Blood Banking Devices Market, by Product Type (Blood Collection Devices (Blood Collection Needles, Blood Collection Tubes (Serum Collection Tubes, Plasma Collection Tubes, Heparin Tubes, and Other Tubes), Needles & Syringes, Lancets, Vacuum Blood Collection System, Blood Bags, Accessories), Blood Processing Devices (Blood Grouping Analyzers, Blood Cell Processors, Blood Filters, Centrifuges, and Others), and Blood Storage Devices (Blood Bank Refrigerators and Blood Bank Freezers)), by Method of Collection (Manual Blood Collection and Automated Blood Collection), End User (Blood Banks, Hospitals and Other End Users), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa - Size, Share, trends, and Forecast to 2026
- Report code : CMI41980 |
- Industry :
Medical Devices
- Published On : Jul 2018 |
- Pages : 182 Pages |
- Format :
Global Blood Banking Devices Market – Global Industry Insights
Blood transfusion, a process that is used for various medical conditions, replaces the lost blood components and helps in improving the health of the patient. However, lack of timely access to safe blood transfusion will increase demand for efficient, safe, and real-time availability of blood units by blood banks.
Therefore, various organizations are involving in activities to launch innovative product solutions in the market. For instance, in March 2018, Strides Software Solutions, an India-based firm that enables the availability of safe and high quality blood components, developed India’s first Aadhaar-based centralized donor authentication and identification application called as D-Health app. This app leverages the power of cloud computing to bring all the key stakeholders of blood cycle management including blood banks, donors, blood camp organizers, hospitals, and patients to one platform.
Huge shortage of blood units in various countries is one of the major factors driving growth of the global blood banking devices market. For instance, according to the World Health Organization (WHO) 2012 data findings, only around 9 million blood units are available annually whereas the demand is for 12 million units, worldwide. Furthermore, a significant gap between the , increasing demand for blood units and actual numbers of blood banks present globally; indicates huge opportunity for blood banking devices market over the forecast period. For instance, according to the National Health Profile-2018 prepared by the Central Bureau of Health Intelligence (CBHI), as on June 2017, the total number of licensed blood banks in India were 2,903, which majorly includes government owned blood banks and charitable trust blood banks. Moreover, according to same source, there are 23,582 hospitals in India, of which 19,810 hospitals are in rural area and 3,772 hospitals are in urban area.
The global blood banking devices market was valued at US$ 26,234 Mn in 2017 and is expected to witness a CAGR of 7.4% over the forecast period (2018 – 2026).
Global Blood Banking Devices Market, By Product Type, 2018 & 2026
Source: Coherent Market Insights Analysis (2018)
Increasing demand for blood units is expected to fuel growth of the market
Growing demand of blood and blood components will significantly drives blood banking devices market. For instance, according to the American National Red Cross 2018 data findings, around 7,000 units of platelets and 10,000 units of plasma are required daily in the U.S. and around 21 million blood components are transfused each year in the U.S. The Singapore Red Cross Society, (2017); needs around 120,000 units of blood every year, to meet the transfusion needs of patients, which is equivalent to over 400 units of blood per day. Furthermore, according to the same source, from the total volume of blood collected by the Singapore Red Cross Society in 2017, blood was mainly used in surgical procedures (54%), general medicine (31%), hematology and blood diseases (9%), and for accident and emergency cases (6%).
Increasing number of blood donations that will fulfill the rising demand for blood units, worldwide is also expected to drive growth of the market. For instance, according to the World Health Organization (WHO), 112.5 million blood donations were made globally and an increase of 10.7 million blood donations from unpaid donors were reported from 2008 to 2013.
Increasing number of surgical procedures worldwide is propelling growth of the market
Patients undergoing treatment for cancer, orthopedic surgeries, organ and bone marrow transplants, cardiovascular surgeries, and treatment for inherited blood disorders require blood. According to America’s Blood Centers 2012 data findings, among the two essential blood components, red blood cells and platelets, general medicine procedures (28%) required high amount of red blood cells during practices, while hematology and oncology surgery procedures (32%) required higher amount of platelets. Moreover, increasing number of surgery interventions such as cancer, organ and bone marrow transplants, cardiovascular surgeries, general surgery, nephology, and dialysis results in increasing demand for blood components, thereby driving growth of the blood banking devices market. For instance, according to the American Cancer Society (ACS), around 1.7 million people were diagnosed with cancer in 2017 and among these, some of the patients need blood daily during their chemotherapy treatment.
