Sternal Closure Systems Market

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Sternal Closure Systems Market is estimated to be US$ 3.79 Billion by 2020 with a CAGR of 5.6% during the forecast period 2030

Sternal Closure Systems Market accounted for US$ 2.3 million in 2020 and is estimated to be US$ 3.79 billion by 2030 and is anticipated to register a CAGR of 5.6%. The Sternal Closure Systems are used in bilateral thoracosternotomy, median sternotomy and hemisternotomy. Median sternotomy has become popular in early 1960s and remains gold standard approach in cardiac procedures. Sternal Closure Systems are used in stabilization and fixation of fractures at anterior part of chest wall. Change in lifestyle, lack of exercise and unhealthy diet has become common cause of cardiovascular diseases. Newly developed technology in medical field in metropolitan cities has given rise to heart surgeries which has boosts the Sternal Closure Systems Market. As cardiac surgeries had become routine surgery, it is determined that annually around one million heart surgeries are performed worldwide. Rate of coronary heart diseases are high in United States of America. According to data published in 2018 about 500,000 open heart surgeries are performed each and every year in US. Thus, increase in heart surgeries and world population are boosts to the Sternal Closure Systems in market.

The report “Global Sternal Closure Systems Market, By Product (PEEK (Poly-Ether-Ether-Ketone), Stainless Steel, Titanium Products, and Others), By Application (Bilateral Thoracosternotomy, Median Sternotomy, Hemisternotomy and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”

Key Highlights:

In 2022, Evonik Venture Capital has invested in CircumFix Solutions, a Tennessee which is US based startup has developed a new sternal closure device made with high performance polymer which closes and stabilize the sternum after surgery.
In 2019 (NIH), Use of new cannulated screws for primary sternal closure in high risk patients determined to be safe for the patients. The new cannulated screws were determined to be effective in stabilization, inexpensive, reproducible and causes no morbidity.

Analyst View:

Cardiovascular disease is growing around the world and due to better medical facilities and new advanced technology open heart surgeries are owing to increase. As a result, the increase in number of cardiac surgeries has expected to boosts the target market growth.

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Key Market Insights from the report:

Global Sternal Closure Systems Market accounted for US$ 2.3 million in 2020 and is estimated to be US$ 3.79 billion by 2030 and is anticipated to register a CAGR of 5.6%. The Global Sternal Closure Systems Market is segmented based on Product, Application and Region.

Based on Product, Global Sternal Closure SystemsMarket is segmented into PEEK (Poly-Ether-Ether-Ketone), Stainless Steel, Titanium Products, and others.
Based on Application, Global Sternal Closure SystemsMarket is segmented into Bilateral Thoracosternotomy, Median Sternotomy, Hemisternotomy and others.
By Region, the Global Sternal Closure SystemsMarket is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Global Sternal Closure Systems Market:

The prominent players operating in the Global Sternal Closure Systems Market includes, Kinamed Incorporated, Immunogen Inc., Seattle Genetics Inc., A&E Medical, Orthofix Holdings Inc., Takeda Pharmaceutical Company Limited, Zimmer Biomet Holdings Inc., Depuy Synthes, Pfizer Inc., Acute Innovations, KLS Martin Group, Hoffman-La Roche Ltd., Bayer Healthcare Pharmaceuticals, Novartis AG, etc.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.