Overview and Scope
A sternal closure system refers to a medical device or method used to close the sternum, which is the bone located in the center of the chest that protects the heart and lungs. These systems are used to close the chest, which may be opened during heart surgeries or open-chest surgeries.
Sizing and Forecast
The sternal closure systems market size has grown strongly in recent years. It will grow from $2.28 billion in 2023 to $2.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rise in cardiovascular surgeries, prevalence of cardiovascular diseases, increasing awareness of sternal complications, collaboration between surgeons and device manufacturers, focus on minimally invasive cardiac procedures.
The sternal closure systems market size is expected to see strong growth in the next few years. It will grow to $2.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to rapid growth in minimally invasive surgery, increased focus on patient-centric healthcare, expansion of cardiac surgery in emerging markets, focus on reducing postoperative complication, collaboration in research and development. Major trends in the forecast period include technological innovations in device materials, technological advancements in surgical techniques, minimally invasive approaches, sternum fixation technologies, wireless remote monitoring, customization and patient-specific solutions.
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Segmentation & Regional Insights
The sternal closure systems market covered in this report is segmented –
1) By Product: Closure Devices, Bone Cement
2) By Procedure: Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy, Other Procedures
3) By Material: Titanium, Polyether Ether Ketone (PEEK), Stainless Steel, Other Materials
4) By End User: Hospitals and Clinics, Research Institutes, Other End Users
North America was the largest region in the sternal closure system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global sternal closure system market report during the forecast period. The regions covered in the sternal closure systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising incidence of chronic diseases is expected to boost the growth of the sternal closure market going forward. Chronic diseases refer to conditions that last for a year or longer, hinder everyday activities, demand continuous medical care, or both. Chronic illnesses like coronary artery disease, hypertension, and heart failure often necessitate surgical interventions such as coronary artery bypass grafting (CABG) or valve replacement. As these surgeries involve sternal incisions, the need for effective sternal closure becomes vital. For instance, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the rising incidence of chronic diseases is driving the growth of the sternal closure market.
Key Industry Players
Major companies operating in the sternal closure systems market report are Zimmer Biomet Holdings Inc., Johnson and Johnson Services Inc., B. Braun Melsungen AG, Orthofix Holdings Inc., KLS Martin Group GmbH & Co. KG, A&E Medical Corporation, Jace Medical LLC., Acute Innovations LLC., Abyrx Inc., Kinamed Incorporated , Idear SRL, Dispomedica GmbH, Waston Medical Corporation, Jeil Medical Corporation, Figure 8 Surgical, Stryker Corporation, Mercian Labels, Avery Dennison Corporation, Bemis Company Inc., Essentra plc, LINTEC Corporation, SATO Holdings Corporation, Advanced Labels NW, Jet Label & Packaging Ltd., Consolidated Label Co., Axon Enterprise Inc., Progressive Label Inc., Taylor Label Corporation, Praesidia S.R.L., Globus Medical Inc.
The sternal closure systems market report table of contents includes:
1. Executive Summary
- Sternal Closure Systems Market Characteristics
- Sternal Closure Systems Market Trends And Strategies
- Sternal Closure Systems Market – Macro Economic Scenario
- Global Sternal Closure Systems Market Size and Growth
.
- Global Sternal Closure Systems Market Competitive Benchmarking
- Global Sternal Closure Systems Market Competitive Dashboard
- Key Mergers And Acquisitions In The Sternal Closure Systems Market
- Sternal Closure Systems Market Future Outlook and Potential Analysis
- Appendix
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