Sternal Closure Systems Market Analysis by Size, Future Evolution, Scope, and Regional Analysis by 2022-2030

 

Sternal Closure Systems Market Highlights

The Sternal Closure Systems Market is anticipated to reach USD 2.45 Billion by 2030 at 5.50% CAGR during the forecast period 2022-2030. Open heart surgery has been a huge success today. Sternum closure systems are used to close the sternum and are the last step-in open-heart surgery. This technique involves steel wires that are wrapped around the halves of the sternum to close it.

The global sternal closure systems market is majorly driven by, rising geriatric populations, abuse of alcohol and drugs, the high prevalence of cardiac diseases, and growing penetration of key market players. Furthermore, raising awareness of healthcare, favourable reimbursement policies, increasing advanced technical devices, increasing innovations in research and development of medical devices, as well as rising average income of individuals, are fuelling the market growth. However, factors such as high cost of devices, complicated and costly surgical procedures involved and risks of getting infected due to sternum closure devices are likely to hamper the growth of the market. Lack of proper healthcare infrastructure, as well as awareness regarding cardiac diseases in middle-income countries, is a major challenge to the market growth.

Segmentation

The global sternal closure systems market report is segmented based on product type, procedure, closure material type and end-user. According to the product type, the market is segmented closure devices and bone cement. Closure devices are further segmented into wires, plates & screws, clips, and cables.

Considering the type of procedure, the market is segmented into median sternotomy, bilateral thoracosternotomy, hemisternotomy, and others.

According to the closure material type, the market is segmented into stainless steel, titanium, and others.

Because of end-user, the market is segmented into, hospitals & clinic, research institutes, and others.

Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.

Regional Analysis

Americas is the global leader for Sternal closure systems market owing to increasing prevalence of cardiovascular diseases among adults and older population. Additionally, factors such as increasing government initiatives and funding for research, development in advanced medical treatment options, and rising demand for technologically advanced treatment are likely to enhance the growth of sternal closure systems market in the American region. For instance, according to the Centers for Disease Control and Prevention, every year about 610,000 people in America are a victim of heart diseases and annually about 735,000 Americans suffer due to heart attacks. This alarming rate of cardiovascular disorders is expected to have a direct effect on the growth of sternal closure systems market as it finds whole and sole application in cardiovascular disorders. Presence of pharmaceutical giants like Pfizer, Merk, etc. also propels the market growth in this region.

Europe is the second largest market and holds a healthy share in the global sternal closure systems market. The European market is expected to grow during the forecast period due to major driving factors like availability of advanced treatment facilities, increasing healthcare expenditure along with growing need for better healthcare infrastructure and government initiatives of healthcare reform. For instance, according to 2017 statistics presented by the European Society of Cardiology, there were more than 6 million reported new cases of cardiovascular diseases in the European Union and more than 11 million in Europe as a whole. Hence cardiovascular disease being one of the major concern in Europe contributes significantly to the market growth of this region. Additionally, Europe spent around 210 Euros in 2015 for treatment of cardiovascular disorders. This rising healthcare expenditure due to cardiovascular disorders is expected to have a positive impact on the sternal closure systems market. But the popularity of minimally invasive procedures, as well as risks associated with open heart surgery and close sternum devices, may hamper the market growth.

Asia Pacific is expected to be the fastest growing market. According to report published by the United Nations in 2015; between 2015 and 2030, the number of older persons aged 60 years or over in the world is predicted to grow by 56 %, out of which 66% of the older population would reside in Asia-Pacific regions. This makes the region prone to metabolic disorders that would further aid the chances of cardiovascular.  Owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, availability favourable insurance and reimbursement policies market growth will be accelerated during the forecast period.  Moreover, with key players like Boston Scientific Corporation, Pfizer, Merck, etc. have been setting up their regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia growth curve of sternal closure systems market will see a positive trend. 

On the other hand, the Middle East and Africa is expected to witness a slow growth due to limited access to healthcare facilities and affordability issues among the population. In the Middle East, the growth of the market is driven by Saudi Arabia and the United Arab Emirates because of the well-established healthcare infrastructure, awareness for good health among the residents, as well as accessibility to modern medical technology methods.

Key Players

The Sternal closure systems market players are Depuy Synthes, Zimmer Biomet Holdings, Orthofix International N.V., A&E Medical, Kinamed Incorporated, Abyrx, Jace Medical, Jeil Medical Corporation, and Acute Innovations.

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), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Email: sales@marketresearchfuture.com

Comments

Post a Comment

Popular posts from this blog

Respiratory Care Devices Market Manufacturer Landscape, Revenue, Volume Analysis and Segment Information up to 2030

  Respiratory Care Devices Market Highlights Respiratory care devices are used for treating, controlling, evaluating, managing, and diagnosing patients with an anomaly in the cardiopulmonary system. The respiratory disease is any of the diseases and disorders of the airways and the lungs that affect human breathing. Diseases of the respiratory system may disturb any of the structures and organs that have to do with breathing, which includes nasal cavities, the throat, the larynx, the trachea, the tissues of the lungs, and the respiratory muscles of the chest cage. The growing respiratory diseases are largely due to increasing patient population suffering from chronic diseases, which include chronic obstructive pulmonary disease (COPD), cystic fibrosis, pneumonia, and asthma. The initial detection of these diseases aids in providing better treatments. Thus, the demand for respiratory care devices market is increasing greatly in the global market. Additionally, the growing elder...
Read more

Medical Imaging Workstations Market Tendencies, Revenue Forecast and Interesting Opportunities from 2022 to 2030

  Medical Imaging Workstations Market Highlights The global medical imaging workstations market is projected to reach USD 6.22 Billion by 2030 at 6.9% CAGR during the forecast period 2022-2030. The medical imaging workstations has become a base technology of modern medical diagnostics for the treatment of variety of acute and chronic diseases including cardiovascular diseases and cancer. The usage of medical imaging workstations market has reduced manual workflow and increased the accuracy and precision of diagnosis tremendously in recent years. The factors influencing the growth of the market including growing government investment and funding’s for research in modernization of imaging services, favourable reimbursement policies and the on-going technological advancements in imaging systems to improve healthcare infrastructure is anticipated to boost the growth of the market over the forecast period. Additionally, increasing demand for diagnostic imaging devices and develo...
Read more

Population Health Management Market | Industry Analysis, Size, Growth, Key Players, Segmentation And Forecast By 2030

  Global Population Health Management Market - Overview The global  population health management market  is growing with the rapid pace; mainly due to the technological innovation. According to a recent study report published by the Market Research Future, the global population health management is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2030, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2022 – 2030). Notably, extreme need to fill in the gap between expenditure and outcomes is the key factor driving the  eclinicalworks population health  management market. It is observed that in the year 2012 digital healthcare data was estimated to be around 500 petabytes and is expected to reach 25,000 petabytes by 2020. On the other hand there has been deterioration in clinical outcomes in spite of huge expen...
Read more