research companies in canada

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Top Marketing Research Firms in Canada

Featured marketing research firms in canada.

Service or Speciality

Advertising Research - General

Africa / Middle East

Agile Research

Alcoholic Beverages

Apparel / Clothing / Textiles

Artificial Intelligence / AI-Powered Platforms

Attitude & Usage Research

B2B Research - General

Brainstorming / Facilitation

Brand / product / service launch

Brand / product / service repositioning

Brand Equity

Brand Image Tracking

Brand Loyalty / Satisfaction

Brand Positioning

Bulletin Boards

CAPI - Computer-Aided Personal Interviewing

CATI - Computer-Aided Telephone Interviewing

CX - Customer Experience

Cannabis / CBD

Car Clinics

Casinos / Gambling

Central Location

Chemical Industry

Claims Substantiation

Computer Hardware

Computer Software

Concept Development

Concept Testing

Conjoint Analysis / Trade-off/Choice Modeling

Construction Industry

Consultation

Consumer Research - General

Convention / Tradeshow

Corporate Image/Identity Research

Cosmetics / Beauty Aids

Credit Cards

Crowdsourcing & Co-creation

Customer Loyalty / Value

Customer Satisfaction

Data Analysis

Data Visualization & Dashboards

Defend market share

Doctors / Physicians

Employee Experience & Satisfaction

Enterprise Feedback Management

Entertainment Industry

Ethnic Groups

Ethnography / Observational Research

Executives / Professionals

Exit Interviews

Eye Tracking

Field Services

Financial Industry

Financial Services Professionals

Focus Group Facility

Focus Group Recruiting

Focus Groups

Focus Groups - International

Forecasting & Predictive Analytics

Foreign Language

Full Service

General - Healthcare

Global Capabilities

Global, multinational branding

Home Use Tests

Household Products/Services

Hybrid / Mixed Methodology

IT Professionals

IVR - Interactive Voice Response

Idea Generation

In-Depth (IDI) / One-on-One

In-Depth / One-on-One

Increase market share

Industrial & Manufacturing

International / Multi-country

International Consumer Market Research

Journey Mapping

Low Incidence

Mall Intercept

Market & Competitive Intelligence

Market Opportunity Evaluation

Market Segmentation

Market Simulation

Media Industry

Medical / Health Care

Medical / Healthcare Professionals

Mobile Ethnography

Mobile Insight Communities

Mobile Qualitative

Mobile Surveys

Moderator Services

Movies / Streaming / TV

Multi-Country Studies

Multicultural

Mystery Shopping

NPS Measurement

North America

Online - Qualitative

Online - Quantitative

Online Communities - MROC

Online Diaries / Journals / Blogs

Online Focus Group Platforms & Software

Online Panels

Packaged Goods

Packaging Development

Packaging Testing

Panel Data Processing

Pharmaceutical - Prescription Medicines

Political Polling

Post-Launch Tracking

Pre-Recruiting

Prediction Markets

Price / Pricing

Problem Detection / Dissatisfaction

Product Development

Product Market Research

Product Optimization

Product Testing

Professionals / Executives

Proprietary Panels

Psychological / Motivational Research

Public Opinion Research

Qualitative

Qualitative Research

Qualitative Services - General

Quantitative Research

Questionnaire / Survey Design

Questionnaire Coding

Questionnaire Design

Quick Service Restuarants (QSR)

Recruiting Research

Retail Industry

Sample Fraud Detection & Remediation

Secondary Research / Desk Research

Segmentation

Semiotics Research and Analysis

Sensory Research

Shopper Insights

South America

Southeast Asia & India

Strategic Research

Survey Programming

Survey Reporting and Analysis

Survey Translation

Taste Test Facility

Taste Tests / Sensory Tests

Telecommunications

Test/Commercial Kitchen

Text Analytics

Text Chat / SMS / IM Sessions

Tracking Research

Translation Services

Transportation

Usability Lab

Utilities / Energy

Video Conferencing

Video Management Platforms

Virtual Reality / Virtual Shelf Testing

Web Interviewing Systems

Website Analysis / Web Analytics

Website Usability / UX

Western Europe

British Columbia

Chicago (IL--IN--WI)

Montreal (QC)

New York (NY--NJ--CT)

Ottawa-Gatineau (ON--QC)

Saskatchewan

Toronto (ON)

United States of America

Vancouver (BC)

Vendor type

Data & Analytics

Data Collection

International

Panels / Communities

Qualitative Consultant

Software & Technology

Support Services

Business Designation

HIPAA Compliant

Minority-Owned Business

Women-Owned Business

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Brampton, Ontario, Canada

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Featured expert

Matrix Sciences International, Inc.

Proven protocols. Superior products. More than half of the top 20 food and beverage manufacturers and QSRs rely on Matrix for sensory insights.

Learn more about Matrix Sciences International, Inc.

Vancouver, British Columbia, Canada

CRC Research Inc.

CRC Research offers 10 focus group studios across Canada's 3 largest cities with field services to serve your English & French market research needs.

Why choose CRC Research Inc.

Extensive database

Canadian owned

Pan Canadian reach

Custom recruitment

Low incidence recruits

Learn more about CRC Research Inc.

New York, New York

SIS International Research (Branch)

SIS International Research, founded in 1984, is a leading full-service Market Research and Market Intelligence firm.

Why choose SIS International Research (Branch)

Global Coverage

Full Service Capabilities

B2B & Industrial Research

Healthcare Research

Strategy Consulting

Learn more about SIS International Research (Branch)

Discovery Research Canada

Efficient Research Fielding Services. Canada-wide on-site interviewing, mystery shopping & mall intercepts. Telephone Interviewing across USA/Canada.

Why choose Discovery Research Canada

On-Site Interviewing

Canada-Wide coverage

Reliable & Cost effective

Online, Mail, Recruiting

Over 25-Years in Business

Learn more about Discovery Research Canada

St-Gabriel-de-Brandon, Quebec, Canada

INOWE Canada Marketing Inc.

Qualitative Research Specialists with over 30 years of experience providing services across Canada, USA and abroad: in French & English.

Learn more about INOWE Canada Marketing Inc.

Toronto, Ontario, Canada

Ethos Market Research

Ethos MR is a leading company with a mission to uncover deep consumer and B2B insights, focused on ethnic consumer and business segments worldwide.

Why choose Ethos Market Research

Strong Panel

Ethnographic Research

Worldwide Reach

Great Pricing

Valuing Our Clients

Learn more about Ethos Market Research

Global Market Research

Global is a partnership of experienced national market research companies around the world providing research & consultancy services.

Why choose Global Market Research

Global contacts

Local resources

Accredited companies

Learn more about Global Market Research

Saskatoon, Saskatchewan, Canada

Based on 2 ratings

itracks provides secure online focus group, interview and online discussion board software and support services.

Why choose itracks

Stakeholder Engagement

NVivo Compatible

Private & Secure

Built for Researchers

Automated scheduling

Learn more about itracks

TORONTO, Ontario, Canada

RESEARCH STRATEGY GROUP INC.

RESEARCH STRATEGY GROUP: focuses on unconscious drivers of behavior to provide actionable, predictive insights, strengthened by advanced analytics.

