The global sternum closure system market is valued at USD 2.39 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2032. Cardiac surgery via mid-sternotomy is recognized as one of the key growth drivers of the market. A median sternotomy is the most common technique for cardiac exposure because it allows easy and rapid access to the heart’s valves and blood vessels.
Sternotomy and sternotomy are performed before and after heart surgery, respectively. In addition, rapid advances in technology such as biocompatible polymers such as PEEK, tritium, and nitinol, use of presternotomy plates and development of minimally invasive median sternotomy procedures are expected to drive the market growth. Rising number of surgical procedures worldwide has increased the demand for surgical instruments, leading to the growth of the market. According to the OECD, the estimated number of surgical procedures performed in the UK in 2012 was around 399,952, rising to 491,604 by 2016. In addition, lack of exercise and an unbalanced diet increase the risk of heart disease in older people. Additionally, the growing elderly population prone to chronic cardiovascular disease has increased the number of cardiovascular surgeries, increasing the demand for sternum closure systems worldwide.
In addition, the growing burden of non-communicable diseases and injuries has led developing countries to focus on investing in public health infrastructure, which could lead to a further increase in the number of surgical procedures in the developing world. presumably connected. According to data released by the World Bank, China’s per capita medical expenditure in 2015 was $425.6, equivalent to 5.3% of GDP. Moreover, in China Health Plan 2030, medical expenditure is expected to account for his 6.5%-7% of total GDP by 2020.
Physical inactivity, smoking and heavy alcohol consumption, and unhealthy diets are contributing to the increasing prevalence of heart disease worldwide. This will lead to an increase in surgical procedures, which may drive the adoption of sternal closure systems in surgery in the coming years. According to a study by the Centers for Disease Control and Prevention, 28.1 million American adults were diagnosed with heart disease in 2016. The lock device segment will hold the highest market share at 71.9% in 2021. Factors such as product launches and increasing per capita spending in both developed and developing countries are the key factors that account for the overwhelming share of this segment. These devices have shown advantages such as less postoperative complications and infections, and faster recovery times compared to bone cement. Moreover, increased efforts to introduce new technologies and product lines by key market players are expected to further drive the growth of this segment in the near future.
Get a Free Sample Copy of a Research Report: https://analyticsmarketresearch.com/sample-request/sternal-closure-systems-market/17071/
Market Segmentation
The sternal closure systems market can be segmented based on product type, material type, procedure type, end-user, and region:
By Product Type:
Closure Devices: Includes wires, plates, and screws
Closure Tools: Includes needle holders, forceps, and retractors
By Material Type:
Stainless Steel
Titanium
Absorbable Materials
Others
By Procedure Type:
Open Heart Surgery
Minimally Invasive Surgery
By End-User:
Hospitals
Specialty Clinics
Ambulatory Surgical Centers
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
The closure devices segment is expected to hold the largest share of the sternal closure systems market due to their wide usage in cardiac surgeries. The absorbable materials segment is also expected to witness significant growth due to their advantages over non-absorbable materials, such as reducing the need for removal. The minimally invasive surgery segment is expected to witness significant growth due to the growing demand for less invasive procedures and shorter hospital stays. Hospitals are expected to hold the largest share of the end-user segment, owing to the high number of cardiac surgeries performed in hospitals. Regionally, North America is expected to hold the largest share of the market due to the high prevalence of cardiovascular diseases and the presence of key market players in the region. The Asia-Pacific region is expected to witness significant growth due to the increasing prevalence of cardiovascular diseases and improving healthcare infrastructure in the region.
Key players in the market :
Zimmer Biomet Holdings Inc.
A&E Medical Corporation
KLS Martin Group
Depuy Synthes (Johnson & Johnson)
Orthofix Medical Inc.
Acute Innovations LLC
IDEAR S.R.L.
Kinamed Incorporated
Abyrx Inc.
Medline Industries Inc.
Regional Analysis
The sternal closure systems market can be analyzed regionally as follows:
North America: North America is the largest market for sternal closure systems, owing to the high prevalence of cardiovascular diseases and the growing demand for minimally invasive surgical procedures. The presence of key market players in the region, along with favorable reimbursement policies, is also driving the market growth.
Europe: Europe is another significant market for sternal closure systems, driven by the increasing adoption of minimally invasive surgical procedures, advancements in healthcare infrastructure, and growing healthcare expenditure. The region also has a well-established healthcare system and favorable reimbursement policies, which is driving the market growth.
Asia-Pacific: The Asia-Pacific region is expected to witness significant growth in the sternal closure systems market due to the increasing prevalence of cardiovascular diseases, growing aging population, and improving healthcare infrastructure. The rising demand for minimally invasive surgical procedures and advancements in healthcare technologies are also driving the market growth.
Latin America: The Latin America region is expected to witness moderate growth in the sternal closure systems market due to the increasing adoption of minimally invasive surgical procedures, growing healthcare expenditure, and improving healthcare infrastructure.
Middle East and Africa: The Middle East and Africa region is expected to witness slow growth in the sternal closure systems market due to the limited healthcare infrastructure and the low adoption of advanced healthcare technologies. Overall, the sternal closure systems market is expected to witness significant growth in the coming years, driven by the increasing prevalence of cardiovascular diseases, growing aging population, and advancements in healthcare infrastructure and technologies.
Global Sternal Closure Systems Market: Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.
Get the Detail Information: https://analyticsmarketresearch.com/reports/sternal-closure-systems-market/17071/
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
