A three-pronged approach was followed for deducing the heparin market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for heparin market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of heparin market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The heparin market was categorized into six segments, namely type (Low Molecular Weight Heparin, Ultra-low Molecular Weight Heparin, Unfractionated Heparin), route of administration (Intravenous, Subcutaneous), application (Venous Thromboembolism, Atrial Fibrillation, Renal Impairment, Coronary Artery Disease), end-use (Outpatient, Inpatient), source (Porcine, Bovine), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The heparin market was segmented into type, route of administration, application, end-use, source, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The heparin market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The heparin market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
GlaxoSmithKline PLC (GSK) -GlaxoSmithKline (GSK) is a healthcare company, which develops, manufactures, and markets medicines, vaccines, and consumer healthcare products. The company history dates back to 1715, but in 2000, Glaxo Wellcome and SmithKline Beecham merged to form GlaxoSmithKline. The company is headquartered in the UK. GlaxoSmithKline plc operates in three segments: Vaccines, pharmaceuticals, and consumer healthcare. In early 2015, GSK entered into a contract with Novartis for reshaping the business of both companies. Moreover, the company currently has 87 manufacturing facilities spread across 36 countries.
PFIZER INC - Pfizer, Inc. is a pharmaceutical company based in the U.S. and founded in 1849. The company manufactures products for curing a wide range of medical disciplines including diabetes, immunological, cardiological, oncology, and dermatological diseases. Pfizer has formed its strategic alliances with Johnson & Johnson, Merck, GE Healthcare, Novartis, Roche, Bayer, and ALT to empower its market position. The company is operational through five sectors including primary care, oncology, animal & consumer healthcare, emerging economies, and nutrition. In 2008, Pfizer established a separate individual unit specifically dedicated to regenerative medicine research in Cambridge. Neusentis, Pfizer’s regenerative medicine unit is launched to conduct independent research in stem cells for generation of regenerative medicines. This unit initially focused on the development of cell-based therapies for age-related macular degeneration and endocrine and cardiac research.
LEOPHARMA A/S - LeoPharma A/S is headquartered in Denmark and is serving 76 patients in 130 countries. The company consist of around 6,000 people globally. It operates in different business divisions including dermatology, psoriasis, eczema, and rare diseases. Leopharma A/S provides pipeline products for different indications. The company has approximately 100 years of experience with drug development and discovery. They invest heavily in R&D and 18% of their turnover is allocated to research and development of novel innovative solutions. Leopharma A/S has partnerships with more than 400 institutional and academic research centers and with other industry partners globally.
SANOFI -Sanofi is a French multinational conglomerate involved in manufacturing, marketing, and R&D of healthcare products across the world. As of 2014, the company has presence in 110 countries with 120 manufacturing units and over 20 R&D centers across the globe. Sanofi primarily offers products & services in the field of pharmaceuticals, animal health, and vaccines. Sanofi’s product portfolio includes consumer healthcare products, insulin, generic drugs, enzymes, syrups, tablets, as well as therapeutic solutions for conditions such as diabetes, oncology, multiple sclerosis, and veterinary diseases. Sanofi offers insulin as well as medical devices such as injection pens and reusable pens.
DR. REDDY’S LABORATORIES LTD. - Dr. Reddy’s Laboratories Ltd. is a multinational pharmaceutical company headquartered in India. The company offers generics, APIs, differentiated formulations, biologics, and over-the-counter products. Dr. Reddy’s Laboratories Ltd. provides products for different therapeutic areas including cardiovascular disease, gastrointestinal ailments, pain management, anti-infectives, cancer, skin diseases, and for pediatric conditions. The company consist of 20,000 employees globally. They operate in over 80 countries around the world. Their largest part of business portfolio is the generic formulations including injectables, capsules, tablets, and topical creams. Currently, the company works with about 50 partners globally for research and developing products.
ASPEN HOLDINGS - Aspen Holdings is a global specialty and branded multinational pharmaceutical company having its presence in developed and emerging countries. The company was established in 1850 and is headquartered in South Africa with around 10,000 employees globally. Their major business segments are commercial and manufacturing pharmaceuticals. The company has its presence in developed Europe, sub-Saharan Africa, Australasia, Latin America, developing Europe and CIS, Japan, Middle East, and North America. They offer sterile focus brands, regional brands, and manufacturing facility. The company supply medicines in more than 150 countries with 23 manufacturing facilities at 15 manufacturing sites.
B. BRAUN MEDICAL INC. -B. Braun Medical, Inc. is involved in developing, manufacturing, and marketing innovative medical products and services. The company was established in 1839 and is headquartered in the U.S. They offer therapies including infusion therapy, nutrition therapy, regional anesthesia and pain management, renal therapies, and wound management. In addition, B. Braun Medical provides product catalogs for admixture, prefilled flush syringes, IV fluids, IV sets, regional anesthesia and pain management, renal therapies, infusion systems, vascular access, and parenteral nutrition. The company operates globally. Their business is segmented as standard components products, configure components products, and custom designs.
FRESENIUS SE & CO. KGAA - Fresenius SE & Co. KGaA was established in 1912 and is headquartered in Germany. It is a global healthcare company providing high-quality products and services for hospitals, dialysis, and outpatient treatment. The company operates in more than 100 countries with 290,000 employees worldwide. Fresenius SE & Co. KGaA operates through four business segments. Fresenius Medical Care is involved in treating people with chronic kidney failure, Fresenius Helios is a private hospital operator in Europe, Fresenius Kabi distributes clinical nutrition products, essential drugs, medical devices, and Fresenius Vamed develops, plans, and manages healthcare facilities.
SANDOZ (NOVARTIS AG) - Novartis AG is a Swiss-based multinational company catering to the pharmaceutical market. It is also involved in R&D, manufacturing, and marketing of healthcare products. The company was formed following the merger of Sandoz Laboratories, Inc. and Ciba-Geigy AG. It is a publicly held organization and operates through three segments: Innovative Medicines, Sandoz, and Alcon. The Innovative Medicines division includes the oncology business unit and pharmaceuticals business unit. This segment offers patented prescriptions and drugs for immunology, cardiology, respiratory, dermatology, and neurology. The Sandoz segment provides generic medicines, API formulations, and other biotechnology services. The Alcon segment offers ophthalmic surgical instruments, lenses, and other products related to ophthalmology. The company distributes its products in nearly 155 countries worldwide.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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