Blood Glucose Test Strips Market
Blood Glucose Test Strips Market Forecasts to 2030 - Global Analysis By Type (Thick Film, Electrochemical Films, Thin Film Electrochemical and Optical Strips), Technology (Glucose Dehydrogenase (GDH) and Glucose Oxidase (GOD)), Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes and Pre-Diabetes), End User and By Geography
According to Stratistics MRC, the Global Blood Glucose Test Strips Market is accounted for $14.41 billion in 2023 and is expected to reach $25.02 billion by 2030 growing at a CAGR of 8.2% during the forecast period. Thin paper or plastic strips called blood glucose test strips are used to check blood glucose levels and help manage diabetes. The strips are covered in glucose oxidase, which reacts with the blood's glucose to reveal the blood sugar level. These are used by diabetics to monitor their blood glucose levels on a regular basis without having to go to a clinic or a diagnostic lab. In addition, blood glucose test strips are affordable, simple to use, and suitable for daily use.
According to International Diabetes Federation (IDF), the adult diabetes population in 2021 was approximately 537 million, which is expected to increase by 643 million in 2030.
Market Dynamics:
Driver:
Rising personal disposable income
The rising prevalence of diabetes is one of the main factors anticipated to propel market growth for blood glucose test strips worldwide. Patients prefer to use glucometers for personal use because they are simple to use. The long-term health of diabetics and the primary prevention of chronic diabetic complications both depend on strict glucose control. Patients with diabetes are taught how to manage their daily capillary glucose levels in order to keep them within desired ranges. Blood glucose meters are frequently used by doctors to monitor critically ill patients as well as by diabetic patients to self-manage their disease. Glucometers are also continually upgraded for easier use and greater effectiveness.
Restraint:
Lack of awareness
The blood glucose test strip market is likely to face challenges due to patient ignorance of the benefits of improved test strips, unmet clinical needs, and a lack of external funding, which are all limiting market expansion, particularly in developing nations.
Opportunity:
Increasing healthcare expenditure and growing urbanization
Blood glucose test strips are still used as they are more reliable and affordable than artificial pancreas systems, despite numerous groundbreaking technological developments that are focused on them. Other factors that are anticipated to contribute to the growth of the global blood glucose test strips market include rising healthcare costs, an aging population, increased consumer awareness of blood glucose test strips, increased government initiatives, and rising disposable income in emerging economies. Additionally, the market is expected to grow as a result of increasing urbanization and an ever-growing population that is leading a more sedentary lifestyle.
Threat:
High costs and strict regulations
Strict regulatory requirements could impede growth, and high treatment costs are anticipated to limit market expansion for blood glucose test strips to a large extent during the forecast period. Additionally, the market is anticipated to face challenges due to the high cost of the device when compared to more traditional glucose testing methods.
Covid-19 Impact
The use of blood glucose monitoring equipment has increased during the COVID-19 pandemic, which has affected the demand for test strips. During the COVID-19 pandemic, the demand for and online sales of blood glucose monitoring equipment and supplies, such as test strips, significantly increased. This can be attributed to the rising demand for continuous monitoring of sugar levels in patients and the general population in order to record post-infection symptoms and act as a preventative measure, which is augmenting market growth.
The type 2 diabetes segment is expected to be the largest during the forecast period
During the anticipated period, the type 2 diabetes segment is anticipated to gain significant market share. Patients with Type-2 diabetes must monitor their blood sugar levels to prevent further complications because their blood glucose levels are out of control as a result of their sedentary lifestyles. According to the Centers for Disease Control and Prevention (CDC), type 2 diabetes makes up 90 to 95% of all diagnosed cases of diabetes in adults. Nearly 10% of women have type 2 diabetes identified soon after birth; the remaining women have a 35 to 60% chance of developing the disease over the following 10 to 20 years. The aforementioned factor’s has led to a significant increase in blood glucose test strip demand worldwide.
The hospitals segment is expected to have the highest CAGR during the forecast period
The hospitals segment is anticipated to witness the highest growth rate during the forecasted period. Since these tests yield results more quickly than traditional laboratory tests, the use of glucose meter kits in hospitals speeds up operational times. SMBG devices are a convenient method, especially for patients who prefer not to use venipuncture methods through syringes or who have hemophobia, as they are minimally invasive and less painful for patients. Additionally, some patients favor visiting hospitals to have their blood sugar levels checked by qualified medical professionals, and this preference is fueling the expansion of this market.
