Introduction
The life science industry is a rapidly growing industry in the market. lifescience market research is essential at the beginning of any development. The presence of numerous players has made it more competitive than before and leading market research consulting companies play a vital role in providing the right data to clients.
The life science industry incorporates biotechnology, pharmaceuticals, enzymes, etc. These industries are required to follow several steps before new product marketing. Smooth processing of these steps requires well-researched and standard data. Lifescience Intellipedia is one of the top market research consulting companies in the domain committed to delivering fact-checked accurate data following its motto of right data, right decision.
Why Market Research is Need of the Hour?
Markets are dynamic, ever-changing ecosystems. Both startups and established businesses in the life sciences sector must stay current because the market is always changing. Market research aids in acquiring the trust of consumers by providing fundamental insight into their needs. Data that has been analyzed can give statistics and percentages, but market research gives specifics and information about what’s and whys of the client’s needs.
Major Players in the Market Research Domain
Market research connects the producer and customer through direct or indirect means. Major contributors to this domain in India include Kantar IMRB, Nielsen India, Frost & Sullivan India, Majestic MRSS, TNS India Private Limited, IDC India, IPSOS India Research, Millward Brown, etc. Apart from these, Lifescience Intellipedia is the fastest-growing market research entity in this sector with its cutting-edge high-value data.
Current Trends
The life sciences sector is experiencing strong growth with a collective amount of USD 2.83 trillion and will exponentially grow higher. Indian pharmaceutical industry has been growing rapidly with a CAGR of 9.43% in the last nine years and it is estimated to achieve a value of USD 130 billion in 2030. India is globally second for the number of US-FDA-certified plants located outside the US. The Indian Biotechnology industry crossed USD 80.12 billion in 2022 and it is expected to reach USD 150 billion by 2025. The Indian Biosimilars market is growing with a compounded annual growth rate (CAGR) of 22% aiming to reach USD 12 billion by 2025. The Indian medical device sector achieved USD 10.36 billion and with CAGR of 37%, it is aiming to reach USD 50 billion by 2025.
Role of Market Research in the Life Sciences Industry
From the beginning of new drug development, and testing, to post-production processes in the life sciences industries, market research plays a key role in enhancing health as well as quality of life. Some facts indicating the importance of market research are presented here: –
Types of Market Research
Market research in the lifescience industry helps in understanding market dynamics. Both Primary and secondary research are important to gather insights about markets, trends, customers, etc. Primary market research focuses on original data collection directly from sources such as surveys, interviews, questionnaires, clinical trials, studies, and medical records while secondary research uses existing data including articles, reports, government publications, academic journals, etc.
Who are the Audiences for Market Research Consulting Firms?
Market research consulting companies help their own organization by providing a fact-based foundation for the estimation of sales and profit while it conducts research to provide compelling data to the potential partners to show the viability of a company’s business plan including market entry strategy.
Why Lifescience Intelipedia?
We provide value-added data to clients in the form of comprehensive primary & and secondary research, quantitative and qualitative research, detailed market analysis, and research reports to help them identify emerging opportunities and make strategic decisions. Lifescience Intellipedia has established itself in the Market for its high-caliber data services having successfully delivered over 10,000 projects globally. Presently our market research and other services are providing benefits to more than 2,000 clients in 200 countries. A selection of our clients includes Cipla, IPCA, Lonza, Supriya Lifesciences, Chemo, Godrej, Mankind, etc. With a dedication and focus on 30 specialized industries, we aspire for continuous expansion and reach the milestone of 25000 projects mark by 2028.
Conclusion
Market research minimizes risks, maximizes opportunities, and helps in making informed decisions that contribute to the success of companies and their products in a rapidly evolving sector. We in Lifescience Intellipedia, a top market research consulting firm that brings compelling arguments based on solid market research to provide the best data to clients domestically and overseas.
