Overview
The research starts with the extensive procurement process of data/information and statistics from company annual reports, government websites, statistic agencies, and paid databases. This information creates a base for the study. This information also helps to define the scope and to narrow down the area for study for the market. This raw information is processed and analyzed to extract crisp data points that currently affect or are likely to affect the industry over the forecast period. After analyzing the information, a proprietary statistical tool is used for market estimation & forecast, which generates the quantitative figures/sizes of the market/sub-segments in the current scenario as well as for over the forecast period.
After estimating the market sizes & estimates, numbers are verified with the industry participants and key opinion leaders. The wide network of industry participants performs a value addition in the research and verify the numbers & estimates of the study. In the last stage of the research process, a final report is prepared, which is then published on different websites as well as distributed through various channels. The below figure contains the different stages of the whole research performed to produce the report.
Data Mining
Data mining is one of the extensive stages of our research process. It involves the procurement of market data and related information through different verified & credible sources. This step helps to obtain the raw information about components in the industry and their deployment, the monetary process for different end-uses, the pool of market participants & the nature of the industry, and the scope of the study. The data mining stage comprises both primary as well as secondary sources of information.
Secondary Research
In the secondary research process, various sources are used to identify and gather industry trends and information for the research process. We at Wantstats have access to some of the most diversified and extensive paid databases, which give us the most accurate data/information on market sizes, components, and pricing. Mentioned below is a detailed list of sources that have been used for this study. Please note that this list is not limited to the names as mentioned; we also access other data sources depending on the need.
Primary Research
In the primary research process, in-depth primary interviews are conducted with the CXOs to understand the market share, customer base, pricing strategies, and other necessary information. Besides, in-depth primary interviews are conducted with the CXOs of companies, and others to validate the supply-side information. Moreover, various key industry participants from both the supply and demand side are interviewed to obtain qualitative and quantitative information on the market. In-depth interviews with key primary respondents, including industry professionals, subject matter experts (SMEs), industry consultants, and C-level executives of major companies, are conducted to obtain critical qualitative and quantitative information pertaining to the market, as well as to assess the prospects for market growth during the forecast period. Detailed information on these primary respondents is mentioned below.
Research Methodology for Market Size Estimation
Understanding and penetrating the market in terms of valuation is a crucial task in the process of business research. This again becomes significantly important while investing and choosing business opportunities. In this regard, we at Wantstats performs two ways market sizing approach simultaneously, namely top-down and bottom-up approaches. In this step, we place different data points, numeric attributes, information, and industry trends at an appropriate space to deduce the estimates & forecast values over the coming years. We use different mathematical models to estimate the market sizes of different economies and segments. Each of which is further summed up to define the total market.
We at Wantstats own a proprietary statistical tool for market estimations, which helps us to comprehend market size estimates & forecasts for different markets and industries.
Bottom-Up Approach
In the bottom-up approach, the revenue of key companies and their shares in the market are assessed to deduce the market size. More than 20 key players operating in the global companion diagnostics market are studied. The segmental revenue of each player is analyzed, and the size for the global companion diagnostics market is extracted from the segmental/product/service revenue with the help of secondary and primary research. The extracted size for the market is then validated with industry experts and partner consultants. This derived market size contributes to around 75% to 85% of the total global market share in terms of revenue for the companion diagnostics market. Using the data triangulation method, the overall global market size is estimated.
Top-Down Approach
The overall market size is then used in the top-down procedure to estimate the size of the other sub-markets with the help of percentage splits of the market segments from secondary and primary research. The demand-side analysis is conducted, in which the expenditure of significant industry players in each region is studied. The end-users considered in the scope of this research study contributes around 70% of the total spent in the companion diagnostics market.
The figure below depicts the process of market estimation using independent tools employed by our analysts to arrive at the sizing of the market.
As a part of the market engineering, both top-down and bottom-up approaches are utilized along with data triangulation models to derive and verify the market sizes and forecast over the coming years.
Data Triangulation
After arriving at the overall market sizes, the total market is divided into several segments and sub-segments. Again, the market breakdown and data triangulation procedures are implemented, wherever applicable, to complete the overall market engineering process and gather the exact statistics for all segments and sub-segments. The data is triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size is validated using the top-down and bottom-up approaches.
Validation
Validation is the most crucial stage of the report making the process. Validation via an intricately designed feedback process helps us finalize the sizing estimates and forecast for the final collation. Extensive primary research is performed to verify the information. This includes telephonic and personal interviews, e-mails, feedback forms, questionnaires, and polling options/answers with a group of relevant industry participants. Validation helps to duly check the authenticity of the key industry trends, market dynamics, company market share, different business models, and conclusions.