Region with largest share:
Owing to its large proportion of health-conscious people and established healthcare industry, the North American region is anticipated to hold a significant market share. North America has a lot of potential for growth in the future due to increased government efforts to combat diabetes and corporate investments to streamline diabetes R&D. In North America, there are currently over 29 million diabetics, and by 2025, that number is expected to rise to 32 million. Additionally, the presence of significant market players in the area has been a major driver of the growth of the blood glucose test strip market in North America over the forecast period.
Region with highest CAGR:
Due to the region's increasing need for efficient therapeutic treatment, Asia Pacific is anticipated to be an emerging market for blood glucose test strips during the forecasted period. This growth is primarily the result of the rapidly rising prevalence of diabetes in the area; by 2030, India is expected to have 92.9 million cases. Additionally, the growth is being fueled by the region's rising diabetic population and growing awareness of diabetes management.
Key players in the market
Some of the key players profiled in the Blood Glucose Test Strips Market include Abbott Diabetes Care, ACON Laboratories Inc., Agamatrix Inc., Arkray Inc., Ascensia Diabetes Care, Bayer Diabetes Care, Bionime Corporation, Elektronika, i-SENS, Johnson & Johnson, LifeScan IP Holdings LLC, Nipro Diagnostics, Roche Diagnostics, Rossmax International Ltd, TaiDoc, Trividia Health Inc. and Universal Biosensors.
Key Developments:
In November 2022, Ascensia Diabetes Care, a global diabetes care company, maker of the CONTOUR® Blood Glucose Monitoring (BGM) System portfolio and distributor of the Eversense® Continuous Glucose Monitoring (CGM) System, announces that the Eversense® CGM app has been updated globally to seamlessly integrate with Apple HealthTM. This means that people with diabetes using Eversense CGM Systems will now also have the option to view their glucose data within the Apple Health app, alongside other health metrics on the iPhone’s widely used health and wellbeing platform.
In November 2022, Senseonics and Ascensia Announce a Collaboration with the Nurse Practitioner Group Designed to Expand Patient Access by Providing In-Office and At-Home Insertion Options for Eversense® E3 Continuous Glucose Monitoring System (CGM).
In March 2022, Ministry of Health Canada released Health Network System (HNS) changes to reimbursement of blood glucose test strips under the Ontario Drug Benefit (ODB) Program. The HNS will apply the blood glucose test strip's annual maximum quantity limit based on online claims and papers submitted for reimbursement by ODB-eligible patients.
Types Covered:
• Thick Film Electrochemical Films
• Thin Film Electrochemical
• Optical Strips
• Other Types
Technologies Covered:
• Glucose Dehydrogenase (GDH)
• Glucose Oxidase (GOD)
Applications Covered:
• Type 1 Diabetes
• Type 2 Diabetes
• Gestational Diabetes
• Pre-Diabetes
End Users Covered:
• Individuals
• Hospitals
• Clinics & Diagnostic Centers
• 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 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 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 Blood Glucose Test Strips Market, By Type