Furthermore, accidents and emergency cases are other essential factors driving growth of the blood banking devices market. For instance, according to the Centers for Disease Control and Prevention (CDC), around 10,265 deaths were reported due to alcohol-impaired crashes in 2015, which accounted for around 29% of all traffic-related deaths in the U.S. Moreover, according to the World Health Organization (WHO) 2013 database, India accounted for an estimated 207,551 road traffic deaths in 2013.
Global Blood Banking Devices Market, By Method of Collection, 2018 & 2026
Source: Coherent Market Insights Analysis (2018)
However, potential risk of occurrence of transmitted disease through blood transfusion continues to grow and which have been a leading cause of bloodborne diseases. Infectious agents, which can be transmitted through blood transfusions include bacteria, viruses, and parasites. The most common bloodborne pathogens are human immunodeficiency virus (HIV), hepatitis B, and viral hemorrhagic fevers. For instance, according to the Centers for Disease Control and Prevention (CDC), 2017, bacterial contamination of blood products, specifically platelets that are stored at room temperature, are potential source of transmitting bloodborne diseases. Therefore, potential risk of developing these blood transfusion transmitted diseases, worldwide would affect growth of the blood banking devices market over the forecast period.
Key players operating in the global blood banking devices market include Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Abbott Laboratories, Fresenius Kabi AG, Beckman Coulter Inc. (Danaher Corporation), bioMérieux, Inc., China Biologic Products Holdings, Inc., Immucor, Inc. (IVD Holdings, Inc.), Instrumentation Laboratory Company, and F. Hoffmann-La Roche AG (Roche Molecular Systems Inc.)
Blood banks operate as a central body for collecting, separating, and storing the blood. Blood banks collect and separate the blood into various components such as red blood cells, white blood cells, and platelets, in order to efficiently deliver them based on the need of patients. Blood donation is an easy, important, and life-saving resource for patients, as compared to the drugs, which help bone marrow of the patients to produce new blood cells more rapidly and it requires weeks to produce blood cells. In any geographical area, four different models of blood banking service has been implemented, which includes centralized, regionalized, coordinated hospital services, and a coordinated mixed system.
Market Dynamics
Blood banking devices market is expected to witness lucrative growth opportunities during the forecast period, owing to increasing demand for blood units in various surgical procedures such as cardiovascular surgery interventions, hematology procedures, bone marrow surgery procedures, and general medicine. Moreover, growing shortfall between demand and supply of blood units in various emerging economies such as India is expected to drive growth of the blood banking devices market in these regions during the forecast period.
Furthermore, engagement by market players to offer technologically advanced blood collection, blood processing, and blood storage devices in the market will lead to an increase in the revenue of blood banking devices market in the near future. Along with this, government and private owned blood banks have been launching mobile application to spread awareness regarding importance of blood donation, and to offer quick, safe, and donor specific delivery of blood units to patients.
Key features of the study:
- This report provides in-depth analysis of blood banking devices market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2018 – 2026), considering 2017 as the base year
- It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by the leading players
- It profiles leading players in the global blood banking devices market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
- Key companies covered as a part of this study include Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Abbott Laboratories, Fresenius Kabi AG, Beckman Coulter Inc. (Danaher Corporation), bioMérieux, Inc., China Biologic Products Holdings, Inc., Immucor, Inc.(IVD Holdings, Inc.), Instrumentation Laboratory Company, and F. Hoffmann-La Roche AG (Roche Molecular Systems Inc.)
- Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launch, technology up-gradation, market expansion, and marketing tactics
- The global blood banking devices market report caters to various stakeholders in this industry including investors, suppliers, blood banking devices manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision making through the various strategy matrices used in analyzing the blood banking devices market.