Why choose RESEARCH STRATEGY GROUP INC.

Discrete Choice Modeling

Choice-based Segmentation

Applied Ethnography

Behavioral Science

Psychoanalytics

Learn more about RESEARCH STRATEGY GROUP INC.

Montreal, Quebec, Canada

Voxco Survey Tools

Voxco is a leading omnichannel survey software that helps its users gather, measure, uncover, and act on insights generated through surveys.

Why choose Voxco Survey Tools

Fully Integrated Software

End-to-end customization

Omnichannel Surveys

Premium 24/7 Support

Real time visual reports

Learn more about Voxco Survey Tools

Ottawa, Ontario, Canada

Elemental Data Collection Inc.

EDCI provides a full range of field services including: CATI interviewing, online surveys, elite B2B, multilingual capabilities, coding & tabulation.

Learn more about Elemental Data Collection Inc.

Richmond Hill, Ontario, Canada

Canadian Viewpoint Inc.

Canadian Viewpoint is a one-stop shop for market research data collection and fieldwork, covering qualitative and quantitative research.

Why choose Canadian Viewpoint Inc.

40+ Years Expertise

One-stop Solutions

Quality Assurance

Custom Cutting-Edge Tech

Industry Experts

Learn more about Canadian Viewpoint Inc.

Recollective Inc.

Recollective is a community-based platform for online qualitative research with powerful social and activity-based features to deliver rich insights.

Why choose Recollective Inc.

10+ years of experience

All-in-one platform

Versatility

Learn more about Recollective Inc.

Bucharest, Romania

DataDiggers (Branch)

DataDiggers is a full-service company that provides clients worldwide with relevant research solutions and answers to their business questions.

Why choose DataDiggers (Branch)

One-stop solution

Free weekend coverage

Full service capabilities

24-hour coverage

No minimum or set-up fee

Learn more about DataDiggers (Branch)

The Logit Group

The Logit Group specializes in market research execution, delivering quality service on an affordable budget.

Why choose The Logit Group

Methodologically agnostic

Tech driven solutions

Competitive costs

International scope

Value added insights

Learn more about The Logit Group

Lombard, Illinois

Explorer Research (Branch)

Explorer Research is a leading behavioral research firm specializing in shopper research.

Why choose Explorer Research (Branch)

shopper experts

decades of experience

eye tracking experts

immersive testing

Learn more about Explorer Research (Branch)

Oakville, Ontario, Canada

Quest Mindshare

Quest exists to empower Researchers to achieve insights success by providing them with just the right quality B2B/B2C data and respondents they need.

Why choose Quest Mindshare

Service first!

Quality above all else!

Innovation at the core!

The smartest PM team!

Programming excellence!

Learn more about Quest Mindshare

Market Insights, Innovation and New Product Development, Experience Design, Customer Experience.

Why choose Phase 5

focus=customer centricity

innovation+UX+CX

focus on results

partner level involvement

Learn more about Phase 5

With its full range of MR services, including innovative BX, CX and EX solutions, SOM helps you grow your business.

Why choose SOM

BX, CX, EX capabilities

Insights driven

US experience

Qualtrics partner

Quebec proprietary panel

Learn more about SOM

Rival Technologies

Rival Tech is a pioneer of conversational market research technology and the leading authority on insight communities globally.

Why choose Rival Technologies

Respondent experience

Agility and flexibility

Integrated services

Community management

Reporting & storytelling

Learn more about Rival Technologies

Alida helps leading brands create engaged research communities to gather feedback that empowers better customer experiences and product innovation.

Why choose Alida

Access key audiences

Improve speed to insights

Higher response rates

Get feedback at scale

Advanced analytics tools

Learn more about Alida

Human Branding Inc.

Human Branding uses Applied Anthropology Thinking™ to go deeper beneath the surface to better understand human behavior. Named Top 10 MR firm 2023!

Why choose Human Branding Inc.

Deep Humanistic Insights

Decode Human Behavior

Game-changing Results

Behavior Science Experts

Health & Wellness Experts

Learn more about Human Branding Inc.

Virescent Analytics Inc.

Sensory | Research | Analytics The cannabis industry's go-to resource for sensory and consumer product research solutions.

Why choose Virescent Analytics Inc.

Cannabis Product Experts

USA, Canada and Global

Creative Methodologies

Consumer Sensory Based

Strong Legal Background

Learn more about Virescent Analytics Inc.

Dig Insights

Dig Insights is a tech-enabled insight & strategy consultancy that helps research and marketing pros across the entire innovation lifecycle.

Why choose Dig Insights

Consultative

Tech-Enabled

Innovative Approaches

Client-Side Experience

Proven Success

Learn more about Dig Insights

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Top 100 Market Research Companies in Canada

• Market Research

The Best of May 2024

Looking for a top market research company in canada.

Before you proceed with developing and marketing a new product or service, you need to make sure there is a viable market for success. The right market research company can help you with this process.  Read more +

To assist you in your search for a partner, we’ve compiled this list of the top market research agencies in Canada. Browse descriptions, feedback, and awards to find which can best suit your company’s needs.

List of the Best Canada Market Research Agencies

Featured provider

Service Excellence

Would Recommend

• Min. Project Size "> $25,000+
• Company Size "> 10 - 49 employees
• Location "> San Francisco, CA

Antedote is a strategic innovation and insight consultancy in San Francisco and London, United Kingdom. Founded in 2014, they have about 8 employees that serve enterprise and midmarket clients in a wide variety of industries. Services include business consulting and market research.

• Consumer products & services " >
• Financial services " >
• Medical " >
• Information technology " >

Lux Insights Inc.

• Min. Project Size "> $10,000+
• Location "> North Vancouver, Canada

Lux Insights Inc. Is a market research company. Their small team is in North Vancouver, Canada and provides market research, branding, and marketing strategy. The firm was launched in 2009.

• Advertising & marketing " >
• Education " >
• Government " >
• Real estate " >
• Utilities " >

Get connected with a company for free

Tell us about your project, and we'll match you with vetted companies that meet your requirements.

Craft Innovations

• Location "> Toronto, Canada

User experience company Craft Innovations was established in 2019. The firm specializes in ux/ui design, product design, market research, web design, and more and has a small team.

• Business services " >
• Telecommunications " >

Fresh Squeezed Ideas

• Min. Project Size "> $75,000+

Fresh Squeezed Ideas is a global research consultancy headquartered in Chicago, with an office in Toronto. Since 2006, their team of 25 has been specializing in market research, marketing strategy, and branding for clients in the consumer products and healthcare field. 

• Automotive " >
• Non-profit " >

Grierson Consulting

• Min. Project Size "> $5,000+
• Company Size "> 2 - 9 employees

Grierson Consulting is a business consulting company in Toronto, Canada. They provide consulting and coaching for businesses around the globe and have a unique matrix that identifies opportunities to increase revenue and customer satisfaction while growing companies. The firm was established in 2015.

• Manufacturing " >

CAYK Marketing Inc.

