Sternal Closure Systems Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031

The sternal closure systems market is expected to grow at a CAGR of 5.2% during the forecast period of 2023 to 2031. These systems are used to provide closure and stabilization of the sternum following open-heart surgery or sternotomy. The market revenue for sternal closure systems has been steadily increasing due to the rising number of cardiac surgeries and the need for effective sternal closure techniques. In terms of market revenue, the sternal closure systems market has experienced significant growth in recent years. The increasing prevalence of cardiovascular diseases and the growing aging population contribute to the rising demand for cardiac surgeries, thereby driving the demand for sternal closure systems. Additionally, advancements in surgical techniques and the development of innovative sternal closure systems with enhanced safety and efficacy have further fueled market growth. The compound annual growth rate (CAGR) of the sternal closure systems market is expected to be strong in the coming years. The increasing adoption of minimally invasive cardiac surgeries, which require smaller incisions and reduced trauma to the sternum, is expected to drive the demand for specialized sternal closure systems. These systems offer benefits such as improved sternal stability, reduced postoperative complications, and enhanced patient comfort. As a result, the market is witnessing a shift towards the adoption of advanced sternal closure technologies, contributing to the overall growth of the market.

Increasing Prevalence of Cardiovascular Diseases

The rising prevalence of cardiovascular diseases is a significant driver for the sternal closure systems market. Cardiovascular diseases, such as coronary artery disease and heart failure, require surgical interventions, including open-heart surgeries that involve sternotomy. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, accounting for approximately 17.9 million deaths annually. This increasing prevalence of cardiovascular diseases necessitates a higher number of cardiac surgeries, thereby driving the demand for sternal closure systems.

Advancements in Surgical Techniques

Advancements in surgical techniques have played a crucial role in driving the demand for sternal closure systems. The introduction of minimally invasive cardiac surgeries, such as robotic-assisted and thoracoscopic surgeries, has gained traction due to their benefits of reduced trauma, smaller incisions, and faster recovery times. These procedures require specialized sternal closure systems that provide stable and secure closure while minimizing postoperative complications. Surgeons are increasingly adopting advanced sternal closure technologies, such as rigid fixation systems and closure devices with adjustable tension, to enhance surgical outcomes and patient comfort.

Increasing Aging Population

The aging population is a significant driver for the sternal closure systems market. With the global population aging at a rapid pace, the prevalence of cardiovascular diseases and the need for cardiac surgeries are expected to rise. Older adults are more susceptible to cardiovascular conditions, necessitating surgical interventions for effective treatment. According to the United Nations, the global population aged 60 years or older is projected to reach 2.1 billion by 2050, more than doubling from 962 million in 2017. This demographic shift towards an aging population is anticipated to increase the demand for sternal closure systems in the coming years.

Limited Reimbursement Policies

One of the significant restraints impacting the sternal closure systems market is the limited reimbursement policies for these devices and procedures. Reimbursement plays a crucial role in the adoption and utilization of medical devices, including sternal closure systems. However, the reimbursement landscape for sternal closure procedures varies across different regions and healthcare systems. In some cases, reimbursement may be inadequate or may not cover the full cost of the device or procedure, leading to financial burdens for patients and healthcare providers. This can create challenges in the widespread adoption of advanced and innovative sternal closure systems, especially in regions where healthcare budgets are constrained or reimbursement policies are restrictive. Limited reimbursement can deter hospitals and healthcare facilities from investing in expensive sternal closure systems, thereby impacting the market growth. Moreover, the complex and evolving nature of reimbursement policies can create uncertainty for manufacturers and healthcare providers, making it difficult to plan and budget effectively. To overcome this restraint, it is crucial for stakeholders, including medical device manufacturers and policymakers, to collaborate and develop favorable reimbursement policies that support the adoption of advanced sternal closure systems and ensure equitable access to these life-saving technologies. Evidence: The American Heart Association reported that reimbursement policies have a significant impact on the adoption of advanced medical devices and procedures. Limited reimbursement for cardiac procedures has been identified as a barrier to the adoption of innovative cardiac technologies, including sternal closure systems, in the United States. Similarly, a study published in the International Journal of Health Policy and Management highlighted the challenges related to reimbursement policies for cardiac surgery in European countries, which can impede the utilization of advanced sternal closure systems.

