Global Clinical Laboratory Services Market, By Test Type (Clinical Chemistry, Medical Microbiology & Cytology, Human & Tumor Genetics, Other Esoteric Tests), Service Provider(Clinic-based, Hospital-based, Standalone), and Geography - Trends, Analysis and Forecast till 2024

Clinical Laboratory Service – Be informed of your health in advance

Around 70% of medical decisions are based on lab results, as revealed by statistic released by Quest Diagnostics. Thus, optimization of laboratory facilities to deliver quality and cost-effective patient care is of utmost importance for clinical laboratory service providers. The three major types of clinical laboratory service providers are hospital-based laboratories, clinic-based laboratories and standalone laboratories. Major factors impacting the dynamics of global clinical laboratory service market include growing aging population, increasing disease burden, and increasing number of preventive health check-ups.

The global clinical laboratory services market was valued at US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016 – 2024).

Figure 1. Global Clinical Laboratory Services Market Size and Forecast, US$ Million and Y-o-Y Growth (%), 2014-2024

Clinical Laboratory Services Market

Source: Coherent Market Insights Analysis (2017)

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Growing susceptibility of aging population to chronic diseases

According to the U.S. Census Bureau Report in 2015, around 8.5% of the world population was aged 65 years and above, which is expected to reach 12% of the world population by 2030. Moreover, the report states that growth of the geriatric population would be significantly higher in developing regions of Asia and Latin America. The report further stats that deaths due to non-communicable diseases such as cardiovascular diseases, lung disorders, cancer, and stroke is increasing at a rapid rate across the globe. This alarming trend is especially prevalent in the developing countries in Asia, Africa, and Latin America. Thus, increasing elderly population and growing risk of diseases, especially non-communicable diseases is projected to significantly increase test volumes for clinical laboratory service providers during the forecast period.

Increasing uptake of routine health tests by consumers

Increasing health concerns coupled with growing risk of transmittable diseases among the populace is leading to rapid uptake in routine health check-ups by consumers. Unhealthy food habits is making the human population vulnerable to bacterial and viral infections. Demand is especially high for tests to detect malaria and tuberculosis, which are highly prevalent in tropical regions such as South Asia, Africa, and Latin America. Therefore, growth of the clinical laboratory services market in Latin America is projected to expand at a relatively high CAGR of 9.1% during the forecast period.

Following test guidelines are essential to prevent false-positive results

The clinical laboratory service providers need to adopt ethical and efficient clinical practices to avoid false-positive results. In December 2016, the U.S. FDA issued a safety alert for ZIKA virus test takers, following reports that showed increasing false-positive results from ZIKV Detect test.

Market consolidation: The prevalent trend in the market

The global market for clinical laboratory services is undergoing consolidation. Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, thereby becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company also acquired ClearPath Diagnostics, a leading clinical laboratory service provider in Northeastern region of U.S., in October 2016. Inorganic growth strategies would continue to be a part of future roadmap for leading healthcare service providers in the long run in order to ensure sustained growth.

Clinical laboratory tests are an integral part of healthcare industry, aiding effective diagnosis of diseases. The tests conducted at diagnostic laboratories enable identification of the epidemiology of disease, the resultant abnormalities, level of progression (stage) of the disease, and imbalances in the physiology. With growing competition, clinical laboratories are providing additional services such as free-home pick-up of the blood and urine sample, sharing medical reports directly with the concerned physician, and regular updates/reminders for health check-up. The clinical test equipment manufacturers such as Quest Diagnostics, Inc. and Abbott Laboratories are constantly working on improving their laboratory products to shorten the duration of test and increase product efficiency. This enables effective management of clinical laboratories.

Market Dynamics

According to the United Nations 2015 World Population Prospects Report, the number of people aged 60 years and above is expected to grow by 56% to reach 1.4 billion by 2050. Aging increases the risk of infections and chronic disorders such as arthritis, atherosclerosis, cancer, liver diseases, and diabetes. This makes the geriatric population a key target group for diagnostic tests. Increasing health consciousness and awareness among people for regular-health check-ups for identifying signs of any disease have also increased number of visits to laboratories. Also, diagnostic laboratories are launching multiple health packages for routine health check-ups and encouraging the general population to perform routine health check-up at least once a year. Such initiatives from the clinical test service providers is also fueling the demand for clinical laboratory services.

Market Taxonomy

This report segments the global clinical laboratory services market on the basis of test type and service provider. On the basis of test type, the global clinical laboratory services market is classified as clinical chemistry, medical microbiology & cytology, human & tumor genetics, and other esoteric tests. Service providers include clinic-based laboratories, hospital-based clinical laboratories, and standalone clinical laboratories.

