Heart Failure Poc And Loc Devices Market
Heart Failure POC And LOC Devices Market Forecasts to 2030 - Global Analysis By Test Type (Proteomic Testing, Metabolomic Testing, Genomic Testing and Other Test Types), Technology (Microfluidics, Array-based Systems and Other Technologies), End User (Clinics & Hospitals, Home Care, Assisted Living Healthcare Facilities, Laboratory, Specialty Centers and Other End Users) and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $97.62 MN |
|
Projected Year Value (2030) |
US $327.94 MN |
|
CAGR (2023 - 2030) |
18.9% |
|
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 Heart Failure POC and LOC Devices Market is accounted for $97.62 million in 2023 and is expected to reach $327.94 million by 2030 growing at a CAGR of 18.9% during the forecast period. Devices known as point-of-care (POC) and lab-on-a-chip (LOC) have become revolutionary in the treatment of heart failure. Healthcare providers can perform on-the-spot testing with these portable, rapid diagnostic technologies, giving them quick insights into a patient's cardiac health. POC devices, which provide quick and effective diagnostics at the patient's bedside or in primary care settings, include handheld ultrasound devices, portable cardiac biomarker analyzers, and miniaturized lab-on-a-chip platforms.
According to a CDC report from 2018, approximately 655,000 Americans pass away from heart disease each year, making it the leading cause of death in the US (1 in every 4 deaths).
Market Dynamics:
Driver:
Growing heart failure rates
The market for POC and LOC devices is primarily driven by the rising incidence of heart failure, which is linked to aging populations, sedentary lifestyles, and the mounting burden of cardiovascular risk factors. Additionally, globally, the prevalence of heart failure is increasing, which raises the need for diagnostic instruments that can quickly and accurately evaluate cardiac function and support prompt and efficient treatment plans.
Restraint:
Budgetary restrictions and accessibility
The financial limitations pertaining to POC and LOC devices comprise not only the initial acquisition costs but also continuous expenditures like consumables, maintenance, and calibration. Furthermore, patients and healthcare facilities alike are concerned about affordability, especially in environments with limited resources. These advanced diagnostic tools come with a high upfront cost, which could prevent them from being widely adopted, restrict accessibility, and affect how cost-effectively healthcare is delivered.
Opportunity:
Extension of diagnostic expertise
There are numerous opportunities to increase the diagnostic capabilities that POC and LOC devices offer. Sustained technological progress, specifically in domains like biosensors, micro fluidics, and nanotechnology, offers prospects for augmenting the sensitivity and specificity of said apparatus. Moreover, healthcare practitioners can now obtain a deeper and more comprehensive understanding of cardiovascular health thanks to advancements in multiplexed testing and the integration of novel biomarkers.
Threat:
Strong market rivalry
The POC and LOC device market is highly competitive, which poses risks like price pressure, market saturation, and difficulty differentiating products. The pressure to compete is increased by new entrants and ongoing technological advancements. Furthermore, in order to stay competitive, businesses need to make investments in R&D, put effective marketing strategies into practice, and concentrate on developing distinctive value propositions in order to hold onto their market positions and continue growing.
Covid-19 Impact:
The COVID-19 pandemic has had a significant effect on the market for medical diagnostics, particularly point-of-care (POC) and lab-on-a-chip (LOC) devices. Demand for POC and LOC devices has surged due to the pressing need for quick and decentralized testing solutions, especially in the diagnosis of COVID-19. These technological advancements have been essential in improving test accessibility and facilitating prompt results at the point of care. On the other hand, the pandemic has also brought about difficulties like changes in the distribution of healthcare resources, heightened competition, and supply chain disruptions. Moreover, the management of the pandemic has spurred innovation and highlighted the critical role POC and LOC devices play in flexible, decentralized healthcare systems, which will impact the market's future direction in the aftermath of the pandemic.
The Genomic Testing segment is expected to be the largest during the forecast period
The segment of the heart failure POC and LOC devices market that is expected to hold the largest share is genomic testing. A person's DNA is analyzed as part of a genomic test to find genetic variants, mutations, and disease predispositions. The broad applications of this segment in pharmacogenomics, oncology, rare genetic disorders, and personalized medicine have made it more well-known. In order to diagnose, treat, and evaluate disease risk, genomic testing is essential. This results in more specialized and efficient healthcare interventions. Additionally, genomic testing is becoming increasingly popular and is becoming recognized as a major player in the field of molecular diagnostics due to the ongoing improvements in sequencing technologies and the growing knowledge of the genetic causes of various diseases.
