Global Sternal Closure Systems Market Projected to Reach $2.61 Billion by 2023, Growing at a CAGR of 5.2%
DUBLIN, May 21, 2018 /PRNewswire/ --
The "Sternal Closure Systems Market by Product (Closure Devices (Wire, Plate, Screw, Cable,), Bone Cement), Procedure (Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy), Material (Stainless Steel, Peek, Titanium) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global sternal closure systems market is projected to reach USD 2.61 billion by 2023 from USD 2.02 billion in 2018, at a CAGR of 5.2%.
The increased target patient population coupled with the subsequent increase in the number of surgical procedures, growing availability of medical reimbursements across major markets, and technological advancements in sternotomy techniques are expected to drive the demand for sternal closure systems during the study period. On the other hand, the procedural risks associated with sternal closure and the excise duty, taxes, and legislations for medical devices across the globe may limit market growth during the forecast period.
The closure devices segment accounted for the larger share of the global sternal clousre systems market in 2017. This can be attributed to factors such as ongoing technological advancements in closure devices, increasing number of complex cardiovascular surgeries, and growing availability of medical reimbursements across developed markets.
The market is segmented into median sternotomy, hemisternotomy, and bilateral thoracosternotomy on the basis of procedure. In 2017, the median sternotomy segment accounted for the largest share of this market. Rising number of critical patients suffering from cardiovascular diseases, significant availability of reimbursement for critical cardiac surgeries across developed markets, and rising awareness among surgeons about the clinical benefits offered by sternal closure products are the key factors driving the growth of this segment.
Geographically, the sternal closure systems market is segmented into North America, Europe, Asia Pacific, and RoW. APAC is projected to be the fastest-growing regional segment in the sternal closure systems market. Rapid growth in the healthcare expenditure in emerging Asian countries, growing adoption of advanced sternum closure techniques among cardiothoracic surgeons, large patient population for target diseases, rapidly growing geriatric and obese population, and increasingly localized device manufacturing are the factors expected to drive the growth of the market in the APAC region.
As of 2017, some of the major players operating in the sternal closure systems market are DePuy Synthes (US), Zimmer Biomet Holdings (US), and A&E Medical (US), and KLS Martin Group (US), Orthofix International N.V. (US), ABYRX, INC. (US), Acute Innovations (US), Kinamed Incorporated (US), Praesidia Srl (Italy), and IDEAR S.R.L. (Argentina) among others.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Segments Covered
1.3.2 Geographic Scope
1.3.3 Years Considered for the Study
1.4 Currency
1.5 Major Market Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.2 Market Size Estimation Methodology
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Estimation and Data Triangulation
2.4 Research Assumptions
2.5 Research Limitations
3 Executive Summary
4 Premium Insights
4.1 Sternal Closure Systems Market: Overview
4.2 Global Market, By Product, 2018 vs 2023 (USD Million)
4.3 Global Market Share, By Procedure, 2018 vs 2023
4.4 Global Market for Closure Devices, By Material, 2018 vs 2023 (USD Million)
4.5 Geographical Snapshot of the Global Market
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.1.1 Technological Advancements in Sternotomy Techniques
5.2.1.2 Increasing Target Patient Population Coupled With the Subsequent Increase in the Number of Surgical Procedures
5.2.1.3 Growing Availability of Medical Reimbursements Across Major Markets
5.2.2 Market Restraints
5.2.2.1 Procedural Risks Associated With Sternal Closure
5.2.2.2 Excise Duty, Taxes, and Legislations for Medical Devices Across the Globe
5.2.3 Market Opportunities
5.2.3.1 Increasing Research Activities for Sternal Closure Procedures
5.2.3.2 Emerging Markets
5.2.4 Market Challenges
5.2.4.1 Dearth of Skilled Or Technicians & Surgeons
5.2.4.2 Limited Awareness Among Healthcare Providers About Novel Sternal Closure Techniques
6 Sternal Closure Systems Market, By Product
6.1 Introduction
6.2 Closure Devices
6.2.1 Wires
6.2.2 Plates & Screws
6.2.3 Cables
6.2.4 Clips
6.3 Bone Cement
7 Sternal Closure Systems Market, By Procedure
7.1 Introduction
7.2 Median Sternotomy
7.3 Hemisternotomy
7.4 Bilateral Thoracosternotomy
8 Sternal Closure Systems Market for Closure Devices, By Material
8.1 Introduction
8.2 Stainless Steel
8.3 Polyether Ether Ketone (PEEK)
8.4 Titanium
9 Sternal Closure Systems Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Rest of Europe (RoE)
9.4 Asia Pacific (APAC)
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Rest of Asia Pacific (RoAPAC)
9.5 Rest of the World
10 Competitive Landscape
10.1 Overview
10.2 Global Market Ranking (2017)
10.3 Competitive Scenario
10.3.1 Key Product Launches, 2015-2018
10.3.2 Key Mergers and Acquisitions, 2015-2018
11 Company Profiles
11.1 Depuy Synthes (Part of Johnson & Johnson)
11.2 Zimmer Biomet Holdings
11.3 KLS Martin Group
11.4 Acute Innovations
11.5 Orthofix International N.V.
11.6 A&E Medical
11.7 Idear S.R.L
11.8 Praesidia SRL
11.9 Kinamed Incorporated
11.10 Media Group Australia Pty Ltd
11.11 Jace Medical
11.12 Abyrx
11.13 Dispomedica
11.14 Jeil Medical Corporation
11.15 Changzhou Waston Medical Appliance Company Limited
For more information about this report visit https://www.researchandmarkets.com/research/rkznrl/global_sternal?w=5
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article