PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182885
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182885
Sternal Closure Systems Market size was valued at USD 2,051.6 Million in 2021, expanding at a CAGR of 5.2% from 2022 to 2028.
Sternal Closure Systems are mostly used in median sternotomy, Hemi sternotomy, and thoraco-sternotomy. The median sternotomy procedure is mostly used in surgical management. It is one of the most popular techniques for cardiac exposure and considers the gold standard for surgical access due to the easy access to lungs and heart cardiothoracic and cardiopulmonary procedures. Additionally, Sternal Closure Systems are designed and refer to the systems that are used in the stabilization and fixation of fractures at the anterior chest wall part. Moreover, to encourage fusion, the systems widely utilized to fixate the sternum post sternotomies and sternal reconstructive surgeries. Sternal closure and sternotomy are procedures that occur before and post cardiac surgery.
The major factors attributed to the market growth of the sterna closure systems market are the increasing rates of cardiovascular disorders caused by unhealthy lifestyles, the rising population with alcohol addiction, and the growing amount of smokers thus resulting from an increase in surgical procedures. Moreover, increasingly utilizing technology advancements such as the use of biocompatible polymers such as PEEK tritium, nitinol, pre-sternotomy plates, and the development of minimal invasive median sternotomy procedures, has led to market growth. However, the use of wiring and plating in high-risk patients associated with post-operative complications can impact the market growth during the forecast period.
Furthermore, in public healthcare infrastructure, developing countries have shown interest in investing due to the rise in non-communicable diseases burden and injuries, which will increase the number of surgical operations in developing regions that are attributed to the market growth for Sternal Closure Systems. COVID-19 has had a favorable impact on the market, during the pandemic O&P clinics were temporarily closed and hospital access was restricted for non-essential care. Moreover, social distancing and limited access to clinics immensely affected the market for sterna closure
The Global Sternal Closure Systems Market is segmented on the basis of product type, procedure type, material type, end-user, and region.
The market is divided into two categories based on product type: clouser device, and bone cement. The key factors responsible for the dominant share of the segment such as in developed as well as developing economies coupled with increasing per capita income, and the launch of products. Moreover, new techniques development and product lines are further increasing the segment growth.
The market is divided into three categories based on procedure type: median sternotomy, hemisternotomy, bilateral thoracosternotomy, and others. The median sternotomy segment holds the market growth. The procedure provides easy acceptance to the lungs, heart, and surrounding structures during coronary artery bypass surgery and heart valve replacement surgery. The demand is increasing for this segment due to the growing geriatric population, prone to developing chronic cardiac disorders such as CVDs.
The market is divided into three categories based on material type: titanium, stainless steel, polyether ether ketone (peek), and others. The titanium segment held the largest revenue share. It has benefits such as the ability to join human bones, corrosion-resistant, and biocompatibility which dominates the segment growth.
The market is divided into two categories based on end-user: hospitals and clinics. The hospital sector dominates the market and is likely to maintain during the forecast period. This is partly due to an increase in disease in humans, which has made the sternal closure systems market more appealing.
Due to the continued development in demand for surgical instruments in the coming years, the worldwide market for sternal closure systems is made of both international and local producers, making it one of the leading sectors in the world. Through a variety of channels, companies sell their products, such as websites, e-commerce websites, retailers, distributors, and end consumers. To keep hold of their market share major strategies are used by the market players such as strategic acquisitions, product launches, and innovations. Moreover, cardiovascular disease is growing globally, due to this the increase in surgical procedure for better medical facilities so the demand for surgical instruments is increasing which further propel the growth of the market.
For instance, in September 2021, Able Medical Devices, announced the launch of Valkyrie Thoracic Fixation System, a novel single-use, bioactive sterna plating system designed to use post-open-heart surgery. Its unique material properties allow the implant to be contoured in-situ which, improves efficiency and saves time by reducing procedural steps in the operating room.
The scope of this report covers the market by its major segments, which include as follows: