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Surgical Drains Market

Surgical Drains Market Size by Product Type (Systems and Accessories), Type (Active Drains and Passive Drains), Application (General Surgery, Orthopedic, Cardiac and Thoracic Surgery, Gynecological Surgery and Others), End User (Hospitals, Clinics, Ambulatory Surgical Centers and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13486
  • Published Date: May, 2023
  • Pages: 238
  • Category: Healthcare
  • Format: PDF
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The global surgical drains market was valued at USD 3 billion in 2022 and grew at a CAGR of 4% from 2023 to 2032. The market is expected to reach USD 4.44 billion by 2032. The increasing incidence of chronic diseases will drive the global surgical drains market's growth.

Market Introduction:

When the human body is injured, damaged or has developed an injection, there is an accumulation of pus, blood or other bodily fluids around it. The bodily fluids are a result of the WBCs fighting the infection or platelets facilitating the healing of the wound. Exposed wounds can develop an infection, which can also lead to the accumulation of bodily fluids. They can also develop near the site of surgical incisions. It is important to drain this accumulated fluid to speed up healing and reduce the risk of further infection or complications. A surgical drain is a tube that is used to drain these fluids. The fluids can be blood, water, lymphatic, pus or other substances. These fluids are drained from an organ, wound, or cavity. They are also utilized as a decompression intervention. A surgeon near the surgical incision site usually places them. There are various types of surgical drains. Different classification systems—open or closed, passive or active—categorize drains. Some examples are ventriculoperitoneal shunts, urine catheters, vascular access ports, and nasogastric tubes. Surgical drains are important as they improve the surgical procedure's overall outcome. It reduces the risk of infection.

Surgical Drains Market Size

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Recent Development
  • September 2021: Unwanted fluid accumulation can be removed or drained with the help of a unique drainage catheter in a minimally invasive manner. The SKATER Mini-Loop drainage catheter from Argon Medical Devices is intended for the Seldinger procedure or direct stick percutaneous voiding of abscesses or fluids accumulating in tiny cavities. A detachable pigtail straightener, a rigid metal cannula, a flexible stiffening cannula, and a low-profile locking mechanism with a snap-off tab are all included with each catheter. Additional characteristics include a locking shoulder tip that prevents bottlenecking and lessens buckling during insertion, a consistent catheter-to-hub inner lumen size, and the Choice Lock trocar stylet that enables single-handed abscess drainage implantation.

Market Dynamics:

Drivers

The increasing incidence of chronic diseases – Lifestyle changes globally are associated with sedentary work, unhealthy diet, and no physical exercise. Additionally, environmental changes have increased, like increased air, water and light pollution, along with rising global warming, have increased the global disease burden. The unhealthy food habits associated with the consumption of highly processed sugary foods and no physical exercise have increased the incidence of cardiovascular and pulmonary diseases. The increased depletion of the ozone layer has contributed to the rising number of cancer cases. The increased consumption of cigarettes, alcohol and other psychedelics has increased the incidence of heart and neuro diseases/illnesses. The increasing incidence of chronic diseases has increased the demand for surgeries. With technological advancement paving the way for successful surgical procedures with better patient outcomes, there is a rising demand for surgical interventions over other treatment plans. The increasing number of surgeries will drive the demand for surgical drains as they are essential to successful post-op recovery. Therefore, the increasing incidence of chronic diseases will drive the global surgical drains market's growth.  

Restraints:

The complications associated with surgical drains – as much as surgical drains facilitate the successful recovery of a patient, they are also found to be causing other complications detrimental to the patient's health. They cause discomfort, which is both physically and mentally draining for the patient. They cause soreness and inconvenience in movement. They are also known to cause infection, which, if not checked, can lead to sepsis and other fatal risks. They must be monitored, checked and changed regularly to prevent infection, discomfort and other complications. However, the lack of personnel in hospitals, especially public hospitals, increases the risk of complications, given the overburden on the nurses and hospital staff. Therefore, the complications associated with surgical drains will hinder the market’s growth. 