The Home Care segment is expected to have the highest CAGR during the forecast period
In the market for heart failure POC and LOC devices, the home care segment is growing at the highest CAGR. Patients receiving home care services receive medical attention, supervision, and support in the comfort of their own homes. A number of factors, such as an aging population, a desire for individualized and patient-centered care, and developments in remote monitoring technologies, have contributed to the rise in demand for home care. In addition to providing patients with convenience, home care services lower healthcare costs by minimizing hospital stays. Moreover, the COVID-19 pandemic has expedited the uptake of home care services as individuals pursue less hazardous substitutes for in-person medical consultations.
Region with largest share:
It is projected that the heart failure POC and LOC device market will have the largest share in the North American region. This is ascribed to elements like high healthcare spending, sophisticated healthcare infrastructure, a solid regulatory base, and a strong emphasis on R&D. With a large healthcare industry footprint, the United States in particular is a major factor contributing to the region's dominance. Furthermore, North America gains from a focus on healthcare accessibility, technological innovation, and an aging population.
Region with highest CAGR:
The market for heart failure POC and LOC devices is growing at the highest CAGR in the Asia-Pacific region. Growing healthcare awareness, rising disposable incomes, growing healthcare infrastructure, and an aging and sizable population are some of the factors driving this explosive growth. Significant investments in healthcare services and technology are being made in APAC nations like China and India, along with encouraging government initiatives. Additionally, the demand for cutting-edge medical treatments and the rising incidence of chronic diseases both support the strong growth in the Asia-Pacific healthcare market.
Key players in the market
Some of the key players in Heart Failure POC and LOC Devices market include Instrumentation Laboratory Company, F. Hoffmann-La Roche Ltd, Abaxis, Inc., Jant Pharmacal Corporation, Danaher Corporation, Siemens Healthineers, Trinity Biotech, Quidel Corporation, Abbott and bioMérieux S.A.
Key Developments:
In December 2023, Roche announced the entry into a definitive merger agreement to acquire Carmot Therapeutics, Inc., a privately owned US company based in Berkeley, California. Carmot’s R&D portfolio includes clinical stage subcutaneous and oral incretins with best-in-class potential to treat obesity in patients with and without diabetes, as well as a number of preclinical programs.
In December 2023, Danaher Corp., a global life sciences and diagnostics provider based in Washington D.C., has completed its $5.7 billion acquisition of Abcam plc, a supplier of protein research tools for life sciences based in Cambridge, England. Abcam has become an indirect wholly owned subsidiary of Danaher. Danaher’s Life Sciences businesses provide tools and technologies to support the advancement of pharmaceuticals and biopharmaceuticals.
In November 2023, Siemens Healthineers has secured a three-year, $5.5 million contract with the National Institute of Allergy and Infectious Diseases (NIAID), a division of the U.S. National Institutes of Health, to develop a test to improve sepsis treatment.
Test Types Covered:
• Proteomic Testing
• Metabolomic Testing
• Genomic Testing
• Other Test Types
Technologies Covered:
• Microfluidics
• Array-based Systems
• Other Technologies
End Users Covered:
• Clinics & Hospitals
• Home Care
• Assisted Living Healthcare Facilities
• Laboratory
• Specialty 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
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 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 Heart Failure POC And LOC Devices Market, By Test Type
5.1 Introduction
5.2 Proteomic Testing
5.3 Metabolomic Testing
5.4 Genomic Testing
5.5 Other Test Types
6 Global Heart Failure POC And LOC Devices Market, By Technology
6.1 Introduction
6.2 Microfluidics
6.3 Array-based Systems
6.4 Other Technologies
7 Global Heart Failure POC And LOC Devices Market, By End User
7.1 Introduction
7.2 Clinics & Hospitals
7.3 Home Care
7.4 Assisted Living Healthcare Facilities
7.5 Laboratory
7.6 Specialty Centers
7.7 Other End Users
8 Global Heart Failure POC And LOC Devices 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 Instrumentation Laboratory Company
