Infusion Pump Software Market
Infusion Pump Software Market Forecasts to 2028 - Global Analysis By Type (Clinical Workflow Software, Dose Error Reduction Software (DERS) and Interoperability Software), Indication (Insulin Infusion, Chemotherapy and Pain & Anesthesia Management), Application, End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $963.5 MN |
|
Projected Year Value (2028) |
US $1,624.9 MN |
|
CAGR (2022 - 2028) |
9.1% |
|
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 Infusion Pump Software Market is accounted for $963.5 million in 2022 and is expected to reach $1,624.9 million by 2028 growing at a CAGR of 9.1% during the forecast period. A group of pumps called infusion pumps are used to transport substances like medications and nutrition. Software controls the rates at which the fluids are transferred. The software also controls the pumping mechanism to maintain the pace and the user interface, among other crucial tasks like safety. These pumps are outside equipment. The pump moves these fluids through arterial, intravenous, and subcutaneous pathways. This rising trend of the number of surgical procedures performed is indicating that there is a growing opportunity for the infusion pumps in such countries which is ultimately driving the demand for the software used for infusion pump.
According to the Journal of Infectious Disease Adviser, approximately 27 million surgical procedures are performed in the United States each year.
Market Dynamics:
Driver:
Growing research and development activities
Growing research and development efforts are being made to create home-based infusion solutions as a result of the rising prevalence of chronic illnesses and the rising expense of hospital-based infusion therapies. For instance, an increasing number of people with diabetes, cancer, and neurological illnesses are in need of long-term care, preferably at home. Furthermore, the necessity for long-term care therapies among an ageing population is fuelling the development of new products aimed at home-based infusion therapies.
Restraint:
Stringent Regulations
Regulations governing the manufacture and use of pumps are becoming more onerous, which slows down the approval process for new devices. This aspect is projected to slow market expansion. Additionally, a growing number of product recalls brought on by manufacturing mistakes are limiting market expansion. For example, recalled the Vigilant Agilia drug library and the Volume MC Agilia infusion pump in August 2019 due to infusion alarm, low priority keep vein open (KVO), and multiple software errors.
Opportunity:
Growing demand for ambulatory pumps
An important tool for medication administration in a variety of medical settings is the ambulatory pump. They are essential in giving patients analgesics, chemotherapy, TPN infusions, and other treatments in hospitals and at home. The market for portable pumps is projected to rise in the near future due to the move towards site of care management of chronic illnesses in industrialised nations in order to reduce the financial constraints associated with hospital-based management.
Threat:
The frequency of pharmaceutical mistakes is rising, yet most hospitals lack wireless access
Unit, multiples of ten, computation, and push-button errors are some of the most typical infusion problems. When programming infusion pumps, decimal entry mistakes can have fatal consequence to address these issues and advance the present smart pumps to a new level of "intelligent" infusion systems, wireless connection of infusion pumps with the Barcoded Medication Administration (BCMA) system, the Hospital Information System (HIS), and the Electronic Medical Record (EMR) is necessary. The market for infusion pumps faces a substantial obstacle from the lack of compatibility between smart infusion devices and hospital information systems in most hospitals as a result of poor wireless connectivity and limited hospital spending.
Covid-19 Impact
The COVID-19 pandemic's effects and the uncertainty surrounding its longevity have caused a significant increase in the industry's growth rate. The rise in COVID-19 testing in 2020 is mostly to blame for this. However, there was a reduction in output as a result of the COVID-19 epidemic due to labour shortages and supply chain interruptions. Important parties are continuing to modify their tactics in response to the fast shifting circumstances. The healthcare sector is expected to see severe long-term effects from COVID-19. Prioritised healthcare reforms would need to be implemented by nations and significant stakeholders until the issue is resolved.
The insulin infusion segment is expected to be the largest during the forecast period
The insulin infusion segment is estimated to have a lucrative growth, due to increase at a noticeably high growth rate, maintaining its dominance. This is due to an increase in the number of type 1 diabetes patients worldwide and the development of promising technology in the area of insulin pumps. In the upcoming years, expanding PCA pump uses in pain treatment are projected to increase product demand globally.
The hospitals segment is expected to have the highest CAGR during the forecast period
The hospitals segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the most expensive infusion devices, huge patient population using these facilities, and availability of skilled staff to operate the pump, the hospitals sector held the greatest share of the market. However, due to the rising use of ambulatory pumps and growing demand for site of care management to lower cost burden, the home care settings segment.
