Market Research Process
Data Procurement
This stage involves collecting market data using secondary research, purchased databases, and industry databases.
Data Analysis
This stage involves analysing and reconciling information from third party perspectives, primary interviews, surveys, and questionnaire-based research.
Market Formulation
This stage involves positioning data points to draw conclusions using market derivation, value chain analysis, penetration modeling, product sizing, forecasting, usage rates, and expert insights.
Validation & Publishing
This stage involves to meticulously validate and re-validate data through bottom-up approach, top-down approach, regression analysis, variable analysis, trend analysis, growth estimation, and historical market trends for accurate final calculations.
The iterative process between phases 1 and 2 is bidirectional, crucial for data filtration. It involves database management, information procurement, analysis, user size analysis, technological advancements, and market impact.
The validation and market formulation stages exhibit reversible characteristics, operating concurrently to guarantee data precision and procedural adaptability.
Throughout the tenure, we engage in market sizing and point identification processes. Phases 1 & 2 lead to 3 & 4. This iterative process continues until each data point is rigorously validated and ready for release
Data Procurement
This stage involves procuring market data through diverse research methodologies and information analysis
We procure subscriptions to premium databases like Hoover's and Factiva, granting us access to comprehensive company financials, industry insights, and scholarly literature.
Our repository comprises historic market databases, pertinent studies, and internal audit reports meticulously managed by our dedicated analyst team.
We conduct primary interviews with in-house industry luminaries, consultants, manufacturers, users, and distributors, employing brainstorming sessions, tele-interviews, and online surveys extensively.
Our secondary sources include government statistics from WHO, NGOs, and World Bank, along with KoL publications, company filings, and investor documents. Third-party perspectives involve analyzing investor reports and academic commentary.
Purchased Data Solutions:Utilizing resources like Factiva, Statista, Bloomberg, Hoover's database allows us to discern financial insights, competitive market landscapes, and formulate market structures. This aids significantly in user size analysis, market sizing, especially with supply-chain analysis. Factiva and other industry databases furnish us with industry statistics and expert opinions to shape conclusions. Supplementary sources like SME journals and third-party databases offer valuable insights into usage rates, procedure statistics, market potentials, unmet needs, regional expenditures, and investment opportunities. We analyze end-user usage frequency, procedural data, market potentials, unfulfilled demands, regional spending trends, and investment opportunities.
Primary Interviews & Paid Experts:We conduct more than 250 primary interviews with the leaders and key people in the market for each of our syndicate reports. 80-85% of our analysis is based on this activity.
GME's In-house Datasets:Our extensive internal database comprises data gleaned from past research endeavors and managed meticulously by our dedicated database management team. It encompasses not only usage rates, procedure statistics, and potential market-related insights but also crucial data on unmet needs, regional spending trends, and investment opportunities. Additionally, our repository includes internal audit reports and archives, further enhancing the depth and breadth of our market research capabilities. Through these comprehensive resources, we ensure a robust foundation for informed decision-making and strategic planning within the dynamic landscape of market research
Secondary Sources & Third Party Perspectives:Secondary sources, detailed in our final deliverable, enriches our insights. These include white papers, databases from government websites and applications, WHO, the World Bank, KoL publications, company filings, and investor documents.
Primary Research:
Primary interview scope and surveys are validated by comprehensive secondary research, which is an ongoing process conducted at every stage of the project.
Conversations with suppliers and manufacturers
Interactive sessions with producers, suppliers, researchers, and regulatory agency officials
Interviews with industry exporters, market participants, and independent consultants
Interview Scope
Research tool: Peer to peer conversations and research using questionnaire-based tools
Database: Paid vendors, Sources procured from local experts, Statista, ZoomInfo, Hoovers, LinkedIn, Factiva
Regional scope: All Our consultants outsource interviews that require non-English speaking participants.
Data Scrutiny & Information Analysis
Data from primary and secondary sources undergo analysis employing various tools and models for comprehensive insights [a partial list].