10.2 F. Hoffmann-La Roche Ltd
10.3 Abaxis, Inc.
10.4 Jant Pharmacal Corporation
10.5 Danaher Corporation
10.6 Siemens Healthineers
10.7 Trinity Biotech
10.8 Quidel Corporation
10.9 Abbott
10.10 bioMérieux S.A
List of Tables
1 Global Heart Failure POC And LOC Devices Market Outlook, By Region (2021-2030) ($MN)
2 Global Heart Failure POC And LOC Devices Market Outlook, By Test Type (2021-2030) ($MN)
3 Global Heart Failure POC And LOC Devices Market Outlook, By Proteomic Testing (2021-2030) ($MN)
4 Global Heart Failure POC And LOC Devices Market Outlook, By Metabolomic Testing (2021-2030) ($MN)
5 Global Heart Failure POC And LOC Devices Market Outlook, By Genomic Testing (2021-2030) ($MN)
6 Global Heart Failure POC And LOC Devices Market Outlook, By Other Test Types (2021-2030) ($MN)
7 Global Heart Failure POC And LOC Devices Market Outlook, By Technology (2021-2030) ($MN)
8 Global Heart Failure POC And LOC Devices Market Outlook, By Microfluidics (2021-2030) ($MN)
9 Global Heart Failure POC And LOC Devices Market Outlook, By Array-based Systems (2021-2030) ($MN)
10 Global Heart Failure POC And LOC Devices Market Outlook, By Other Technologies (2021-2030) ($MN)
11 Global Heart Failure POC And LOC Devices Market Outlook, By End User (2021-2030) ($MN)
12 Global Heart Failure POC And LOC Devices Market Outlook, By Clinics & Hospitals (2021-2030) ($MN)
13 Global Heart Failure POC And LOC Devices Market Outlook, By Home Care (2021-2030) ($MN)
14 Global Heart Failure POC And LOC Devices Market Outlook, By Assisted Living Healthcare Facilities (2021-2030) ($MN)
15 Global Heart Failure POC And LOC Devices Market Outlook, By Laboratory (2021-2030) ($MN)
16 Global Heart Failure POC And LOC Devices Market Outlook, By Specialty Centers (2021-2030) ($MN)
17 Global Heart Failure POC And LOC Devices Market Outlook, By Other End Users (2021-2030) ($MN)
18 North America Heart Failure POC And LOC Devices Market Outlook, By Country (2021-2030) ($MN)
19 North America Heart Failure POC And LOC Devices Market Outlook, By Test Type (2021-2030) ($MN)
20 North America Heart Failure POC And LOC Devices Market Outlook, By Proteomic Testing (2021-2030) ($MN)
21 North America Heart Failure POC And LOC Devices Market Outlook, By Metabolomic Testing (2021-2030) ($MN)
22 North America Heart Failure POC And LOC Devices Market Outlook, By Genomic Testing (2021-2030) ($MN)
23 North America Heart Failure POC And LOC Devices Market Outlook, By Other Test Types (2021-2030) ($MN)
24 North America Heart Failure POC And LOC Devices Market Outlook, By Technology (2021-2030) ($MN)
25 North America Heart Failure POC And LOC Devices Market Outlook, By Microfluidics (2021-2030) ($MN)
26 North America Heart Failure POC And LOC Devices Market Outlook, By Array-based Systems (2021-2030) ($MN)
27 North America Heart Failure POC And LOC Devices Market Outlook, By Other Technologies (2021-2030) ($MN)
28 North America Heart Failure POC And LOC Devices Market Outlook, By End User (2021-2030) ($MN)
29 North America Heart Failure POC And LOC Devices Market Outlook, By Clinics & Hospitals (2021-2030) ($MN)
30 North America Heart Failure POC And LOC Devices Market Outlook, By Home Care (2021-2030) ($MN)
31 North America Heart Failure POC And LOC Devices Market Outlook, By Assisted Living Healthcare Facilities (2021-2030) ($MN)
32 North America Heart Failure POC And LOC Devices Market Outlook, By Laboratory (2021-2030) ($MN)
33 North America Heart Failure POC And LOC Devices Market Outlook, By Specialty Centers (2021-2030) ($MN)
34 North America Heart Failure POC And LOC Devices Market Outlook, By Other End Users (2021-2030) ($MN)
35 Europe Heart Failure POC And LOC Devices Market Outlook, By Country (2021-2030) ($MN)
36 Europe Heart Failure POC And LOC Devices Market Outlook, By Test Type (2021-2030) ($MN)
37 Europe Heart Failure POC And LOC Devices Market Outlook, By Proteomic Testing (2021-2030) ($MN)
38 Europe Heart Failure POC And LOC Devices Market Outlook, By Metabolomic Testing (2021-2030) ($MN)
39 Europe Heart Failure POC And LOC Devices Market Outlook, By Genomic Testing (2021-2030) ($MN)
40 Europe Heart Failure POC And LOC Devices Market Outlook, By Other Test Types (2021-2030) ($MN)
41 Europe Heart Failure POC And LOC Devices Market Outlook, By Technology (2021-2030) ($MN)
42 Europe Heart Failure POC And LOC Devices Market Outlook, By Microfluidics (2021-2030) ($MN)
43 Europe Heart Failure POC And LOC Devices Market Outlook, By Array-based Systems (2021-2030) ($MN)
44 Europe Heart Failure POC And LOC Devices Market Outlook, By Other Technologies (2021-2030) ($MN)
45 Europe Heart Failure POC And LOC Devices Market Outlook, By End User (2021-2030) ($MN)
46 Europe Heart Failure POC And LOC Devices Market Outlook, By Clinics & Hospitals (2021-2030) ($MN)
47 Europe Heart Failure POC And LOC Devices Market Outlook, By Home Care (2021-2030) ($MN)
48 Europe Heart Failure POC And LOC Devices Market Outlook, By Assisted Living Healthcare Facilities (2021-2030) ($MN)
49 Europe Heart Failure POC And LOC Devices Market Outlook, By Laboratory (2021-2030) ($MN)
