Global demand for sternal closure systems market was valued at approximately USD 2.03 Billion in 2018, and is expected to generate revenue of around USD 2.95 Billion by end of 2025, growing at a CAGR of around 5.6% between 2019 and 2025.
The report covers forecast and analysis for the sternal closure systems market on a global and regional level. The study provides historic data from 2016 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the sternal closure systems market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the sternal closure systems market on a global as well as regional level.
According to the report, global demand for sternal closure systems market was valued at approximately USD 2.03 Billion in 2018, and is expected to generate revenue of around USD 2.95 Billion by end of 2025, growing at a CAGR of around 5.6% between 2019 and 2025.
In order to give the users of this report a comprehensive view on the sternal closure systems market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein Product and services segment is benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the sternal closure systems market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new Product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the sternal closure systems market on global and regional basis.
Sternal closure systems are used in the fixation and stabilization of fractures of the frontal chest wall. Sternal closure systems are also adopted in cardiovascular surgeries. Stainless steel, titanium, and PEEK are the most preferred materials used in the manufacturing of sternal closure systems.
Factors such as rise in number of older people submitting to open heart surgery, efforts taken by governments in developed regions, increasing prevalence of cardiac diseases worldwide, increasing per capita healthcare expenditure, and rise in awareness will act as major driving factors in the growth of global sternal closure systems market. Constant research and development and launch of new technology will present an opportunity for the market players in the sternal closure systems market. Nonetheless, high cost will restrict the growth of global sternal closure systems market.
The global sternal closure systems market has been split into product, procedure, material, and region. Based on product, sternal closure systems market has been segmented into bone cement and closure devices. The closure devices segment accounted for the highest market share in 2018 owing to launch of new products and multiple benefits. The procedure segment has been divided into bilateral thoracosternotomy, hemisternotomy, and median sternotomy. The median sternotomy segment accounted for the highest market share in 2018. The material segment has been divided into titanium products, PEEK, and stainless steel.
North America will be the leading region during the forecast period. U.S. accounted for the highest share in the North America region due to high prevalence of cardiovascular disorders, high per capita healthcare expenditure, and presence of major market players. Europe is expected to be the next key market. The vital reasons are favorable reimbursement scenario and presence of latest healthcare infrastructure. Asia Pacific will develop at the highest growth rate owing to increasing number of open heart surgeries, efforts taken by governments, and increasing healthcare expenditure. Latin America region will propagate at a noteworthy rate through the assessment time. Middle East & Africa will demonstrate positive progression in the projected years.
The report also includes detailed profiles of key players such as Zimmer Biomet Holdings, IDEAR S.R.L., Orthofix International N.V., DePuy Synthes, Kinamed Incorporated, DePuy Synthes, ABYRX, Acute Innovations, KLS Martin Group, and Praesidia Srl among others.
This report segments the Global Sternal Closure Systems Market as follows:
Global Sternal Closure Systems Market: By Product
Global Sternal Closure Systems Market: By Procedure
Global Sternal Closure Systems Market: By Material
Global Sternal Closure Systems Market: By Region