Global Sternal Closure Systems Market by Procedure (Median Sternotomy, Bilateral Thoracosternotomy), by Product (Closure Devices, Bone Cement) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global sternal closing systems market was valued at USD 1.7 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 5.6%) between 2021 and 2028. The market for sternal closing systems is driven by the growing number of elderly people undergoing open-heart surgery via median sternotomy. Due to its easy access to the heart valves and vessels, median sternotomy has been the most preferred method for cardiac exposure. Sternotomy or sternal closure are performed prior to and after cardiac surgery.

The demand for surgical instruments has increased, resulting in a rise in global surgical procedures. This has led to a growth of the market of sternal closures. The OECD estimates that there were 399,952 surgical procedures in the U.K in 2012. This number grew to 491,604 in 2016. Poor nutrition and exercise are also factors that increase the risk of developing heart disease in elderly people. The growing number of heart surgeries performed on the elderly, who are more likely to develop chronic CVDs, has led to an increase in cardiovascular surgery procedures. This has boosted the global demand for sternal closing systems.

Due to rising non-communicable diseases burden, developing countries have been investing in healthcare infrastructure. This will increase the number and complexity of surgeries in these regions. The world bank published data showing that China's 2015 per capita healthcare spending was USD 425.6, which accounts for 5.3% GDP. The Plan of Health China 2030 predicts that healthcare spending will account for 6.5% to 7.7% of China's total GDP by 2020.

Impact of COVID19: In 2020, the global market fell by 22% The CAGR between 2021 and 2028 will likely exceed 10%

Due to rising injuries and non-communicable diseases, many developing countries have begun investing in their public healthcare infrastructure. This will also increase the number and frequency of surgeries in developing countries. The World Bank published data showing that China's per-capita healthcare spending was USD 425.6 in 2015. This accounts for 5.3% GDP. The Plan of Health China 2030 predicts that healthcare spending will account for 6.5% to 7.5% of China's total GDP by 2020. Globally, the number of heart diseases is rising due to unhealthy eating habits, smoking, alcohol consumption and sedentary lifestyles. This has led to an increase in surgical procedures. In turn, this will likely fuel the adoption and use of sternal closures in surgery over the next few years. A survey by the Centers for Disease Control and Prevention found that 28.1 million Americans were diagnosed with heart disease in 2016.

Product Insights

In 2020, the market share for sternal closures systems was dominated by the closure devices segment. It accounted for 71.5% of the total revenue. The dominant market share is due to key factors such as product launches and rising per capita spending in both developed and developing countries. These devices offer benefits like a reduction in postoperative complications and infection rates, as well as faster recovery times than bone cement. In the near future, the market will see increased efforts by major players to bring new products and techniques to the sternal closure system market.

SternaLock Blu by Zimmer Biomet and SternaLock 360 from Zimmer Biomet are key products in this market. Sternal ZIPFIX System (DePuy Synthes) is also available. Sternal Talon Implants (KLS Martin Group) are also important products. To deliver innovative solutions, companies in the sternal closure market are investing heavily in R&D. Orthofix Holdings, Inc., an American company that specializes in R&D, marketing and sales of orthopedic products, invested USD 28.8 and USD 29.7 millions during FY 2017 and 2018. JACE Medical, LLC launched pre-monoblock, sternal plates in the U.S. in January 2017. These plates can be used as an implant positioner and are used before the surgery.

Material Insights

In 2020, 42.9% of the total revenue came from the titanium segment. This is a dominant market for sternal closing systems. The titanium segment's advantages include its corrosion-resistant, ability of human bones to be joined effectively, and biocompatibility. Non-ferromagnetic properties, which allow patients with titanium implants to be examined safely under Magnetic resonance imaging scan (MRI), further enhance the penetration of the material.

The high efficacy and non-toxic nature implant, as well as the stability of the titanium products, will increase the adoption of titanium-based closure systems. Due to technological advances, increased R&D investments from key players and the biocompatible nature of the material, the Polyether Ether Ketone segment (PEEK), is expected to grow at a fastest rate during the forecast period.

Procedure Insights

In 2020, the market for sternal closures was dominated by the median sternotomy segment. It accounted for 50.7% of the highest revenue share. Because median sternotomies allow for easy access to the heart and surrounding structures, they are a common procedure in osteotomies. It is also less likely to cause complications and post-operative infections, which has led to a rise in demand worldwide.

