The sternal closure systems market projected to grow at a CAGR of 5.2%. The global sternal closure systems market is projected to reach USD 2.61 billion by 2023 from USD 2.02 billion in 2018, at a CAGR of 5.2%. The increased target patient population coupled with the subsequent increase in the number of surgical procedures, growing availability of medical reimbursements across major markets, and technological advancements in sternotomy techniques are expected to drive the demand for sternal closure systems during the study period. On the other hand, the procedural risks associated with sternal closure and the excise duty, taxes, and legislations for medical devices across the globe may limit market growth during the forecast period.
The closure devices segment was the largest segment on the basis of products in 2017 The closure devices segment accounted for the larger share of the global sternal clousre systems market in 2017. This can be attributed to factors such as ongoing technological advancements in closure devices, increasing number of complex cardiovascular surgeries, and growing availability of medical reimbursements across developed markets.
The median sternotomy segment commanded the largest share of the sternal closure systems market in 2017. The market is segmented into median sternotomy, hemisternotomy, and bilateral thoracosternotomy on the basis of procedure.In 2017, the median sternotomy segment accounted for the largest share of this market.
Rising number of critical patients suffering from cardiovascular diseases, significant availability of reimbursement for critical cardiac surgeries across developed markets, and rising awareness among surgeons about the clinical benefits offered by sternal closure products are the key factors driving the growth of this segment.
Asia Pacific is expected to register the highest growth rate in the sternal closure systems market Geographically, the sternal closure systems market is segmented into North America, Europe, Asia Pacific, and RoW.APAC is projected to be the fastest-growing regional segment in the sternal closure systems market.
Rapid growth in the healthcare expenditure in emerging Asian countries, growing adoption of advanced sternum closure techniques among cardiothoracic surgeons, large patient population for target diseases, rapidly growing geriatric and obese population, and increasingly localized device manufacturing are the factors expected to drive the growth of the market in the APAC region.
Breakdown of supply-side primary interviews: • By Company Type - Tier 1 – 45%, Tier 2 – 34% and Tier 3 – 21% • By Designation – – C-level – 14%, Director-level – 10%, Others – 76% • By Region – North America - 40%, Europe – 32%, APAC – 20%, RoW – 8%
As of 2017, some of the major players operating in the sternal closure systems market are DePuy Synthes (US), Zimmer Biomet Holdings (US), and A&E Medical (US), and KLS Martin Group (US), Orthofix International N.V. (US), ABYRX, INC. (US), Acute Innovations (US), Kinamed Incorporated (US), Praesidia Srl (Italy), and IDEAR S.R.L. (Argentina) among others.
Research Coverage This report studies the sternal closure systems market based on product, procedure, material, and region.The report also studies factors affecting market growth, it analyzes opportunities and challenges in the market and provides details of the competitive landscape for market leaders.
Furthermore, the report analyzes micromarkets with respect to their individual growth trends. The report forecasts the revenue of market segments with respect to the four key regions and respective countries.
Reasons to Buy the Report: From an insights perspective, this research report has focused on various levels of analysis— market ranking analysis of top players and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging segments of the sternal closure systems market; and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares.
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