Sternal Closure Systems Market Synopsis
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 Million by 2023. Further, the report adds that the market will be surging at a CAGR of 5% during the forecast period (2018–2023).
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.
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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.
Sternal Closure Systems Market 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.
- Jace Medical
- Acute Innovations
- Jeil Medical Corporation
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.
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.
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Sternal Closure Systems 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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The regions among which the global sternal closure systems market is spread across include the Americas, Asia Pacific, Europe, as well as the Middle East & Africa.
- North America
– The U.S.
– Rest of Europe
- Asia Pacific
– Rest of Asia Pacific
- Latin America
- Rest of the World.
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.
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