• Min. Project Size "> $1,000+
• Location "> Calgary, Canada

CAYK Marketing Inc. Is an advertising company located in Calgary, Canada; Vancouver, Canada and Phoenix, Arizona. The small team provides advertising, digital strategy, pay per click, search engine optimization, and more. The agency was established in 2011.

• eCommerce " >
• Hospitality & leisure " >
• Energy & natural resources " >
• Supply Chain, Logistics, and Transport " >

Pyonnier Développement Inc.

• Min. Project Size "> Undisclosed
• Location "> Montréal, Canada

Pyonnier Développement Inc. Is a business consulting company in Montréal, Canada. The small firm was founded in 2020. Their services include business consulting, sales outsourcing, and market research.

The Sales Factory

• Company Size "> 50 - 249 employees

Direct marketing company The Sales Factory was established in 2019. They are located in Toronto, Canada and Kelowna, Canada and have a midsize team. Their services include direct marketing, sales outsourcing, and call center services.

• Legal Cannabis " >

eitzen & associates

• Location "> Lincoln, Canada

Eitzen & associates is a marketing strategy company. They are headquartered in Lincoln, Canada and have a small team that specializes in marketing strategy, business consulting, social media marketing, and content marketing. The firm was founded in 2018.

• Location "> Vancouver, Canada
• Arts, entertainment & music " >

Webistry is a firm based in Montreal, Canada. Founded in 2012, their team of 20 serves clients in the nonprofit sector. Services include digital campaign management.

Jungle Media

Jungle Media is a media agency based in New York with over 10 members. Since their founding in 2010, they have provided media planning and buying, market research, and digital strategy solutions for small and mid-market firms alike.

Lead Generators International®

• Location "> Langley, Canada

Lead Generators International is a business-to-business telemarketing firm that was founded in 1992. Based in Burnaby, Canada, this team of 11 provides telephone lead generation, appointment setting, telephone market research, database updating, mail list procurement services.

• Microsoft Dynamics

The Big Leaf

• Location "> Richmond Hill, Canada

The Big Leaf is a management consulting company based in Richmond Hill, Canada. The company, founded in 2007, has a team of more than ten that provides, among others, business consulting, branding, and market research services to small and midmarket companies and institutions.  

• Shoppers Drug Mart

Rough Works

Ctrs - market intelligence.

• Location "> Maple Ridge, Canada

CTRS Solutions Limited is a full service management consulting company located in Vancouver, Canada. Founded in 2003, they have eight employees specializing in providing practical solutions to complex business problems. Their expertise covers primary and secondary research, UX research, guided implementation, market validation, and auxiliary staffing.

• Gambling " >
• Min. Project Size "> $50,000+
• Location "> Oshawa, Canada

Yazlo is a branding agency. Their midsize team is located in Oshawa, Canada and focuses on branding, market research, marketing strategy, digital strategy, and more. The company was launched in 2018.

East & West Inc

• Location "> Oakville, Canada

Founded in 2015, East & West Inc is a personalized branding and messaging agency with a small team. Based in Oakville, Canada, the team specializes in market research, advertising, marketing strategy, conversion optimization, and more for primarily midmarket businesses. Their clients are in the real estate, retail, and consumer products industries. 

Emergen Research

Not yet reviewed.

• Location "> Surrey, Canada

Founded in 2020, Emergen Research is a midsize market research company. Their team specializes in market research and business consulting. The firm is in Surrey, Canada.

Vital Connections

Xeo marketing and strategic consultancy inc..

• Location "> Mississauga, Canada

Xeo Marketing and Strategic Consultancy is a marketing firm based in Mississauga, Ontario, just outside of Toronto. They were founded in 2016, and have 10 employees. Xeo Marketing and Strategic Consultancy's services include market research, strategic consulting, content marketing, and more. Most of their clients are in the technology sector, such as cybersecurity firms, blockchain developers, and cloud integration agencies.

The Joyce Group Inc.

The Joyce Group Inc. is a business consulting company based in Calgary, Canada. Founded in 1992, their team of fewer than 10 serves primarily small and midmarket businesses in a variety of industries. Additional services include market research, marketing strategy, and logistics and supply chain consulting. 

• BWI Enterprise

Edge Dynamics Digital Inc.

• Location "> Kelowna, Canada

Canadian Viewpoint Inc

Arter kirkwood & associates.

Arter Kirkwood & Associates is a mobile app development company founded in 2010 and based in Calgary, Canada. Arter Kirkwood's team of fewer than 10 employees provides governments, corporations, and nonprofits with mobile app development, UX/UI design, and mobile and app marketing services.

• Government of Alberta

Ivory Business Solutions

Detour UX is a user experience design agency headquartered in Toronto. Established in 2015, Detour UX has 11 employees who specialize in implementations of the Sitecore CMS. Their services consist of UI/UX design and testing, market research, web design, and more.

HANDMADE INSIGHTS + STRATEGY

Brand vision blue, advitek inc..

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Top Marketing Research Companies in Canada

Below is a list of all marketing research companies in Canada.

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The Logit Group, Inc.

Toronto, ON, CA

Canadian Viewpoint Inc.

Vancouver, BC, CA

Quest Mindshare

Research strategy group inc, crc research inc, recollective.

Ottawa, ON, CA

Associated Global Market Research

Telepoll market research, goodin realizations, customer foresight group, limited, elemental data collection, inc., network field.

Suggestions

The Canadian Startup Magazine

100 Top Market Research Startups and Companies in Canada

This article showcases our top picks for the best Canada based Market Research companies. These startups and companies are taking a variety of approaches to innovating the Market Research industry, but are all exceptional companies well worth a follow.

We tried to pick companies across the size spectrum from cutting edge startups to established brands.

We selected these startups and companies for exceptional performance in one of these categories:

• Innovative ideas
• Innovative route to market
• Innovative product
• Exceptional growth
• Exceptional growth strategy
• Societal impact

Top Canada Market Research Startups

Data sourced from Crunchbase and SemRush .

Drop Technologies

Crunchbase Website Twitter Facebook Linkedin

Intelligent mobile rewards platform

Potloc is a hybrid software and services research platform that uses social networks for geo-targeted consumer surveys.

Access over 140 million properties, nationwide. Power your business with comprehensive property data delivered via API or bulk exports.

ResponseTek

ResponseTek Networks provides on-demand customer experience management software solutions for businesses.

SaaS, Market Intelligence, Data Science, Data, Analytics, Restaurant Industry, Food Service Industry

nplex biosciences

NPlex Biosciences develops a proteomic technology platform designed to understand, detect, and treat diseases with DNA nanotechnology.

eCommerce, Sustainability, Big Data

Information Mediary Corp

Information Mediary Corp offers innovative adherence data tools to improve clinical trials, reduce costs and speed up market introduction

We want you to stop wasting time building reports, so we built a platform that automates report building while respecting your data privacy.

Cohesys develops novel biocompatible adhesives for surgical applications.

Strainprint Technologies

Strainprint is a unique software technology enabling patients to use cannabis more effectively.

The Toronto Stock Exchange is a public venture marketplace for early-stage companies across a diverse range of sectors.

MetricWire gives researchers complete creative control over the design of their study.

TMX Group companies provide listing venues, trading markets, clearing facilities, data products services to the global financial community.