50 Europe Heart Failure POC And LOC Devices Market Outlook, By Specialty Centers (2021-2030) ($MN)
51 Europe Heart Failure POC And LOC Devices Market Outlook, By Other End Users (2021-2030) ($MN)
52 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Country (2021-2030) ($MN)
53 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Test Type (2021-2030) ($MN)
54 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Proteomic Testing (2021-2030) ($MN)
55 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Metabolomic Testing (2021-2030) ($MN)
56 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Genomic Testing (2021-2030) ($MN)
57 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Other Test Types (2021-2030) ($MN)
58 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Technology (2021-2030) ($MN)
59 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Microfluidics (2021-2030) ($MN)
60 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Array-based Systems (2021-2030) ($MN)
61 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Other Technologies (2021-2030) ($MN)
62 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By End User (2021-2030) ($MN)
63 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Clinics & Hospitals (2021-2030) ($MN)
64 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Home Care (2021-2030) ($MN)
65 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Assisted Living Healthcare Facilities (2021-2030) ($MN)
66 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Laboratory (2021-2030) ($MN)
67 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Specialty Centers (2021-2030) ($MN)
68 Asia Pacific Heart Failure POC And LOC Devices Market Outlook, By Other End Users (2021-2030) ($MN)
69 South America Heart Failure POC And LOC Devices Market Outlook, By Country (2021-2030) ($MN)
70 South America Heart Failure POC And LOC Devices Market Outlook, By Test Type (2021-2030) ($MN)
71 South America Heart Failure POC And LOC Devices Market Outlook, By Proteomic Testing (2021-2030) ($MN)
72 South America Heart Failure POC And LOC Devices Market Outlook, By Metabolomic Testing (2021-2030) ($MN)
73 South America Heart Failure POC And LOC Devices Market Outlook, By Genomic Testing (2021-2030) ($MN)
74 South America Heart Failure POC And LOC Devices Market Outlook, By Other Test Types (2021-2030) ($MN)
75 South America Heart Failure POC And LOC Devices Market Outlook, By Technology (2021-2030) ($MN)
76 South America Heart Failure POC And LOC Devices Market Outlook, By Microfluidics (2021-2030) ($MN)
77 South America Heart Failure POC And LOC Devices Market Outlook, By Array-based Systems (2021-2030) ($MN)
78 South America Heart Failure POC And LOC Devices Market Outlook, By Other Technologies (2021-2030) ($MN)
79 South America Heart Failure POC And LOC Devices Market Outlook, By End User (2021-2030) ($MN)
80 South America Heart Failure POC And LOC Devices Market Outlook, By Clinics & Hospitals (2021-2030) ($MN)
81 South America Heart Failure POC And LOC Devices Market Outlook, By Home Care (2021-2030) ($MN)
82 South America Heart Failure POC And LOC Devices Market Outlook, By Assisted Living Healthcare Facilities (2021-2030) ($MN)
83 South America Heart Failure POC And LOC Devices Market Outlook, By Laboratory (2021-2030) ($MN)
84 South America Heart Failure POC And LOC Devices Market Outlook, By Specialty Centers (2021-2030) ($MN)
85 South America Heart Failure POC And LOC Devices Market Outlook, By Other End Users (2021-2030) ($MN)
86 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Country (2021-2030) ($MN)
87 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Test Type (2021-2030) ($MN)
88 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Proteomic Testing (2021-2030) ($MN)
89 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Metabolomic Testing (2021-2030) ($MN)
90 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Genomic Testing (2021-2030) ($MN)
91 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Other Test Types (2021-2030) ($MN)
92 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Technology (2021-2030) ($MN)
93 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Microfluidics (2021-2030) ($MN)
94 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Array-based Systems (2021-2030) ($MN)
95 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Other Technologies (2021-2030) ($MN)
96 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By End User (2021-2030) ($MN)
97 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Clinics & Hospitals (2021-2030) ($MN)
98 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Home Care (2021-2030) ($MN)
99 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Assisted Living Healthcare Facilities (2021-2030) ($MN)
100 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Laboratory (2021-2030) ($MN)
101 Middle East & Africa Heart Failure POC And LOC Devices Market Outlook, By Specialty Centers (2021-2030) ($MN)
102 Middle East & Africa Heart Failure POC And LOC Devices 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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