Region with highest share:
North America is projected to hold the highest market share during the forecast period owing to the home healthcare industry, patients, and doctors are largely to blame for the present expansion of the North American infusion pump software market as they consistently embrace new, cutting-edge solutions for the routine management of chronic medical conditions. Infusion pump software has seen significant growth in the region due to increased patient awareness, the rising prevalence of chronic diseases, and an increase in the number of surgeries performed there, and the need to rein in rising healthcare costs.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to some of the factors include the rise in the prevalence of chronic diseases like diabetes and cancer, expanding healthcare infrastructure, growing GDP, an increase in disposable income, and rising awareness of the accessibility of advanced therapies in the Asia Pacific region. However, the market in these regions will grow as major firms focus more on expanding their footprint.
Key players in the market
Some of the key players profiled in the Infusion Pump Software Market include Baxter International, Becton, Dickinson and Company, B. Braun Medical Inc., FLOWONIX MEDICAL INC, Medtronic, Merck KGaA, Smiths Medical, Q Core Medical Ltd, Fresenius Kabi, ICU Medical Inc., Roche Diagnostics, Agilent Technologies, Terumo Medical, Micrel Medical Devices, Ypsomed and F. Hoffmann-La Roche
Key Developments:
In May 2023, Baxter Signs Definitive Agreement to Divest its BioPharma Solutions Business to Advent International and Warburg Pincus for $4.25 Billion.
In April 2023, Baxter Launches Zosyn Premix in US, Zosyn premix is indicated for the treatment of multiple infections caused by susceptible bacteria and is available in Baxter’s proprietary single-dose Galaxy containers.
Types Covered:
• Clinical Workflow Software
• Dose Error Reduction Software (DERS)
• Interoperability Software
Indications Covered:
• Insulin Infusion
• Chemotherapy
• Pain & Anesthesia Management
• General Infusion
• Enteral Infusion
Applications Covered:
• Oncology
• Diabetes
• Pain Management
• Other Applications
End Users Covered:
• Ambulatory Centers Settings
• Home Healthcare Settings
• Hospitals
• Academic & Research Institutes
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 2020, 2021, 2022, 2025, and 2028
- 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 Infusion Pump Software Market, By Type
