Factors such as technological advancements in sternotomy techniques,
increasing target patient population coupled with the subsequent
increase in the number of surgical procedures, and growing availability
of medical reimbursements across major markets are expected to drive the
demand for sternal closure systems during the study period.
According to the new market research report Sternal Closure Devices Market is estimated to be valued at USD 2.02 billion in 2018 and is projected to reach USD 2.61 billion by 2023, at a CAGR of 5.2%.
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Based on product, the closure devices segment is expected to register the highest growth rate during the forecast period
Based
on product, the sternal closure systems market is divided into closure
devices and bone cement. Among these segments, closure devices are
expected to grow at the highest CAGR during the forecast period. Factors
such as increasing number of complex cardiovascular surgeries and
growing availability of medical reimbursements across developed markets
are expected to drive the growth of the closure devices segment in the
next five years.
Based on procedure, the median sternotomy segment is estimated to be the largest segment of the market in 2018
The
sternal closure systems market is segmented by procedure into median
sternotomy, hemisternotomy, and bilateral thoracosternotomy. The median
sternotomy segment is expected to account for the largest share of the
sternal closure devices market in 2018, owing to rising number of
critical patients suffering from cardiovascular diseases.
Based on material, the titanium material segment is expected to register the fastest growth rate in the forecast period
Based
on material, the sternal closure devices market for closure devices is
classified into stainless steel, PEEK, and titanium products. The
titanium products segment is expected to grow at the highest CAGR during
the forecast period.
This can be attributed to the increased
market focus on titanium products due to the associated advantages and
economies-of-scale, growing number of clinical research studies to
evaluate the clinical efficacy of these products during sternal closure,
and increased commercialization of titanium-based sternal closure
systems across developed countries.
In 2017, North America accounted for the largest share of the sternal closure systems market
Geographically,
the sternal closure devices market is segmented into North America,
Europe, Asia Pacific, and the Rest of the World. North America accounted
for the largest share of the market in 2017. The presence of a large
patient population accompanied by a well established medical
reimbursement policy is expected to drive the growth of this region.
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Major
players in the sternal closure devices market are DePuy Synthes (US),
Zimmer Biomet Holdings (US), and A&E Medical (US). Other players in
this market include KLS Martin Group (US), Orthofix International N.V.
(US), ABYRX (US), Acute Innovations (US), Kinamed Incorporated (US),
Praesidia Srl (Italy), and IDEAR S.R.L. (Argentina) among others.