5.1 Introduction
5.2 Thick Film Electrochemical Films
5.3 Thin Film Electrochemical
5.4 Optical Strips
5.5 Other Types
6 Global Blood Glucose Test Strips Market, By Technology
6.1 Introduction
6.2 Glucose Dehydrogenase (GDH)
6.3 Glucose Oxidase (GOD)
7 Global Blood Glucose Test Strips Market, By Application
7.1 Introduction
7.2 Type 1 Diabetes
7.3 Type 2 Diabetes
7.4 Gestational Diabetes
7.5 Pre-Diabetes
8 Global Blood Glucose Test Strips Market, By End User
8.1 Introduction
8.2 Individuals
8.3 Hospitals
8.4 Clinics & Diagnostic Centers
8.5 Other End Users
9 Global Blood Glucose Test Strips Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Abbott Diabetes Care.
11.2 ACON Laboratories Inc.
11.3 Agamatrix Inc.
11.4 Arkray Inc.
11.5 Ascensia Diabetes Care
11.6 Bayer Diabetes Care
11.7 Bionime Corporation
11.8 Elektronika
11.9 i-SENS
11.10 Johnson & Johnson
11.11 LifeScan IP Holdings LLC
11.12 Nipro Diagnostics
11.13 Roche Diagnostics
11.14 Rossmax International Ltd
11.15 TaiDoc
11.16 Trividia Health Inc.
11.17 Universal Biosensors
List of Tables
1 Global Blood Glucose Test Strips Market Outlook, By Region (2021-2030) ($MN)
2 Global Blood Glucose Test Strips Market Outlook, By Type (2021-2030) ($MN)
3 Global Blood Glucose Test Strips Market Outlook, By Thick Film Electrochemical Films (2021-2030) ($MN)
4 Global Blood Glucose Test Strips Market Outlook, By Thin Film Electrochemical (2021-2030) ($MN)
5 Global Blood Glucose Test Strips Market Outlook, By Optical Strips (2021-2030) ($MN)
6 Global Blood Glucose Test Strips Market Outlook, By Other Types (2021-2030) ($MN)
7 Global Blood Glucose Test Strips Market Outlook, By Technology (2021-2030) ($MN)
8 Global Blood Glucose Test Strips Market Outlook, By Glucose Dehydrogenase (GDH) (2021-2030) ($MN)
9 Global Blood Glucose Test Strips Market Outlook, By Glucose Oxidase (GOD) (2021-2030) ($MN)
10 Global Blood Glucose Test Strips Market Outlook, By Application (2021-2030) ($MN)
11 Global Blood Glucose Test Strips Market Outlook, By Type 1 Diabetes (2021-2030) ($MN)
12 Global Blood Glucose Test Strips Market Outlook, By Type 2 Diabetes (2021-2030) ($MN)
13 Global Blood Glucose Test Strips Market Outlook, By Gestational Diabetes (2021-2030) ($MN)
14 Global Blood Glucose Test Strips Market Outlook, By Pre-Diabetes (2021-2030) ($MN)
15 Global Blood Glucose Test Strips Market Outlook, By End User (2021-2030) ($MN)
16 Global Blood Glucose Test Strips Market Outlook, By Individuals (2021-2030) ($MN)
17 Global Blood Glucose Test Strips Market Outlook, By Hospitals (2021-2030) ($MN)
18 Global Blood Glucose Test Strips Market Outlook, By Clinics & Diagnostic Centers (2021-2030) ($MN)
19 Global Blood Glucose Test Strips Market Outlook, By Other End Users (2021-2030) ($MN)
20 North America Blood Glucose Test Strips Market Outlook, By Country (2021-2030) ($MN)
21 North America Blood Glucose Test Strips Market Outlook, By Type (2021-2030) ($MN)
22 North America Blood Glucose Test Strips Market Outlook, By Thick Film Electrochemical Films (2021-2030) ($MN)
23 North America Blood Glucose Test Strips Market Outlook, By Thin Film Electrochemical (2021-2030) ($MN)
24 North America Blood Glucose Test Strips Market Outlook, By Optical Strips (2021-2030) ($MN)
25 North America Blood Glucose Test Strips Market Outlook, By Other Types (2021-2030) ($MN)
26 North America Blood Glucose Test Strips Market Outlook, By Technology (2021-2030) ($MN)
27 North America Blood Glucose Test Strips Market Outlook, By Glucose Dehydrogenase (GDH) (2021-2030) ($MN)
28 North America Blood Glucose Test Strips Market Outlook, By Glucose Oxidase (GOD) (2021-2030) ($MN)
29 North America Blood Glucose Test Strips Market Outlook, By Application (2021-2030) ($MN)
30 North America Blood Glucose Test Strips Market Outlook, By Type 1 Diabetes (2021-2030) ($MN)
31 North America Blood Glucose Test Strips Market Outlook, By Type 2 Diabetes (2021-2030) ($MN)
