Teledermatology Market
Teledermatology Market Forecasts to 2028 - Global Analysis By Type (Products and Services), Modality (Video Conferencing, Store-and -Forward (SAF) and Real-Time), End User (Homecare, Healthcare units and Other End Users), and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $15.54 BN |
|
Projected Year Value (2028) |
US $52.27 BN |
|
CAGR (2022 - 2028) |
22.4% |
|
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 |
Asia Pacific |
|
Fastest Growing Market |
North America |
According to Stratistics MRC, the Global Teledermatology Market is accounted for $15.54 billion in 2022 and is expected to reach $52.27 billion by 2028 growing at a CAGR of 22.4% during the forecast period. One of the most essential uses of telemedicine and e-health is teledermatology, a branch of dermatology. Through audio, video, and data connection, telecommunication technologies are employed in this industry to transmit medical information over a range of distances. For controlling skin diseases, it offers a number of advantages, including consultation, diagnosis, treatment, and even education.
According to a recent AWACS AIOCD report, the segment has increased to 30% in MAT May 2022. This spike in dermatology drug sales is a result of the increase in demand for anti-acne, emollients, hair restorers, anti-fungal and skin brightening formulations, as people are resuming their normal activities. According to a report by the Department of Health and Human Services, the number of medical visits carried out via telehealth grew from 840,000 in 2019 to 52.7 million in 2020,1 which was a 63-fold increase. There was a 25% increase in anxiety and depression cases during the pandemic, according to the World Health Organization.
Market Dynamics:
Driver:
Rising adoption of teledermatology
Many for-profit consulting firms are working to offer teledermatology all around the world. For instance, TeleDerm (US) offers medical professionals and healthcare organisations a low-cost teledermatology service. Furthermore, teledermatology has become more widespread and practical as a result of technology improvements, government programmes that support the use of teledermatology are crucial. For instance, the Canadian government declared that it will install high-speed internet in rural and distant places in order to offer teledermatology. Thus, teledermatology is being adopted which results in fueling market expansion.
Restraint:
Poor Reimbursement Facilities
Despite the fact that many nations have developed reimbursement guidelines for teledermatology services, inappropriate and insufficient compensation, especially in poor nations, continues to pose a substantial barrier to the adoption of these services. In underdeveloped nations, the cost of healthcare has long been a major concern. As a result, developing economies have rushed the adoption of these services without enough strategy or planning.
Opportunity:
Technological advancements
Information technology (IT) innovations are opening up new market opportunities. The advancement of technology has given clinicians the ability to keep track of patients' health and wellbeing. Additionally, driving the industry ahead are a wide range of mobile applications and the quick development of smartphone technology. Due to improvements in cloud-based electronic medical records (EMRs) and the use of service as a software, emerging technologies will present chances for the expansion of teledermatology in the next years (SaaS). The researchers made the interesting observation that roughly 40% of American patients can benefit from teledermatology without a face-to-face session.
Threat:
Cost-effectiveness of teledermatology
Despite the scarcity of studies examining the economic effects of teledermatology, the majority of them point to the possibility of cost-effectiveness. It is helpful to construct an economic framework for study in order to assess the economic effects of teledermatology. There are two viewpoints to take into account, with the healthcare system serving as the first. The equipment and staff costs of an in-person visit versus a teledermatology service may be relevant expenditures to consider. The patient and society's perspective, which is the second bigger picture to think about, involves extra pertinent expenditures like travel expenses, missed productivity at work, and the consequences of a delayed diagnosis.
Covid-19 Impact
The teledermatology market has benefited from COVID-19, and the market had strong growth over the COVID-19 period. During the epidemic, factors including preserving social isolation and lockdowns were crucial in boosting the popularity of teledermatology. For instance, a 2020 poll by the American Association of Dermatology revealed that during the lockdown, 43% of weekly patient visits had been cut back. In addition, the German Society of Dermatology launched a poll with participants from the US and India, which found that about 80% of respondents supported teledermatology. This illustrated how teledermatology is in high demand among consumers.
