Wire Cerclage Sternal Closure Systems Market

Wire Cerclage Sternal Closure Systems Market Size by Product Type (Bone Cement, Closure Devices), Material (Polyether Ether Ketone (PEEK), Titanium, Stainless Steel), Procedure (Hemisternotomy, Median Sternotomy, Bilateral Thoracosternotomy), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13471
  • Published Date: May, 2023
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global wire cerclage sternal closure systems market was valued at USD 2.85 billion in 2022, which is anticipated to grow at a CAGR of 9.37% from 2023 to 2032. One of the main drivers of market expansion has been projected to be the growing number of older people having open-heart surgery through a median sternotomy. Because it provides quick and simple access to heart valves and arteries, the median sternotomy operation has remained the most widely used method for cardiac exposure.

Market Introduction:

After heart and thoracic cavity procedures, sternal closure systems seal the breastbone. These procedures help to connect the anterior chest wall while repairing it. Systems for closing the sternum improve bone stability, healing, and pain control. The metallic braid that forms up the cable is frequently employed in cardiac surgery. To prevent bone rupture during median sternotomies, manufacturers have recently made steel wires available for people undergoing elective heart surgery. Sternotomies and sternal closures take place before and after heart surgery, respectively. Rapid technological improvements are also anticipated to fuel market expansion, including the use of biocompatible polymers like PEEK, tritium, and nitinol, pre-sternotomy plates, and the creation of minimally invasive median sternotomy procedures. Globally, an increase in surgical operations has fueled demand for surgical instruments, propelling the market's expansion. In addition, seniors are more susceptible to cardiac problems due to poor nutrition and inactivity. Additionally, a rise in cardiovascular surgical procedures driven by the ageing population, which is more prone to chronic CVDs, is internationally driving up demand for sternal closure systems. In addition to the increasing burden of uncommon diseases and injuries, emerging nations are concentrating on investing in public healthcare infrastructure, which will also increase the number of surgical procedures worldwide. Globally, the frequency of coronary artery disease is rising due to sedentary lifestyles, heavy alcohol and tobacco use, and poor diet. The number of surgeries is increasing, which will likely accelerate the use of sternal closure systems in operations throughout the decades. Around the globe, more open-heart operations are being performed, which is expected to boost the market's growth. These procedures all need extensive use of closure techniques. The rise in the target patient population and the sharp increase in surgical procedures impact the market.

Wire Cerclage Sternal Closure Systems Market Size

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Recent Development
  • DePuy Synthes expanded its line of degenerative spine disorders products in September 2019 by introducing the CONDUIT interbody Platform with EIT cellular titanium technology.
  • In the United States, Vitality+ and Vital Spinal Fixation Systems were introduced by Zimmer Biomet in October 2018. The Vital Spinal Fixation System provides an excellent solution for degenerative thoracolumbar surgeries.
  • The Valkyrie Thoracic Fixation System was planned to go on sale in 2021, as announced by Able Medical Devices. This system stretches the osteotomy and closes the sternum after open heart surgery, making it the first single-use radiolucent plating system available on the market.

Market Dynamics:

Drivers

Increasing product adoption and heart surgery rate- The market can expand as product approvals rise. For instance, in 2021, the United States Food and Drug Administration (U.S. F.D.A.) granted Able Medical Devices 510(k) certification for their Valkyrie Thoracic Fixation System. It stabilizes chest wall fractures, including sternal fixation following sternotomies. Also, it is used in sternal reconstructive surgical procedures for patients with normal and poor bone. This factor contributes to market expansion. Wire cerclage sternal closure techniques are expected to become more popular as heart surgery rates rise. For instance, about 400,000 coronary artery bypass procedures are carried out annually throughout the world. As a result, it is anticipated that the growing number of heart surgeries where sternal closure wires are frequently utilized in surgical procedures will further fuel market expansion.

Restraints:

Wire cerclage sternal closure systems complications- Wire cerclage sternal closure systems have various issues. Pain, sternal cut-through, non-union, and breakage are all made more dangerous by an unstable steel wire cerclage following open heart surgery. These issues result in lengthier hospital stays, increased expenses, higher mortality rates, and unsatisfied patients. These are the restrictions to market expansion.

Opportunities:

Infrastructure development for public healthcare- Due to the rise in the burden of non-communicable diseases and injuries, which will increase the need for surgery, several emerging economies are investing heavily in public healthcare infrastructure. Manufacturing of wire cerclage sternal closure systems tends to expand significantly when titanium is used. This dominance is driven due to benefits, including titanium's effectiveness at properly resisting corrosion and its capacity to bond human bones. The non-ferromagnetic quality of these materials, which allows patients with titanium implants to be safely evaluated through MRI scans, further boosts their market share. Hence, this aspect contributes significantly to the expansion of the market.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global wire cerclage sternal closure systems market, with a 36.28% share of the market revenue in 2022.

