USD 2.39 billion
Report ID: SQMIG35A2513 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 63 | Figures: 75
Sternal Closure Systems Market size was valued at USD 2.39 billion in 2021 and is poised to grow from USD 2.52 billion in 2022 to USD 4.04 billion by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).
Sternal closures are designed to be used in both stabilizing and fixing the fractures of the anterior chest wall. The systems are used to fixate the sternum after sternotomies and sternal reconstructive surgeries in order to encourage fusion. The median sternotomy is the widely used technique for cardiac procedures because it provides quick and easy access to heart valves and arteries. Sternotomies and sternal closure are procedures done both prior to and during heart surgery.
The main drivers for the growth of the sternal closure systems market globally are the growth rates of Cardiovascular disorders caused by unhealthy lifestyles, the growing amount of smokers, and the rising % of the population with alcohol addiction.
US Sternal Closure Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.39 billion
Sternal Closure Devices
Sternal Closure Devices
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Global Sternal Closure Systems Market segmentation is based on product, material, and region. Based on product the market is segmented into sternal closure devices and bone cement. Based on material the market is segmented into stainless steel, polyether ether ketone (peek), titanium, and others. Based on region the global sternal closure systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Sternal Closure Systems Market Analysis by Product
In 2021, the market share held by the sector of sternal closure devices was the greatest at 71.9 %. The primary causes of the sector's leading share include the introduction of new items and increased per capita consumption in both advanced and emerging nations. The significant market share of this sector is due to the rise in sophisticated cardiac procedures and the expansion of medical expenditures in advanced economies. Wires, plates and screws, cables, and clips are the different categories of sternal closure devices.
The market share of the bone cement category is lower. The market's growing application of closure devices is mostly to blame for the segment's slower-than-expected growth.
Sternal Closure Systems Market Analysis by Material
In 2021, the sternal closure device type held the highest share. Based on material the market is segmented into stainless steel, polyether ether ketone (peek), titanium, and others. Due to factors including improved biocompatibility, new product offerings in the sternal closure device type, and chemical stability, among many others, the titanium devices had a sizable market share and are anticipated to increase at the fastest rate throughout the projection period. This sector's growth is anticipated to be fueled by the wide range of clinical studies evaluating the effectiveness of these products during sternal closing, as well as the greater market focus on titanium solutions’ significant associated benefits.
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In 2021, North America has dominated the global sternal closure systems market, due to the presence of leading companies and the high prevalence of CVDs such as cardiac arrest and valvular heart disease in the zone, North America is expected to continue to dominate the market throughout the forecast period. Due to its pro-patient legislation, large patient population, and established healthcare market, the United States has the largest share in North America.
Due to the increasing awareness about cardiovascular disorders and treatments in the region, Asia-Pacific (APAC) is anticipated to have considerable growth during the forecast period of 2022 to 2028. Major players are also expanding their regional presence and focused on commercializing their products at low pricing. Additionally, the region's market is anticipated to be driven by an increase in healthcare spending, investment in infrastructure, and increasing awareness of CVDs.
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Sternal Closure Systems Market Driver
The global market for closure devices is rising as a result of the elderly, which is increasingly vulnerable to chronic Cardiovascular disorders and is driving up the % of cardiovascular surgeries. In addition, inadequate diet and inactivity raise the risk of cardiovascular disease in the older population. Unhealthy lifestyles, heavy smoking, alcohol intake, and a poor diet are all contributing to a rise in the frequency of heart disorders all around the world.
Owing to the increase in non-communicable infection rates and injuries, emerging nations are concentrating on expanding the public healthcare facilities, which will also boost the number of surgeries there. The requirement for surgical instruments has increased due to an increase in surgeries performed around the world.
Sternal Closure Systems Market Restraint
The maintenance and treatment of chronic illnesses are increasingly using minimally invasive and non-invasive operations. The market for sternal closures is predicted to suffer due to the rising popularity of minimally invasive operations combined with an increase in surgeries performed.
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The main market participants for sternal closure systems are concentrating on implementing mergers, partnerships, collaborations & acquisition tactics to increase their revenue. These major players are coming up with new advancements and strategies in sternal closure devices to boost their market share. In 2021, The Valkyrie Thoracic Fixation System was introduced by Able Medical Devices. Following open-heart surgery, it is the first single-use radiolucent plating device created to span the osteotomy and close the sternum.
Sternal Closure Systems Market Top Players Company Profiles
Sternal Closure Systems Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Closure Devices industry dominated the global sternal closure systems market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, the titanium devices had a sizable market share and are anticipated to increase at the fastest rate throughout the projection period. In 2021, North America dominated the global sternal closure systems market due to the presence of leading companies and the high prevalence of CVDs such as cardiac arrest and valvular heart disease in the zone.
|Market size value in 2021
|USD 2.39 billion
|Market size value in 2030
|USD 4.04 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Sternal Closure Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sternal Closure Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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