Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (2024)

Table of Contents
The surgical navigation systems market size is expected to grow from US$ 1,139.93 million in 2022 to US$ 2,458.83 million by 2030; it is estimated to register aCAGR of 10.09% from 2022 to2030. The surgical navigation systems market size is expected to grow from US$ 1,139.93 million in 2022 to US$ 2,458.83 million by 2030; it is estimated to register aCAGR of 10.09% from 2022 to2030. Analyst’s ViewPoint Analyst’s ViewPoint Market Insights Market Insights Rising Cases of Musculoskeletal and Neurological Disorders Rising Cases of Musculoskeletal and Neurological Disorders Customize Research To Suit Your Requirement We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making. Get 10% FREE CUSTOMIZATION Global Archive - Surgical Navigation Systems Market: Strategic Insights Global Archive - Surgical Navigation Systems Market CAGR (2022 - 2030)10.09% Market Size 2022 US$ 1.14 Billion Market Size 2030 US$ 2.46 Billion Market Dynamics GROWTH DRIVERSRising Cases of Musculoskeletal and Neurological Disorders Integration of Advanced Technology with Surgical Navigation Systems FUTURE TRENDSAdvent of Precision Medicine in Veterinary Diagnostics OPPORTUNITIESStrategic Developments Through Acquisitions and Partnerships Key Players B Braun SE DePuy Synthes Inc Medtronic Plc Siemens Healthineers AG Stryker Corp Zimmer Biomet Holdings Inc Brainlab AG CASCINATION Corin Group Regional Overview North America Europe Asia-Pacific South and Central America Middle East and Africa Market Segmentation Type Optical Navigation System Electromagnetic Navigation System Hybrid Navigation System Fluoroscopy Navigation System CT-Based Navigation System Others Application Orthopedic ENT Neurology Dental Others End User Hospitals Ambulatory Surgical Centers Geography North America Europe Asia Pacific Middle East and Africa South and Central America BuyNow Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis. Customize Research To Suit Your Requirement We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making. Get 10% FREE CUSTOMIZATION Global Archive - Surgical Navigation Systems Market: Strategic Insights Global Archive - Surgical Navigation Systems Market CAGR (2022 - 2030)10.09% Market Size 2022 US$ 1.14 Billion Market Size 2030 US$ 2.46 Billion Market Dynamics GROWTH DRIVERSRising Cases of Musculoskeletal and Neurological Disorders Integration of Advanced Technology with Surgical Navigation Systems FUTURE TRENDSAdvent of Precision Medicine in Veterinary Diagnostics OPPORTUNITIESStrategic Developments Through Acquisitions and Partnerships Key Players B Braun SE DePuy Synthes Inc Medtronic Plc Siemens Healthineers AG Stryker Corp Zimmer Biomet Holdings Inc Brainlab AG CASCINATION Corin Group Regional Overview North America Europe Asia-Pacific South and Central America Middle East and Africa Market Segmentation Type Optical Navigation System Electromagnetic Navigation System Hybrid Navigation System Fluoroscopy Navigation System CT-Based Navigation System Others Application Orthopedic ENT Neurology Dental Others End User Hospitals Ambulatory Surgical Centers Geography North America Europe Asia Pacific Middle East and Africa South and Central America BuyNow Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis. Global Archive - Surgical Navigation Systems Market: Strategic Insights Future Trend Future Trend Advent of Robotic Navigation Advent of Robotic Navigation Report Segmentation and Scope Report Segmentation and Scope Type-Based Insights Type-Based Insights Application-Based Insights Application-Based Insights End User-Based Insights End User-Based Insights Surgical Navigation Systems Market, by Type – 2022 and 2030 Surgical Navigation Systems Market, by Type – 2022 and 2030 Regional Analysis Regional Analysis Company Profiles Company Profiles Global Archive - Surgical Navigation Systems Market Report Scope Frequently Asked Questions Trends and growth analysis reports related to Global Archive - Surgical Navigation Systems Market References
  • Report Code : TIPAR00005202
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 185
  • Description
  • Table of content
  • Companies
  • Research Methodology

The surgical navigation systems market size is expected to grow from US$ 1,139.93 million in 2022 to US$ 2,458.83 million by 2030; it is estimated to register aCAGR of 10.09% from 2022 to2030.

