USD 2.39 billion
Report ID:
SQMIG35A2513 |
Region:
Global |
Published Date: September, 2024
Pages:
165
|Tables:
63
|Figures:
75
Sternal Closure Systems Market size was valued at USD 2.31 Billion in 2023 and is poised to grow from USD 2.43 Billion in 2024 to USD 3.65 Billion by 2032, growing at a CAGR of 5.20% during the forecast period (2025-2032).
Sternal closure systems market is a vital segment in the medical devices industry, comprising products to close the sternum after heart operations. The market is propelled by the growing incidences of cardiac diseases, improvements in surgical techniques, and growing number of innovations. the rising cases of cardiovascular diseases on the global scale is fueling the demand for cardiac procedures. This ultimately increases the demand for sternal closure products. Improvements in less invasive surgical methods significantly decrease recovery times and aid better patient outcomes. This increases the number of surgeries conducted, thus impacting the market growth. Ongoing developments of improved techniques and materials are enhancing the efficacy and safety of sternal closure systems.
However, the global sternal closure systems market is negatively impacted by the significant cost of these systems, associated risks and complications, and regulatory challenges. The high-priced advanced closure systems may notably restrict their adoption in emerging nations with limited budgets or low funding. Possible associated complications with closure systems like non-union and infections may prevent healthcare professionals and providers from using some products for their patients. Strict regulatory needs and prolonged approval procedures may delay the emergence of novel products in the market. Yet, the market is opportune to significant growth due to factors like increasing healthcare expenditure in the developing nations, continuous research and development for the introduction of novel products and techniques, and collaborations among healthcare institutes and manufacturers.
US Sternal Closure Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.39 billion
Largest Segment
Sternal Closure Devices
Fastest Growth
Sternal Closure Devices
Growth Rate
5.4% CAGR
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Global Sternal Closure Systems Market is segmented by Product, Procedure, Material, and region. Based on Product, the market is segmented into Closure Devices, and Bone Cement. Based on Procedure, the market is segmented into Median Sternotomy, Hemisternotomy, and Bilateral Thoracosternotomy. Based on Material, the market is segmented into Titanium, Stainless Steel, and Polyetheretherketone (PEEK). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Sternal Closure Systems Market Analysis by Product
Based on product, the sternal closure systems market is categorized into closure devices and bone cement. The closure devices segment held a notable market share in 2023 and is projected to continue dominance in the future as well owing to enhanced sternal stability, innovative design, and surgeon trust and familiarity. Closure devices offer enhanced mechanical stability than the traditional techniques. This majorly improves the possibility of better healing and lessens the risk of complications. The latest advancements in technology for closure devices comprising the enhancements in titanium and bioresorbable devices have increased safety and efficacy. This increased their prominence and attraction among surgeons.
On the other hand, the bone cement segment held a notable share of the market in the previous years and is expected to lead over the forecast period as well owing to its easy usage, faster healing, and comparatively fast healing. Bone cement can be easily applied with less invasive techniques. This increases their prominence in surgeries and the approach results in less patient trauma, short hospital stays, and fast recovery times. Most formulations of bone cement include anti-microbial agents that aid decrease the risk of infections, which is a leading concern in cardiac operations. This increases the preference for bone cement among surgeons. They also help in quick healing and enhance patient results.
Sternal Closure Systems Market Analysis by Material
Based on material, the market is segmented into titanium, stainless steel, polyetheretherketone (PEEK). The titanium segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to high mechanical strength, low risk of rejection, and lasting performance. Titanium offers the best strength-to-weight ratio, offering safe closures that can tolerate extreme stresses of post-operative recovery. Also, the material is biocompatible, decreasing the risk of rejection and allergy reactions by the patient body. This makes it a safer choice for implants. Titanium is also resistant to fatigue and corrosion, confirming reliability and longevity.
On the other hand, the polyetheretherketone (PEEK) segment will hold a remarkable market share in the coming years owing to reduced risk of inflammation, high strength-to-weight ratio, and imaging compatibility. PEEK is biocompatible, thus reducing the risk of side effects or harmful reactions and inflammation in individuals. This makes it a safer choice for surgical use. PEEK also offers a robust and low-weight choice for sternal closure. This reduces the pressure on the patient and encourages better comfort. The said material is highly compatible with imaging, which allows clear and accurate imaging in post-operative evaluations with no interference from the material, thus impacting the segment’s growth.
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Region-wise, North America dominated the market in the previous years and is expected to lead over the forecast period owing to increasing cases of cardiovascular diseases, presence of advanced healthcare infrastructure, and robust investment in R&D. The region holds high prevalence of heart-associated disorders, thus impacting and increasing the demand for surgeries and related products. North America brags about its developed healthcare services and facilities, superior technology, and skilled professionals. This again is boosting the market in the region. Furthermore, heavy investments in R&D are triggering the emergence of improved materials that enhance surgical results. The key players profiled in the region include Depuy Synthes, Zimmer Biomet Holdings Inc, Teleflex Incorporated, Stryker, Acumed LLC, Kinamed Incorporated, and more.
Asia-Pacific is the fastest-growing region in the global sternal closure systems market due to growing cases of cardiovascular diseases, rising healthcare expenditure, and growing awareness and access to healthcare services. Asia-Pacific is witnessing growth in cardiovascular illnesses, which remarkably drives the need for sternal closure solutions and cardiac surgeries. Several nations in the region are expanding their investment capabilities, resulting in more developed infrastructure and better access to modernized healthcare technologies. The region’s growth is also impacted by the rising awareness of cardiac health and growth in surgical interventions, impacting the growth of the market. Economic development and speedy urbanization are also driving the market growth in the region.
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Sternal Closure Systems Market Driver
Improvements in Surgical Techniques
Development in Healthcare Infrastructure
Restraints
Risks and Complications Associated with Sternal Closures
Competition from Alternatives
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The competitive landscape of the global sternal closure systems market presents a mix of several emerging players and prominent players aimed at offering effective sternal closure products that are less invasive and offer minimal risks. The leading market players like Stryker Corporation, Medtronic, Boston Scientific, and Zimmer Biomet are engaged in offering wider range of products, developing less invasive surgical techniques, and introducing specialized systems. The key market trends comprise technological developments to enhance efficacy and safety, strategic alliances, and emphasis on minimally invasive systems. Overall, the market has strong focus on enhancing surgical outcomes and increasing their geographic reach.
Sternal Closure Systems Market Top Players Company Profiles
Sternal Closure Systems Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the sternal closure systems market is considerably progressing due to growing technological development of improved techniques and materials that enhance efficacy and safety, the growing elderly population that demand heart procedures, and rising cases of cardiovascular surgeries. The market is also fueled by advancements in surgical methods that lessen recovery times. However, the market is hampered by low awareness regarding developed or modernized sternal closure systems in some regions and strict regulatory challenges. North America is projected to lead the market due to strong investments in research and development of improved materials and favorable regulatory environment. Nonetheless, a few opportunities for the growth of the sternal closure systems market include the rising trend for personalized medicine and the expansion of surgical facilities, mainly in the developing regions.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.31 Billion |
Market size value in 2032 | USD 3.65 Billion |
Growth Rate | 5.20% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Sternal Closure Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sternal Closure Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sternal Closure Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sternal Closure Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Report ID: SQMIG35A2513
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