5.1 Introduction
5.2 Clinical Workflow Software
5.3 Dose Error Reduction Software (DERS)
5.4 Interoperability Software
6 Global Infusion Pump Software Market, By Indication
6.1 Introduction
6.2 Insulin Infusion
6.3 Chemotherapy
6.4 Pain & Anesthesia Management
6.5 General Infusion
6.6 Enteral Infusion
7 Global Infusion Pump Software Market, By Application
7.1 Introduction
7.2 Oncology
7.3 Diabetes
7.4 Pain Management
7.5 Other Applications
8 Global Infusion Pump Software Market, By End User
8.1 Introduction
8.2 Ambulatory Centers Settings
8.3 Home Healthcare Settings
8.4 Hospitals
8.5 Academic & Research Institutes
9 Global Infusion Pump Software 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 Baxter International
11.2 Becton, Dickinson and Company
11.3 B. Braun Medical Inc.
11.4 FLOWONIX MEDICAL INC
11.5 Medtronic
11.6 Merck KGaA
11.7 Smiths Medical
11.8 Q Core Medical Ltd
11.9 Fresenius Kabi
11.10 ICU Medical Inc.
11.11 Roche Diagnostics
11.12 Agilent Technologies
11.11 Terumo Medical
11.14 Micrel Medical Devices
11.15 Ypsomed
11.16 F. Hoffmann-La Roche
List of Tables
1 Global Infusion Pump Software Market Outlook, By Region (2020-2028) ($MN)
2 Global Infusion Pump Software Market Outlook, By Type (2020-2028) ($MN)
3 Global Infusion Pump Software Market Outlook, By Clinical Workflow Software (2020-2028) ($MN)
4 Global Infusion Pump Software Market Outlook, By Dose Error Reduction Software (DERS) (2020-2028) ($MN)
5 Global Infusion Pump Software Market Outlook, By Interoperability Software (2020-2028) ($MN)
6 Global Infusion Pump Software Market Outlook, By Indication (2020-2028) ($MN)
7 Global Infusion Pump Software Market Outlook, By Insulin Infusion (2020-2028) ($MN)
8 Global Infusion Pump Software Market Outlook, By Chemotherapy (2020-2028) ($MN)
9 Global Infusion Pump Software Market Outlook, By Pain & Anesthesia Management (2020-2028) ($MN)
10 Global Infusion Pump Software Market Outlook, By General Infusion (2020-2028) ($MN)
11 Global Infusion Pump Software Market Outlook, By Enteral Infusion (2020-2028) ($MN)
12 Global Infusion Pump Software Market Outlook, By Application (2020-2028) ($MN)
13 Global Infusion Pump Software Market Outlook, By Oncology (2020-2028) ($MN)
14 Global Infusion Pump Software Market Outlook, By Diabetes (2020-2028) ($MN)
15 Global Infusion Pump Software Market Outlook, By Pain Management (2020-2028) ($MN)
16 Global Infusion Pump Software Market Outlook, By Other Applications (2020-2028) ($MN)
17 Global Infusion Pump Software Market Outlook, By End User (2020-2028) ($MN)
18 Global Infusion Pump Software Market Outlook, By Ambulatory Centers Settings (2020-2028) ($MN)
19 Global Infusion Pump Software Market Outlook, By Home Healthcare Settings (2020-2028) ($MN)
20 Global Infusion Pump Software Market Outlook, By Hospitals (2020-2028) ($MN)
21 Global Infusion Pump Software Market Outlook, By Academic & Research Institutes (2020-2028) ($MN)
22 North America Infusion Pump Software Market Outlook, By Country (2020-2028) ($MN)
23 North America Infusion Pump Software Market Outlook, By Type (2020-2028) ($MN)
24 North America Infusion Pump Software Market Outlook, By Clinical Workflow Software (2020-2028) ($MN)
25 North America Infusion Pump Software Market Outlook, By Dose Error Reduction Software (DERS) (2020-2028) ($MN)
26 North America Infusion Pump Software Market Outlook, By Interoperability Software (2020-2028) ($MN)
27 North America Infusion Pump Software Market Outlook, By Indication (2020-2028) ($MN)
28 North America Infusion Pump Software Market Outlook, By Insulin Infusion (2020-2028) ($MN)
29 North America Infusion Pump Software Market Outlook, By Chemotherapy (2020-2028) ($MN)
30 North America Infusion Pump Software Market Outlook, By Pain & Anesthesia Management (2020-2028) ($MN)
31 North America Infusion Pump Software Market Outlook, By General Infusion (2020-2028) ($MN)
32 North America Infusion Pump Software Market Outlook, By Enteral Infusion (2020-2028) ($MN)
33 North America Infusion Pump Software Market Outlook, By Application (2020-2028) ($MN)
34 North America Infusion Pump Software Market Outlook, By Oncology (2020-2028) ($MN)
35 North America Infusion Pump Software Market Outlook, By Diabetes (2020-2028) ($MN)
36 North America Infusion Pump Software Market Outlook, By Pain Management (2020-2028) ($MN)