Opportunities:

The technological advancements and product innovations – the complications associated with surgical drains are identified, well-defined and noted in the medical community. The medical community, including doctors, nurses, medical equipment manufacturers and other stakeholders, know the importance of reducing these complications, so there is an increased focus towards developing better surgical drains, medical protocols and post-op procedures. The increased research and development to understand and identify the exact causes of complications have given rise to product innovations and system upgrades. Technological advancements have further aided these innovations. Therefore, technological advancements and product innovations will propel the global surgical drains market's development and growth in the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest global surgical drains market, with a 40% market revenue share in 2022.

Asia Pacific region will account for the largest market share with revenue growth. The increasing incidence of chronic diseases and the growing geriatric population increase the regional patient pool. The increasing healthcare expenditure by the government and private players will also bode well for the regional market. The presence of favourable government policies aimed at achieving universal healthcare will augment the regional market's growth. Many pharmaceutical companies and medical device manufacturers contribute to developing and growing the Asia Pacific surgical drains market.

  • A US Patent was granted to SOMAVAC Medical Solutions, Inc. surgical drain management platform and SOMAVAC SVS Smart Suction Technology. It is the only smart surgical drain pump approved by the FDA to prevent plastic and general surgery seromas. The SOMAVAC SVS delivers continuous suction to surgical drains for efficient evacuation of fluids and lowers the risk of seromas or hematomas. It is most frequently used for mastectomies, hernia repairs, breast reconstructions, and difficult orthopaedic surgeries.

Asia Pacific Region Surgical Drains Market Share in 2022 - 40%

 

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Product type Segment Analysis

The product type segment is divided into systems and accessories. The systems segment dominated the market, with a market share of around 54% in 2022. The increasing incidence of chronic diseases such as cardiovascular and pulmonary diseases and a rising geriatric population has increased the demand for surgical procedures. The effectiveness of surgical drains in delivering better patient outcomes in surgeries is well-recorded, which is why the increasing demand for surgeries will increase the demand for surgical drainage systems, thereby contributing to its growing dominance in the market.

Type Segment Analysis

The type segment is divided into active drains and passive drains. The active drains segment dominated the market, with a market share of around 55% in 2022. Active drains have an artificial pressure gradient which can draw fluids, pus or gas from a wound or a body cavity. Passive drains work with the pressure gradient of the body. Active drains are more effective as they can be placed in any location. They offer better control to the physician or the doctor. The greater flexibility, control and wide applications contribute to its dominance in the segment.

Application Segment Analysis

The application segment is divided into general surgery, orthopaedic, cardiac and thoracic surgery, gynaecological surgery and others. The general surgery segment dominated the market, with a market share of around 39% in 2022. general surgery treats various problems associated with the gastrointestinal tract, like the oesophagus, stomach, and small and large intestines. It also includes the liver, pancreas, gallbladder, appendix, and bile duct diseases. The increasing incidence of gastrointestinal problems given the lifestyle changes. The most common surgical procedure performed is the removal of the appendix. Furthermore, liver and pancreatic procedures are on the rise. Therefore, the rising incidence of diseases related to the digestive system of the body and its organs will propel the segment's growth.

End-user Segment Analysis

The end-user segment is divided into hospitals, clinics, ambulatory surgical centres and others. The hospital segment dominated the market, with a market share of around 45% in 2022. Hospitals offer a wide range of services. They have the necessary equipment and staff to deal with any healthcare problems. They are equipped to perform surgical procedures with designated floors for post-op recoveries and staff to handle post-op patient care. They are the primary choice of many patients. Therefore, hospitals' popularity, awareness, and comfort drive their market dominance.

