(I-BusinessNews.Com, August 07, 2021 ) According to the new market research report Sternal Closure Devices 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.
As of 2017, the major players in the sternal closure devices market are DePuy Synthes (US), A&E Medical (US) and Zimmer Biomet Holdings (US). Other players in this market include KLS Martin Group (US), Acute Innovations (US), Kinamed Incorporated (US), Orthofix International N.V. (US), ABYRX (US), Praesidia Srl (Italy), and IDEAR S.R.L. (Argentina) among others.
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. The company offers two sternal closure products (namely Sternal ZIPFIX and Titanium Sternal Fixation System) for primary or secondary closure/repair of the sternum. The company focuses on R&D activities to maintain its product portfolio. To ensure the development of new products, the company invested USD 9.10 billion in 2016 and USD 10.55 billion in 2017 in R&D activities.
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. The company’s sternal closure system-SternaLock provides benefits such as increased stability, greater strength, and reduced sternal separation. It also provides additional benefits like a shorter hospital stay, lower risk of bleeding, and shorter recovery time for patients. The company is continuously focusing on research and development activities to expand its product platforms and integrate unique technologies into surgical solutions.
The sternal closure systems market is segmented by procedure into median sternotomy, hemisternotomy, and bilateral thoracosternotomy. The median sternotomy segment is expected to account for the largest share of the sternal closure devices market in 2018, owing to rising number of critical patients suffering from cardiovascular diseases.
Based on material, the sternal closure devices market for closure devices is classified into stainless steel, PEEK, and titanium products. The titanium products segment is expected to grow at the highest CAGR during the forecast period.
This can be attributed to the increased market focus on titanium products due to the associated advantages and economies-of-scale, growing number of clinical research studies to evaluate the clinical efficacy of these products during sternal closure, and increased commercialization of titanium-based sternal closure systems across developed countries.
Based on product, the sternal closure systems market is divided into closure devices and bone cement. Among these segments, closure devices are expected to grow at the highest CAGR during the forecast period. Factors such as increasing number of complex cardiovascular surgeries and growing availability of medical reimbursements across developed markets are expected to drive the growth of the closure devices segment in the next five years.
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Available Customizations-
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis-
> Further breakdown of the RoW sternal closure systems market into Latin America, the Middle East, and Africa
Product Analysis-
> Product matrix which gives a detailed comparison of the product portfolios of the top five companies
Company Information-
> Detailed analysis and profiling of additional market players (Up to 5)
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