"The market for wound closure and related (i.e., competitive and/or complementary) products stands at $10 billion."
What does this mean? First, one must understand that a market is defined as all of the current revenues among related products serving a common set of needs. To use a business school analogy: if at the turn of the 20th century, you make buggy whips, are you in the buggy whip business or are you really in the transportation business? You should check with the current buggy whip manufacturers — oh, nevermind. Second, the market's boundaries must not be determined by national or geographic boundaries, since the world today has too many options, too many channels, too many incentives for borders to be worth such consideration.
In seeing a recent headline that projected the U.S. market for sealants and adhesives to reach $2 billion by 2015, I had to ask the question why one would only look at the U.S. market and why sutures, staples, clips, tapes and other mechanical wound closure were not included; why hemostatic agents were not included; why even anti-adhesion products were not included, since fibrin and other sealants play a role in both wound closure and prevention of post-surgical anti-adhesion.
Manufacturers must always consider the current and emerging needs met by their products as well as any other product (or service) that may also meet those needs. If a manufacturer has the capacity to focus on only one geographic market (in which manufacturers from other geographies not only choose to not compete but are somehow excluded from competing), then such a myopic market focus is indeed worthwhile, unlikely, but if worthwhile if it exists (please let us know of such fantastically protected markets, aside from any markets with needs such governed or restricted by national security interests).
For the sake of clarity, since some research sources address U.S. only, or Europe only, and since we do have to acknowledge that there are no known non-terrestrial sources of products or market demand, our Report #S190 is entitled, "Worldwide Market for Surgical Sealants, Glues, Wound Closure and Anti-Adhesion, 2010-2015." This market is $10 billion now and will reach over $14 billion by 2015.
See link for the report's complete table of contents and list of exhibits.