchain in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
15 Global Blockchain in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
16 Global Blockchain in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
17 North America Blockchain in Healthcare Market Outlook, By Country (2021-2030) ($MN)
18 North America Blockchain in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
19 North America Blockchain in Healthcare Market Outlook, By Public (2021-2030) ($MN)
20 North America Blockchain in Healthcare Market Outlook, By Private (2021-2030) ($MN)
21 North America Blockchain in Healthcare Market Outlook, By Application (2021-2030) ($MN)
22 North America Blockchain in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
23 North America Blockchain in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
24 North America Blockchain in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
25 North America Blockchain in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
26 North America Blockchain in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
27 North America Blockchain in Healthcare Market Outlook, By End User (2021-2030) ($MN)
28 North America Blockchain in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
29 North America Blockchain in Healthcare Market Outlook, By Players (2021-2030) ($MN)
30 North America Blockchain in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
31 North America Blockchain in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
32 North America Blockchain in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
33 Europe Blockchain in Healthcare Market Outlook, By Country (2021-2030) ($MN)
34 Europe Blockchain in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
35 Europe Blockchain in Healthcare Market Outlook, By Public (2021-2030) ($MN)
36 Europe Blockchain in Healthcare Market Outlook, By Private (2021-2030) ($MN)
37 Europe Blockchain in Healthcare Market Outlook, By Application (2021-2030) ($MN)
38 Europe Blockchain in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
39 Europe Blockchain in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
40 Europe Blockchain in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
41 Europe Blockchain in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
42 Europe Blockchain in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
43 Europe Blockchain in Healthcare Market Outlook, By End User (2021-2030) ($MN)
44 Europe Blockchain in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
45 Europe Blockchain in Healthcare Market Outlook, By Players (2021-2030) ($MN)
46 Europe Blockchain in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
47 Europe Blockchain in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
48 Europe Blockchain in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
49 Asia Pacific Blockchain in Healthcare Market Outlook, By Country (2021-2030) ($MN)
50 Asia Pacific Blockchain in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
51 Asia Pacific Blockchain in Healthcare Market Outlook, By Public (2021-2030) ($MN)
52 Asia Pacific Blockchain in Healthcare Market Outlook, By Private (2021-2030) ($MN)
53 Asia Pacific Blockchain in Healthcare Market Outlook, By Application (2021-2030) ($MN)
54 Asia Pacific Blockchain in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
55 Asia Pacific Blockchain in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
56 Asia Pacific Blockchain in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
57 Asia Pacific Blockchain in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
58 Asia Pacific Blockchain in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
59 Asia Pacific Blockchain in Healthcare Market Outlook, By End User (2021-2030) ($MN)
60 Asia Pacific Blockchain in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
61 Asia Pacific Blockchain in Healthcare Market Outlook, By Players (2021-2030) ($MN)
62 Asia Pacific Blockchain in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
63 Asia Pacific Blockchain in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
64 Asia Pacific Blockchain in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
65 South America Blockchain in Healthcare Market Outlook, By Country (2021-2030) ($MN)
66 South America Blockchain in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
67 South America Blockchain in Healthcare Market Outlook, By Public (2021-2030) ($MN)
68 South America Blockchain in Healthcare Market Outlook, By Private (2021-2030) ($MN)
69 South America Blockchain in Healthcare Market Outlook, By Application (2021-2030) ($MN)
70 South America Blockchain in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
71 South America Blockchain in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
72 South America Blockchain in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
73 South America Blockchain in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
74 South America Blockchain in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
75 South America Blockchain in Healthcare Market Outlook, By End User (2021-2030) ($MN)
76 South America Blockchain in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
77 South America Blockchain in Healthcare Market Outlook, By Players (2021-2030) ($MN)
78 South America Blockchain in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
79 South America Blockchain in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
80 South America Blockchain in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
81 Middle East & Africa Blockchain in Healthcare Market Outlook, By Country (2021-2030) ($MN)
82 Middle East & Africa Blockchain in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
83 Middle East & Africa Blockchain in Healthcare Market Outlook, By Public (2021-2030) ($MN)
84 Middle East & Africa Blockchain in Healthcare Market Outlook, By Private (2021-2030) ($MN)
85 Middle East & Africa Blockchain in Healthcare Market Outlook, By Application (2021-2030) ($MN)
86 Middle East & Africa Blockchain in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
87 Middle East & Africa Blockchain in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
88 Middle East & Africa Blockchain in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
89 Middle East & Africa Blockchain in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
90 Middle East & Africa Blockchain in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
91 Middle East & Africa Blockchain in Healthcare Market Outlook, By End User (2021-2030) ($MN)
92 Middle East & Africa Blockchain in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
93 Middle East & Africa Blockchain in Healthcare Market Outlook, By Players (2021-2030) ($MN)
94 Middle East & Africa Blockchain in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
95 Middle East & Africa Blockchain in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
96 Middle East & Africa Blockchain in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
List of Figures
Figure 1 Global Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 2 North America Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 3 US Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 4 Canada Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 5 Mexico Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 6 Europe Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 7 Germany Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 8 UK Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 9 Italy Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 10 France Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 11 Spain Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 14 Japan Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 15 China Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 16 India Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 17 Australia Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 19 South Korea Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 21 South America Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 22 Argentina Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 23 Brazil Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 24 Chile Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 28 UAE Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 29 Qatar Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 30 South Africa Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa Blockchain in Healthcare Market Outlook (2021-2030) ($MN)
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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