Analyst’s ViewPoint

The surgical navigation systems market analysis explains market drivers such as the rising cases of musculoskeletal and neurological disorders andthe integration of advanced technology with surgical navigation systems. Further, advent of robotic navigation is expected to introduce new trends in the market during 2022–2030. Based on type, the surgical navigation systems market is segmented into optical navigation system, electromagnetic navigation system, hybrid navigation system, fluoroscopy navigation system, CT-based navigation system, and others. The electromagnetic navigation systems segment held the largest market share in 2022 and is anticipated to register the highest CAGR of 11.75% during 2022–2030. Based on application, the market is segregated into orthopedic, ENT, neurology, dental, and others. The orthopedic segment is further segmented into knee replacement procedures and hip replacement procedures. The orthopedic segment held the largest market share in 2022. The neurology segment is anticipated to register the highest CAGR of 12.45% during 2022–2030. By end user segment, the market is categorized into hospitals, ambulatory surgical centers (ASCs), and others. The hospital segment held the largest share of the market in 2022 and is anticipated to register the highest CAGR of 10.96% in the market during 2022–2030.

Surgical navigation systems allow the surgeons to precisely track instrument position and then project while performing surgeries. The surgical navigation system comprises a computer workstation, along with hardware for tracking the position of instruments.

Market Insights

Rising Cases of Musculoskeletal and Neurological Disorders

According to the National Safety Council 2023 report, musculoskeletal disorders (MSDs) are pervasive, affecting nearly one-quarter of the global population, causing tendonitis, carpal tunnel syndrome, ruptured or herniated discs, and sprains. According to the Data Versus Arthritis report, over 10 million people in the UK suffer from arthritis that causes pain, fatigue, lack of mobility, and other conditions in ~1 in 6 people. Moreover, the Global Burden of Disease (GBD) report revealed that nearly 1.71 billion people lived with musculoskeletal conditions involving low back pain, neck pain, fractures, osteoarthritis, amputations, and rheumatoid arthritis(RA) in 2019. The rising prevalence of musculoskeletal conditions varies by age and diagnosis, affecting people of all ages worldwide. High-income countries are the most affected by musculoskeletal conditions, accounting for 441 million, followed by countries in the World Health Organization (WHO), the Western Pacific region with 427 million, and the Southeast region with 369 million. Therefore, there is a high demand for surgical navigation systems intended for orthopedic surgery. These systems are among the most powerful and enabling tools for surgeons. Surgical navigation systems analyze pre- and post-operative data in multiple versions using augmented reality (AR) to improve clinical outcomes of orthopedic surgeries. For example, visualization systems allow surgeons to take suitable positions during surgeries without excessive exposure to X-ray radiation. For instance, in March 2023, Stryker launched the "Ortho Q Guidance System" that enables advanced surgical planning and guidance intended for hip and knee procedures for the benefit of surgeons. Ortho Q was explicitly designed for orthopedic customers to enhance orthopedic surgeons' capability for proper precision while performing surgeries. The product includes features such as implant agnostic software, triathlon implant dedicated software, and small footprint.

According to the European Academy of Neurology 2023 report, neurological disorders are a leading cause of disability and the second leading cause of death worldwide, with the burden falling on low and middle-income countries (LMICs). In Europe, neurological disease is the third leading cause of disability and death, causing stroke, dementia, neurodegenerative disorders, and headaches. Further, the WHO report in 2023 states that at least 1 in 3 people of all ages will suffer from neurological disorders once in their lifetime, making it the highest among all noncommunicable diseases. Navigation systems for neurological procedures assist in a range of procedures, from intracranial tumor resections to frameless biopsies and from pedicle screw placement to spinal stabilization. For example, in skull openings (small craniotomies),neuronavigation systems display anatomical structures and track the virtual axis of surgical instruments.

