Closure Devices Lead Sternal Closure Systems Market: Innovations in Surgical Techniques Boost Adoption - ResearchAndMarkets.com
These systems play a vital role in the closure and stabilization of the sternum following open-heart surgery or sternotomy.
The "Sternal Closure Systems Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The global sternal closure systems market is expected to experience robust growth at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period from 2023 to 2031.
These systems play a vital role in the closure and stabilization of the sternum following open-heart surgery or sternotomy. The market's upward trajectory is driven by the increasing prevalence of cardiovascular diseases, advancements in surgical techniques, and a growing aging population.
Key Drivers:
- Increasing Prevalence of Cardiovascular Diseases: Cardiovascular diseases, such as coronary artery disease and heart failure, require surgical interventions that involve sternotomy. As these diseases become more common, there is a rising demand for sternal closure systems.
- Advancements in Surgical Techniques: Innovations in surgical techniques, including minimally invasive cardiac surgeries, have led to a growing need for specialized sternal closure systems that offer stability, reduced trauma, and enhanced patient outcomes.
- Increasing Aging Population: The global aging population is expected to double by 2050, leading to a surge in the prevalence of cardiovascular diseases and the need for cardiac surgeries. This demographic shift drives the demand for sternal closure systems.
Challenges:
- Limited Reimbursement Policies: Inadequate or restrictive reimbursement policies can create financial burdens for patients and healthcare providers, impacting the adoption of advanced sternal closure systems.
Market Segmentation:
- Closure Devices Dominate the Market: Closure devices, including rigid plate systems, wire cerclage systems, and interlocking systems, generated the highest revenue in the sternal closure systems market in 2022. They are expected to exhibit the highest CAGR during the forecast period.
- Median Sternotomy Procedures Lead: Median sternotomy procedures, which involve a vertical incision in the middle of the sternum, accounted for the highest revenue in 2022. Hemisternotomy procedures are expected to witness the highest CAGR.
Regional Insights:
- North America at the Forefront: North America held a significant market share in 2022, driven by well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies. The region is expected to continue leading in terms of revenue percentage.
- Asia Pacific on the Rise: Asia Pacific is witnessing significant market growth, driven by a large population base, rising disposable income, and increasing awareness about healthcare. The region is expected to register the highest CAGR during the forecast period.
Companies Mentioned
- Pfizer, Inc.
- Zimmer Biomet
- Orthofix Holdings, Inc.
- GE Healthcare
- KLS Martin Group
- Johnson & Johnson
- Jace Medical, LLC
- Acute Innovations
- Abyrx, Inc.
- B. Braun Melsungen AG
- Kinamed Incorporated
- Teleflex Incorporated
- A&E Medical Corporation
- F. Hoffman-La Roche Ltd.
Market Segmentation
Product
- Closure Devices
- Wires
- Plates & Screws
- Cables
- Clips
- Bone Cement
Procedure
- Median Sternotomy
- Hemisternotomy
- Bilateral Thoracosternotomy
Material
- Titanium
- Stainless Steel
- Polyether ether Ketone (PEEK)
Region Segment (2021 - 2031; US$ Million)
- North America
- U.S.
- Canada
- Rest of North America
- UK and European Union
- UK
- Germany
- Spain
- Italy
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Sternal Closure Systems market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Sternal Closure Systems market?
- Which is the largest regional market for Sternal Closure Systems market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Sternal Closure Systems market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Sternal Closure Systems market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/mc2e3i
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