(PharmaNewsWire.Com, November 19, 2021 ) 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 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.
Premium Insights > Sternal Closure Systems Market: Overview > Global Market, By Product, 2018 vs 2023 (USD Million) > Global Market Share, By Procedure, 2018 vs 2023 > Global Market for Closure Devices, By Material, 2018 vs 2023 (USD Million) > Geographical Snapshot of the Global Market
Based on product, the sternal closure devices 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.
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 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.
Geographically, the Sternal Closure Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2017. The presence of a large patient population accompanied by a well established medical reimbursement policy is expected to drive the growth of this region.
As of 2017, the major players in the Sternal Closure Market are DePuy Synthes (US), Zimmer Biomet Holdings (US), and A&E Medical (US). Other players 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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