The Global Sternal Closure Systems Market, predicting it to reach the valuation of USD 2.5 Billion Revenue by 2023. Further, the report adds that the market will be surging at a CAGR of 5% during the forecast period (2018–2023).
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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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
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.
Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. The American region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.
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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.
Americas is expected to be at the forefront of the global arena in the sternal closure systems market, on account of the growing prevalence of cardiovascular diseases, particularly among the elderly population owing to them being prone to hypertension along with obesity issues. To elaborate, the American Heart Association reports that in 2014, roughly 31% of the total deaths in the United States (U.S.) has been because of cardiovascular disorders. The alarming rise in the rate of cardiovascular disorder in the region will have a direct influence on the sternal closure systems market, as it finds numerous applications in cardiovascular disorders. Also, the region is home to several well-known pharmaceutical giants like Pfizer and Merk, further establishing the dominant position of the regional market.
Coming in second is the region of Europe which holds a substantial share in the global sternal closure systems market. The regional market is progressing at a remarkable rate on account of the availability of high-quality treatment facilities, rising healthcare expenditure combined with the surging need for advanced healthcare infrastructure and government initiatives striving to raise awareness. The 2017 statistics furnished by the European Society of Cardiology states that there have been more than 6 million new cases of cardiovascular diseases in the region.
Another strong contender in the global sternal closure systems market is the region of Asia Pacific, which is growing at the fastest rate. The report by the United Nations in 2015 states that between the years 2015 to 2030, the number of elderly individuals aged 60 years or above globally will increase by a whopping 56%, out of which at least 66% would hail from the Asia Pacific region. On top of that, renowned industry participants like Pfizer, Boston Scientific Corporation, and Merck are striving to set up their headquarters and manufacturing plants in countries like China, Singapore, Korea, Australia, and Japan.
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Lastly, the Middle East and Africa are on track to depict a sluggish growth due to the lack of awareness along with limited access to treatment facilities. However, in the region of the Middle East, the United Arab Emirates (UAE) is expected to be the largest market based on the continuous expansion of the healthcare industry as well as the increasing availability of specialty care centers.
In 2019 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.
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