Medtronic provides innovative surgical navigation systems and related products for neurosurgery, spinal surgery, and cranial surgery. Its StealthStation S8 Surgical Navigation System comprises an intuitive interface that aids advanced visualization to navigate neurosurgery procedures. The system provides optical and electromagnetic (EM) tracking capabilities with the help of external devices such as microscopes and ultrasound, thus acting as a powerful tool for neurosurgical procedures. Therefore, the need for effective surgical treatments for orthopedic and neurosurgery with the rising cases of musculoskeletal and neurological disorders, coupled with innovative product launches by top companies, propels the adoption of surgical navigation systems globally.

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Global Archive - Surgical Navigation Systems Market: Strategic Insights

Global Archive - Surgical Navigation Systems Market

  • Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (1)
    CAGR (2022 - 2030)

    10.09%

  • Market Size 2022
    US$ 1.14 Billion

  • Market Size 2030
    US$ 2.46 Billion

Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (2)

Market Dynamics

GROWTH DRIVERS

  • Rising Cases of Musculoskeletal and Neurological Disorders
  • Integration of Advanced Technology with Surgical Navigation Systems

FUTURE TRENDS

  • Advent of Precision Medicine in Veterinary Diagnostics

OPPORTUNITIES

  • Strategic Developments Through Acquisitions and Partnerships

Key Players

  • B Braun SE
  • DePuy Synthes Inc
  • Medtronic Plc
  • Siemens Healthineers AG
  • Stryker Corp
  • Zimmer Biomet Holdings Inc
  • Brainlab AG
  • CASCINATION
  • Corin Group

Regional Overview

Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (3)

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (4)Type

  • Optical Navigation System
  • Electromagnetic Navigation System
  • Hybrid Navigation System
  • Fluoroscopy Navigation System
  • CT-Based Navigation System
  • Others

Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (5)Application

  • Orthopedic
  • ENT
  • Neurology
  • Dental
  • Others

Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (6)End User

  • Hospitals
  • Ambulatory Surgical Centers

Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (7)Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Future Trend

Advent of Robotic Navigation

Surgical robotic navigation provides benefits to surgeons in precisely aligning surgical instruments and screws. Additionally, the real-time visualization of instrument positioning and imaging compatibility enables high accuracy for surgeons while performing procedures through the navigation system. Several top companies plan to launch innovative robotic surgical navigation platforms. Globus Medical offers a Multifunctional Robotics+Navigation platform designed to improve surgical accuracy and optimize patient care with the use of robotics and navigation. Axis Spine Center's surgical navigation robot is connected to a camera with which the robot can process the view captured by the camera using the CT image in real time. The robot can also change position upon patients’ movement to ensure a precise placement of the surgical instrument. Despite developments in robotic surgical navigation, further studies are necessary to determine the efficacy, efficiency, and safety of new combined surgical robotic navigation systems/platforms.

Report Segmentation and Scope

Type-Based Insights

Based on type, the surgical navigation systems market is segmented into optical navigation system, electromagnetic navigation system, hybrid navigation system, fluoroscopy navigation system, CT-based navigation system, and others. The electromagnetic navigation systems segment held the largest market share in 2022 and is anticipated to register the highest CAGR of 11.75% during 2022–2030. In electromagnetic tracking systems (EMTs), magnetic fields are generated, and sensors are used to detect them, and finally software is used to process them. In an electromagnetic field of known geometry, the coordinates of the pre-interventional patient scan and the coordinates of the tracking system are registered. By utilizing the sensor, the corresponding points in the image coordinates can be measured, and the electromagnetic tracking coordinates to plan about five to nine landmarks.

EMTs are used widely in neurosurgery, interventional bronchoscopy, urology, cardiology, and sinonasal cavity surgeries. EMTs utilize fluoroscopy to screen the patient without using ionizing radiation, and it does not expose the patient to any energy fields that are more harmful than ultrasounds.

In July 2021, TT Electronics—a provider of engineered electronics for performance-critical applications—partnered with US-based Radwave Technology to develop advanced electromagnetic tracking technology. This partnership will help bring a customizable electromagnetic tracking platform with minimally invasive diagnostic and therapeutic devices during surgical procedures.

