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% during forecast period. Growing availability of medical reimbursements across major markets, technological advancements in sternotomy techniques, and increased target patient population with the subsequent increase in the number of surgical procedures are expected to drive the demand for sternal closure systems.
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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.
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- Sternal closure product manufacturers
- Sternal closure product suppliers and distributors
- Contract manufacturers
- Healthcare service providers (including hospitals and surgical centers)
- Research laboratories and academic institutes
- Clinical research organizations (CROs)
- Government regulatory authorities
- Independent associations and non-government organizations
- National and international regulatory authorities
- Market research firms
Sternal closure systems market for medical devices is segmented into stainless steel, PEEK, and titanium. The titanium products segment is expected to grow at the highest CAGR during the forecast period.
The increased market focus on titanium-based products due to associated advantages and economies-of-scale, and growing number of clinical research to evaluate the clinical efficacy of these products during sternal closure are expected to drive the growth of this segment during the forecast period.
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Report covers sternal closure systems market across four major geographies, namely, North America, Europe, Asia Pacific, & Rest of the World (RoW). North America expected to command largest share of market in 2018.
Strong market position of North America in market is mainly due to large patient population base for target diseases, strong presence of device manufacturers in region, significant adoption of technologically advanced sternal closure products, and increased availability of medical reimbursements in US.
1 Sternal Closure Systems Market: Overview
2 Global Market, By Product, 2018 vs 2023 (USD Million)
3 Global Market Share, By Procedure, 2018 vs 2023
4 Global Market for Closure Devices, By Material, 2018 vs 2023 (USD Million)
5 Geographical Snapshot of the Global Market
2 Global Market Ranking (2017)
3 Competitive Scenario
4 Key Product Launches, 2015–2018
5 Key Mergers and Acquisitions, 2015–2018
Some of major players operating in 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.
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The closure devices segment accounted for the larger share of the global sternal closure 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.
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%
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 micro markets 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.
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