Sternal Closure Systems Market Highlights
The Sternal Closure Systems Market is anticipated to reach USD 2.45 Billion by 2030 at 5.50% CAGR during the forecast period 2022-2030. Open heart surgery has been a huge success today. Sternum closure systems are used to close the sternum and are the last step-in open-heart surgery. This technique involves steel wires that are wrapped around the halves of the sternum to close it. The global sternal closure systems market is majorly driven by, rising geriatric populations, abuse of alcohol and drugs, the high prevalence of cardiac diseases, and growing penetration of key market players. Furthermore, raising awareness of healthcare, favourable reimbursement policies, increasing advanced technical devices, increasing innovations in research and development of medical devices, as well as rising average income of individuals, are fuelling the market growth. However, factors such as high cost of devices, complicated and costly surgical procedures involved and risks of getting infected due to sternum closure devices are likely to hamper the growth of the market. Lack of proper healthcare infrastructure, as well as awareness regarding cardiac diseases in middle-income countries, is a major challenge to the market growth.
Segmentation
The global sternal closure systems market research report is segmented based on product type, procedure, closure material type and end-user. According to the product type, the market is segmented closure devices and bone cement. Closure devices are further segmented into wires, plates screws, clips, and cables.
Considering the type of procedure, the market is segmented into median sternotomy, bilateral thoracosternotomy, hemisternotomy, and others.
According to the closure material type, the market is segmented into stainless steel, titanium, and others.
Because of end-user, the market is segmented into, hospitals clinic, research institutes, and others.
Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.
Regional Analysis
Americas is the global leader for Sternal closure systems market owing to increasing prevalence of cardiovascular diseases among adults and older population. Additionally, factors such as increasing government initiatives and funding for research, development in advanced medical treatment options, and rising demand for technologically advanced treatment are likely to enhance the growth of sternal closure systems market share in the American region. For instance, according to the Centers for Disease Control and Prevention, every year about 610,000 people in America are a victim of heart diseases and annually about 735,000 Americans suffer due to heart attacks. This alarming rate of cardiovascular disorders is expected to have a direct effect on the growth of sternal closure systems market as it finds whole and sole application in cardiovascular disorders. Presence of pharmaceutical giants like Pfizer, Merk, etc. also propels the market growth in this region.
Europe is the second largest market and holds a healthy share in the global sternal closure systems market. The European market is expected to grow during the forecast period due to major driving factors like availability of advanced treatment facilities, increasing healthcare expenditure along with growing need for better healthcare infrastructure and government initiatives of healthcare reform. For instance, according to 2017 statistics presented by the European Society of Cardiology, there were more than 6 million reported new cases of cardiovascular diseases in the European Union and more than 11 million in Europe as a whole. Hence cardiovascular disease being one of the major concern in Europe contributes significantly to the market growth of this region. Additionally, Europe spent around 210 Euros in 2015 for treatment of cardiovascular disorders. This rising healthcare expenditure due to cardiovascular disorders is expected to have a positive impact on the sternal closure systems market. But the popularity of minimally invasive procedures, as well as risks associated with open heart surgery and close sternum devices, may hamper the market growth.
Asia Pacific is expected to be the fastest growing market. According to report published by the United Nations in 2015; between 2015 and 2030, the number of older persons aged 60 years or over in the world is predicted to grow by 56 %, out of which 66% of the older population would reside in Asia-Pacific regions. This makes the region prone to metabolic disorders that would further aid the chances of cardiovascular. Owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, availability favourable insurance and reimbursement policies market growth will be accelerated during the forecast period. Moreover, with key players like Boston Scientific Corporation, Pfizer, Merck, etc. have been setting up their regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia growth curve of sternal closure systems market will see a positive trend.
On the other hand, the Middle East and Africa is expected to witness a slow growth due to limited access to healthcare facilities and affordability issues among the population. In the Middle East, the growth of the market is driven by Saudi Arabia and the United Arab Emirates because of the well-established healthcare infrastructure, awareness for good health among the residents, as well as accessibility to modern medical technology methods.
Key Players
The Sternal closure systems market players are Depuy Synthes, Zimmer Biomet Holdings, Orthofix International N.V., AE Medical, Kinamed Incorporated, Abyrx, Jace Medical, Jeil Medical Corporation, and Acute Innovations.
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