Rapid MachineLearning Prototyping for small companies

Info-Tech Research Group

Info-Tech Research Group is an information technology research and advisory company.

Lanla transforms the power of customer experience into a driving force for the largest Canadian companies.

JustGotThat! Inc.

JustGotThat! is a services marketplace that brings together service demand and supply in an intuitive platform

Bond Brand Loyalty

Bond is a global customer engagement agency that specializes in building brand loyalty for the world’s most influential and valuable brands.

Integra 3D Research LP

Accelerating Adoption of Additive Manufacturing in industry.

DNA Genotek

DNA Genotek Inc. provides biological sample collection, stabilization, and preparation products for health research institutes.

Borealis AI

Borealis AI is an RBC Institute for Research.

Saintrino Technologies Inc

Canadian company founded in 2010 with specialties in Brain Computer Interfaces, Bio-Technology, Neuro Ergonomy and User Interface Usability.

KASI Insight

KASI Insight empower business leaders with reliable data and actionable insights from Africa

Trend Hunter

Trend Hunter is the #1 largest trend website, host of Future Festival & an AI-driven innovation consultancy

FeaturePoints

Launched in 2012, FeaturePoints is a premier rewards platform that has paid out over $5.6 million to our millions of users.

Paymi is a financial services company located in Toronto.

iperceptions

iperceptions is a global leader in Voice of the Customer (VoC) solutions.

Lootbag Inc.

Lootbag is a mobile app that gives away free samples and collects consumer insights for brands.

M Square Media (MSM)

M Square Media is a service company that provides marketing, administrative and student recruitment support to educational institutions.

Toronto’s Best Condominium Guide

Dig Insights

Dig Insights is a market research consultancy.

Recollective

Recollective is a software platform for market researchers to conduct their research projects.

Daily Goods Design Labs

Daily Goods Design Labs is a design, research and innovation company that consults and educates on human centred design processes.

MuseFind Technologies

MuseFind is the Platform to organize and manage your influencer marketing.

InputHealth

InputHealth empowers healthcare practices to efficiently collect data from patients utilizing mobile devices. No more clipboards.

Ontario Centre of Innovation

Ontario Centre of Innovation provides a preeminent research-to-commercialization vehicle in Ontario

iData Research

iData Research is an international market research and consulting firm.

Quest Mindshare

Quest Mindshare includes one of the industry’s most versatile and comprehensive group of online panel assets.

The Quantum Daily

The leading provider of data, news, insights, capital markets and media for the Quantum Technology industry

Advanced Symbolics

A market research firm that uses AI to analyze social media to monitor brand health while predicting trends and consumer behavior

Ramius Corporation is an enterprise software company focused on the development of cloud-based social software for engagement and research.

Explorer Research

Explorer Research uses conscious and non-conscious research methods to understand, predict and help marketers influence shopper behavior.

Demand Metric

Agile project management software built for Marketers powered by 1,000+ practical tools & resources.

Canada’s national laboratory for particle and nuclear physics and accelerator-based science.

Asde Survey Sampler

Asde Survey Sampler fixates on sampling and project-related requirements with services to survey and market research professionals.

R.A. Malatest & Associates

R.A. Malatest & Associates Ltd. is a proactive, dynamic, progressive evaluation and market research organization.

RESEARCH STRATEGY GROUP is a Canadian company specializing in technical & scientific translations, revision, editing & DTP Services.

People Analytics

People Analytics: Where ground-truthed knowledge, scientific approach, and practical experience intersect to produce evidence-based insight.

The Logit Group

Logit Group is a data collection firm that specializes in consumer studies, market research, B2B and executive research.

Heartbeat Ai

Heartbeat reveals fine-grained emotions so you can truly understand people.

Tellwut Corp.

Tellwut’s community and proprietary online survey & reward site provide a platform to conduct online market research for actionable Insights

Whitespark builds tools and provides services that help businesses and agencies with local search marketing.

RetouchMe turns any photo of any female into photo of a model who is 90-60-90 in just 7 minutes!

Methodify is an automated market research platform.

Bayesian Labs

Develop FinTech software and research for Digital Assets

Inventu Research

Inventu Research focuses on the research and development of products for a healthy workplace environment.

Firmwater provides a hosted learning management system (LMS) built specifically for training companies.

Synqrinus is about market research, it goes far beyond saving you time and money. Since, in our eyes, better pricing and quicker results.

Houston helps startups tap into their pre-launch email lists for valuable feedback, before launching their products.

DelphX is a capital market company that offers fixed income solutions through the global bond market segment.

Toronto Global

Toronto Global is a non-profit investment attraction agency that supports the expansion of foreign-owned businesses to the Toronto Region.

Bensimon Byrne

Bensimon Byrne is a marketing company located in Toronto.

Northstar Research Partners

Northstar is your market research partner to generate ideas from a place where curiosity, insight and passion for research meet.

Unisights Research and Analytics

An end-to-end insights company

Global Cannabis Applications Corp

Global Cannabis is a global leader in designing, developing, marketing & acquiring innovative data technologies for the cannabis industry.

A SaaS portal for consumer behaviour and academic researchers

Insync focuses on sparking brand innovation through Human-Centric investigations and building in the pharmaceutical space.

SOM is a research firm specializing in data collection, data analysis and data visualization.

CTRS Solutions Limited

Cruikshank Tactical Research and Strategy is a full-service management consulting company specializing in delivering desired results.

movmi is a boutique agency specialized in Shared Mobility Architecture providing services of car-sharing or bike-sharing.

Brainsights

Brainsights is a technology and human insights company that provides businesses with insights into how their content is being consumed.

SM Research

SM Research are providers of technical solutions in support of both Market Research and Direct Marketing.

Inspirapps offers polltogo, an application that enables its users to get instant feedback from friends, clients, and others.

Hotspex Media

Hotspex Media provides marketing research services. Its services include understanding strategic brand opportunities.

CRC Research

CRC Research is a Gold Seal Certified marketing research company.

MD Analytics

MD Analytics is a global provider of health and pharmaceutical market research solutions.

BC Research

BC Research is a leading innovation centre, specializing in the incubation and commercialization of upcoming technologies

Liveweb provides customer sales and service teams with a complete set of integrated communication tools and analytics.

SEO Services Canada™

SEO Services Canada is an online marketing company specializing in search engine optimization.

Syndesis is the market leader in the creation and activation of converged services for the new public network.

Instar provides global research, mobile enablement, message testing services.

Insightrix is a full-service market research firm offering services such as education analysis, omnibus analysis and media monitoring.

The Secdev Group

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Top Diagnostics & Research Companies from Canada as of Jan. 01, 2024

1. spectral medical inc..

Company Profile: Spectral Medical Inc. Market Cap (USD): $102.0 M Country: Canada Sector: Healthcare Industry: Diagnostics & Research

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McKinsey Global Private Markets Review 2024: Private markets in a slower era

At a glance, macroeconomic challenges continued.

