Sternal Closure Systems Market: Favorable Reimbursement Regulations Are Expected To Further Fuel The Growth
Sternal Closure
Systems Industry Overview
The global
sternal closure systems market size was estimated to be valued at USD 2.39
billion in 2021 and is projected to expand at a compound annual growth rate
(CAGR) of 5.4% from 2022 to 2030. The expanding base of the geriatric
population undergoing open-heart surgery through median sternotomy is
considered to be one of the primary growth stimulants for the market. The
median sternotomy procedure has remained the most popular technique for cardiac
exposure to date, owing to easy and quick access to heart valves and vessels.
Sternotomy and sternal closure occur prior to and post-cardiac
surgery respectively. Moreover, rapid technological advancements, such as the
use of biocompatible polymers including PEEK, tritium, nitinol, pre-sternotomy plates, and the
development of minimal invasive median sternotomy procedures, are expected to
drive the market growth.
A rise in the number of surgical procedures globally has driven
demand for surgical instruments leading to the growth of the market. According
to OECD, the estimated surgical procedures in 2012 were around 399,952 in the
U.K., which later increased to 491,604 by 2016. Furthermore, lack of exercise
and poor nutrition increase the risk of heart diseases in the elderly
population. Furthermore, the growing geriatric population, which is more
susceptible to chronic CVDs, is leading to an increase in the number of
cardiovascular surgical procedures, thereby boosting the demand for sternal
closure systems globally.
Gather more insights about the market drivers, restrains
and growth of the Global
Sternal Closure Systems market
Moreover, developing countries are focusing on investing in
public healthcare infrastructure due to the rise in non-communicable disease
burden and injuries, which will further increase the number of surgical
procedures in developing regions as well. According to data published by the
world bank, in 2015, China's per capita healthcare expenditure was USD 425.6
accounting for 5.3% of GDP. Furthermore, the Plan of Health China 2030
estimates that by 2020 healthcare spending is expected to account for 6.5% to
7% of its total GDP.
Sedentary lifestyles, high smoking & alcohol consumption,
and unhealthy diet are leading to an increase in the prevalence of cardiac
diseases globally. This is resulting in a rise in surgical procedures, which in
turn, is likely to fuel the adoption of sternal closure systems in surgeries
over the coming years. According to a survey conducted by the Centers for
Disease Control and Prevention, in 2016, 28.1 million adults in the U.S. were
diagnosed with heart disease.
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Sternal Closure Systems Market
Segmentation
Grand View Research has segmented the
global sternal closure systems market based on product, procedure, material and
region:
Sternal Closure Systems Product Outlook
(Revenue, USD Million, 2018 - 2030)
·
Closure Devices
·
Bone Cement
Sternal Closure Systems Procedure Outlook
(Revenue, USD Million, 2018 - 2030)
·
Median Sternotomy
·
Hemisternotomy
·
Bilateral Thoracosternotomy
·
Others
Sternal Closure Systems Material Outlook
(Revenue, USD Million, 2018 - 2030)
·
Titanium
·
Polyether Ether Ketone (PEEK)
·
Stainless Steel
·
Others
Sternal Closure Systems Regional Outlook
(Revenue, USD Million, 2018 - 2030)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa (MEA)
Market Share Insights
·
September
2019: DePuy Synthes launched the CONDUIT interbody Platform with EIT
cellular titanium technology to expand its product portfolio of degenerative
spine diseases.
·
October
2018: Zimmer Biomet launched Vitality+ and Vital Spinal Fixation Systems in
the U.S. The Vital Spinal Fixation System offers a solution for degenerative
thoracolumbar procedures.
Key Companies
profiled:
Some prominent players in the global sternal closure systems
market include:
·
Zimmer Biomet
·
Johnson & Johnson
·
B. Braun Melsungen AG
·
Orthofix Holdings, Inc.
·
GE Healthcare
·
KLS Martin Group
·
A&E Medical Corporation
·
Jace Medical, LLC
·
Acute Innovations
·
Abyrx, Inc.
·
Kinamed Incorporated
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Closure Systems Market Intelligence Study, published by Grand View Research.
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