(I-BusinessNews.Com, July 14, 2020 ) In the last decade, the sternal closure systems market has witnessed several mergers and acquisitions. For instance, Vance Street Capital LLC and A&E Medical Corporation (US) acquired Medical Concepts (Netherlands), with the aim to increase their product portfolio of single-use medical products in 2016. In this report, the market has been segmented by product, procedure, material, and region.
According to the new market research report Sternal Closure Systems Market is estimated to be valued at USD 2.02 billion in 2018 and is projected to reach USD 2.61 billion by 2023, at a CAGR of 5.2%.
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The factors driving the growth of this market are the technological advancements in sternotomy techniques, increasing target patient population coupled with the subsequent increase in the number of surgical procedures, and growing availability of medical reimbursements across major markets.
ÂAs of 2017, DePuy Synthes (a part of Johnson & Johnson) (US) is the key manufacturer of the sternal closure products and has a strong position across developed markets such as the US, Germany, and Canada.
ÂAs of 2017, Zimmer Biomet (US) is considered a global leader in musculoskeletal healthcare and is one of the leading providers of sternal closure systems in the market.
ÂA&E Medical (US) secured the third position in the global sternal closure systems market in 2017. The company manufactures and distributes high-quality products manufactured in the US.
The other players involved in this market include KLS Martin Group (US), Orthofix International N.V. (US), ABYRX (US), Acute Innovations (US), Kinamed Incorporated (US), Praesidia Srl (Italy), and IDEAR S.R.L. (Argentina) among others.
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North America is expected to command the largest share of the market in 2018. The strong market position of North America in the global market is mainly due to the large patient population base for target diseases, strong presence of device manufacturers in the region, significant adoption of technologically advanced sternal closure products, and increased availability of medical reimbursements in the US.
Mr. Aashish Mehra
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Mr. Aashish Mehra