32 North America Blood Glucose Test Strips Market Outlook, By Gestational Diabetes (2021-2030) ($MN)
33 North America Blood Glucose Test Strips Market Outlook, By Pre-Diabetes (2021-2030) ($MN)
34 North America Blood Glucose Test Strips Market Outlook, By End User (2021-2030) ($MN)
35 North America Blood Glucose Test Strips Market Outlook, By Individuals (2021-2030) ($MN)
36 North America Blood Glucose Test Strips Market Outlook, By Hospitals (2021-2030) ($MN)
37 North America Blood Glucose Test Strips Market Outlook, By Clinics & Diagnostic Centers (2021-2030) ($MN)
38 North America Blood Glucose Test Strips Market Outlook, By Other End Users (2021-2030) ($MN)
39 Europe Blood Glucose Test Strips Market Outlook, By Country (2021-2030) ($MN)
40 Europe Blood Glucose Test Strips Market Outlook, By Type (2021-2030) ($MN)
41 Europe Blood Glucose Test Strips Market Outlook, By Thick Film Electrochemical Films (2021-2030) ($MN)
42 Europe Blood Glucose Test Strips Market Outlook, By Thin Film Electrochemical (2021-2030) ($MN)
43 Europe Blood Glucose Test Strips Market Outlook, By Optical Strips (2021-2030) ($MN)
44 Europe Blood Glucose Test Strips Market Outlook, By Other Types (2021-2030) ($MN)
45 Europe Blood Glucose Test Strips Market Outlook, By Technology (2021-2030) ($MN)
46 Europe Blood Glucose Test Strips Market Outlook, By Glucose Dehydrogenase (GDH) (2021-2030) ($MN)
47 Europe Blood Glucose Test Strips Market Outlook, By Glucose Oxidase (GOD) (2021-2030) ($MN)
48 Europe Blood Glucose Test Strips Market Outlook, By Application (2021-2030) ($MN)
49 Europe Blood Glucose Test Strips Market Outlook, By Type 1 Diabetes (2021-2030) ($MN)
50 Europe Blood Glucose Test Strips Market Outlook, By Type 2 Diabetes (2021-2030) ($MN)
51 Europe Blood Glucose Test Strips Market Outlook, By Gestational Diabetes (2021-2030) ($MN)
52 Europe Blood Glucose Test Strips Market Outlook, By Pre-Diabetes (2021-2030) ($MN)
53 Europe Blood Glucose Test Strips Market Outlook, By End User (2021-2030) ($MN)
54 Europe Blood Glucose Test Strips Market Outlook, By Individuals (2021-2030) ($MN)
55 Europe Blood Glucose Test Strips Market Outlook, By Hospitals (2021-2030) ($MN)
56 Europe Blood Glucose Test Strips Market Outlook, By Clinics & Diagnostic Centers (2021-2030) ($MN)
57 Europe Blood Glucose Test Strips Market Outlook, By Other End Users (2021-2030) ($MN)
58 Asia Pacific Blood Glucose Test Strips Market Outlook, By Country (2021-2030) ($MN)
59 Asia Pacific Blood Glucose Test Strips Market Outlook, By Type (2021-2030) ($MN)
60 Asia Pacific Blood Glucose Test Strips Market Outlook, By Thick Film Electrochemical Films (2021-2030) ($MN)
61 Asia Pacific Blood Glucose Test Strips Market Outlook, By Thin Film Electrochemical (2021-2030) ($MN)
62 Asia Pacific Blood Glucose Test Strips Market Outlook, By Optical Strips (2021-2030) ($MN)
63 Asia Pacific Blood Glucose Test Strips Market Outlook, By Other Types (2021-2030) ($MN)
64 Asia Pacific Blood Glucose Test Strips Market Outlook, By Technology (2021-2030) ($MN)
65 Asia Pacific Blood Glucose Test Strips Market Outlook, By Glucose Dehydrogenase (GDH) (2021-2030) ($MN)
66 Asia Pacific Blood Glucose Test Strips Market Outlook, By Glucose Oxidase (GOD) (2021-2030) ($MN)
67 Asia Pacific Blood Glucose Test Strips Market Outlook, By Application (2021-2030) ($MN)
68 Asia Pacific Blood Glucose Test Strips Market Outlook, By Type 1 Diabetes (2021-2030) ($MN)
69 Asia Pacific Blood Glucose Test Strips Market Outlook, By Type 2 Diabetes (2021-2030) ($MN)
70 Asia Pacific Blood Glucose Test Strips Market Outlook, By Gestational Diabetes (2021-2030) ($MN)
71 Asia Pacific Blood Glucose Test Strips Market Outlook, By Pre-Diabetes (2021-2030) ($MN)
72 Asia Pacific Blood Glucose Test Strips Market Outlook, By End User (2021-2030) ($MN)
73 Asia Pacific Blood Glucose Test Strips Market Outlook, By Individuals (2021-2030) ($MN)
74 Asia Pacific Blood Glucose Test Strips Market Outlook, By Hospitals (2021-2030) ($MN)
