Dublin, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The "Sternal Closure Systems Market by Product (Closure Devices (Wires, Plate & Screw, Cable, Clips) Bone Cement), Procedure (Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy), Material (Stainless Steel, PEEK, Titanum) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global sternal closure systems market is valued at an estimated USD 2.3 billion in 2022 and is projected to reach USD 2.9 billion by 2027, at a CAGR of 5.1% during the forecast period. Market growth is driven by factors such as the significant adoption of sternal closure products and the rising number of cardiothoracic surgeries. Risks associated with sternal closure procedures and the death of OR technicians & surgeons are the major factors hampering the growth of this market.
The closure device segment accounted for the highest growth rate in the sternal closure systems market, by product, during the forecast period
Based on product, the sternal closure systems market is divided into two main categories - closure devices (wires, plates & screws, cables & clips) and bone cement. In 2021, the closure devices segment accounted for the largest share of the sternal closure systems market. The large share of this segment can be attributed to the rising number of cardiovascular cases requiring surgery and the availability of clinical evidence to support the therapeutic efficacy of sternal closure systems
Median sternotomy procedure segment accounted for the highest CAGR
Based on procedure type, the sternal closure systems market is segmented into - median sternotomy, hemisternotomy, and bilateral thoracosternotomy. The median sternotomy segment accounted for the largest share of the sternal closure systems market in 2021. Rising awareness among surgeons about the clinical benefits offered by technologically advanced sternal closure products during target cardiovascular surgeries is driving the dominant market position of the median sternotomy.
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The global sternal closure systems market has been segmented into four major regions - North America, Europe, the Asia Pacific, and the Rest of the World. The sternal closure systems market in several Aisa Pacific countries is expected to witness a high growth rate during the forecast period owing to the large patient population for target diseases, the rapidly growing geriatric & obese population, and increasingly localized device manufacturing indicates a massive potential for the Asia Pacific sternal closure systems market.
Market Dynamics
Drivers
- Technological Advancements in Sternotomy Techniques
- Increasing Target Patient Population Coupled with Subsequent Increase in Number of Surgical Procedures
- Growing Availability of Medical Reimbursement Across Major Markets
Restraints
- Procedural Risks Associated with Sternal Closure
Opportunities
- Increasing Research Activities for Sternal Closure Procedures
- Emerging Markets
- Growth in Number of Hospitals and Surgical Centers
Challenges
- Dearth of Skilled or Technicians and Surgeons
- Limited Awareness Among Healthcare Providers About Novel Sternal Closure Techniques
| Report Attribute | Details |
| No. of Pages | 169 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $2.3 Billion |
| Forecasted Market Value (USD) by 2027 | $2.9 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Sternal Closure Systems Market, by Product
7 Sternal Closure Systems Market, by Procedure
8 Sternal Closure Systems Market, by Material
9 Sternal Closure Systems Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Able Medical Devices
- Abyrx, Inc.
- Acumed LLC
- Arthrex, Inc.
- B. Braun Se
- Changzhou Waston Medical Appliance Co. Ltd.
- Circumfix Solutions
- Depuy Synthes (Part of Johnson & Johnson)
- Dispomedica
- Idear S.R.L
- Invibio Ltd.
- Jeil Medical Corporation
- Kinamed Incorporated
- KLS Martin Group
- Lotus Surgicals
- Medicon Eg
- Medxpert GmbH
- Neos Surgery
- Ortolog Medical
- Peters Surgical
- Praesidia
- Stryker
- Teleflex Incorporated
- TTK Healthcare Ltd.
- Zimmer Biomet Holdings, Inc
For more information about this report visit https://www.researchandmarkets.com/r/cyw3ls
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