McKinsey Global Private Markets Review 2024: Private markets: A slower era

If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. Macroeconomic headwinds persisted throughout the year, with rising financing costs, and an uncertain growth outlook taking a toll on private markets. Full-year fundraising continued to decline from 2021’s lofty peak, weighed down by the “denominator effect” that persisted in part due to a less active deal market. Managers largely held onto assets to avoid selling in a lower-multiple environment, fueling an activity-dampening cycle in which distribution-starved limited partners (LPs) reined in new commitments.

About the authors

This article is a summary of a larger report, available as a PDF, that is a collaborative effort by Fredrik Dahlqvist , Alastair Green , Paul Maia, Alexandra Nee , David Quigley , Aditya Sanghvi , Connor Mangan, John Spivey, Rahel Schneider, and Brian Vickery , representing views from McKinsey’s Private Equity & Principal Investors Practice.

Performance in most private asset classes remained below historical averages for a second consecutive year. Decade-long tailwinds from low and falling interest rates and consistently expanding multiples seem to be things of the past. As private market managers look to boost performance in this new era of investing, a deeper focus on revenue growth and margin expansion will be needed now more than ever.

Perspectives on a slower era in private markets

Global fundraising contracted.

Fundraising fell 22 percent across private market asset classes globally to just over $1 trillion, as of year-end reported data—the lowest total since 2017. Fundraising in North America, a rare bright spot in 2022, declined in line with global totals, while in Europe, fundraising proved most resilient, falling just 3 percent. In Asia, fundraising fell precipitously and now sits 72 percent below the region’s 2018 peak.

Despite difficult fundraising conditions, headwinds did not affect all strategies or managers equally. Private equity (PE) buyout strategies posted their best fundraising year ever, and larger managers and vehicles also fared well, continuing the prior year’s trend toward greater fundraising concentration.

The numerator effect persisted

Despite a marked recovery in the denominator—the 1,000 largest US retirement funds grew 7 percent in the year ending September 2023, after falling 14 percent the prior year, for example 1 “U.S. retirement plans recover half of 2022 losses amid no-show recession,” Pensions and Investments , February 12, 2024. —many LPs remain overexposed to private markets relative to their target allocations. LPs started 2023 overweight: according to analysis from CEM Benchmarking, average allocations across PE, infrastructure, and real estate were at or above target allocations as of the beginning of the year. And the numerator grew throughout the year, as a lack of exits and rebounding valuations drove net asset values (NAVs) higher. While not all LPs strictly follow asset allocation targets, our analysis in partnership with global private markets firm StepStone Group suggests that an overallocation of just one percentage point can reduce planned commitments by as much as 10 to 12 percent per year for five years or more.

Despite these headwinds, recent surveys indicate that LPs remain broadly committed to private markets. In fact, the majority plan to maintain or increase allocations over the medium to long term.

Investors fled to known names and larger funds

Fundraising concentration reached its highest level in over a decade, as investors continued to shift new commitments in favor of the largest fund managers. The 25 most successful fundraisers collected 41 percent of aggregate commitments to closed-end funds (with the top five managers accounting for nearly half that total). Closed-end fundraising totals may understate the extent of concentration in the industry overall, as the largest managers also tend to be more successful in raising non-institutional capital.

While the largest funds grew even larger—the largest vehicles on record were raised in buyout, real estate, infrastructure, and private debt in 2023—smaller and newer funds struggled. Fewer than 1,700 funds of less than $1 billion were closed during the year, half as many as closed in 2022 and the fewest of any year since 2012. New manager formation also fell to the lowest level since 2012, with just 651 new firms launched in 2023.

Whether recent fundraising concentration and a spate of M&A activity signals the beginning of oft-rumored consolidation in the private markets remains uncertain, as a similar pattern developed in each of the last two fundraising downturns before giving way to renewed entrepreneurialism among general partners (GPs) and commitment diversification among LPs. Compared with how things played out in the last two downturns, perhaps this movie really is different, or perhaps we’re watching a trilogy reusing a familiar plotline.

Dry powder inventory spiked (again)

Private markets assets under management totaled $13.1 trillion as of June 30, 2023, and have grown nearly 20 percent per annum since 2018. Dry powder reserves—the amount of capital committed but not yet deployed—increased to $3.7 trillion, marking the ninth consecutive year of growth. Dry powder inventory—the amount of capital available to GPs expressed as a multiple of annual deployment—increased for the second consecutive year in PE, as new commitments continued to outpace deal activity. Inventory sat at 1.6 years in 2023, up markedly from the 0.9 years recorded at the end of 2021 but still within the historical range. NAV grew as well, largely driven by the reluctance of managers to exit positions and crystallize returns in a depressed multiple environment.

Private equity strategies diverged

Buyout and venture capital, the two largest PE sub-asset classes, charted wildly different courses over the past 18 months. Buyout notched its highest fundraising year ever in 2023, and its performance improved, with funds posting a (still paltry) 5 percent net internal rate of return through September 30. And although buyout deal volumes declined by 19 percent, 2023 was still the third-most-active year on record. In contrast, venture capital (VC) fundraising declined by nearly 60 percent, equaling its lowest total since 2015, and deal volume fell by 36 percent to the lowest level since 2019. VC funds returned –3 percent through September, posting negative returns for seven consecutive quarters. VC was the fastest-growing—as well as the highest-performing—PE strategy by a significant margin from 2010 to 2022, but investors appear to be reevaluating their approach in the current environment.

Private equity entry multiples contracted

PE buyout entry multiples declined by roughly one turn from 11.9 to 11.0 times EBITDA, slightly outpacing the decline in public market multiples (down from 12.1 to 11.3 times EBITDA), through the first nine months of 2023. For nearly a decade leading up to 2022, managers consistently sold assets into a higher-multiple environment than that in which they had bought those assets, providing a substantial performance tailwind for the industry. Nowhere has this been truer than in technology. After experiencing more than eight turns of multiple expansion from 2009 to 2021 (the most of any sector), technology multiples have declined by nearly three turns in the past two years, 50 percent more than in any other sector. Overall, roughly two-thirds of the total return for buyout deals that were entered in 2010 or later and exited in 2021 or before can be attributed to market multiple expansion and leverage. Now, with falling multiples and higher financing costs, revenue growth and margin expansion are taking center stage for GPs.

Real estate receded

Demand uncertainty, slowing rent growth, and elevated financing costs drove cap rates higher and made price discovery challenging, all of which weighed on deal volume, fundraising, and investment performance. Global closed-end fundraising declined 34 percent year over year, and funds returned −4 percent in the first nine months of the year, losing money for the first time since the 2007–08 global financial crisis. Capital shifted away from core and core-plus strategies as investors sought liquidity via redemptions in open-end vehicles, from which net outflows reached their highest level in at least two decades. Opportunistic strategies benefited from this shift, with investors focusing on capital appreciation over income generation in a market where alternative sources of yield have grown more attractive. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial.

Private debt pays dividends

Debt again proved to be the most resilient private asset class against a turbulent market backdrop. Fundraising declined just 13 percent, largely driven by lower commitments to direct lending strategies, for which a slower PE deal environment has made capital deployment challenging. The asset class also posted the highest returns among all private asset classes through September 30. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. Thus far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market. Although direct lending deal volume declined from 2022, private lenders financed an all-time high 59 percent of leveraged buyout transactions last year and are now expanding into additional strategies to drive the next era of growth.

