USD 2.39 billion
Sternal Closure Systems Market Size, Share, Growth Analysis, By Product(Closure Devices [Wires, Plates and Screws, Cable, Clips]), By Procedure(Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy), By Material(Titanium, Stainless Steel, Polyetheretherketone (PEEK)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2513 |
Region:
Global |
Published Date: September, 2024
Pages:
165
|Tables:
63
|Figures:
75
Sternal Closure Systems Market Insights
Global Sternal Closure Systems Market size was valued at USD 2.2 billion in 2022 and is poised to grow from USD 2.31 billion in 2023 to USD 3.47 billion by 2031, growing at a CAGR of 5.20% during the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Sternal Closure Devices
Fastest Growth
Sternal Closure Devices
Growth Rate
5.4% CAGR
Global Sternal Closure Systems Market ($ Bn)
Country Share for North America Region (%)
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Sternal Closure Systems Market Segmental Analysis
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.
Global Sternal Closure Systems Market Size By Product
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Sternal Closure Systems Market Regional Insights
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.
Global Sternal Closure Systems Market Size By Geography
- Largest
- Fastest
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Sternal Closure Systems Market Dynamics
Sternal Closure Systems Market Driver
Improvements in Surgical Techniques
- The inclination towards less painful surgical techniques has given rise to modernizations and emergence of improved sternal closure systems. These novel techniques offer short recovery times, low complications, and reduced pain, thus fueling the adoption of novel closure products that are specially designed for these techniques. Also, improvements in surgical techniques are related to enhanced patient outcomes, improving trust and demand for efficient and reliable sternal closure systems.
Development in Healthcare Infrastructure
- Most regions, mainly in the developing markets, are heavily investing in developments in healthcare infrastructure. This investment comprises construction of more surgical centers and hospitals equipped with improved technology, thus notably demanding sternal closure systems. Also, better access to quality healthcare facilities and services improved the number of procedures, increasing the need and demand for associated products like closure systems.
Restraints
Risks and Complications Associated with Sternal Closures
- Growing risk of infections and sternal non-unions are majorly restraining the adoption and affecting the market growth. surgical site infections are one of the leading concerns for cardiac procedures and a few certain closure techniques may hold risks. This may hamper the adoption of these products, thus limiting the market growth. Complications like sternal non-union may occur, resulting in additional costs and patient illness.
Competition from Alternatives
- Most surgical teams may opt alternate materials or techniques for sternal closure that do not need specialized knowledge or proficiency. This may considerably hamper the growth of the market. Also, the availability of established techniques and products may result in increased hesitation and resistance against the adoption of novel products, especially if the present techniques are supposed to be effective and reliable.
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Sternal Closure Systems Market Competitive Landscape
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
- Depuy Synthes (Part of Johnson & Johnson) (US)
- Zimmer Biomet Holdings, Inc (US)
- B. Braun SE (Germany)
- KLS Martin Group (Germany)
- Stryker (US)
- Teleflex Incorporated (US)
- Acumed LLC (US)
- Idear S.R.L (Italy)
- Kinamed Incorporated (US)
- Able Medical Devices (US)
- Praesidia (US)
- Abyrx, Inc. (US)
- Dispomedica (Germany)
- Jeil Medical Corporation (South Korea)
- Changzhou Waston Medical Appliance Co., Ltd. (China)
- Neos Surgery (Spain)
- Ortolog Medical (US)
- Medicon EG (Egypt)
- Medxpert GmbH (Germany)
- Circumfix Solutions (US)
- Invibio Ltd. (UK)
- Arthrex, Inc. (US)
- TTK Healthcare Ltd. (India)
- Lotus Surgicals (India)
- Peters Surgical (France)
Sternal Closure Systems Market Recent Development
- In August 2024, DePuy Synthes, a company by Johnson & Johnson announced the introduction of the MatrixSTERNUM™ Fixation System, a screw and plate fixation system to help secure and stabilize the front section of chest wall after surgeries like chest surgery and open-heart procedures.
- In August 2024, Stryker launched the novel Pangea Plating System that received clearance from the FDA in 2023. This system offers an exhaustive and versatile portfolio, offering variable-angle plating for different patient pools.
- In September 2022, B. Braun Medical Inc. announced that it acquired the modernized Clik-FIX catheter securement device product line by Starboard Medical, Inc. the acquisition is made on the B. Barun’s history of program and product innovation to enhance patient experience and results with peripheral IV therapy.
Sternal Closure Systems Key Market Trends
- Growing Adoption of Advanced Materials: There is an increased emphasis on the use of modernized materials in sternal closure systems like titanium and bioresorbable polymers. Bioresorbable materials offer the benefit of removing the need for hardware and decrease infection risk. Titanium is prominent for its biocompatibility and strength and is remarkably gaining prominence for its ability to offer safe closure while reducing complication and risks.
- Inclination Towards Less Invasive Techniques: Minimally invasive surgical approaches are widely preferred and adopted in heart surgeries. This key trend is fueled by the increasing need for short recovery times, low complication rates, and less postoperative pain. Hence, most manufacturers are focused on developing closure systems that comprise techniques like bioresorbable materials and devices that streamline quick closure with no conventional plates or wires.
Sternal Closure Systems Market SkyQuest Analysis
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 2022 | USD 2.2 billion |
| Market size value in 2031 | USD 3.47 billion |
| Growth Rate | 5.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Sternal Closure Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Sternal Closure Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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