A three-pronged approach was followed for deducing the tumor ablation 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 tumor ablation 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 tumor ablation 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 tumor ablation market was categorized into four segments, namely technology (Radiofrequency Ablation, Microwave Ablation, Cryoablation, Irreversible Electroporation Ablation, HIFU), treatment (Surgical Ablation, Laparoscopic Ablation, Percutaneous Ablation), application (Kidney Cancer, Liver cancer, Breast cancer, Lung cancer, Prostate cancer), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The tumor ablation market was segmented into technology, treatment, application, 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 tumor ablation 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-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; UAE; Egypt; South Africa; and Nigeria.
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 tumor ablation 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:
Medtronic, Medtronic is a company that provides medical solutions and therapies through the development, manufacturing, distribution, and commercialization of device-based products. The business operates in four segments: cardiac and vascular group, minimally invasive therapies, restorative therapies, and diabetes group. It has a global presence and operates from over 370 locations in approximately 160 countries. Its products are used primarily in surgical centers, hospitals, home care, and long-term care amenities.
Boston Scientific Corporation, Boston Scientific Corporation is a company that designs, manufactures, and markets medical devices for use in numerous interventional medical specialties internationally. The company’s mission is to develop the health of patients universally by providing innovative medical solutions. Its products are used to identify and treat complex diseases and conditions in areas such as respiratory, cardiology, neurology, pelvic health, digestive, and urology. The company operates and markets across three reportable segments: MedSurg, rhythm & neuro, and cardiovascular.
Johnson & Johnson Service Inc. (Ethicon, Inc.), Johnson & Johnson Service Inc. is a company that produces medical devices for open and minimally invasive surgeries. The company offers surgical access and energy devices at a global level. It also provides surgical devices for colorectal, breast, peripheral vascular, spinal, orthopedics, thoracic, and plastic surgeries. The business allocates its products through official distributors and functions as a subsidiary of Johnson & Johnson Service Inc.
AngioDynamics, The company offers medical devices and products that are used by healthcare professionals for surgeries, vascular access, peripheral vascular disease, and oncology. It operates in multiple locations across the globe, including the U.S., Asia, Europe, and Latin America, and has a presence in over 50 markets through direct sales and distributors.
Bioventus Inc. (Misonix Inc.) , This is a publicly-traded company that designs, manufactures, and distributes high-precision medical equipment worldwide. The company's operations are divided into three main business segments: restorative therapies, surgical solutions, and pain treatments. The surgical solutions business is one of the company's largest segments and has a global presence in over 50 countries.
EDAP TMS, EDAP TMS is a publicly traded company that focuses on developing and distributing medical equipment globally. The company specializes in High-intensity Focused Ultrasound (HIFU) for the treatment of prostate cancer. EDAP TMS has a global presence through its distribution channel and distribution partners. The company offers products for the treatment of prostate cancer and urinary stones and also provides postsale services.
Chongqing Haifu Medical Technology Co., Ltd, Chongqing Haifu Medical Technology Co., Ltd. is a publicly-traded company that specializes in the development, manufacturing, and distribution of medical equipment. The company's primary focus is on noninvasive ultrasound therapeutic systems for both benign and malignant tumors. Chongqing Haifu Medical Technology Co., Ltd. concentrates on an ultrasound tumor therapeutic system that provides noninvasive treatment for a variety of tumors, including metastatic, breast cancer, liver cancer, soft tissue sarcomas, uterine fibroids, and breast fibroadenoma.
Mermaid Medical, Mermaid Medical is a privately held company that strives to be the preferred partner for healthcare end-users and medical device manufacturers. The company is one of the exclusive distributors for several world-leading medical device manufacturers. Mermaid Medical's sales force operates in 10 offices across the U.S., Asia, and Europe, and it supplies medical devices to various end-users, including hospitals.
HealthTronics, Inc., HealthTronics, Inc. is a company that provides healthcare providers across the United States with combined interventional urological and radiology services and products. The business offers advanced support systems and technology to healthcare providers across the U.S. HealthTronics solutions include cryotherapy and laser equipment rentals, maintenance services, lithotripsy services, and physician partnership opportunities. It offers a wide range of minimally invasive, mobile medical therapies for clinical applications.
H.S. Hospital Service S.p.A., H.S. Hospital Service S.p.A. is a medical devices business that manufactures, develops, and promotes products for numerous applications, such as interventional devices, interstitial therapies, minimally invasive surgeries, critical care, and oncology. The corporation's line of business contains the supply of surgical and other medical apparatus, equipment, and instruments. H.S. Hospital Service aims to increase and endorse new approaches and methodical solutions for minimally invasive interventional diagnostics.
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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