Sternal Closure Systems Market Will Touch USD 3,323.4 Million by 2030, Says P&S Intelligence

NEW YORK, Feb. 22, 2023 /PRNewswire/ -- In 2022, a value of USD 2,212.3 million was accounted for by the sternal closure systems market, which is set to advance at a CAGR of 5.2% from 2022 to 2030, to touch USD 3,323.4 million by 2030, according to P&S Intelligence. This is credited to the growing usage of innovative sternal closure systems, escalating count of cardiothoracic surgeries, and increasing older population globally.

The market is essentially expected to grow as a result of the rapid pace of technical advancements, which include the use of biocompatible polymers, such as pre-sternotomy plates, minimally invasive median sternotomy procedures, and PEEK and Kryptonite bone cement.

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North America Is Highest Revenue Producer

• North America holds the largest share, of around 45%, and it is expected to lead the global industry in the coming eight years. This is mostly due to the increasing efforts of the key players to improve their product offerings and ensure high surgical quality.
• The European market will witness a significant growth rate as well, owing to the growing geriatric population. According to research, over one-fifth of the people in the European Union are 65 years of age or older.
• Further, in Europe, the German market is rapidly growing, attributed to its rising healthcare budget, integration of sophisticated technology, increasing awareness of early diagnoses, advantageous reimbursement policies, and adoption of advanced technologies to ensure improved surgical results.

Rising Per Capita Surgery Expenditure Key Sternal Closure Device Demand Driver

The closure devices category accounted for the larger share, of around 60%, and it is predicted to sustain its position over this decade. The growth of this category is credited to the launch of novel products and the rise in the per capita surgery expenditure in developing and developed nations.

Further, bone cement consumption is set to advance at a rate of about 6% in the years to come. The fast improvements in sternal closure techniques may increase the need for bone cement despite the numerous benefits of conventional wires.

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The median sternotomy category has the largest share, of about 55%. This technique is the most-often used osteotomy in the world because it allows surgeons performing a coronary artery bypass surgery and heart valve replacement surgery to quickly access the heart, lungs, and other organs.

Why Surgeons Performing Sternal Closures Swear by Titanium?

With a share of 45%, titanium is the key element of a sternal closure. The strongest metal in the world, titanium exhibits high biocompatibility, efficiently joins the bones, and resists corrosion. In addition, patients with titanium sternal components can undergo MRI screening, due to the non-ferromagnetic nature of the metal.

Sternal Closure Systems Market Segmentation Analysis

Sternal Closure Systems Market Analysis by Product

• Closure Devices
• Bone Cement

Sternal Closure Systems Market Analysis by Procedure

• Median Sternotomy
• Hemisternotomy
• Bilateral Thoracosternotomy

Sternal Closure Systems Market Analysis by Material

• Titanium
• Stainless Steel
• Polyether Ether Ketone (PEEK)

Sternal Closure Systems Market Analysis Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

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SOURCE P&S Intelligence