Sternal Closure Systems Market Analysis | 2022-2028

Market Insights

The sternal closure systems market was estimated at USD 2.28 billion in 2021 and is likely to grow at a CAGR of 5.12% during 2022-2028 to reach USD 3.28 billion in 2028.

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Market Dynamics

Introduction 

Sternal closure systems are medical devices used to close the sternum (breastbone) after it has been surgically divided during procedures such as open-heart surgery or thoracic surgery. These systems are designed to securely hold the sternum together during the initial healing phase, providing stability and support to promote proper bone fusion and overall healing.

COVID-19 Impact 

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 product availability in the market.

Market Drivers

The sternal closure systems market has been pushed by technological developments in sternotomy methods. Since the early 1960s, median sternotomy operations have been the gold standard for opening the heart and lungs for cardiothoracic and cardiopulmonary treatments. The use of sophisticated sternal closure tools and methods, such as titanium and surgical-grade stainless steel, has increased dramatically since 2010. Clinical benefits of these sternal closure devices, which are titanium and stainless steel-based, include less discomfort, a decreased chance of sternal dehiscence, a decreased risk of wound infections, and a decreased risk of mediastinitis.

Market Challenges

The demand for doctors is expected to grow twofold from 2013 to 2025, driven by a shortage of skilled OR technicians and surgeons. The shortage is divided evenly between primary care physicians and specialists like surgeons, cardiologists, and oncologists. The growing geriatric population necessitates skilled professionals for interventional procedures, and the proper use of sternal closure devices requires expertise.

Key Players

The following are the key players in the sternal closure systems market:

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

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

"Closure devices segment accounted for the largest market share of more than 70.7% in 2021" 

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 2021 and is projected to register significant growth during the review period. Closure devices include wire, plate & screw, clips, and cable.

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Regional Analysis

 "North American market accounted for the largest market share of more than 35% in 2021"

By region, the North American market accounted for the largest market share in 2021 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 the 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.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s sternal closure systems market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The sternal closure systems market is segmented into the following categories:

By Material Type

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

By Product Type

• Closure Devices
• Bone Cement

By Procedure Type

• Median Sternotomy
• Hemisternotomy
• Bilateral Thoracosternotomy

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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 to sales@stratviewresearch.com.