The store-and-forward (SAF) segment is expected to be the largest during the forecast period
The store-and-forward (SAF) segment is estimated to have a lucrative growth, due to the need for skin images for diagnosis, teledermatology heavily relies on the SAF modality. Strong government funding and the growing usage of teledermatology for second views are the main drivers of this market's expansion. In the United States, approximately 72% of the active non-governmental projects used SAF, according to a paper that was published in the journal Telemedicine and e-Health. The SAF segment is anticipated to develop as a result of this.
The homecare segment is expected to have the highest CAGR during the forecast period
The homecare segment is anticipated to witness the fastest CAGR growth during the forecast period, due to significant cost reductions in health care expenses and the quick uptake of homecare services are key drivers of this segment's growth. The segment is also expected to develop as a result of telemonitoring and patient education for senior patients, which eliminates the need for hospital visits.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period. The primary factors driving the growth of the tele-dermatology market in Asia Pacific are the rising government initiatives to improve the healthcare sector and the rising usage of telehealth and telemedicine. Additionally, the government's supportive telehealth and reimbursement regulations as well as the increasing internet penetration are anticipated to fuel market expansion.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the availability of a number of leading market participants, including MDLive and Dermatologists On-Call, is boosting demand for teleconsultation services. The need for tele-dermatology has increased as a result of the rise in the prevalence of various skin conditions in the US. As a result, the tele-dermatology market in North America has expanded due to the rising prevalence of skin issues, rising healthcare spending, and better access to healthcare facilities.
Key players in the market
Some of the key players profiled in the Teledermatology Market include OnlineDoctor, DermTech, Hims & Hers, MetaOptima, MDLIVE Inc., Digital Diagnostics, Miiskin PRO, CureSkin, FirstDerm, 3Gen, Diagnosis, Honeywell Life Care Solutions, Philips Healthcare, AMD Global Telemedicine Inc., GE Healthcare, Aerotel Medical Systems, Click Diagnostics, Dermlink, McKesson Corporation and Allscripts Healthcare Solutions Inc.
Key Developments:
In March 2022, Miiskin PRO (Denmark) announced that it offers free access to its skincare app for academic and scientific research in Europe. Free access for skin diseases such as wound care, skin cancer, and a plethora of conditions, including eczema, psoriasis, rosacea, and acne.
In February 2022, Online Doctor (Switzerland), acquired German-based startup "A.S.S.I.S.T" (Automated Scientific Skin Infection Search Technology), is a developer of artificial intelligence (AI) for dermatology.
In June 2021, Hims & Hers (US) acquired Apostrophe (US), to complement the company's scale in dermatology fulfilment capabilities with a fully owned pharmacy.
In August 2020, Digital Diagnostics (US) acquired dermatology-focused startup 3Derm (US) in order to expand its reach into the dermatology space.
In July 2018, MetaOptima (Canada) raised USD 6.5 million to expand its advanced dermatology and skin cancer imaging and management software "DermEngine" globally. Furthermore, this helps in a key advancement of screening, detecting, and managing skin cancer.
Types Covered:
• Products
• Services
• Other Types
Modalities Covered:
• Video Conferencing
• Store-and –Forward
• Real-Time
• Other Modalities
End Users Covered:
• Homecare
• Healthcare units
• Medical Universities
• 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 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 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Teledermatology Market, By Type