Key features of the study:

  • This report provides in-depth analysis of clinical laboratory services in medical sector and provides market size (US$ million) and Cumulative Annual Growth Rate (CAGR) (%) for the forecast period (2016 – 2024), considering 2015 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 strategy adopted by the leading players
  • It profiles leading players in the global clinical laboratory services 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 Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories and Sonic Healthcare Limited
  • 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 clinical laboratory services market report caters to various stakeholders in this industry, including investors, clinical laboratory equipment suppliers and distributors, new entrants, and financial analysts
  • Stakeholders would have ease in making decision through the various strategy matrices leveraged in analyzing the clinical laboratory services market

Detailed Segmentation:

  • Global Clinical Laboratory Services Market, By Test Type:
    • Clinical Chemistry
    • Medical Microbiology & Cytology
    • Human & Tumor Genetics
    • Other Esoteric Tests
  • Global Clinical Laboratory Services Market, By Service Provider:
    • Clinic-based
    • Hospital-based
    • Standalone
  • Global Clinical Laboratory Services Market, By Geography:
    • North America
      • U.S.
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Canada
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
    • Europe
      • U.K.
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Germany
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Italy
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • France
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Russia
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Rest of Europe
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
    • Asia-Pacific
      • China
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • India
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Japan
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • ASEAN
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Australia
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • South Korea
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Rest of Asia Pacific
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
    • Latin America
      • Brazil
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Mexico
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Rest of Latin America
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
    • Middle East
      • GCC
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Israel
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
    • Africa
      • North Africa
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • Central Africa
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
      • South Africa
        • By Test Type
          • Clinical Chemistry
          • Medical Microbiology & Cytology
          • Human & Tumor Genetics
          • Other Esoteric Tests
        • By Service Provider
          • Clinic-based
          • Hospital-based
          • Standalone
  • Company Profiles
    • Abbott Laboratories*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Laboratory Corporation of America Holdings (Labcorp)
    • Bio-Reference Laboratories
    • ARUP Laboratories
    • Charles River Laboratories
    • Labco S.A.
    • Genoptix Medical Laboratory
    • Quest Diagnostics, Inc.
    • Healthscope Ltd.
    • Sonic Healthcare Limited
    • Spectra Laboratories

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet By Test Type
      • Market Snippet By Service Provider
      • Market Snippet By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Epidemiology/Prevalence/Incidence
      • Merger and Acquisitions
      • New Product Approvals/Launch
      • Promotion and Marketing Initiatives
    • Cost Tier Down Analysis
  4. Global Clinical Laboratory Services Market, By Test Type, 2014 - 2024 (USD Million)
    • Introduction
      • Market Share Analysis, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, 2014 - 2024
      • Segment Trends
    • Clinical Chemistry
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2014 - 2024, (USD Million)
    • Medical Microbiology and Cytology
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2014 - 2024, (USD Million)
    • Human & Tumor Genetics
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2014 - 2024, (USD Million)
    • Other Esoteric Tests
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2014 - 2024, (USD Million)
  5. Global Clinical Laboratory Services Market, By Service Provider, 2014 - 2024 (USD Million)
    • Introduction
      • Market Share Analysis, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, 2014 - 2024
      • Segment Trends
    • Clinic-based
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2014 - 2024, (USD Million)
    • Hospital-based
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2014 - 2024, (USD Million)
    • Standalone
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2014 - 2024, (USD Million)
  6. Global Clinical Laboratory Services Market, By Regions, 2014 - 2024 (USD Million)
    • Introduction
      • Market Share Analysis, By Region, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, For Regions, 2014 - 2024
    • North America
      • Market Share Analysis, By Country, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, By Country, 2014 - 2024
        • U.S.
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Canada
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
    • Europe
      • Market Share Analysis, By Country, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, By Country, 2014 - 2024
        • U.K.
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Germany
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Italy
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • France
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Russia
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Rest of Europe
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
    • Asia Pacific
      • Market Share Analysis, By Country, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, By Country, 2014 - 2024
        • China
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • India
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Japan
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • ASEAN
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Australia
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • South Korea
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Rest of Asia Pacific
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
    • Latin America
      • Market Share Analysis, By Country, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, By Country, 2014 - 2024
        • Brazil
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Mexico
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Argentina
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Rest of Latin America
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
    • Middle East
      • Market Share Analysis, By Country, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, By Country, 2014 - 2024
        • GCC Countries
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Israel
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Rest of Middle East
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
    • Africa
      • Market Share Analysis, By Country, 2015 and 2024 (%)
      • Y-O-Y Growth Analysis, By Country, 2014 - 2024
        • Northern Africa
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • Central Africa
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
        • South Africa
          • Country Trends
          • Market Size and Forecast, By Test Type, 2014 - 2024 (USD Million)
          • Market Size and Forecast, By Service Provider, 2014 - 2024 (USD Million)
  7. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis
    • Company Profiles
      • Abbott Laboratories
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Laboratory Corporation of America Holdings (Labcorp)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Bio-Reference Laboratories
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • ARUP Laboratories
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Charles River Laboratories
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Labco S.A.   
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Genoptix Medical Laboratory      
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Quest Diagnostics, Inc.     
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Healthscope Ltd.    
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Sonic Healthcare Limited  
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Spectra Laboratories        
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
        •  
    • Analyst Views
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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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.


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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.

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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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