A three-pronged approach was followed for deducing the near infrared imaging 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 near infrared imaging 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 near infrared imaging 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 near infrared imaging market was categorized into four segments, namely product (Devices, Reagents), application (Preclinical Imaging, Cancer Surgeries, Gastrointestinal Surgeries, Cardiovascular Surgeries, Plastic/Reconstructive Surgeries,), end-use (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Research Laboratories), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The near infrared imaging market was segmented into product, application, end-use, and regions. 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 near infrared imaging 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 nineteen countries, namely, the U.S.; Canada; UK.; Germany; France; Italy; Spain; Japan; China; India; Thailand; South Korea; Brazil; Mexico; Columbia; Argentina; South Africa; Saudi Arabia; UAE
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 near infrared imaging 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:
Quest Medical Imaging B.V. Quest Medical Imaging is a part of Quest Group. The company was acquired by Olympus in January 2021. The Quest Group has been offering multi-spectral cameras for industrial use. Quest is wellknown for its novel 3- and 5-channel camera technologies, as well as for its high-qualified and specialized software solutions that can often reveal previously unseen & exceptional information. The company manufactures and produces advanced camera systems for medical applications, ranging from photodynamic therapy to fluorescence imaging.
Stryker Stryker is among the world’s leading medical technology companies and is driven to make healthcare better for its customers. The company offers novel products & services that help improve hospital and patient outcomes. The company operates in three reportable segments: MedSurg, Neurotechnology & Spine, and Orthopedics. In 2021, Stryker owned around 11,500 patents globally and has spent about USD 1.2 billion on R&D.
Karl Storz SE & Co. KG Karl Storz SE & CO. KG is one of the global distributors and manufacturers of medical instruments, endoscopes, & other medical devices. The company has a wide range of endoscopic instruments for veterinary medicine, industrial endoscopy, & human medicine and has more than 15,000 products. Karl Storz combines its expertise in endoscopy with software solutions to attain integration in the operating room and to support resource management & clinical process. The company has its own subsidiary over 40 countries.
Olympus Corporation Olympus aims to become a global medtech company. It operates in five reportable segments: imaging, scientific solutions, endoscopic solutions, therapeutic solutions, and others. The company has received around 17,000 patents for its product portfolio as of March 2022. The company has its presence globally, including Europe, North America, Asia Pacific, Middle East & Africa.
Hamamatsu Photonics K.K. Hamamatsu Photonics is a leading manufacturer of devices for measurement and generation of infrared, visible, ultraviolet, and visible light. The company offers various devices, including photodiodes, photomultipliers, image sensors, infrared detectors, light sources, and scientific cameras. The company offers X-ray detectors and sources, along with specialized photometric systems for pharmaceutical development, academic research, nondestructive, & inspection semiconductor manufacturing. The company has its presence globally.
Mizuho Medical Co, Ltd. Mizuho Medical aims to be among the worldwide provider of medical products that are selected by hospitals. The company’s product category involves surgical equipment, veterinary implant instruments, general surgical implant, and operating room equipment. Its products include sterilization containers, surgical instruments, operating tables for veterinary hospitals, various implants, aspirators, and operating tables. Mizuho has its group companies across several countries, including Thailand, Germany, and the U.S.
Shimadzu Corporation Shimadzu Corporation is a Japan-based company engaged in R&D, maintenance, sale of testing & measuring instruments, aircraft equipment, medical equipment, and industrial equipment. The company operates through four segments: industrial machinery, aircraft equipment, medical systems, and measuring & analytical instruments. The company has its presence globally, including North America, Europe, South & Central America, Asia, Oceania, and Middle East & Africa.
Leica Microsystem (Danaher) Leica Microsystems manufactures and develops scientific instruments & microscopes for analysis of nanostructures and microstructures. The company is among the market leaders in digital microscopy, surgical microscopy, confocal laser scanning, stereo & compound microscopy, and super-resolution microscopy with related imaging systems, and electron microscopy. Leica has presence in 100 countries and has sales & service organization in 20 countries. It operates through three business areas: industry, forensics & education, and medicine. Leica Microsystem is a part of Danaher.
Medtronic (Visionsense) Medtronic is among the largest medical equipment manufacturing companies across the world. The company is a global health solutions company with a global market reach. It manufactures and develops medical device therapies and technologies to treat chronic illnesses globally. The company operates in verticals of cardiac & vascular, minimally invasive therapies, restorative therapies, wound care management, and diabetes care. The company operates globally and has presence in more than 160 countries.
PerkinElmer, Inc. PerkinElmer, Inc. is among the leading providers of services, products, and solutions for life sciences, diagnostics, & applied markets. Through its differentiated solutions and advanced technologies, the company addresses critical issues that help in improving lives of patients worldwide. The company operates in two reportable segments: diagnostics and discovery & analytical solutions. The company markets and distributes its services & products in more than 190 countries.
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 2022, historic information from 2018 - 2021, and forecast from 2023 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 2022 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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