Some of the Key Market Players:
  • B. Braun
  • C. R. Bard
  • Cardinal Health
  • ConvaTec Group Plc
  • Ethicon Inc.
  • Medline Industries
  • Medtronic
  • Redax
  • Romsons Group Pvt. Ltd.
  • Stryker Corporation

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 3 Billion
Market size value in 2032 USD 4.44 Billion
CAGR (2023 to 2032) 4%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Type, Application, End User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global surgical drains market was valued at USD 3 billion in 2022 to USD 4.44 billion by 2032.

Global surgical drains market is growing at a CAGR of 4% during the forecast period 2023-2032.

The market's growth will be influenced by the increasing incidence of chronic diseases.

The complications associated with surgical drains could hamper the market growth.

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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product Type
          4.3.2. Market Attractiveness Analysis by Type
          4.3.3. Market Attractiveness Analysis by Application
          4.3.4. Market Attractiveness Analysis by End User
          4.3.5. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The increasing incidence of chronic diseases
    5.3. Restraints
          5.3.1. The complications associated with surgical drains
    5.4. Opportunities
          5.4.1. The technological advancements and product innovations
    5.5. Challenges
          5.5.1. The rising adoption of minimally invasive surgical procedures

6. Global Surgical Drains Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Systems
    6.3. Accessories

7. Global Surgical Drains Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Active Drains
    7.3. Passive Drains

8. Global Surgical Drains Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. General Surgery
    8.3. Orthopedic
    8.4. Cardiac and Thoracic Surgery
    8.5. Gynecological Surgery
    8.6. Others

9. Global Surgical Drains Market Analysis and Forecast, By End User
    9.1. Segment Overview
    9.2. Hospitals
    9.3. Clinics
    9.4. Ambulatory Surgical Centers
    9.5. Others

10. Global Surgical Drains Market Analysis and Forecast, By Regional Analysis
    10.1. Segment Overview
    10.2. North America
          10.2.1. U.S.
          10.2.2. Canada
          10.2.3. Mexico
    10.3. Europe
          10.3.1. Germany
          10.3.2. France
          10.3.3. U.K.
          10.3.4. Italy
          10.3.5. Spain
    10.4. Asia-Pacific
          10.4.1. Japan
          10.4.2. China
          10.4.3. India
    10.5. South America
          10.5.1. Brazil
    10.6. Middle East and Africa
          10.6.1. UAE
          10.6.2. South Africa

11. Global Surgical Drains Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in the Surgical Drains Market
          11.2.1. Global Company Market Share
          11.2.2. North America Company Market Share
          11.2.3. Europe Company Market Share
          11.2.4. APAC Company Market Share
    11.3. Competitive Situations and Trends
          11.3.1. Product Launches and Developments
          11.3.2. Partnerships, Collaborations, and Agreements
          11.3.3. Mergers & Acquisitions
          11.3.4. Expansions

12. Company Profiles
    12.1. B. Braun
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Product Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. C. R. Bard
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Product Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. Cardinal Health
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Product Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. ConvaTec Group Plc
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Product Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. Ethicon Inc.
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Product Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. Medline Industries
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Product Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. Medtronic
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Product Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. Redax
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Product Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis
    12.9. Romsons Group Pvt. Ltd.
          12.9.1. Business Overview
          12.9.2. Company Snapshot
          12.9.3. Company Market Share Analysis
          12.9.4. Company Product Portfolio
          12.9.5. Recent Developments
          12.9.6. SWOT Analysis
    12.10. Stryker Corporation
          12.10.1. Business Overview
          12.10.2. Company Snapshot
          12.10.3. Company Market Share Analysis
          12.10.4. Company Product Portfolio
          12.10.5. Recent Developments
          12.10.6. SWOT Analysis
 

List of Table

1. Global Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Systems Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