Detailed Segmentation:
- Global Blood Banking Devices Market, By Product Type:
- Blood Collection Devices
- Blood Collection Needles
- Blood Collection Tubes
- Serum Collection Tubes
- Plasma Collection Tubes
- Heparin Tubes
- Other Tubes
- Needles & Syringes
- Lancets
- Vacuum Blood Collection System
- Blood Bags
- Accessories
- Blood Processing Devices
- Blood Grouping Analyzers
- Blood Cell Processors
- Blood Filters
- Centrifuges
- Others
- Blood Storage Devices
- Blood Bank Refrigerators
- Blood Bank Freezers
- Global Blood Banking Devices Market, By Method of Collection:
- Manual Blood Collection
- Automated Blood Collection
- Global Blood Banking Devices Market, By End User:
- Blood Banks
- Hospitals
- Other End User
- Global Blood Banking Devices Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Product Type:
- Blood Collection Devices
- Blood Collection Needles
- Blood Collection Tubes
- Serum Collection Tubes
- Plasma Collection Tubes
- Heparin Tubes
- Other Tubes
- Needles & Syringes
- Lancets
- Vacuum Blood Collection System
- Blood Bags
- Accessories
- Blood Processing Devices
- Blood Grouping Analyzers
- Blood Cell Processors
- Blood Filters
- Centrifuges
- Others
- Blood Storage Devices
- Blood Bank Refrigerators
- Blood Bank Freezers
- By Method of Collection:
- Manual Blood Collection
- Automated Blood Collection
- By End User:
- Blood Banks
- Hospitals
- Other End User
- Europe
- By Country:
- Germany
- France
- Italy
- UK
- Spain
- Russia
- Rest of Europe
- By Product Type:
- Blood Collection Devices
- Blood Collection Needles
- Blood Collection Tubes
- Serum Collection Tubes
- Plasma Collection Tubes
- Heparin Tubes
- Other Tubes
- Needles & Syringes
- Lancets
- Vacuum Blood Collection System
- Blood Bags
- Accessories
- Blood Processing Devices
- Blood Grouping Analyzers
- Blood Cell Processors
- Blood Filters
- Centrifuges
- Others
- Blood Storage Devices
- Blood Bank Refrigerators
- Blood Bank Freezers
- By Method of Collection:
- Manual Blood Collection
- Automated Blood Collection
- By End User:
- Blood Banks
- Hospitals
- Other End User
- Asia Pacific
- By Country:
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- By Product Type:
- Blood Collection Devices
- Blood Collection Needles
- Blood Collection Tubes
- Serum Collection Tubes
- Plasma Collection Tubes
- Heparin Tubes
- Other Tubes
- Needles & Syringes
- Lancets
- Vacuum Blood Collection System
- Blood Bags
- Accessories
- Blood Processing Devices
- Blood Grouping Analyzers
- Blood Cell Processors
- Blood Filters
- Centrifuges
- Others
- Blood Storage Devices
- Blood Bank Refrigerators
- Blood Bank Freezers
- By Method of Collection:
- Manual Blood Collection
- Automated Blood Collection
- By End User:
- Blood Banks
- Hospitals
- Other End User
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Product Type:
- Blood Collection Devices
- Blood Collection Needles
- Blood Collection Tubes
- Serum Collection Tubes
- Plasma Collection Tubes
- Heparin Tubes
- Other Tubes
- Needles & Syringes
- Lancets
- Vacuum Blood Collection System
- Blood Bags
- Accessories
- Blood Processing Devices
- Blood Grouping Analyzers
- Blood Cell Processors
- Blood Filters
- Centrifuges
- Others
- Blood Storage Devices
- Blood Bank Refrigerators
- Blood Bank Freezers
- By Method of Collection:
- Manual Blood Collection
- Automated Blood Collection
- By End User:
- Blood Banks
- Hospitals
- Other End User
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Product Type:
- Blood Collection Devices
- Blood Collection Needles
- Blood Collection Tubes
- Serum Collection Tubes
- Plasma Collection Tubes
- Heparin Tubes
- Other Tubes
- Needles & Syringes
- Lancets
- Vacuum Blood Collection System
- Blood Bags
- Accessories
- Blood Processing Devices
- Blood Grouping Analyzers
- Blood Cell Processors
- Blood Filters
- Centrifuges
- Others
- Blood Storage Devices
- Blood Bank Refrigerators
- Blood Bank Freezers
- By Method of Collection:
- Manual Blood Collection
- Automated Blood Collection
- By End User:
- Blood Banks
- Hospitals
- Other End User
- Africa
- By Country:
- South Africa
- Central Africa
- North Africa
- By Product Type:
- Blood Collection Devices
- Blood Collection Needles
- Blood Collection Tubes
- Serum Collection Tubes
- Plasma Collection Tubes
- Heparin Tubes
- Other Tubes
- Needles & Syringes
- Lancets
- Vacuum Blood Collection System
- Blood Bags
- Accessories
- Blood Processing Devices
- Blood Grouping Analyzers
- Blood Cell Processors
- Blood Filters
- Centrifuges
- Others
- Blood Storage Devices
- Blood Bank Refrigerators
- Blood Bank Freezers
- By Method of Collection:
- Manual Blood Collection
- Automated Blood Collection
- By End User:
- Blood Banks
- Hospitals
- Other End Users
- Company Profiles
- Becton, Dickinson and Company *
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments
- Strategies
- Thermo Fisher Scientific Inc.