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Application-Based Insights

Based on application, the global surgical navigation systems market is segregated into orthopedic, ENT, neurology, dental, and others. The orthopedic segment is sub-segmented into knee replacement procedures and hip replacement procedures. The orthopedic segment held the largest market share in 2022. The neurology segment is anticipated to register the highest CAGR of 12.45% during 2022–2030. The orthopedic surgery navigation system or the orthopedic surgical robot is designed to use a patient's preoperative/intraoperative imaging data to plan the surgical path and then guide the doctor to complete the planned surgical path using the robotic arm's guiding function. The navigation system also captures joint range of motion, laxity, and kinematics intraoperatively. HipNav is an image-guided surgical navigation system used in hip replacement surgery. With this system, prosthetic components can be measured and guided during total hip replacement surgery (THR). The system consists of a 3-dimensional preoperative planner, a simulator, and an intraoperative surgical navigator. The orthopedic segment is further classified into knee replacement and hip replacement.

According to the American Academy of Orthopaedic Surgeons, nearly 1 million knee and hip replacements are performed every year. An aging population and an increase in obesity and osteoarthritis will cause that number to rise to 4 million by 2050. Computer- and robot-assisted navigation is expected to continue to play an increasingly important role in helping patients' outcomes and lengthen the life of their implants as these procedures become increasingly common.

DePuy Synthes offers a technology-assisted VELYS Hip Navigation platform for hip replacement. The surgeons use real-time data to improve the surgical outcomes. Thus, the growing advancement in orthopedic surgery navigation systems boosts the growth of the orthopedic segment of the global surgical navigation systems market.

End User-Based Insights

In terms of end user, the surgical navigation systems market is categorized as hospitals, ambulatory surgical centers (ASCs), and others. The hospital segment held the largest share of the market in 2022 and is anticipated to register the highest CAGR of 10.96% in the market during 2022–2030.

Surgical navigation systems are routinely used in orthopedic, neurology, and other surgeries to reach the target place more precisely. Hospitals are a vital part of the development of health systems. They play an important role in offering support to other healthcare providers. An increasingly large number of hospitals are attaining expertise to use surgical navigation systems for surgeries. With the rising number of surgeries, the use of surgical navigation is expected to increase in hospital settings. Moreover, the rising number of hospitals worldwide is expected to continue the dominance of the hospitals segment in the global surgical navigation market during 2022–2030.

Surgical Navigation Systems Market, by Type – 2022 and 2030

Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (8)

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Regional Analysis

Asia Pacific accounts the highestCAGR for the global surgical navigation systems market. The market in Asia Pacific is segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. China holds the largest market share of the global surgical navigation system market. The surgical navigation system market is expected to grow during 2020–2030 in China owing to advancements happening in the Chinese healthcare system, an increasing number of robotic surgeries, and rising government funding in the healthcare system. The healthcare system in China provides clinical care and public health services to one-fifth of the world's population and has grown significantly. Chinese surgeons use robotic devices and artificial intelligence (AI) to perform minimally invasive surgeries for primary operations such as knee replacement surgeries, liver resection surgeries, neurosurgeries, and many others. For instance, a study published in January 2022 by PubMed Central stated that 106 patients in China underwent hip and knee replacement surgeries where computer navigation significantly improved the accuracy of prosthesis implantation.

Moreover, technological advancements related to surgical navigation system is rising in China. For instance, in 2022, a total of 314 Da Vinci surgical systems were installed in 257 institutions, and more than 378,000 procedures were performed in China, which provided patients with the benefits of greater precision and faster recovery. The involvement of companies making their presence by introducing new technologies with better usability in China is anticipated to see growth in the surgical navigation system market.

The report profiles leading players operating in the global surgical navigation systems market. These include BBraun SE, DePuy Synthes Inc, Medtronic Plc, Siemens Healthineers AG, Stryker Corp, Zimmer Biomet Holdings Inc, Brainlab AG, CASCINATION, Corin Group, GE HealthCare Technologies Inc.