The demand for systems is also predicted to increase across the region due to increasing collaborative efforts launched by major players to enhance their product offerings and guarantee high-quality standards. Additionally, a large portion of North America's prevalence of heart disease can be linked to this region. For instance, heart-related illnesses, including cardiac arrest and valvular heart disease, have been identified in millions of Americans. Favourable reimbursement regulations will also likely accelerate the market's expansion. Sternal closure operations are paid for under the updated Medicare payment coding standard for wound closure.

  • For instance, RTI Surgical's Cardiothoracic Closure business was acquired by A&E Medical Corporation in August 2017. Cable-based plate products like the Tritium SPC System are available from RTI Surgical's Cardiothoracic Closure division.

North America Region Wire Cerclage Sternal Closure Systems Market Share in 2022 - 36.28%

 

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Product Type Segment Analysis

The product type segment is divided into bone cement and closure devices. The closure devices segment dominated the market, with a market share of around 73.51% in 2022. The main contributing factors for the segment's leading share include the introduction of innovative products and increased per capita spending in both developed and developing economies. These devices have advantages over bone cement, including reduced post-operative problems and infections and a quicker recovery time. Additionally, growing initiatives by significant market players to launch innovative techniques and lines of products are likely to accelerate the segment's growth in the years to come.

  • Sternal ZIPFIX System, Sternal Talon Implants, SternaLock Blu and SternaLock 360 by Zimmer Biomet, DePuy Synthes, and KLS Martin Group are important products in this market. To produce cutting-edge solutions, businesses in the market are concentrating on R&D. For instance, Orthofix Holdings, Inc., a U.S.-based business involved in the research, development, and marketing of orthopaedic items, made an investment of USD 28.8 million and USD 29.7 million during 2017 and 2018, consecutively.
  • In January 2017, JACE Medical, LLC introduced pre-monoblock sternal plates in the United States. As implant positioners, these plates are utilized before surgery.
Material Segment Analysis

The material segment is divided into polyether ether ketone (PEEK), titanium, and stainless steel. The titanium segment dominated the market, with a market share of around 35.99% in 2022. The related advantages associated with titanium, such as its biocompatibility and ability to join human bones successfully, contribute to this dominance. These materials are also becoming more prevalent in the market due to their non-ferromagnetic properties, which enable patients with titanium implants to undergo safe scans. Additionally, increased economic viability and lower costs for the utilization of advanced titanium clips and plates in developing and developed countries are projected to support the penetration of titanium-based sternal closure systems. These factors, along with the high efficiency, non-toxic nature of implants, stability of titanium products, and greater economic feasibility, all contribute to this.

Procedure Segment Analysis

The procedure segment is divided into hemisternotomy, median sternotomy, and bilateral thoracosternotomy. The median sternotomy segment dominated the market, with a market share of around 38.87% in 2022. Due to the ease with which the heart, lungs, and surrounding structures can be reached during heart valve replacement and coronary artery bypass surgery, median sternotomies are frequently utilized to carry out osteotomies all over the world. Additionally, lowering post-operative infections and complications, median sternotomies are in higher demand worldwide. The demand for median sternotomies is projected to increase due to the expanding geriatric population susceptible to developing chronic cardiovascular conditions, including CVDs. The number of older people is expected to double in the years to come.

Some of the Key Market Players:
  • Johnson & Johnson
  • Orthofix Holdings, Inc.
  • KLS Martin Group
  • Jace Medical, LLC
  • Abyrx, Inc.
  • Zimmer Biomet
  • GE Healthcare
  • Acute Innovations
  • B. Braun Melsungen AG
  • Kinamed Incorporated
  • A&E Medical Corporation

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 2.85 Billion
Market size value in 2032 USD 6.97 Billion
CAGR (2023 to 2032) 9.37%
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, Material, Procedure

Frequesntly Asked Questions

As per The Brainy Insights, the size of the wire cerclage sternal closure systems market was valued at USD 2.85 Billion in 2022 & USD 6.97 Billion by 2032.

Global wire cerclage sternal closure systems market is growing at a CAGR of 9.37% during the forecast period 2023-2032.

North America region emerged as the largest market for the wire cerclage sternal closure systems.

Increasing product adoption and heart surgery rate is a significant driving factor for the growth of the wire cerclage sternal closure systems market.

Wire cerclage sternal closure systems complications is a significant restraining factor for the growth of the wire cerclage sternal closure systems market.

Infrastructure development for public healthcare is a significant opportunity for the growth of the wire cerclage sternal closure systems market.

Key players are Johnson & Johnson, Orthofix Holdings, Inc., KLS Martin Group, Jace Medical, LLC, Abyrx, Inc., Zimmer Biomet, GE Healthcare, Acute Innovations, B. Braun Melsungen AG, Kinamed Incorporated, A&E Medical Corporation, among others.