Infrastructure took a detour

After several years of robust growth and strong performance, infrastructure and natural resources fundraising declined by 53 percent to the lowest total since 2013. Supply-side timing is partially to blame: five of the seven largest infrastructure managers closed a flagship vehicle in 2021 or 2022, and none of those five held a final close last year. As in real estate, investors shied away from core and core-plus investments in a higher-yield environment. Yet there are reasons to believe infrastructure’s growth will bounce back. Limited partners (LPs) surveyed by McKinsey remain bullish on their deployment to the asset class, and at least a dozen vehicles targeting more than $10 billion were actively fundraising as of the end of 2023. Multiple recent acquisitions of large infrastructure GPs by global multi-asset-class managers also indicate marketwide conviction in the asset class’s potential.

Private markets still have work to do on diversity

Private markets firms are slowly improving their representation of females (up two percentage points over the prior year) and ethnic and racial minorities (up one percentage point). On some diversity metrics, including entry-level representation of women, private markets now compare favorably with corporate America. Yet broad-based parity remains elusive and too slow in the making. Ethnic, racial, and gender imbalances are particularly stark across more influential investing roles and senior positions. In fact, McKinsey’s research  reveals that at the current pace, it would take several decades for private markets firms to reach gender parity at senior levels. Increasing representation across all levels will require managers to take fresh approaches to hiring, retention, and promotion.

Artificial intelligence generating excitement

The transformative potential of generative AI was perhaps 2023’s hottest topic (beyond Taylor Swift). Private markets players are excited about the potential for the technology to optimize their approach to thesis generation, deal sourcing, investment due diligence, and portfolio performance, among other areas. While the technology is still nascent and few GPs can boast scaled implementations, pilot programs are already in flight across the industry, particularly within portfolio companies. Adoption seems nearly certain to accelerate throughout 2024.

Private markets in a slower era

If private markets investors entered 2023 hoping for a return to the heady days of 2021, they likely left the year disappointed. Many of the headwinds that emerged in the latter half of 2022 persisted throughout the year, pressuring fundraising, dealmaking, and performance. Inflation moderated somewhat over the course of the year but remained stubbornly elevated by recent historical standards. Interest rates started high and rose higher, increasing the cost of financing. A reinvigorated public equity market recovered most of 2022’s losses but did little to resolve the valuation uncertainty private market investors have faced for the past 18 months.

Within private markets, the denominator effect remained in play, despite the public market recovery, as the numerator continued to expand. An activity-dampening cycle emerged: higher cost of capital and lower multiples limited the ability or willingness of general partners (GPs) to exit positions; fewer exits, coupled with continuing capital calls, pushed LP allocations higher, thereby limiting their ability or willingness to make new commitments. These conditions weighed on managers’ ability to fundraise. Based on data reported as of year-end 2023, private markets fundraising fell 22 percent from the prior year to just over $1 trillion, the largest such drop since 2009 (Exhibit 1).

The impact of the fundraising environment was not felt equally among GPs. Continuing a trend that emerged in 2022, and consistent with prior downturns in fundraising, LPs favored larger vehicles and the scaled GPs that typically manage them. Smaller and newer managers struggled, and the number of sub–$1 billion vehicles and new firm launches each declined to its lowest level in more than a decade.

Despite the decline in fundraising, private markets assets under management (AUM) continued to grow, increasing 12 percent to $13.1 trillion as of June 30, 2023. 2023 fundraising was still the sixth-highest annual haul on record, pushing dry powder higher, while the slowdown in deal making limited distributions.

Investment performance across private market asset classes fell short of historical averages. Private equity (PE) got back in the black but generated the lowest annual performance in the past 15 years, excluding 2022. Closed-end real estate produced negative returns for the first time since 2009, as capitalization (cap) rates expanded across sectors and rent growth dissipated in formerly hot sectors, including multifamily and industrial. The performance of infrastructure funds was less than half of its long-term average and even further below the double-digit returns generated in 2021 and 2022. Private debt was the standout performer (if there was one), outperforming all other private asset classes and illustrating the asset class’s countercyclical appeal.

Private equity down but not out

Higher financing costs, lower multiples, and an uncertain macroeconomic environment created a challenging backdrop for private equity managers in 2023. Fundraising declined for the second year in a row, falling 15 percent to $649 billion, as LPs grappled with the denominator effect and a slowdown in distributions. Managers were on the fundraising trail longer to raise this capital: funds that closed in 2023 were open for a record-high average of 20.1 months, notably longer than 18.7 months in 2022 and 14.1 months in 2018. VC and growth equity strategies led the decline, dropping to their lowest level of cumulative capital raised since 2015. Fundraising in Asia fell for the fourth year of the last five, with the greatest decline in China.

Despite the difficult fundraising context, a subset of strategies and managers prevailed. Buyout managers collectively had their best fundraising year on record, raising more than $400 billion. Fundraising in Europe surged by more than 50 percent, resulting in the region’s biggest haul ever. The largest managers raised an outsized share of the total for a second consecutive year, making 2023 the most concentrated fundraising year of the last decade (Exhibit 2).

Despite the drop in aggregate fundraising, PE assets under management increased 8 percent to $8.2 trillion. Only a small part of this growth was performance driven: PE funds produced a net IRR of just 2.5 percent through September 30, 2023. Buyouts and growth equity generated positive returns, while VC lost money. PE performance, dating back to the beginning of 2022, remains negative, highlighting the difficulty of generating attractive investment returns in a higher interest rate and lower multiple environment. As PE managers devise value creation strategies to improve performance, their focus includes ensuring operating efficiency and profitability of their portfolio companies.

Deal activity volume and count fell sharply, by 21 percent and 24 percent, respectively, which continued the slower pace set in the second half of 2022. Sponsors largely opted to hold assets longer rather than lock in underwhelming returns. While higher financing costs and valuation mismatches weighed on overall deal activity, certain types of M&A gained share. Add-on deals, for example, accounted for a record 46 percent of total buyout deal volume last year.

Real estate recedes

For real estate, 2023 was a year of transition, characterized by a litany of new and familiar challenges. Pandemic-driven demand issues continued, while elevated financing costs, expanding cap rates, and valuation uncertainty weighed on commercial real estate deal volumes, fundraising, and investment performance.

Managers faced one of the toughest fundraising environments in many years. Global closed-end fundraising declined 34 percent to $125 billion. While fundraising challenges were widespread, they were not ubiquitous across strategies. Dollars continued to shift to large, multi-asset class platforms, with the top five managers accounting for 37 percent of aggregate closed-end real estate fundraising. In April, the largest real estate fund ever raised closed on a record $30 billion.

Capital shifted away from core and core-plus strategies as investors sought liquidity through redemptions in open-end vehicles and reduced gross contributions to the lowest level since 2009. Opportunistic strategies benefited from this shift, as investors turned their attention toward capital appreciation over income generation in a market where alternative sources of yield have grown more attractive.

