(I-BusinessNews.Com, February 11, 2020 ) 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%. The increased target patient population coupled with the subsequent increase in the number of surgical procedures, growing availability of medical reimbursements across major markets, and technological advancements in sternotomy techniques are expected to drive the demand for sternal closure systems during the study period.
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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.
On the basis of product, the market is segmented into closure devices and bone cement. Closure devices accounted for the largest share of the sternal closure systems market in 2017. The large share of this segment can be attributed to the ongoing technological advancements in closure devices, increasing number of complex cardiovascular surgeries, and growing availability of medical reimbursements across the developed markets.
Based on procedure, the market is segmented into median sternotomy, hemisternotomy, and bilateral thoracosternotomy. The median sternotomy segment is expected to be the fastest-growing segment of the market during the forecast period. Median sternotomy is a widely used surgical procedure for accessing the body cavity via sternal bone during cardiothoracic, spinal, and pulmonary surgeries. Rising number of critical patients suffering from cardiovascular diseases, significant availability of reimbursement for critical cardiac surgeries across developed markets, and rising awareness among surgeons about the clinical benefits offered by technologically advanced sternal closure products during target cardiovascular surgeries are expected to drive the growth of the median sternotomy segment during the forecast period.
By material, the sternal closure systems market for medical devices is segmented into stainless steel, PEEK, and titanium. The titanium material segment is expected to grow at the highest CAGR in the sternal closure systems market. 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 (especially in the US) are some the factors driving the growth of this segment.
Based on region, the sternal closure systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is projected to be the fastest-growing regional segment in the sternal closure systems market during the forecast period. Rapid growth in the healthcare expenditure in emerging APAC countries (such as China and India), growing adoption of advanced sternum closure techniques among cardiothoracic surgeons, large patient population for target diseases, the rapidly growing geriatric and obese population (especially in Japan, India, and China), increasingly localized device manufacturing as well as strengthening of distribution networks of prominent manufacturers, and growing trend of medical tourism across APAC countries are expected to drive the growth of the sternal closure systems market in APAC during the forecast period.
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In addition, emerging markets such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities for market players owing to the rising focus of local governments to improve healthcare infrastructure of countries and presence of a large patient pool.
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