It is expected that the growing number of geriatric patients, who are more likely to develop chronic heart conditions such as CVDs, will drive demand for median sternotomy procedures. In the near future, the global geriatric population is expected to increase by nearly twofold. A report from the United Nations Department of Economic and Social Affairs (2015) shows that the number of people over 60 years old is projected to increase by 56.0% between 2015 and 2030. Geriatrics accounted for 901 million people in 2015, and are expected to rise to 2.1 billion by 2050.

Regional Insights

North America was the dominant market for sternal closing systems in 2020, accounting for 35.0% of the total revenue. This dominance is expected to continue over the forecast period. Key players have begun to collaborate to improve their product offerings, and to ensure high quality standards. This will likely increase the demand for these systems in the region. A&E Medical Corporation purchased RTI Surgical's Cardiothoracic Closure company in August 2017. RTI Surgical's Cardiothoracic Closure company offers cable-based plate products like the Tritium SPC System. The high prevalence of cardiac disease in North America is also a contributing factor to North America's dominant share. According to the CDC study, 28.1 million Americans have been diagnosed with heart-related conditions such as cardiac arrest or valvular heart disease. Additionally, favorable reimbursement regulations will fuel further growth in the market for sternal closing systems. The revised Medicare wound closure coding guide states that sternal closing procedures will be reimbursed starting in 2018 under the following MS-DRG codes: 216, 217 and 218, 219; 219, 219; 221, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228, 221, 217, 217, 217, 217, 217, 217, 217, 217, 217, 217, 217, 217, 217, 219, 219, 219, 219, 219, 219, 221, 219, 221, 220, 221, 228 and 229 MS-DRG code, 229 MS-DRG, 228, 228, 228, 228, 228, 228, 228, 228, 228, 228 and 229 MS-DRG, 228 MS-DRG

Asia Pacific will see a significant CAGR in the next few years. Key players are expanding their geographic presence and focusing on commercialization of their product at an affordable price. In an effort to capitalize on the opportunity, the KLS Martin Group opened its Chennai office in June 2016. The market for sternal closing systems will continue to grow due to rising healthcare spending and infrastructure, as well as growing awareness of cardiac diseases and treatment options.

Market Share Insights & Key Companies

To maintain their market share in the sternal closure market, market players have adopted three main strategies: product launch, strategic acquisitions and innovation. DePuy Synthes introduced CONDUIT interbody platform with EIT cell titanium technology in September 2019. This was to increase its product range for degenerative spine diseases. Zimmer Biomet introduced Vitality+, and Vital Spinal Fixation Systems to the U.S. in October 2018. Vital Spinal Fixation System provides solutions for degenerative thoracolumbar procedures. The market leader in sternal closures systems is:

• Zimmer Biomet

• Johnson & Johnson

• B. Braun Melsungen AG

• Orthofix Holdings, Inc.

• GE Healthcare

• KLS Martin Group

• A&E Medical Corporation

• Jace Medical, LLC

• Innovative Solutions

• Abyrx, Inc.

• Kinamed Incorporated

Up Market Research published a new report titled “Sternal Closure Systems Market research report which is segmented by Procedure (Median Sternotomy, Bilateral Thoracosternotomy), by Product (Closure Devices, Bone Cement), By Players/Companies A&E Medical Corporation, Acute Innovations, Jace Medical LLC, B Braun Melsungen AG, Zimmer Biomet, GE Healthcare, Orthofix Holdings Inc, KLS Martin Group, Kinamed Incorporated      , Johnson & Johnson, Abyrx Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Sternal Closure Systems Market Report Segments:

The market is segmented by Procedure (Median Sternotomy, Bilateral Thoracosternotomy), by Product (Closure Devices, Bone Cement).

Sternal Closure Systems Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Sternal Closure Systems Market

Overview of the regional outlook of the Sternal Closure Systems Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Sternal Closure Systems Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Sternal Closure Systems Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Median Sternotomy

                2. Bilateral Thoracosternotomy

                1. Closure Devices

                2. Bone Cement

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Sternal Closure Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Sternal Closure Systems Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.