5.1 Introduction
5.2 Products
5.2.1 Hardware
5.2.2 Software
5.3 Services
5.3.1 Teleconsultation
5.3.2 Telemonitoring
5.3.3 Tele-education
5.4 Other Types
6 Global Teledermatology Market, By Modality
6.1 Introduction
6.2 Video Conferencing
6.3 Store-and –Forward (SAF)
6.4 Real-Time
6.5 Other Modalities
7 Global Teledermatology Market, By End User
7.1 Introduction
7.2 Homecare
7.3 Healthcare units
7.4 Medical Universities
7.5 Other End Users
8 Global Teledermatology 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 OnlineDoctor
10.2 DermTech
10.3 Hims & Hers
10.4 MetaOptima
10.5 MDLIVE Inc.
10.6 Digital Diagnostics
10.7 Miiskin PRO
10.8 CureSkin
10.9 FirstDerm
10.10 3Gen
10.11 Diagnosis
10.12 Honeywell Life Care Solutions
10.13 Philips Healthcare
10.14 AMD Global Telemedicine Inc.
10.15 GE Healthcare
10.16 Aerotel Medical Systems
10.17 Click Diagnostics
10.18 Dermlink
10.19 McKesson Corporation
10.20 Allscripts Healthcare Solutions Inc.
List of Tables
1 Global Teledermatology Market Outlook, By Region (2020-2028) ($MN)
2 Global Teledermatology Market Outlook, By Type (2020-2028) ($MN)
3 Global Teledermatology Market Outlook, By Products (2020-2028) ($MN)
4 Global Teledermatology Market Outlook, By Hardware (2020-2028) ($MN)
5 Global Teledermatology Market Outlook, By Software (2020-2028) ($MN)
6 Global Teledermatology Market Outlook, By Services (2020-2028) ($MN)
7 Global Teledermatology Market Outlook, By Teleconsultation (2020-2028) ($MN)
8 Global Teledermatology Market Outlook, By Telemonitoring (2020-2028) ($MN)
9 Global Teledermatology Market Outlook, By Tele-education (2020-2028) ($MN)
10 Global Teledermatology Market Outlook, By Other Types (2020-2028) ($MN)
11 Global Teledermatology Market Outlook, By Modality (2020-2028) ($MN)
12 Global Teledermatology Market Outlook, By Video Conferencing (2020-2028) ($MN)
13 Global Teledermatology Market Outlook, By Store-and –Forward (SAF) (2020-2028) ($MN)
14 Global Teledermatology Market Outlook, By Real-Time (2020-2028) ($MN)
15 Global Teledermatology Market Outlook, By Other Modalities (2020-2028) ($MN)
16 Global Teledermatology Market Outlook, By End User (2020-2028) ($MN)
17 Global Teledermatology Market Outlook, By Homecare (2020-2028) ($MN)
18 Global Teledermatology Market Outlook, By Healthcare units (2020-2028) ($MN)
19 Global Teledermatology Market Outlook, By Medical Universities (2020-2028) ($MN)
20 Global Teledermatology Market Outlook, By Other End Users (2020-2028) ($MN)
21 North America Teledermatology Market Outlook, By Country (2020-2028) ($MN)
22 North America Teledermatology Market Outlook, By Type (2020-2028) ($MN)
23 North America Teledermatology Market Outlook, By Products (2020-2028) ($MN)
24 North America Teledermatology Market Outlook, By Hardware (2020-2028) ($MN)
25 North America Teledermatology Market Outlook, By Software (2020-2028) ($MN)
26 North America Teledermatology Market Outlook, By Services (2020-2028) ($MN)
27 North America Teledermatology Market Outlook, By Teleconsultation (2020-2028) ($MN)
28 North America Teledermatology Market Outlook, By Telemonitoring (2020-2028) ($MN)
29 North America Teledermatology Market Outlook, By Tele-education (2020-2028) ($MN)
30 North America Teledermatology Market Outlook, By Other Types (2020-2028) ($MN)
31 North America Teledermatology Market Outlook, By Modality (2020-2028) ($MN)
32 North America Teledermatology Market Outlook, By Video Conferencing (2020-2028) ($MN)
33 North America Teledermatology Market Outlook, By Store-and –Forward (SAF) (2020-2028) ($MN)
34 North America Teledermatology Market Outlook, By Real-Time (2020-2028) ($MN)