In the United States, for instance, open-end funds, as represented by the National Council of Real Estate Investment Fiduciaries Fund Index—Open-End Equity (NFI-OE), recorded $13 billion in net outflows in 2023, reversing the trend of positive net inflows throughout the 2010s. The negative flows mainly reflected $9 billion in core outflows, with core-plus funds accounting for the remaining outflows, which reversed a 20-year run of net inflows.

As a result, the NAV in US open-end funds fell roughly 16 percent year over year. Meanwhile, global assets under management in closed-end funds reached a new peak of $1.7 trillion as of June 2023, growing 14 percent between June 2022 and June 2023.

Real estate underperformed historical averages in 2023, as previously high-performing multifamily and industrial sectors joined office in producing negative returns caused by slowing demand growth and cap rate expansion. Closed-end funds generated a pooled net IRR of −3.5 percent in the first nine months of 2023, losing money for the first time since the global financial crisis. The lone bright spot among major sectors was hospitality, which—thanks to a rush of postpandemic travel—returned 10.3 percent in 2023. 2 Based on NCREIFs NPI index. Hotels represent 1 percent of total properties in the index. As a whole, the average pooled lifetime net IRRs for closed-end real estate funds from 2011–20 vintages remained around historical levels (9.8 percent).

Global deal volume declined 47 percent in 2023 to reach a ten-year low of $650 billion, driven by widening bid–ask spreads amid valuation uncertainty and higher costs of financing (Exhibit 3). 3 CBRE, Real Capital Analytics Deal flow in the office sector remained depressed, partly as a result of continued uncertainty in the demand for space in a hybrid working world.

During a turbulent year for private markets, private debt was a relative bright spot, topping private markets asset classes in terms of fundraising growth, AUM growth, and performance.

Fundraising for private debt declined just 13 percent year over year, nearly ten percentage points less than the private markets overall. Despite the decline in fundraising, AUM surged 27 percent to $1.7 trillion. And private debt posted the highest investment returns of any private asset class through the first three quarters of 2023.

Private debt’s risk/return characteristics are well suited to the current environment. With interest rates at their highest in more than a decade, current yields in the asset class have grown more attractive on both an absolute and relative basis, particularly if higher rates sustain and put downward pressure on equity returns (Exhibit 4). The built-in security derived from debt’s privileged position in the capital structure, moreover, appeals to investors that are wary of market volatility and valuation uncertainty.

Direct lending continued to be the largest strategy in 2023, with fundraising for the mostly-senior-debt strategy accounting for almost half of the asset class’s total haul (despite declining from the previous year). Separately, mezzanine debt fundraising hit a new high, thanks to the closings of three of the largest funds ever raised in the strategy.

Over the longer term, growth in private debt has largely been driven by institutional investors rotating out of traditional fixed income in favor of private alternatives. Despite this growth in commitments, LPs remain underweight in this asset class relative to their targets. In fact, the allocation gap has only grown wider in recent years, a sharp contrast to other private asset classes, for which LPs’ current allocations exceed their targets on average. According to data from CEM Benchmarking, the private debt allocation gap now stands at 1.4 percent, which means that, in aggregate, investors must commit hundreds of billions in net new capital to the asset class just to reach current targets.

Private debt was not completely immune to the macroeconomic conditions last year, however. Fundraising declined for the second consecutive year and now sits 23 percent below 2021’s peak. Furthermore, though private lenders took share in 2023 from other capital sources, overall deal volumes also declined for the second year in a row. The drop was largely driven by a less active PE deal environment: private debt is predominantly used to finance PE-backed companies, though managers are increasingly diversifying their origination capabilities to include a broad new range of companies and asset types.

Infrastructure and natural resources take a detour

For infrastructure and natural resources fundraising, 2023 was an exceptionally challenging year. Aggregate capital raised declined 53 percent year over year to $82 billion, the lowest annual total since 2013. The size of the drop is particularly surprising in light of infrastructure’s recent momentum. The asset class had set fundraising records in four of the previous five years, and infrastructure is often considered an attractive investment in uncertain markets.

While there is little doubt that the broader fundraising headwinds discussed elsewhere in this report affected infrastructure and natural resources fundraising last year, dynamics specific to the asset class were at play as well. One issue was supply-side timing: nine of the ten largest infrastructure GPs did not close a flagship fund in 2023. Second was the migration of investor dollars away from core and core-plus investments, which have historically accounted for the bulk of infrastructure fundraising, in a higher rate environment.

The asset class had some notable bright spots last year. Fundraising for higher-returning opportunistic strategies more than doubled the prior year’s total (Exhibit 5). AUM grew 18 percent, reaching a new high of $1.5 trillion. Infrastructure funds returned a net IRR of 3.4 percent in 2023; this was below historical averages but still the second-best return among private asset classes. And as was the case in other asset classes, investors concentrated commitments in larger funds and managers in 2023, including in the largest infrastructure fund ever raised.

The outlook for the asset class, moreover, remains positive. Funds targeting a record amount of capital were in the market at year-end, providing a robust foundation for fundraising in 2024 and 2025. A recent spate of infrastructure GP acquisitions signal multi-asset managers’ long-term conviction in the asset class, despite short-term headwinds. Global megatrends like decarbonization and digitization, as well as revolutions in energy and mobility, have spurred new infrastructure investment opportunities around the world, particularly for value-oriented investors that are willing to take on more risk.

Private markets make measured progress in DEI

Diversity, equity, and inclusion (DEI) has become an important part of the fundraising, talent, and investing landscape for private market participants. Encouragingly, incremental progress has been made in recent years, including more diverse talent being brought to entry-level positions, investing roles, and investment committees. The scope of DEI metrics provided to institutional investors during fundraising has also increased in recent years: more than half of PE firms now provide data across investing teams, portfolio company boards, and portfolio company management (versus investment team data only). 4 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023.

In 2023, McKinsey surveyed 66 global private markets firms that collectively employ more than 60,000 people for the second annual State of diversity in global private markets report. 5 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023. The research offers insight into the representation of women and ethnic and racial minorities in private investing as of year-end 2022. In this chapter, we discuss where the numbers stand and how firms can bring a more diverse set of perspectives to the table.

The statistics indicate signs of modest advancement. Overall representation of women in private markets increased two percentage points to 35 percent, and ethnic and racial minorities increased one percentage point to 30 percent (Exhibit 6). Entry-level positions have nearly reached gender parity, with female representation at 48 percent. The share of women holding C-suite roles globally increased 3 percentage points, while the share of people from ethnic and racial minorities in investment committees increased 9 percentage points. There is growing evidence that external hiring is gradually helping close the diversity gap, especially at senior levels. For example, 33 percent of external hires at the managing director level were ethnic or racial minorities, higher than their existing representation level (19 percent).

Yet, the scope of the challenge remains substantial. Women and minorities continue to be underrepresented in senior positions and investing roles. They also experience uneven rates of progress due to lower promotion and higher attrition rates, particularly at smaller firms. Firms are also navigating an increasingly polarized workplace today, with additional scrutiny and a growing number of lawsuits against corporate diversity and inclusion programs, particularly in the US, which threatens to impact the industry’s pace of progress.

