Size Up the Market With Powerful Statistical Methods
Knowing your market size and market share for each product line is critical for a successful marketing campaign. Our expert market estimation will:
- Provide in-depth analysis of your current market
- Forecast changes in the market
- Define positioning of each major competitor
More specifically, Market Forecasting can inform your marketing strategy by providing insight into the following:
- What is the estimated size of the market? Is it growing, stagnating or shrinking?
- At what rate is the market growing or declining?
- How many competitors are in the market? How does my company compare?
- What purchasing trends and patterns exist?
- What customer segment is spending the most on my product?
- What are the potential sales of my product?
- Are we currently reaching a specific segment with our marketing effort?
- And much more…
Case Study: What is the current status of the mass spectrometer market?
A leading life science supplier asked BioInformatics to estimate the market size and share of the mass spectrometry market for instrumentation and consumables. Our client needed to understand their competitive position, recent purchasing activity, future growth, and threats/opportunities posed by other suppliers. We utilized a Market Estimation incorporating end-users' purchasing patterns, usage rates, and equipment inventory along with secondary market data confirmation. Our results provided this life science supplier with the most accurate market size and share data for the mass spectrometer market, along with segmentation and growth information.
Structuring a Market Estimation
Utilizing primary data from end-users as well as secondary market data, we designed a statistical model that combined key input variables to forecast the market for mass spectrometry instruments and reagents. This approach is based on the market viewed as a set of objects (products, prices, discounts, usage, etc.) that interact. Using sophisticated statistical analysis, we can display the relationships between these objects and achieve higher accuracy than top-down market estimates. Some of the variables that were used to build the statistical model in this case study included:
- Average number of scientists/technicians per lab/group and the number who perform mass spectrometry
- Number of scientists who plan to begin using mass spectrometers in the next 12 months
- Number of experiments/reactions run per week and the average volume per experiment/reaction
- Expected change in the number of experiments/reactions over the next 12 months
- Number of instruments per lab per brand
- Number of scientists who intend to purchase a new product in the next 12 months
- Number of scientists who intend to switch brands in the next 12 months
The statistical model output was presented to our client in clearly explained tables that combined the areas of size, share and segment to give an overall Market Estimation.