North America Sternal Closure Systems Market, By Product (Closure Devices, Bone Cement), Procedure (Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy), Fixation Techniques (Wiring Fixation Techniques, Plate-Screw Systems, Interlocking Systems, Cementing, Vacuum Assisted Closure), Material (Stainless Steel, PEEK, Titanium, Others), End Users (Hospitals, Specialized Surgical Centres) – Industry Trends and Forecast to 2030.
North America Sternal Closure Systems Market Analysis and Size
According to the United Nations' World Population Ageing Highlight 2020 report, the global geriatric population is rapidly increasing and in 2020, approximately 727 million people aged 65 or older, accounting for approximately 9.3% of the total global population. Additionally, the same report projected that the population of people aged 65 or older will be approximately 1.5 billion people by 2050, accounting for approximately 16% of the geriatric population. As a result, the growing geriatric population supports market growth because this population is more susceptible to cardiac diseases, boosting market growth.
Data Bridge Market Research analyses that the sternal closure systems market which was USD 1252.87 million in 2022, is expected to reach USD 2185.06 million by 2030, at a CAGR of 7.2% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
North America Sternal Closure Systems Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Closure Devices, Bone Cement), Procedure (Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy), Fixation Techniques (Wiring Fixation Techniques, Plate-Screw Systems, Interlocking Systems, Cementing, Vacuum Assisted Closure), Material (Stainless Steel, PEEK, Titanium, Others), End Users (Hospitals, Specialized Surgical Centres)
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Countries Covered
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U.S., Canada and Mexico in North America
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Market Players Covered
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Zimmer Biomet (U.S.), KLS Martin Group (Germany), B. Braun SE (Germany), Stryker (U.S.), Teleflex Incorporated (U.S.), Acumed LLC (U.S.), IDEAR S.R.L (Italy), Kinamed Incorporated (U.S.), Able Medical Devices Inc. (U.S.), Praesidia.it (Italy), Abyrx, Inc. (U.S.), Neuromedex GmbH (Germany), Jeil Medical Corporation (South Korea), Changzhou Waston Medical Appliance Company Limited (China), Neos Surgery S.L. (Spain), Ortolog Medical (Turkey), Medicon eG (Germany), MedXpert GmbH (Germany), CIRCUMFIX SOLUTIONS (U.S.), Invibio Ltd. (U.K.), Arthrex, Inc. (U.S.)
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Market Opportunities
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Market Definition
Sternal closure systems are a group of medical products that include devices, services, and solutions that assist physicians in performing sternotomy procedures during cardiac/cardiothoracic surgeries. These products contribute to the ease of sternum closure by providing innovative and advanced closure systems. These systems primarily use stainless steel wires and hooks designed to close the sternum as efficiently and effectively as possible while causing no pain to the patient.
North America Sternal Closure Systems Market Dynamics
Drivers
- Increase in the number of surgical procedures
An increase in the number of surgical procedures has increased demand for surgical instruments, resulting in market growth. According to the OECD, Health spending as a share of GDP in OECD countries increased to 9.7% in 2020, up from 8.8% in 2019. Furthermore, in the elderly population, lack of exercise and poor nutrition increase the risk of heart disease. Furthermore, the growing geriatric population, which is more susceptible to chronic CVDs, is increasing the number of cardiovascular surgical procedures, boosting demand for sternal closure systems.
- Rise in the burden of non-communicable diseases
The rise in the burden of non-communicable diseases and injuries, emerging nations are concentrating on investing in public healthcare infrastructure, which will also lead to an increase in the number of surgical procedures there. These are the certain factors which help the market to grow.
Opportunities
- Rising demand for median sternotomies
The demand for median sternotomies is anticipated to increase due to the growing geriatric population predisposed to developing chronic cardiac disorders like CVDs. The number of elderly people is expected to double in the foreseeable future. The number of people over 60 is anticipated to increase by 56% between 2015 and 2030, according to a report by the United Nations Department of Economic and Social Affairs (2015). By 2050, there will be 2.1 billion people who are elderly, up from 901 million in 2015.
Restraints/Challenges
- High cost
The impediment to the market is the high taxes, excise duties, and stringent medical device legislation around the world. Furthermore, the lack of skilled surgeons and technicians to perform the procedure, as well as limited knowledge among healthcare providers about novel sternal closure techniques, is impeding market growth.
This sternal closure systems market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the sternal closure systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2019, DePuy Synthes introduced the CONDUIT interbody Platform with EIT cellular titanium technology in order to increase the scope of its degenerative spine disease product offerings.
- In 2020, Foosin Medical Supplies Inc., Ltd. gained 510(k) approval from the US Food and Drug Administration (FDA) for WEGO-STAINLESS STEEL, which is utilised in a variety of treatments including abdominal wound closure, hernia repair, sternal closure, and orthopaedic surgeries, among others.
North America Sternal Closure Systems Market Scope
The sternal closure systems market is segmented on the basis of product, procedure, fixation techniques, material and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Closure Devices
- Sternal Closure Wires
- Sternal Closure Plates and Screws
- Sternal Closure Clips
- Sternal Closure Cables
- Bone Cement
Procedure
- Median Sternotomy
- Hemisternotomy
- Bilateral Thoracosternotomy
- Others
- Fixation Techniques
- Wiring Fixation Techniques
- Plate-Screw Systems
- Interlocking Systems
- Cementing
- Vacuum Assisted Closure
Material
- Titanium
- Polyether Ether Ketone (PEEK)
- Stainless Steel
- Others
End Users
- Hospitals
- Specialized Surgical Centres
- Sternal Closure Systems Market Regional Analysis/Insights
The sternal closure systems market is analyzed and market size insights and trends are provided by country, product, procedure, fixation techniques, material and end user as referenced above.
The countries covered in the sternal closure systems market report are U.S., Canada and Mexico in North America.
U.S. dominates the sternal closure systems market because of the region's well-developed healthcare infrastructure and favourable reimbursement policies.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The sternal closure systems market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for sternal closure systems market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the sternal closure systems market. The data is available for historic period 2011-2021.
Competitive Landscape and Sternal Closure Systems Market Share Analysis
The sternal closure systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to sternal closure systems market.
Some of the major players operating in the sternal closure systems market are:
- Zimmer Biomet (U.S.)
- KLS Martin Group (Germany)
- B. Braun SE (Germany)
- Stryker (U.S.)
- Teleflex Incorporated (U.S.)
- Acumed LLC (U.S.)
- IDEAR S.R.L (Italy)
- Kinamed Incorporated (U.S.)
- Able Medical Devices Inc. (U.S.)
- Praesidia.it (Italy)
- Abyrx, Inc. (U.S.)
- Neuromedex GmbH (Germany)
- Jeil Medical Corporation (South Korea)
- Changzhou Waston Medical Appliance Company Limited (China)
- Neos Surgery S.L. (Spain)
- Ortolog Medical (Turkey)
- Medicon eG (Germany)
- MedXpert GmbH (Germany)
- CIRCUMFIX SOLUTIONS (U.S.)
- Invibio Ltd. (U.K.)
- Arthrex, Inc. (U.S.)
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