35 North America Teledermatology Market Outlook, By Other Modalities (2020-2028) ($MN)
36 North America Teledermatology Market Outlook, By End User (2020-2028) ($MN)
37 North America Teledermatology Market Outlook, By Homecare (2020-2028) ($MN)
38 North America Teledermatology Market Outlook, By Healthcare units (2020-2028) ($MN)
39 North America Teledermatology Market Outlook, By Medical Universities (2020-2028) ($MN)
40 North America Teledermatology Market Outlook, By Other End Users (2020-2028) ($MN)
41 Europe Teledermatology Market Outlook, By Country (2020-2028) ($MN)
42 Europe Teledermatology Market Outlook, By Type (2020-2028) ($MN)
43 Europe Teledermatology Market Outlook, By Products (2020-2028) ($MN)
44 Europe Teledermatology Market Outlook, By Hardware (2020-2028) ($MN)
45 Europe Teledermatology Market Outlook, By Software (2020-2028) ($MN)
46 Europe Teledermatology Market Outlook, By Services (2020-2028) ($MN)
47 Europe Teledermatology Market Outlook, By Teleconsultation (2020-2028) ($MN)
48 Europe Teledermatology Market Outlook, By Telemonitoring (2020-2028) ($MN)
49 Europe Teledermatology Market Outlook, By Tele-education (2020-2028) ($MN)
50 Europe Teledermatology Market Outlook, By Other Types (2020-2028) ($MN)
51 Europe Teledermatology Market Outlook, By Modality (2020-2028) ($MN)
52 Europe Teledermatology Market Outlook, By Video Conferencing (2020-2028) ($MN)
53 Europe Teledermatology Market Outlook, By Store-and –Forward (SAF) (2020-2028) ($MN)
54 Europe Teledermatology Market Outlook, By Real-Time (2020-2028) ($MN)
55 Europe Teledermatology Market Outlook, By Other Modalities (2020-2028) ($MN)
56 Europe Teledermatology Market Outlook, By End User (2020-2028) ($MN)
57 Europe Teledermatology Market Outlook, By Homecare (2020-2028) ($MN)
58 Europe Teledermatology Market Outlook, By Healthcare units (2020-2028) ($MN)
59 Europe Teledermatology Market Outlook, By Medical Universities (2020-2028) ($MN)
60 Europe Teledermatology Market Outlook, By Other End Users (2020-2028) ($MN)
61 Asia Pacific Teledermatology Market Outlook, By Country (2020-2028) ($MN)
62 Asia Pacific Teledermatology Market Outlook, By Type (2020-2028) ($MN)
63 Asia Pacific Teledermatology Market Outlook, By Products (2020-2028) ($MN)
64 Asia Pacific Teledermatology Market Outlook, By Hardware (2020-2028) ($MN)
65 Asia Pacific Teledermatology Market Outlook, By Software (2020-2028) ($MN)
66 Asia Pacific Teledermatology Market Outlook, By Services (2020-2028) ($MN)
67 Asia Pacific Teledermatology Market Outlook, By Teleconsultation (2020-2028) ($MN)
68 Asia Pacific Teledermatology Market Outlook, By Telemonitoring (2020-2028) ($MN)
69 Asia Pacific Teledermatology Market Outlook, By Tele-education (2020-2028) ($MN)
70 Asia Pacific Teledermatology Market Outlook, By Other Types (2020-2028) ($MN)
71 Asia Pacific Teledermatology Market Outlook, By Modality (2020-2028) ($MN)
72 Asia Pacific Teledermatology Market Outlook, By Video Conferencing (2020-2028) ($MN)
73 Asia Pacific Teledermatology Market Outlook, By Store-and –Forward (SAF) (2020-2028) ($MN)
74 Asia Pacific Teledermatology Market Outlook, By Real-Time (2020-2028) ($MN)
75 Asia Pacific Teledermatology Market Outlook, By Other Modalities (2020-2028) ($MN)
76 Asia Pacific Teledermatology Market Outlook, By End User (2020-2028) ($MN)
77 Asia Pacific Teledermatology Market Outlook, By Homecare (2020-2028) ($MN)
78 Asia Pacific Teledermatology Market Outlook, By Healthcare units (2020-2028) ($MN)
79 Asia Pacific Teledermatology Market Outlook, By Medical Universities (2020-2028) ($MN)
