PUBLISHER: KBV Research | PRODUCT CODE: 1493679
PUBLISHER: KBV Research | PRODUCT CODE: 1493679
The Global Sternal Closure Systems Market size is expected to reach $3.6 billion by 2031, rising at a market growth of 5.7% CAGR during the forecast period.
The increasing incidence of cardiovascular diseases like coronary artery disease, heart valve disorders, and congenital heart defects has led to a higher demand for cardiac surgeries in North America. Thus, the North America region acquired 34.8% revenue share in the market 2023. The aging population in North America is more susceptible to cardiovascular diseases and is, therefore, more likely to undergo cardiac surgery. Governments and healthcare systems in North America are investing in strengthening healthcare infrastructure and improving access to healthcare services.
The proliferation of medical tourism destinations, particularly in countries offering high-quality healthcare at lower costs, drives the demand for it. These destinations often invest in state-of-the-art medical facilities with advanced surgical equipment and devices.
Additionally, as per the data from the Organization for Economic Co-operation and Development, in 2020, an unprecedented 10.9% of the GDP of the European Union was devoted to health care. With health expenditures exceeding 12% of their GDP, Germany and France allocated the highest proportions. Belgium, Austria, Sweden, and the Netherlands spent more than 11 percent of their GDP on health.
However, stringent regulatory requirements create a high barrier to entry for new players in the market. Small and medium-sized manufacturers may find it challenging to navigate the complex regulatory landscape, limiting competition and innovation in the market. Thus, regulatory challenges and compliance issues can slow down the growth of the market.
Many hospitals and healthcare facilities postponed or cancelled elective surgery to allocate more resources to COVID-19 patients. Since sternal closure systems are commonly used in cardiac surgeries, the decrease in these procedures directly affected the market. Fear of contracting COVID-19 in hospitals led to a reduction in hospital admissions for non-emergency conditions. As a result, the number of cardiac surgeries and, consequently, the demand for it decreased.
Type Outlook
By type, the market is bifurcated into closure devices and bone cement. In 2023, the closure devices segment held 86.6% revenue share in the market. Closure device manufacturers are integrating digital health solutions into their products, allowing for real-time sternal stability, wound healing, and patient activity monitoring.
Procedure Outlook
Based on procedure, the market is classified into median sternotomy, hemisternotomy, bilateral thoracosternotomy, and others. The hemisternotomy segment acquired a 29.3% revenue share in the market in 2023. Hemisternotomy involves opening only a portion of the sternum. It ensures secure sternum closure, preventing movement or separation of the bone segments during the healing process.
Material Type Outlook
On the basis of material type, the market is divided into stainless steel, polyether ether ketone (PEEK), titanium, and others. In 2023, the titanium segment dominated the market with 42.2% revenue share. Titanium is biocompatible and well-tolerated by the human body, decreasing the risk of adverse reactions and promoting better tissue integration.
By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region acquired 30.6% revenue share in the market. The rise in cardiovascular diseases has led to an increase in the number of cardiac surgeries performed across Europe.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Sternal Closure Systems Market Report Segmentation
By Type
By Procedure
By Material Type
By Geography