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Dec 06, 2021 (Market Insight Reports) — (USA, NY, New York City):
Sternal Closure Systems Market Overview
Sternal closure systems are extensively used for closing the breastbone or sternum right after sternal reconstructive surgical procedures. The procedure comprises steel wires, which are wrapped around the halves of the sternum. The global sternal closure systems market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 5% during the forecast period (2018-2023).
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The market is majorly driven by the increasing prevalence of geriatric population across the globe. Growing incidences of cardiac diseases, drug and alcohol abuse, and penetration of major market players are some of the primary growth stimulants of the market. Favorable reimbursement policies, surging awareness regarding healthcare, innovations in R&D activities, and rising advanced technical devices are encouraging the market growth across the globe. Launch of innovative and advanced devices, which offer stable union and tight closure at the sternum in patients undergoing surgery will influence the market.
On the contrary, the high cost of these devices, costly and complicated surgical techniques, and increased risk of infection is considered to restrict the market growth in the coming years. Moreover, the dearth of proper healthcare infrastructure and awareness regarding cardiac diseases, especially in middle-income nations will slow down the market growth in the years to come.
Global Sternal Closure Systems Market: Segmental Analysis
The global sternal closure systems market has been segmented on the basis of procedure, closure material type, product type, and end-user.
By product type, the sternal closure systems market is segmented into bone cement and closure devices. Of these, the closure devices segment is predicted to gain prominence as they offer benefits like reduced infections and with faster recovery time and reduction in postoperative complications compared to bone cement.
By procedure, the market is segmented into bilateral thoracosternotomy, median sternotomy, hemisternotomy, and others. Of these, the median sternotomy procedure will gain prominence in the foreseeable future. This procedure is frequently performed as it offers easy access to lungs and heart and surrounding structures during coronary artery bypass surgeries and valve replacement. This procedure also helps to reduce post-operative complications and infections, which further encourages its adoption.
The closure material segment comprises titanium, stainless steel, and others. Of these, titanium is extensively used in sternal closure systems. Benefits like the ability to join human bones, resistance to corrosion, and biocompatibility will encourage the demand doe titanium.
Considering the end use segment, the market is segmented into research institutes, hospitals and clinics, and others. Of these, hospitals and clinics segment will gain prominence due to favorable reimbursement policies.
Regional Frontiers
Geographically, the sternal closure systems market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America will lead the global sternal closure systems market, mainly due to the surging incidences of cardiovascular diseases, especially among the geriatric population. The aging population is prone to obesity and hypertension issues, and as these diseases along with diabetes trigger cardiac diseases, the market is likely to flourish in the region. Increasing initiatives by the government, coupled with rising funding for development and research in advanced medical treatment options will contribute to the market growth in the foreseeable future. America is room to pharmaceutical giants like Merk and Pfizer, which will further influence the market growth in the next few years.
Europe is estimated to acquire the second position in the global market, owing to the availability of advanced treatment facilities, surging need for improved healthcare infrastructure, and rising expenditure on healthcare. Also, government initiatives of healthcare reform will encourage the regional market's growth in the coming years. The soaring healthcare expenditure owing to rising cardiovascular disorders will positively impact the market in the region.
The Asia Pacific will expand at the fastest rate during the review period. As per a report launched by the UN in 2015, the number of aging people aged 60 years and beyond, between 2015 and 2030 is likely to grow by 56%. 66% of the older population resides in the APAC region. This further makes the region vulnerable to metabolic disorders, further aiding the chances of cardiovascular diseases. Factors such as the presence of huge patient population, rapid adoption of advanced healthcare technology, availability of favorable reimbursement and insurance policies, and government initiatives to increase the quality of healthcare will encourage the market growth in the APAC.
Competitive Dashboard
The top players operating in the sternal closure systems market include Zimmer Biomet Holdings, Depuy Synthes, A&E Medical, Orthofix International N.V., Abyrx, Kinamed Incorporated, Jeil Medical Corporation, Jace Medical, and Acute Innovations.
Read More @ https://www.marketresearchfuture.com/reports/sternal-closure-systems-market-6137
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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COMTEX_398394497/2599/2021-12-06T06:31:50
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