80 Asia Pacific Teledermatology Market Outlook, By Other End Users (2020-2028) ($MN)
81 South America Teledermatology Market Outlook, By Country (2020-2028) ($MN)
82 South America Teledermatology Market Outlook, By Type (2020-2028) ($MN)
83 South America Teledermatology Market Outlook, By Products (2020-2028) ($MN)
84 South America Teledermatology Market Outlook, By Hardware (2020-2028) ($MN)
85 South America Teledermatology Market Outlook, By Software (2020-2028) ($MN)
86 South America Teledermatology Market Outlook, By Services (2020-2028) ($MN)
87 South America Teledermatology Market Outlook, By Teleconsultation (2020-2028) ($MN)
88 South America Teledermatology Market Outlook, By Telemonitoring (2020-2028) ($MN)
89 South America Teledermatology Market Outlook, By Tele-education (2020-2028) ($MN)
90 South America Teledermatology Market Outlook, By Other Types (2020-2028) ($MN)
91 South America Teledermatology Market Outlook, By Modality (2020-2028) ($MN)
92 South America Teledermatology Market Outlook, By Video Conferencing (2020-2028) ($MN)
93 South America Teledermatology Market Outlook, By Store-and –Forward (SAF) (2020-2028) ($MN)
94 South America Teledermatology Market Outlook, By Real-Time (2020-2028) ($MN)
95 South America Teledermatology Market Outlook, By Other Modalities (2020-2028) ($MN)
96 South America Teledermatology Market Outlook, By End User (2020-2028) ($MN)
97 South America Teledermatology Market Outlook, By Homecare (2020-2028) ($MN)
98 South America Teledermatology Market Outlook, By Healthcare units (2020-2028) ($MN)
99 South America Teledermatology Market Outlook, By Medical Universities (2020-2028) ($MN)
100 South America Teledermatology Market Outlook, By Other End Users (2020-2028) ($MN)
101 Middle East & Africa Teledermatology Market Outlook, By Country (2020-2028) ($MN)
102 Middle East & Africa Teledermatology Market Outlook, By Type (2020-2028) ($MN)
103 Middle East & Africa Teledermatology Market Outlook, By Products (2020-2028) ($MN)
104 Middle East & Africa Teledermatology Market Outlook, By Hardware (2020-2028) ($MN)
105 Middle East & Africa Teledermatology Market Outlook, By Software (2020-2028) ($MN)
106 Middle East & Africa Teledermatology Market Outlook, By Services (2020-2028) ($MN)
107 Middle East & Africa Teledermatology Market Outlook, By Teleconsultation (2020-2028) ($MN)
108 Middle East & Africa Teledermatology Market Outlook, By Telemonitoring (2020-2028) ($MN)
109 Middle East & Africa Teledermatology Market Outlook, By Tele-education (2020-2028) ($MN)
110 Middle East & Africa Teledermatology Market Outlook, By Other Types (2020-2028) ($MN)
111 Middle East & Africa Teledermatology Market Outlook, By Modality (2020-2028) ($MN)
112 Middle East & Africa Teledermatology Market Outlook, By Video Conferencing (2020-2028) ($MN)
113 Middle East & Africa Teledermatology Market Outlook, By Store-and –Forward (SAF) (2020-2028) ($MN)
114 Middle East & Africa Teledermatology Market Outlook, By Real-Time (2020-2028) ($MN)
115 Middle East & Africa Teledermatology Market Outlook, By Other Modalities (2020-2028) ($MN)
116 Middle East & Africa Teledermatology Market Outlook, By End User (2020-2028) ($MN)
117 Middle East & Africa Teledermatology Market Outlook, By Homecare (2020-2028) ($MN)
118 Middle East & Africa Teledermatology Market Outlook, By Healthcare units (2020-2028) ($MN)
119 Middle East & Africa Teledermatology Market Outlook, By Medical Universities (2020-2028) ($MN)
120 Middle East & Africa Teledermatology Market Outlook, By Other End Users (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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