Sternal Closure Systems Global Market Report 2022: Increasing Research Activities for Sternal Closure Procedures Presents Opportunities

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Dec 15, 2022, 14:15 ET

DUBLIN, Dec. 15, 2022 /PRNewswire/ -- 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

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