- Identify variables and assess market impact
- Track emerging market trends
- Analyze future opportunities and penetration rates
- Monitor reimbursement trends and regulatory trends for future growth
- Examine sustainability strategies for market trajectory
- Analyze historical trends for year-on-year insights
- Understand consumer behavior and regulatory landscape
- Monitor technological advancements in market segments
- Establish base numbers from company revenues and market share analysis
- Derive market estimates from parent and ancillary markets analysis
Our research methodology includes the following techniques:
- Model selection includes: demand-based bottom-up approach, usage rates approach, and a mix of top-down and bottom-up approach
BOTTOM-UP
Total
market
Product A
Product B
Product A
Product A1
Product A2
- Estimate product demand per region to determine total market
- Analyze variables for accurate demand forecasting
- Estimate demand using paid databases and company financials
- Conduct primary interviews for data validation and insights
TOP-DOWN
Overall Market
Regional Market
Sub-
category
Market
Derived via commodity flow & demand / consumption models
Product B
Product B1
Product B2
- Utilized for new product forecasting or penetration analysis.
- Utilize invoice product flow and penetration models.
- Implement regression multivariate analysis for accurate forecasting.
- Leverage paid and public databases extensively.
- Conduct primary interviews and vendor-based research for variable analysis.
Value Chain-Based Market Analysis
Supply Side Analysis
- Estimate company revenue using annual reports and investor presentations
- Determine segment revenue through variable analysis and penetration modeling
- Identify market leaders and their revenue shares through benchmarking
- Forecast by analyzing commercialization rates, market initiatives, etc.
Demand Side Analysis
- Identify parent and ancillary markets.
- Analyze segment penetration for revenue/volume.
- Heuristic forecasting with subject matter experts.
- Forecast using variable analysis.
Product Penetration Analysis
- Forecasting product penetration involves analyzing features, pricing, and internal/external substitutes to predict market saturation and adoption rates.
- Year-on-year sales estimation through extensive interviews with:
- Medical professionals
- Industry experts and Key Opinion Leaders (KoLs)
- Distribution partners
- Sizing and forecasting products through diffusion model with S-curve growth. Analyzing current usage and substitution rates using regression analysis.
- Identifying factors and evaluating their impact on growth
- Using QFD modeling to assess market share (illustrated below)
- Using historical data to establish baseline estimates
- Applying market sizing techniques to predict penetration depending on end-user size:
- Analyzing current demand trends to estimate market penetration rates
- Utilizing unmet needs of the consumers and capitalization rates to ascertain growth trends
| Scores derived via QFD | Price | Efficacy rates | Current penetration | Future prospects | Consumer preference index |
|---|---|---|---|---|---|
| Product A | 10 | 9 | 7 | 9 | 6 |
| Product B | 8 | 9 | 4 | 6 | 5 |
| Product C | 10 | 7 | 1 | 7 | 9 |
| Product D | 4 | 8 | 10 | 9 | 4 |
| Product E | 8 | 6 | 6 | 3 | 1 |
| Weightage in terms of % | |
|---|---|
| Price | 25% |
| Efficacy rates | 25% |
| Current penetration | 25% |
| Future prospects | 10% |
| Consumer preference index | 15% |
| 100% |
| Market shares as calculated for initial research purposes | ||
|---|---|---|
| Average score | Relative market size | |
| Product A | 8.3 | 24.84% |
| Product B | 6.6 | 19.47% |
| Product C | 6.6 | 19.32% |
| Product D | 7.0 | 20.65% |
| Product E | 5.5 | 16.08% |
| 33.9% | ||
Market Data Analysis
Market Strategy
Development
- This step includes calculations of finalizing market figures
- Data Normalization
- This step is to internally manage outputs by Data Analysis
- Normalizing data
- Market estimates and forecasts are sent for validation to industry experts
- Finally the report scope is finalized along with data visualization process
The process entails multiple level of validation. All these steps run parallel and the study is forwarded for publishing only if all three level render validated results.