Fredrik Dahlqvist is a senior partner in McKinsey’s Stockholm office; Alastair Green  is a senior partner in the Washington, DC, office, where Paul Maia and Alexandra Nee  are partners; David Quigley  is a senior partner in the New York office, where Connor Mangan is an associate partner and Aditya Sanghvi  is a senior partner; Rahel Schneider is an associate partner in the Bay Area office; John Spivey is a partner in the Charlotte office; and Brian Vickery  is a partner in the Boston office.

The authors wish to thank Jonathan Christy, Louis Dufau, Vaibhav Gujral, Graham Healy-Day, Laura Johnson, Ryan Luby, Tripp Norton, Alastair Rami, Henri Torbey, and Alex Wolkomir for their contributions

The authors would also like to thank CEM Benchmarking and the StepStone Group for their partnership in this year's report.

This article was edited by Arshiya Khullar, an editor in the Gurugram office.

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Analysts Offer Insights on Consumer Cyclical Companies: Under Armour (UAA), Carnival (CCL) and Canada Goose Holdings (GOOS)

Analysts have been eager to weigh in on the Consumer Cyclical sector with new ratings on Under Armour ( UAA – Research Report ), Carnival ( CCL – Research Report ) and Canada Goose Holdings ( GOOS – Research Report ).

Under Armour (UAA)

Bank of America Securities analyst Lorraine Hutchinson reiterated a Hold rating on Under Armour today and set a price target of $8.00 . The company’s shares closed last Thursday at $6.71, close to its 52-week low of $6.18.

According to TipRanks.com , Hutchinson is a 4-star analyst with an average return of 4.0% and a 53.4% success rate. Hutchinson covers the NA sector, focusing on stocks such as Birkenstock Holding plc, Lululemon Athletica, and European Wax Center.

Under Armour has an analyst consensus of Hold, with a price target consensus of $8.39, which is a 34.2% upside from current levels. In a report issued on May 7, Citi also maintained a Hold rating on the stock with a $7.00 price target.

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Carnival (CCL)

Wells Fargo analyst Daniel Politzer maintained a Buy rating on Carnival today and set a price target of $23.00 . The company’s shares closed last Thursday at $14.90.

According to TipRanks.com , Politzer is a 4-star analyst with an average return of 6.6% and a 52.6% success rate. Politzer covers the NA sector, focusing on stocks such as Hilton Worldwide Holdings, Life Time Group Holdings, and Rush Street Interactive.

Carnival has an analyst consensus of Strong Buy, with a price target consensus of $22.38, implying a 49.8% upside from current levels. In a report issued on May 6, J.P. Morgan also maintained a Buy rating on the stock with a $21.00 price target.

Canada Goose Holdings (GOOS)

In a report released yesterday, Ike Boruchow from Wells Fargo maintained a Hold rating on Canada Goose Holdings, with a price target of C$19.00 . The company’s shares closed last Thursday at $13.19.

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Canada Goose Holdings has an analyst consensus of Hold, with a price target consensus of $14.28, implying a 10.0% upside from current levels. In a report released yesterday, TD Cowen also maintained a Hold rating on the stock with a $16.00 price target.

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Opinion: Risk of 'genetic discrimination' by insurance companies is ruining people's trust in vital medical science

S hould you be denied life insurance or have to pay extra if you have a genetic risk for certain diseases? Should insurance companies even have access to your genetic data in the first place? This is known as "genetic discrimination," a practice already banned in some countries, including Canada .

The Australian Treasury is currently working on a review of the relevant legislation, with insurance industry bodies arguing a total ban would raise life insurance bills.

But this legislation doesn't just have implications for genetic discrimination. Genetic testing underpins vital branches of medical science. Our research shows the question of who can assess a person's genomic data directly influences public trust in future genomic research in Australia.

What is genomic research?

Human genomic research holds promise for the development of cures and treatments for cancers and heritable diseases. To achieve this, researchers rely on people willingly donating their genomic data. This is your DNA code derived from something like a blood sample. Genomic data is particularly useful when linked with lifestyle—diet, exercise, habits—and health records.

If researchers have access to this data from thousands of people, they can look for patterns to see if certain genes might be linked to certain illnesses or diseases. Treatments or cures can then be developed to target the gene or genes involved.

To assist with making genomic research viable and accessible for researchers, national-level biobanks exist, such as in the United Kingdom . These biobanks can store data from hundreds of thousands of people.

Australia does not yet have a national biobank, but some researchers in Australia do conduct studies that involve the collection of genomic data.

Can we trust biobanks?

Previous research has found people are generally supportive of genomic research and biobanks. They recognize the potential for new treatments or cures such research can bring.

However, trust in biobanks decreases substantially if there is any commercial involvement in biobank management or research. This poses a problem, as commercial involvement in biobanking is increasingly likely. Running these repositories, conducting research and bringing new treatments to market is expensive.

People who express such distrust often cite concerns that profit will be put ahead of the public good. One common issue is the perceived unfairness of "big pharma" hypothetically making large profits from freely donated genomic data.

Another primary concern, that is often a dealbreaker when it comes to hypothetically donating data, is that data will be sold to insurance companies who will then deny cover or increase premiums.

If people are unwilling to donate to biobanks due to the perceived risk of genetic discrimination from insurance companies, the scope of genomic research may suffer.

People are most trusting of biobanks if they are managed by universities and hospitals, who then also conduct the research. This is because these types of public institutions are not typically seen to be profit driven.

Would Australians trust a biobank?

Our research explored the required conditions for a trusted Australian national biobank. Specifically, we examined what Australians think about genomic research and sources of distrust. We also examined different legal safeguards that could be implemented to enhance trust and willingness to donate.

We started by surveying a statistically representative sample of 1,000 Australians. We found four groups Australians can be categorized into based on their attitudes towards genomic research:

• highly supportive and willing to donate to a national biobank (approximately 23% of the population if you extrapolate from our sample)
• supportive and open to donating but wary of commercial involvement (37%)
• supportive and open to donating but wary of commercial and governmental involvement (26%)
• completely unwilling to donate under any circumstances (14%)

In a follow-up study we interviewed 39 people from these groups. Across the four groups, including those who were willing to donate, there were clear concerns about genetic discrimination from insurers or employers. Concern about corporate profiteering was also widespread. However, respondents maintained a pragmatic view that pharmaceutical companies necessarily need to make some profit.

Based on the interviews, and a third experimental survey, it was clear a national biobank should be managed by a public institution. Additionally, we should have a data access committee comprising relevant experts.

This committee would assess applications from researchers attempting to access the data. For example, data access would be allowed only for researchers from established commercial or public organizations. Additionally, researchers would be compelled to only use data for ethical human health research and make no effort to identify donors.

Overall, Australians generally do support genomic research—they recognize its potential to give us much-needed new medical treatments and even cures.

But this support is undermined if people feel that genetic discrimination is a likely risk for themselves or their blood relatives.

Legislation that reduces this risk targets a main source of distrust that can make people unwilling to donate genomic data. A law preventing genetic discrimination could therefore indirectly benefit genomic research and support for a national biobank, should one exist in the future.

This article is republished from The Conversation under a Creative Commons license. Read the original article .

Provided by The Conversation