37 North America Infusion Pump Software Market Outlook, By Other Applications (2020-2028) ($MN)
38 North America Infusion Pump Software Market Outlook, By End User (2020-2028) ($MN)
39 North America Infusion Pump Software Market Outlook, By Ambulatory Centers Settings (2020-2028) ($MN)
40 North America Infusion Pump Software Market Outlook, By Home Healthcare Settings (2020-2028) ($MN)
41 North America Infusion Pump Software Market Outlook, By Hospitals (2020-2028) ($MN)
42 North America Infusion Pump Software Market Outlook, By Academic & Research Institutes (2020-2028) ($MN)
43 Europe Infusion Pump Software Market Outlook, By Country (2020-2028) ($MN)
44 Europe Infusion Pump Software Market Outlook, By Type (2020-2028) ($MN)
45 Europe Infusion Pump Software Market Outlook, By Clinical Workflow Software (2020-2028) ($MN)
46 Europe Infusion Pump Software Market Outlook, By Dose Error Reduction Software (DERS) (2020-2028) ($MN)
47 Europe Infusion Pump Software Market Outlook, By Interoperability Software (2020-2028) ($MN)
48 Europe Infusion Pump Software Market Outlook, By Indication (2020-2028) ($MN)
49 Europe Infusion Pump Software Market Outlook, By Insulin Infusion (2020-2028) ($MN)
50 Europe Infusion Pump Software Market Outlook, By Chemotherapy (2020-2028) ($MN)
51 Europe Infusion Pump Software Market Outlook, By Pain & Anesthesia Management (2020-2028) ($MN)
52 Europe Infusion Pump Software Market Outlook, By General Infusion (2020-2028) ($MN)
53 Europe Infusion Pump Software Market Outlook, By Enteral Infusion (2020-2028) ($MN)
54 Europe Infusion Pump Software Market Outlook, By Application (2020-2028) ($MN)
55 Europe Infusion Pump Software Market Outlook, By Oncology (2020-2028) ($MN)
56 Europe Infusion Pump Software Market Outlook, By Diabetes (2020-2028) ($MN)
57 Europe Infusion Pump Software Market Outlook, By Pain Management (2020-2028) ($MN)
58 Europe Infusion Pump Software Market Outlook, By Other Applications (2020-2028) ($MN)
59 Europe Infusion Pump Software Market Outlook, By End User (2020-2028) ($MN)
60 Europe Infusion Pump Software Market Outlook, By Ambulatory Centers Settings (2020-2028) ($MN)
61 Europe Infusion Pump Software Market Outlook, By Home Healthcare Settings (2020-2028) ($MN)
62 Europe Infusion Pump Software Market Outlook, By Hospitals (2020-2028) ($MN)
63 Europe Infusion Pump Software Market Outlook, By Academic & Research Institutes (2020-2028) ($MN)
64 Asia Pacific Infusion Pump Software Market Outlook, By Country (2020-2028) ($MN)
65 Asia Pacific Infusion Pump Software Market Outlook, By Type (2020-2028) ($MN)
66 Asia Pacific Infusion Pump Software Market Outlook, By Clinical Workflow Software (2020-2028) ($MN)
67 Asia Pacific Infusion Pump Software Market Outlook, By Dose Error Reduction Software (DERS) (2020-2028) ($MN)
68 Asia Pacific Infusion Pump Software Market Outlook, By Interoperability Software (2020-2028) ($MN)
69 Asia Pacific Infusion Pump Software Market Outlook, By Indication (2020-2028) ($MN)
70 Asia Pacific Infusion Pump Software Market Outlook, By Insulin Infusion (2020-2028) ($MN)
71 Asia Pacific Infusion Pump Software Market Outlook, By Chemotherapy (2020-2028) ($MN)
72 Asia Pacific Infusion Pump Software Market Outlook, By Pain & Anesthesia Management (2020-2028) ($MN)
73 Asia Pacific Infusion Pump Software Market Outlook, By General Infusion (2020-2028) ($MN)
74 Asia Pacific Infusion Pump Software Market Outlook, By Enteral Infusion (2020-2028) ($MN)
75 Asia Pacific Infusion Pump Software Market Outlook, By Application (2020-2028) ($MN)
76 Asia Pacific Infusion Pump Software Market Outlook, By Oncology (2020-2028) ($MN)
77 Asia Pacific Infusion Pump Software Market Outlook, By Diabetes (2020-2028) ($MN)
78 Asia Pacific Infusion Pump Software Market Outlook, By Pain Management (2020-2028) ($MN)
79 Asia Pacific Infusion Pump Software Market Outlook, By Other Applications (2020-2028) ($MN)
80 Asia Pacific Infusion Pump Software Market Outlook, By End User (2020-2028) ($MN)
81 Asia Pacific Infusion Pump Software Market Outlook, By Ambulatory Centers Settings (2020-2028) ($MN)
82 Asia Pacific Infusion Pump Software Market Outlook, By Home Healthcare Settings (2020-2028) ($MN)
83 Asia Pacific Infusion Pump Software Market Outlook, By Hospitals (2020-2028) ($MN)