  • In July 2023, Stryker announced the launch of "Ortho Q Guidance System" that enables advanced surgical planning and guidance for hip and knee procedures, easily controlled by the surgeon from the sterile field. The system combines new optical tracking options through a designed, state-of-the-art camera with sophisticated algorithms of the newly launched Ortho Guidance software that delivers surgical planning and guidance capabilities.
  • In May 2022,Zimmer Biomet Holdings, Inc. announced FDA approval clearance for the "Persona OsseoTi Keel Tibia" for cementless knee replacement. The product is the latest addition to the clinically proven Persona Knee System featuring a new porous version of the Persona anatomic tibia with Zimmer Biomet's OsseoTi Porous Metal Technology that uses anatomical data in combination with 3D printing technology, which builds a structure that directly mimics the architecture of human cancellous or spongy bone.

Company Profiles

  • B Braun SE
  • DePuy Synthes Inc
  • Medtronic Plc
  • Siemens Healthineers AG
  • Stryker Corp
  • Zimmer Biomet Holdings Inc
  • Brainlab AG
  • CASCINATION
  • Corin Group
  • GE HealthCare Technologies Inc

Global Archive - Surgical Navigation Systems Market Report Scope

Report Attribute Details
Market size in 2022 US$ 1.14 Billion
Market Size by 2030 US$ 2.46 Billion
Global CAGR (2022 - 2030) 10.09%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Type
  • Optical Navigation System
  • Electromagnetic Navigation System
  • Hybrid Navigation System
  • Fluoroscopy Navigation System
  • CT-Based Navigation System
  • Others
By Application
  • Orthopedic
  • ENT
  • Neurology
  • Dental
  • Others
By End User
  • Hospitals
  • Ambulatory Surgical Centers
Regions and Countries Covered North America Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • B Braun SE
  • DePuy Synthes Inc
  • Medtronic Plc
  • Siemens Healthineers AG
  • Stryker Corp
  • Zimmer Biomet Holdings Inc
  • Brainlab AG
  • CASCINATION
  • Corin Group
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (9)

    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (10)

    Segment Covered

    This text is related
    to segments covered.

    Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (11)

    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (12)

    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions

    Which are the top companies that hold the market share in surgical navigation system market?

    GE Healthcare and Zimmer Biomet Holdings Inc are the top two companies that hold huge market shares in the surgical navigation system market.

    Who are the key players in the surgical navigation system market?

    The surgical navigation system market majorly consists of the players such B Braun SE, DePuy Synthes Inc, Medtronic Plc, Siemens Healthineers AG, Stryker Corp, Zimmer Biomet Holdings Inc, Brainlab AG, CASCINATION, Corin Group, GE HealthCare Technologies Inc, and amongst others.

    Which region is expected to witness significant demand for surgical navigation system market in the coming years?

    Global surgical navigation system market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. North America held the largest market share of the surgical navigation system market in 2022. With several North American market players focusing on research and development activities in the field of imaging technology, the regional market for surgical navigation system market is likely to propel in North America region during the forecast period.

    Which type leads the surgical navigation system market?

    The electromagnetic navigation system segment held the largest share of the market in the global surgical navigation system market and held the largest market share of 31.41% in 2022.

    Which application held the largest share in the surgical navigation system market?

    The orthopedic segment dominated the global surgical navigation system market and held the largest market share of 32.48% in 2022.

    What are the driving factors for the surgical navigation system market across the globe?

    Key factors that are driving the growth of this market are Rising cases of musculoskeletal and neurological disorders and integration of advanced type with surgical navigation system are expected to boost the market growth for the surgical navigation system over the years.

    What are surgical navigation system?

    Surgical navigation systems allow the surgeons to precisely track instrument position and then project while performing surgeries. The surgical navigation system comprises a computer workstation, along with hardware for tracking the position of instruments.

    What is the market CAGR value of surgical navigation system market during forecast period?

    The CAGR value of the surgical navigation system market during the forecasted period of 2020-2030 is 10.09%.

    The List of Companies - Surgical Navigation Systems Market

    1. B Braun SE
    2. DePuy Synthes Inc
    3. Medtronic Plc
    4. Siemens Healthineers AG
    5. Stryker Corp
    6. Zimmer Biomet Holdings Inc
    7. Brainlab AG
    8. CASCINATION
    9. Corin Group
    10. GE HealthCare Technologies Inc

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further,white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Surgical Navigation Systems Market Forecast Report | Size & Share 2030 (13)

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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