1. Introduction
    1.1. Objective 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 Material
          4.3.3. Market Attractiveness Analysis By Procedure
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends
5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing product adoption and heart surgery rate
    5.3. Restraints
          5.3.1. Wire cerclage sternal closure systems complications
    5.4. Opportunities
          5.4.1. Infrastructure development for public healthcare
6. Global Wire Cerclage Sternal Closure Systems Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Bone Cement
    6.3. Closure Devices
7. Global Wire Cerclage Sternal Closure Systems Market Analysis and Forecast, By Material
    7.1. Segment Overview
    7.2. Polyether Ether Ketone (PEEK)
    7.3. Titanium
    7.4. Stainless Steel
8. Global Wire Cerclage Sternal Closure Systems Market Analysis and Forecast, By Procedure
    8.1. Segment Overview
    8.2. Hemisternotomy
    8.3. Median Sternotomy
    8.4. Bilateral Thoracosternotomy
9. Global Wire Cerclage Sternal Closure Systems Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa
10. Global Wire Cerclage Sternal Closure Systems Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Wire Cerclage Sternal Closure Systems Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions
11. Company Profiles
    11.1. Johnson & Johnson
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Orthofix Holdings, Inc.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. KLS Martin Group
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Jace Medical, LLC
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Abyrx, Inc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Zimmer Biomet
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. GE Healthcare
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Acute Innovations
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. B. Braun Melsungen AG
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Kinamed Incorporated
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. A&E Medical Corporation
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis

List of Table

1. Global Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Bone Cement, Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion) 

3. Global Closure Devices, Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion)

4. Global Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

5. Global Polyether Ether Ketone (PEEK), Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion)

6. Global Titanium, Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion)

7. Global Stainless Steel, Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion)

8. Global Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion) 

9. Global Hemisternotomy, Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion) 

10. Global Median Sternotomy, Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion)

11. Global Bilateral Thoracosternotomy, Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion)

12. Global Wire Cerclage Sternal Closure Systems Market, By Region, 2019-2032 (USD Billion) 

13. North America Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

14. North America Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion)

15. North America Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion) 

16. U.S. Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

17. U.S. Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

18. U.S. Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

19. Canada Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

20. Canada Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

21. Canada Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

22. Mexico Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

23. Mexico Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

24. Mexico Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

25. Europe Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

26. Europe Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

27. Europe Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

28. Germany Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

29. Germany Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

30. Germany Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

31. France Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

32. France Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

33. France Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

34. U.K. Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

35. U.K. Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

36. U.K. Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

37. Italy Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

38. Italy Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

39. Italy Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

40. Spain Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

41. Spain Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

42. Spain Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

43. Asia Pacific Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

44. Asia Pacific Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

45. Asia Pacific Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

46. Japan Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

47. Japan Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

48. Japan Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

49. China Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

50. China Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

51. China Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

52. India Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

53. India Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

54. India Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

55. South America Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

56. South America Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

57. South America Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

58. Brazil Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

59. Brazil Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

60. Brazil Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

61. Middle East and Africa Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

62. Middle East and Africa Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

63. Middle East and Africa Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

64. UAE Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

65. UAE Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

66. UAE Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

67. South Africa Wire Cerclage Sternal Closure Systems Market, By Product Type, 2019-2032 (USD Billion) 

68. South Africa Wire Cerclage Sternal Closure Systems Market, By Material, 2019-2032 (USD Billion) 

69. South Africa Wire Cerclage Sternal Closure Systems Market, By Procedure, 2019-2032 (USD Billion)

List of Figures 

1. Global Wire Cerclage Sternal Closure Systems Market Segmentation

2. Wire Cerclage Sternal Closure Systems 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 Wire Cerclage Sternal Closure Systems Market Attractiveness Analysis By Product Type

9. Global Wire Cerclage Sternal Closure Systems Market Attractiveness Analysis By Material

10. Global Wire Cerclage Sternal Closure Systems Market Attractiveness Analysis By Procedure

11. Global Wire Cerclage Sternal Closure Systems Market Attractiveness Analysis By Region

12. Global Wire Cerclage Sternal Closure Systems Market: Dynamics

13. Global Wire Cerclage Sternal Closure Systems Market Share by Product Type (2023 & 2032)

14. Global Wire Cerclage Sternal Closure Systems Market Share by Material (2023 & 2032)

15. Global Wire Cerclage Sternal Closure Systems Market Share by Procedure (2023 & 2032)

16. Global Wire Cerclage Sternal Closure Systems Market Share by Regions (2023 & 2032)

17. Global Wire Cerclage Sternal Closure Systems 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 wire cerclage sternal closure systems market based on below mentioned segments:

Global Wire Cerclage Sternal Closure Systems by Product Type:

  • Bone Cement
  • Closure Devices

Global Wire Cerclage Sternal Closure Systems by Material:

  • Polyether Ether Ketone (PEEK)
  • Titanium
  • Stainless Steel

Global Wire Cerclage Sternal Closure Systems by Procedure:

  • Hemisternotomy
  • Median Sternotomy
  • Bilateral Thoracosternotomy

Global Wire Cerclage Sternal Closure Systems 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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