- Abbott Laboratories
- Fresenius Kabi AG
- Beckman Coulter Inc. (Danaher Corporation)
- BioMérieux, Inc.
- China Biologic Products Holdings, Inc.
- Immucor, Inc. (IVD Holdings, Inc.)
- Instrumentation Laboratory Company
- F. Hoffmann-La Roche AG (Roche Molecular Systems Inc.)
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet By Product Type
- Market Snippet By Method of Collection
- Market Snippet By End User
- Market Snippet By Region
- Coherent Opportunity Map (COM)
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- Epidemiology
- New Product Approvals/Launch
- Mergers and Acquisitions
- Regulatory Scenario
- PEST Analysis
- Porter’s Analysis
- Global Blood Banking Devices Market, By Product Type, 2016 - 2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, 2017 - 2026
- Segment Trends
- Blood Collection Devices
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Collection Needles
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Collection Tubes
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Serum Collection Tubes
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Plasma Collection Tubes
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Heparin Tubes
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Other Tubes
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Needles & Syringes
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Lancets
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Vacuum Blood Collection System
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Bags
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Accessories
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Serum Collection Tubes
- Blood Processing Devices
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Grouping Analyzers
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Cell Processors
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Filters
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Centrifuges
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Others
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Grouping Analyzers
- Blood Storage Devices
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Bank Refrigerators
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Bank Freezers
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Blood Bank Refrigerators
- Global Blood Banking Devices Market, By Method of Collection, 2016 - 2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, 2017 - 2026
- Segment Trends
- Manual Blood Collection
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Automated Blood Collection
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Introduction
- Global Blood Banking Devices Market, By End User, 2016 - 2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, 2017 - 2026
- Segment Trends
- Blood Banks
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Hospitals
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Other End Users
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Introduction
- Global Blood Banking Devices Market, By Region, 2016 - 2026 (US$ Million)
- Introduction
- Market Share Analysis, By Region, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, For Regions, 2017 - 2026
- North America
- Market Size and Forecast, By Product Type, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Method of Collection, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 - 2026, (US$ Million)
- U.S.
- Canada
- Europe
- Market Size and Forecast, By Product Type, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Method of Collection, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 - 2026, (US$ Million)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Product Type, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Method of Collection, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 - 2026, (US$ Million)
- China
- Japan
- India
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast, By Product Type, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Method of Collection, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 - 2026, (US$ Million)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Africa
- Market Size and Forecast, By Product Type, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Method of Collection, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 - 2026, (US$ Million)
- North Africa
- Central Africa
- South Africa
- Middle East
- Market Size and Forecast, By Product Type, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Method of Collection, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 - 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 - 2026, (US$ Million)
- GCC Countries
- Israel
- Rest of Middle East
- Introduction
- Competitive Landscape
- Heat Map Analysis
- Company Profiles
- Becton, Dickinson and Company
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- Thermo Fisher Scientific Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- Abbott Laboratories
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- Fresenius Kabi AG
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- Beckman Coulter Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- bioMérieux, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- China Biologic Products Holdings, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- Immucor, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- Instrumentation Laboratory Company
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- F. Hoffmann-La Roche AG (Roche Molecular Systems Inc.)
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategies
- Becton, Dickinson and Company
- Analyst Views
- Section
- References
- Research Methodology
- About us and Sales Contact
*Browse 30 market data tables and 35 figures on ‘Blood Banking Devices Market - Global forecast to 2026’.
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
- Primary Research (Trade Surveys and Experts Interviews)
- Desk Research
- Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
- National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
- Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
- Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
- Trade association, National and international media and trade press.
- Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
- Scientific journals, and other technical magazines and whitepapers.
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
- It provides first-hand information on the market dynamics, outlook, and growth parameters.
- Industry experts validates the estimates which helps the company to cement the on-going research study.
- Primary research includes online surveys, face-to face interviews, and telephonic interviews.
The primary research is conducted with the ecosystem players including, but not limited to:
- Raw Material Suppliers
- Manufacturers
- System Integrators
- Distributors
- End-users
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