Sternal Closure Systems Market Technologies, Product Scope, Top Materials Usage Value and Volume 2019 with Statistics, Forecasts till 2023

Sternal Closure Systems Market Size, Share and Trend by Product (Closure Devices & Bone Cement), Procedure (Median Sternotomy, Bilateral Thoracosternotomy), Closure Material (Stainless Steel & Titanium), and End-User (Hospitals & Clinics) – Global Forecast Till 2023

Sternal Closure Systems Market Overview

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 report by Market Research Future (MRFR) provides an insightful analysis of the global sternal closure systems market, predicting it to reach the valuation of USD 2500 Mn by 2023. Further, the report adds that the market will be surging at a CAGR of 5% during the forecast period (2018–2023).

Leading Companies

some of the companies currently leading the worldwide sternal closure systems market are

Kinamed Incorporated

Zimmer Biomet Holdings

Depuy Synthes

A&E Medical

Orthofix International N.V.

Abyrx

Jace Medical

Acute Innovations

Jeil Medical Corporation

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Industry Trends

Increasing Investments in Emerging Nations

At present, a number of emerging countries across the globe are making massive investments into public healthcare infrastructure as a result of the increasing non-communicable diseases as well as injuries. This is bound to bring about a striking growth in the number of surgical procedures in these regions. As per the data published by the World Bank, China’s per capita healthcare expenditure was estimated at USD 425.6 in 2015, which had accounted for almost 5.3% of the total GDP. On that note, Plan of Health China 2030 states that healthcare spending by 2020 is projected to account for about 6.5% to 7% of its overall GDP.

Market Segmentation

The market for sternal closure systems is segmented on the basis of product type, procedure, closure material type, and end-user.

As per the product type, the market caters to closure devices and bone cement. Furthermore, closure devices are split into wires, plates and screws, clips, and cables. The growth of the closure devices is expected to be substantial among all the segments, backed by the rising number of complex cardiovascular surgeries coupled with the increasing availability of medical reimbursements.

Taking into account the types of procedure, the market is considered for median sternotomy, bilateral thoracosternotomy, hemisternotomy, and others. Out of these, the median sternotomy segment will account for the largest share of the worldwide sternal closure systems market resulting from the growing number of critical patients afflicted with cardiovascular diseases.

The types of closure materials covered in the report include stainless steel, titanium, and others. The titanium products segment is projected to soar high globally owing to the growing focus on titanium products on account of the associated benefits and economies-of-scale, in addition to the rising number of clinical research studies for the evaluation of the clinical efficacy of titanium-based products during sternal closure, as well as the growth in the commercialization of titanium-based sternal closure systems across advanced countries.

The end users mentioned in the report are hospitals and clinics, research institutes, and others.

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Market Drivers and Top Barriers

According to the American Heart Association (AHA), by the year 2035 roughly 130 million people in the United States (U.S.) that make up for more than 45.0% of the country’s population, are predicted to suffer from one or more major cardiovascular diseases (CVD). AHA also reports that the overall costs of CVD, which includes medical as well as indirect, will reach the value of USD 1.1 trillion by 2035. As a result, several renowned manufacturers are introducing advanced sternal closure systems to curb these numbers in the coming years. Also, with the continuous advancements of technology in the field, the global market for sternal closure systems is set to achieve further success in terms of revenue and volume.

The report also sheds light on another important factor, namely the expansion of the geriatric population undergoing open heart surgery with median sternotomy, which will prove to be beneficial for the market in the long run. Achieving immense popularity is the procedure of median sternotomy, a technique ideal for cardiac exposure, as it grants quick and easy access to heart valves and vessels.

Additional factors that are backing up the luxurious growth of the market include the prevalence of a sedentary lifestyle, high consumption of cigarettes and alcohol, along with an unhealthy diet which is resulting in increased cases of cardiac diseases. The survey which was conducted by the Centers for Disease Control and Prevention reported that in 2016, about 28.1 million adults in the United States (U.S.) were afflicted with heart disease. With rising cases of heart-related issues, there has been a surge in the number of surgical procedures, which will most likely raise the adoption rate of sternal closure systems in surgeries in the coming few years.

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Industry Update

A&E Medical Corporation has received the FDA 510(k) clearance along with the first implantation of the Thorecon Rigid Fixation System. The Thorecon Rigid Fixation System can be used for stabilizing and fixing fractures of the anterior chest wall, which includes sternal fixation after the procedure of sternotomy, and also after sternal reconstructive surgical procedures.

About Market Research Future: Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Release ID: 526805