84 Asia Pacific Infusion Pump Software Market Outlook, By Academic & Research Institutes (2020-2028) ($MN)
85 South America Infusion Pump Software Market Outlook, By Country (2020-2028) ($MN)
86 South America Infusion Pump Software Market Outlook, By Type (2020-2028) ($MN)
87 South America Infusion Pump Software Market Outlook, By Clinical Workflow Software (2020-2028) ($MN)
88 South America Infusion Pump Software Market Outlook, By Dose Error Reduction Software (DERS) (2020-2028) ($MN)
89 South America Infusion Pump Software Market Outlook, By Interoperability Software (2020-2028) ($MN)
90 South America Infusion Pump Software Market Outlook, By Indication (2020-2028) ($MN)
91 South America Infusion Pump Software Market Outlook, By Insulin Infusion (2020-2028) ($MN)
92 South America Infusion Pump Software Market Outlook, By Chemotherapy (2020-2028) ($MN)
93 South America Infusion Pump Software Market Outlook, By Pain & Anesthesia Management (2020-2028) ($MN)
94 South America Infusion Pump Software Market Outlook, By General Infusion (2020-2028) ($MN)
95 South America Infusion Pump Software Market Outlook, By Enteral Infusion (2020-2028) ($MN)
96 South America Infusion Pump Software Market Outlook, By Application (2020-2028) ($MN)
97 South America Infusion Pump Software Market Outlook, By Oncology (2020-2028) ($MN)
98 South America Infusion Pump Software Market Outlook, By Diabetes (2020-2028) ($MN)
99 South America Infusion Pump Software Market Outlook, By Pain Management (2020-2028) ($MN)
100 South America Infusion Pump Software Market Outlook, By Other Applications (2020-2028) ($MN)
101 South America Infusion Pump Software Market Outlook, By End User (2020-2028) ($MN)
102 South America Infusion Pump Software Market Outlook, By Ambulatory Centers Settings (2020-2028) ($MN)
103 South America Infusion Pump Software Market Outlook, By Home Healthcare Settings (2020-2028) ($MN)
104 South America Infusion Pump Software Market Outlook, By Hospitals (2020-2028) ($MN)
105 South America Infusion Pump Software Market Outlook, By Academic & Research Institutes (2020-2028) ($MN)
106 Middle East & Africa Infusion Pump Software Market Outlook, By Country (2020-2028) ($MN)
107 Middle East & Africa Infusion Pump Software Market Outlook, By Type (2020-2028) ($MN)
108 Middle East & Africa Infusion Pump Software Market Outlook, By Clinical Workflow Software (2020-2028) ($MN)
109 Middle East & Africa Infusion Pump Software Market Outlook, By Dose Error Reduction Software (DERS) (2020-2028) ($MN)
110 Middle East & Africa Infusion Pump Software Market Outlook, By Interoperability Software (2020-2028) ($MN)
111 Middle East & Africa Infusion Pump Software Market Outlook, By Indication (2020-2028) ($MN)
112 Middle East & Africa Infusion Pump Software Market Outlook, By Insulin Infusion (2020-2028) ($MN)
113 Middle East & Africa Infusion Pump Software Market Outlook, By Chemotherapy (2020-2028) ($MN)
114 Middle East & Africa Infusion Pump Software Market Outlook, By Pain & Anesthesia Management (2020-2028) ($MN)
115 Middle East & Africa Infusion Pump Software Market Outlook, By General Infusion (2020-2028) ($MN)
116 Middle East & Africa Infusion Pump Software Market Outlook, By Enteral Infusion (2020-2028) ($MN)
117 Middle East & Africa Infusion Pump Software Market Outlook, By Application (2020-2028) ($MN)
118 Middle East & Africa Infusion Pump Software Market Outlook, By Oncology (2020-2028) ($MN)
119 Middle East & Africa Infusion Pump Software Market Outlook, By Diabetes (2020-2028) ($MN)
120 Middle East & Africa Infusion Pump Software Market Outlook, By Pain Management (2020-2028) ($MN)
121 Middle East & Africa Infusion Pump Software Market Outlook, By Other Applications (2020-2028) ($MN)
122 Middle East & Africa Infusion Pump Software Market Outlook, By End User (2020-2028) ($MN)
123 Middle East & Africa Infusion Pump Software Market Outlook, By Ambulatory Centers Settings (2020-2028) ($MN)
124 Middle East & Africa Infusion Pump Software Market Outlook, By Home Healthcare Settings (2020-2028) ($MN)
125 Middle East & Africa Infusion Pump Software Market Outlook, By Hospitals (2020-2028) ($MN)
126 Middle East & Africa Infusion Pump Software Market Outlook, By Academic & Research Institutes (2020-2028) ($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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