Market Highlights

The sternal closure systems market overview Size was valued at USD 1.9 billion in 2022. The Sternal Closure Systems market industry is projected to grow from USD 2.0045 Billion in 2023 to USD 2.72 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.5% during the forecast period (2023 - 2032). 

Sternal closure devices are orthopaedic devices that are used to stabilization and fixation of the sternum after a sternotomy. Sternotomy is a procedure where the chest cavity is surgically opened to access the organ beneath the breast bone or sternum. This cardiac surgery is performed majorly to treat and manage cardiovascular disease. However, trauma caused during accidents are also addressed through sternotomy. The increasing prevalence of cardiovascular disease worldwide has led to associated increase in the number of open heart surgeries. This factor is projected to significantly boost the adoption of sterna closure devices in the future.

Regional Analysis

 Americas is the global leader for Sternal closure systems market report owing to increasing prevalence of cardiovascular diseases among adults and older population. Additionally, factors such as increasing government initiatives and funding for research, development in advanced medical treatment options, and rising demand for technologically advanced treatment are likely to enhance the growth of sternal closure systems market in the American region. For instance, according to the Centers for Disease Control and Prevention, every year about 610,000 people in America are a victim of heart diseases and annually about 735,000 Americans suffer due to heart attacks. This alarming rate of cardiovascular disorders is expected to have a direct effect on the growth of sternal closure systems market as it finds whole and sole application in cardiovascular disorders. Presence of pharmaceutical giants like Pfizer, Merk, etc. also propels the market growth in this region.

Europe is the second largest market and holds a healthy share in the global sternal closure systems market. The European market is expected to grow during the forecast period due to major driving factors like availability of advanced treatment facilities, increasing healthcare expenditure along with growing need for better healthcare infrastructure and government initiatives of healthcare reform. For instance, according to 2017 statistics presented by the European Society of Cardiology, there were more than 6 million reported new cases of cardiovascular diseases in the European Union and more than 11 million in Europe as a whole. Hence cardiovascular disease being one of the major concern in Europe contributes significantly to the market growth of this region. Additionally, Europe spent around 210 Euros in 2015 for treatment of cardiovascular disorders. This rising healthcare expenditure due to cardiovascular disorders is expected to have a positive impact on the sternal

closure systems market. But the popularity of minimally invasive procedures, as well as risks associated with open heart surgery and close sternum devices, may hamper the market growth.

Asia Pacific is expected to be the fastest growing market. According to report published by the United Nations in 2015; between 2015 and 2030, the number of older persons aged 60 years or over in the world is predicted to grow by 56 %, out of which 66% of the older population would reside in Asia-Pacific regions. This makes the region prone to metabolic disorders that would further aid the chances of cardiovascular.  Owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, availability favorable insurance and reimbursement policies market growth will be accelerated during the forecast period.  Moreover, with key players like Boston Scientific Corporation, Pfizer, Merck, etc. have been setting up their regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia growth curve of sternal closure systems market will see a positive trend. 

On the other hand, the Middle East and Africa is expected to witness a slow growth due to limited access to healthcare facilities and affordability issues among the population. In the Middle East, the growth of the market is driven by Saudi Arabia and the United Arab Emirates because of the well-established healthcare infrastructure, awareness for good health among the residents, as well as accessibility to modern medical technology methods.

Segmentation

The global sternal closure systems market is segmented on the basis of product type, procedure, closure material type and end-user. According to the product type, the market is segmented closure devices and bone cement. Closure devices are further segmented into wires, plates & screws, clips, and cables.

Considering the type of procedure, the market is segmented into median sternotomy, bilateral thoracosternotomy, hemisternotomy, and others.

According to the closure material type, the market is segmented into stainless steel, titanium, and others.

On account of end-user, the market is segmented into, hospitals & clinic, research institutes, and others.

Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.

Key Players

Some of the key players in the Sternal closure systems market are Depuy Synthes, Zimmer Biomet Holdings, Orthofix International N.V., A&E Medical, Kinamed Incorporated, Abyrx, Jace Medical, Jeil Medical Corporation, and Acute Innovations.

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