75 Asia Pacific Blood Glucose Test Strips Market Outlook, By Clinics & Diagnostic Centers (2021-2030) ($MN)
76 Asia Pacific Blood Glucose Test Strips Market Outlook, By Other End Users (2021-2030) ($MN)
77 South America Blood Glucose Test Strips Market Outlook, By Country (2021-2030) ($MN)
78 South America Blood Glucose Test Strips Market Outlook, By Type (2021-2030) ($MN)
79 South America Blood Glucose Test Strips Market Outlook, By Thick Film Electrochemical Films (2021-2030) ($MN)
80 South America Blood Glucose Test Strips Market Outlook, By Thin Film Electrochemical (2021-2030) ($MN)
81 South America Blood Glucose Test Strips Market Outlook, By Optical Strips (2021-2030) ($MN)
82 South America Blood Glucose Test Strips Market Outlook, By Other Types (2021-2030) ($MN)
83 South America Blood Glucose Test Strips Market Outlook, By Technology (2021-2030) ($MN)
84 South America Blood Glucose Test Strips Market Outlook, By Glucose Dehydrogenase (GDH) (2021-2030) ($MN)
85 South America Blood Glucose Test Strips Market Outlook, By Glucose Oxidase (GOD) (2021-2030) ($MN)
86 South America Blood Glucose Test Strips Market Outlook, By Application (2021-2030) ($MN)
87 South America Blood Glucose Test Strips Market Outlook, By Type 1 Diabetes (2021-2030) ($MN)
88 South America Blood Glucose Test Strips Market Outlook, By Type 2 Diabetes (2021-2030) ($MN)
89 South America Blood Glucose Test Strips Market Outlook, By Gestational Diabetes (2021-2030) ($MN)
90 South America Blood Glucose Test Strips Market Outlook, By Pre-Diabetes (2021-2030) ($MN)
91 South America Blood Glucose Test Strips Market Outlook, By End User (2021-2030) ($MN)
92 South America Blood Glucose Test Strips Market Outlook, By Individuals (2021-2030) ($MN)
93 South America Blood Glucose Test Strips Market Outlook, By Hospitals (2021-2030) ($MN)
94 South America Blood Glucose Test Strips Market Outlook, By Clinics & Diagnostic Centers (2021-2030) ($MN)
95 South America Blood Glucose Test Strips Market Outlook, By Other End Users (2021-2030) ($MN)
96 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Country (2021-2030) ($MN)
97 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Type (2021-2030) ($MN)
98 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Thick Film Electrochemical Films (2021-2030) ($MN)
99 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Thin Film Electrochemical (2021-2030) ($MN)
100 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Optical Strips (2021-2030) ($MN)
101 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Other Types (2021-2030) ($MN)
102 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Technology (2021-2030) ($MN)
103 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Glucose Dehydrogenase (GDH) (2021-2030) ($MN)
104 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Glucose Oxidase (GOD) (2021-2030) ($MN)
105 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Application (2021-2030) ($MN)
106 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Type 1 Diabetes (2021-2030) ($MN)
107 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Type 2 Diabetes (2021-2030) ($MN)
108 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Gestational Diabetes (2021-2030) ($MN)
109 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Pre-Diabetes (2021-2030) ($MN)
110 Middle East & Africa Blood Glucose Test Strips Market Outlook, By End User (2021-2030) ($MN)
111 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Individuals (2021-2030) ($MN)
112 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Hospitals (2021-2030) ($MN)
113 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Clinics & Diagnostic Centers (2021-2030) ($MN)
114 Middle East & Africa Blood Glucose Test Strips Market Outlook, By Other End Users (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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