A three-pronged approach was followed for deducing the rhinoplasty 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 rhinoplasty 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 rhinoplasty 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 rhinoplasty market was categorized into three segments, namely treatment type (Augmentation, Reduction, Post traumatic, Reconstructive, Revision, Filler), technique (Open Rhinoplasty, Closed Rhinoplasty), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The rhinoplasty market was segmented into treatment type, technique, 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 rhinoplasty 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; the UK; Germany; France; Italy; Spain; Japan; China; India; Thailand; South Korea; Brazil; Mexico; Argentina; Columbia; 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 rhinoplasty 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:
Stryker - Stryker is a medical technology business that provides cutting-edge services and solutions in the spine, neurotechnology, surgery, and medical fields that enhance hospital and patient outcomes. More than 100 nations sell the company's goods. In 2018, it declared sales of USD 13.6 billion. Balloon dilation, nasal implants, imaging, surgical equipment & tools, navigation, and nasal packing are just a few of the product categories offered by the organization.
GROVER AESTHETICS - Dr. Sanjay Grover is the owner and operator of Grover Aesthetics. It is among the most well-known facilities in California for cosmetic surgery. As a board-certified plastic surgeon, Dr. Grover focuses on body, breast, nose, and facial aesthetic surgery. In addition, the clinic offers nonsurgical procedures such as CO2 laser resurfacing, microneedling, liquid facelifts, and photofacials. Gynecomastia, male pectoral expansion, and nipple and areolar reduction are among the surgical treatments available to males.
Sunset Cosmetic Surgery - One of Los Angeles' most well-known facilities for cosmetic surgery is Sunset Cosmetic Surgery. Members of the American Society of Plastic Surgeons (ASPS) and the American Society for Aesthetic Plastic Surgery (ASAPS) comprise the surgical staff. Body, breast, and cosmetic face operations are the clinic's areas of expertise. These procedures include liposuction, Brazilian butt lifts, body lifts, tummy tucks, chin implant surgery, breast augmentation, blepharoplasty, ear enhancement, facelifts, rhinoplasty, and breast lifts & breast revision surgery. Additionally, it offers injectable fillers including Juvéderm and BOTOX.
Implantech - Face implants are created and produced by Implantech for use in cosmetic and reconstructive procedures. ContourFlex & PowerFlex (solid silicone to augment body regions) and calf, pectoral, and gluteal implants (to create contoured volume and smoothed edges) are some of its best-selling items. All three body-contouring zones and textured alternatives for incredibly soft gluteal and pectoral selections are part of its extended product line. Cimeosil, a product from Implantech's scar management portfolio, is designed to treat hypertrophic and keloid scars topically.
Surgiform Technologies LLC - Surgiform Technologies LLC is a biomedical firm that specializes in creating, producing, and marketing aesthetically pleasing surgical implants and equipment for plastic, reconstructive, and cosmetic procedures.
New York Center for Facial Plastic & Laser Surgery - Under the direction of Dr. Andrew A. Jacono, the New York Center for Facial Plastic & Laser Surgery is a private medical clinic. Modern amenities at Dr. Jacono's practice include Restylane, BOTOX, and laser treatments in addition to minor cosmetic operations. Patients come from all over the United States and other countries to this clinic, which has state-of-the-art technology for both surgery and recuperation. Four exam rooms, two surgical rooms with hospital codes, and five recovery bays are all part of the institution. Additionally, people receiving therapy can obtain financial assistance from the clinic.
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 to 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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