The global sternal closure systems market size is expected to reach USD 2.96 billion by 2025
NEW YORK, Nov. 14, 2018 /PRNewswire/ -- Sternal Closure Systems Market Size, Share & Trends Analysis Report By Product (Closure Devices, Bone Cement), By Material (Stainless Steel, PEEK, Titanium), By Procedure, And Segment Forecasts, 2018 - 2025
Read the full report: https://www.reportlinker.com/p05620878
The global sternal closure systems market size is expected to reach USD 2.96 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.4% during the forecast period. The market is driven by growing number of surgeries undertaken to treat complex cardiovascular problems. For instance, according to data published by American Heart Association (AHA), around 520,000 Coronary Artery Bypass Graft (CABG) surgeries were performed in the U.S. in 2014. The report further states that more than 800,000 CABG surgeries are performed worldwide every year.
Furthermore, the National Health Interview Survey conducted by CDC in 2016 concluded that 28.1 million people in the U.S. were diagnosed with heart related disorders, including valvular heart disease and cardiac arrest. Moreover, increasing research and development activities are paving way for advanced systems such as talon systems and double sternal wires. This, coupled with favorable reimbursement criteria, is bolstering market growth.
Mergers and acquisitions, new product development, and geographical expansion are key strategies adopted by players to stay ahead in the market. For instance, KLS Martin, started its sales operations in the U.K., the Netherlands, Italy, France, Australia, Russia, Dubai, Japan, Malaysia, and Brazil in last couple of years in order to increase its geographical presence. The company is also focusing on Asia Pacific due to presence of large patient pool in the region. In line with the strategy, in June 2016, the company started a manufacturing unit in Chennai, India.
Further key findings from the report suggest:
• Rising adoption of cardiothoracic surgeries, including Coronary Artery Bypass Graft (CABG), Aortic valve surgery, and Arrhythmia surgery, is projected to augment the market
• Growing population of geriatrics across the globe is expected to stoke the growth of the market
• The closure devices segment held the leading share in the global arena in 2017, owing to introduction of technologically advanced clips and wires globally and favorable reimbursement regulations offered in developed regions such as North America and Europe
• The PEEK segment is anticipated to post significant growth over the coming years due to several benefits offered by the material, including biocompatibility, chemical resistance, end-product purity, high temperature resistance, and thermoformable nature
• North America dominated the market in 2017. The growth of the region can be attributed to presence of a large number of players and high competitive rivalry in the market. Moreover, rising adoption of technologically advanced systems coupled with presence of skilled professionals are likely to provide a fillip to the regional market
• Asia Pacific is poised to register the highest CAGR during forecast period. Increasing per capita income, improving healthcare infrastructure, and rising patient pool are estimated to drive the market
• The market is currently consolidated, with few companies capturing major shares. However, increasing demand for innovative technologies and recent market dynamics are making way for new entrants.
Read the full report: https://www.reportlinker.com/p05620878
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