3. Global Accessories Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

4. Global Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

5. Global Active Drains Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

6. Global Passive Drains Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

7. Global Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

8. Global General Surgery Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

9. Global Orthopedic Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

10. Global Cardiac and Thoracic Surgery Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

11. Global Gynecological Surgery Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

12. Global Others Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

13. Global Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

14. Global Hospitals Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

15. Global Clinics Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

16. Global Ambulatory Surgical Centers Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

17. Global Others Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

18. Global Surgical Drains Market, By Region, 2019-2032 (USD Billion) 

19. North America Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

20. North America Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

21. North America Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

22. North America Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

23. U.S. Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

24. U.S. Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

25. U.S. Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

26. U.S. Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

27. Canada Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

28. Canada Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

29. Canada Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

30. Canada Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

31. Mexico Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

32. Mexico Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

33. Mexico Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

34. Mexico Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

35. Europe Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

36. Europe Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

37. Europe Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

38. Europe Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

39. Germany Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

40. Germany Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

41. Germany Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

42. Germany Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

43. France Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

44. France Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

45. France Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

46. France Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

47. U.K. Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

48. U.K. Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

49. U.K. Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

50. U.K. Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

51. Italy Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

52. Italy Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

53. Italy Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

54. Italy Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

55. Spain Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

56. Spain Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

57. Spain Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

58. Spain Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

59. Asia Pacific Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

60. Asia Pacific Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

61. Asia Pacific Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

62. Asia Pacific Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

63. Japan Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

64. Japan Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

65. Japan Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

66. Japan Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

67. China Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

68. China Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

69. China Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

70. China Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

71. India Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

72. India Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

73. India Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

74. India Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

75. South America Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

76. South America Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

77. South America Surgical Drains Market, By Application, 2019-2032 (USD Billion)

78. South America Surgical Drains Market, By End User, 2019-2032 (USD Billion)

79. Brazil Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

80. Brazil Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

81. Brazil Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

82. Brazil Surgical Drains Market, By End User, 2019-2032 (USD Billion)

83. Middle East and Africa Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

84. Middle East and Africa Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

85. Middle East and Africa Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

86. Middle East and Africa Surgical Drains Market, By End User, 2019-2032 (USD Billion)

87. UAE Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

88. UAE Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

89. UAE Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

90. UAE Surgical Drains Market, By End User, 2019-2032 (USD Billion)

91. South Africa Surgical Drains Market, By Product Type, 2019-2032 (USD Billion) 

92. South Africa Surgical Drains Market, By Type, 2019-2032 (USD Billion) 

93. South Africa Surgical Drains Market, By Application, 2019-2032 (USD Billion) 

94. South Africa Surgical Drains Market, By End User, 2019-2032 (USD Billion) 

List of Figures 

1. Global Surgical Drains Market Segmentation

2. Surgical Drains Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Surgical Drains Market Attractiveness Analysis by Product Type

9. Global Surgical Drains Market Attractiveness Analysis by Type

10. Global Surgical Drains Market Attractiveness Analysis by Application

11. Global Surgical Drains Market Attractiveness Analysis by End User

12. Global Surgical Drains Market Attractiveness Analysis by Region

13. Global Surgical Drains Market: Dynamics

14. Global Surgical Drains Market Share by Product Type (2022 & 2032)

15. Global Surgical Drains Market Share by Type (2022 & 2032)

16. Global Surgical Drains Market Share by Application (2022 & 2032)

17. Global Surgical Drains Market Share by End User (2022 & 2032)

18. Global Surgical Drains Market Share by Regions (2022 & 2032)

19. Global Surgical Drains Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global surgical drains market based on below mentioned segments:

Global Surgical Drains Market by Product Type:

  • Systems
  • Accessories

Global Surgical Drains Market by Type:

  • Active Drains
  • Passive Drains

Global Surgical Drains Market by Application:

  • General Surgery
  • Orthopedic
  • Cardiac and Thoracic Surgery
  • Gynecological Surgery
  • Others

Global Surgical Drains Market by End User:

  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers
  • Others

Global Surgical Drains Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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