Closure Devices Segment Dominates the Market by Product

The sternal closure systems market can be divided into two main product segments: closure devices and bone cement. Closure devices are designed to secure the sternum after open-heart surgeries or other surgical procedures involving sternotomy. These devices play a crucial role in providing stability and support to the sternum during the healing process, reducing the risk of complications such as sternal dehiscence. Closure devices include various types such as rigid plate systems, wire cerclage systems, and interlocking systems The closure devices segment generated the highest revenue in the sternal closure systems market in 2022, owing to the increasing adoption of these devices in cardiac surgery and the rising prevalence of cardiovascular diseases. The closure devices segment is projected to exhibit the highest CAGR during the forecast period of 2023 to 2031. This can be attributed to ongoing advancements in closure device technology, such as the development of innovative designs and materials that offer improved biomechanical properties and ease of use. Additionally, the closure devices segment is likely to generate the highest revenue in the sternal closure systems market, owing to the increasing adoption of these devices in cardiac surgery and the rising prevalence of cardiovascular diseases.

Median Sternotomy Procedures Dominate the Market by Surgical Procedures

The sternal closure systems market can be categorized based on the type of surgical procedures in which these systems are utilized. The procedure segment includes median sternotomy, hemisternotomy, and bilateral thoracosternotomy. Median sternotomy procedures accounted for the highest revenue in 2022. Median sternotomy is the most common procedure for accessing the heart during cardiac surgeries. It involves a vertical incision in the middle of the sternum to provide access to the heart and other thoracic structures. Median sternotomy procedures have the highest adoption rate, primarily due to the prevalence of cardiac surgeries such as coronary artery bypass grafting (CABG) and valve replacement procedures. The hemisternotomy segment is anticipated to exhibit the highest CAGR during the forecast period of 2023 to 2031. Hemisternotomy is a less invasive surgical approach that involves a partial sternotomy, typically on one side of the sternum. It provides access to specific areas of the heart, especially for procedures like aortic valve replacement or repair. Hemisternotomy offers advantages such as reduced post-operative pain, faster recovery, and improved cosmetic outcomes.

North America remains the Global Leader

North America held a significant share in the sternal closure systems market, driven by the presence of well-established healthcare infrastructure, high healthcare expenditure, and a large patient population undergoing cardiac surgeries. The region is characterized by a high adoption rate of advanced medical technologies and procedures. North America is expected to continue leading in terms of revenue percentage due to ongoing advancements in surgical techniques, the rising prevalence of cardiac diseases, and favorable reimbursement policies. Asia Pacific is experiencing significant market growth, driven by factors such as a large population base, rising disposable income, and increasing awareness about healthcare. Countries like China, India, and Japan are witnessing a surge in cardiac surgeries and the adoption of advanced medical devices. The region is expected to register the highest CAGR during the forecast period of 2023 to 2031, due to improving healthcare infrastructure, increasing investments in healthcare, and a rising geriatric population.

Market Competition to Intensify during the Forecast Period

The sternal closure systems market is highly competitive, with several key players striving to maintain their market position and gain a competitive edge. These players focus on strategies such as mergers and acquisitions, partnerships, product launches, and collaborations to strengthen their market presence and expand their product portfolios. The overall outlook of the sternal closure systems market is characterized by intense competition and continuous innovation. Overall, the sternal closure systems market is witnessing intense competition among key players, each striving to strengthen its market position. These players focus on product innovation, strategic partnerships, and mergers and acquisitions to enhance their product offerings and expand their geographic presence. The market is expected to witness further advancements in closure devices and bone cement products, driven by technological advancements and increasing demand for improved patient outcomes.

Historical & Forecast Period

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofSternal Closure Systems market are as follows:
Research and development budgets of manufacturers and government spending

• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Sternal Closure Systems market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Product

• Closure Devices
• Wires
• Plates & Screws
• Cables
• Clips
• Bone Cement

Procedure

• Median Sternotomy
• Hemisternotomy
• Bilateral Thoracosternotomy

Material

• Titanium
• Stainless Steel
• Polyether ether Ketone (PEEK)

Region Segment (2021 - 2031; US$ Million)

• North America
• U.S.
• Canada
• Rest of North America
• UK and European Union
• UK
• Germany
• Spain
• Italy
• France
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East and Africa
• GCC
• Africa
• Rest of Middle East and Africa

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Sternal Closure Systems market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2031.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Sternal Closure Systems market?
• Which is the largest regional market for Sternal Closure Systems market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Sternal Closure Systems market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Sternal Closure Systems market worldwide?

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