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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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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