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    Sternal Closure Systems Market Report

    Sternal Closure Systems Market Report
    Report code - SR1624 Delivery - 2 Weeks
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    Sternal Closure Systems Market Size, Share, Trend, Forecast, & Industry Analysis: See more...

    Impact of COVID-19 on Sternal Closure Systems Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Sternal Closure Systems Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    What are sternal closure systems?

    Sternal closure systems are used before and post-cardiac surgery. Some of the commonly used materials to make sternal closure systems include stainless steel, polyether ether ketone (PEEK), and titanium. These systems are being used in various procedures such as median sternotomy, hemistenotomy, and bilateral thoracosternotomy.

    The Sternal Closure Systems Market is projected to grow from USD 1.8 billion in 2020 to USD 2.4 billion by 2026 at a CAGR of around 5.2% during the forecast period.

    Sternal Closure Systems Market - Research Scope

    Base Year of Study

    2020

    Trend Period

    2015-2019

    Forecast Period

    2021-2026

    Market Size in 2020

    USD 1.8 billion

    Market Size in 2026

    USD 2.4 billion

    Market Growth (2021-2026)

    5.2% CAGR

     

    Figure: Sternal Closure Systems Market Size, 2020-2026 (USD Billion)

    Sternal-Closure-Systems-Market-Forecast

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    Market Drivers

    The growth of the sternal closure systems market is primarily driven by the rising number of people undergoing open-heart surgery using median sternotomy procedures. Expanding geriatric populace and increasing number of surgical operations are likely to bolster the growth of the sternal closure systems market at a significant rate during the review period. In addition to this, the growing demand for advanced sternal closure systems is likely to create lucrative opportunities for the players operating in the global market in the coming years.

    COVID-19 Impact on Sternal Closure Systems Market

    The covid-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the sternal closure systems market negatively as supply disruptions affected the product availability in the market.

    Segments' Analysis

    Product Trends

    By product, the sternal closure systems market has been bifurcated into closure devices and bone cement. The closure devices segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. Closure devices include wire, plate & screw, clips, and cable.

    Regional Trends

    By region, the North American market accounted for the largest market share in 2020 and is projected to grow at a robust CAGR during the review period. This can be attributed to the established presence of the healthcare industry coupled with expanding geriatric populace and the presence of key market players such as DePuy Synthes (US) and Zimmer Biomet (US). The market growth in Asia-Pacific is expected to be driven by increasing spending on healthcare infrastructure development coupled with the rising number of surgical procedures.

    Critical Questions Answered in the Report

    This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Sternal Closure Systems market. The historic years considered for the study are 2016-2019, base year is 2020, estimated year is 2021, and forecast period is 2022-2026. Following are the critical questions answered in the report-

    • What are the key trends in the Sternal Closure Systems market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the Sternal Closure Systems market?
    • What are the key strategies adopted by the major vendors to lead in the Sternal Closure Systems market?
    • What is the market share of the top vendors?

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    Key Players

    Key players operating in the Sternal Closure Systems market are-

    • DePuy Synthes (US)
    • Zimmer Biomet (US)
    • KLS Martin Group (Germany)
    • Acute Innovations LLC (US)
    • Orthofix (US)
    • A&E Medical (US)
    • Praesidia Srl (Italy)
    • Kinamed Inc (US)
    • JACE Medical (US)
    • Abyrx, Inc (US)
    • Dispomedica GmbH (Germany)
    • Waston Medical Corporation (China)

    Target Audience

    Here is the list of the group of customers that the sternal closure systems market hopes to have the greatest opportunity to convert-

    • Sternal closure systems distributors
    • Sternal closure systems suppliers
    • Sternal closure systems manufacturers
    • Logistics organizations
    • Government bodies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    DePuy Synthes (US), Zimmer Biomet (US), KLS Martin Group (Germany), Acute Innovations LLC (US), Orthofix (US), A&E Medical (US), Praesidia Srl (Italy), Kinamed Inc (US), JACE Med-ical (US), Abyrx, Inc (US), Dispomedica GmbH (Germany), and Waston Medical Corporation (China) are among the key players in the sternal closure systems market.

    The sternal closure systems market size is expected to reach USD 2.4 billion in the foreseeable future.

    The closure device segment is expected to register significant growth in the sternal closure systems market in the next five years.

    The sternal closure systems market is expected to witness an impressive growth of 5.2% CAGR in the coming years.

    North America accounted for the largest share in the sternal closure systems market in 2020.

    Sternal closure systems distributors, Sternal closure systems suppliers, Sternal closure systems manufacturers, Logistics organizations, Government bodies are the target audience in the sternal closure systems market.

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