Pune, India, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The global sternal closure systems market size is expected to experience exponential growth by reaching USD 2,345.2 million in 2027 while exhibiting a CAGR of 5.6% between 2020 and 2027. The growth is attributable to the increasing approvals by government agencies to commercialize sternal closure devices and the growing number of implants globally. This information is published by Fortune Business Insights in its latest report titled. The report further observes that the market stood at USD 2,216.1 million in 2019.
Sternotomy is a procedure wherein the cavity in the chest is surgically opened to access the organ beneath the breastbone or sternum. A sternal closure device is generally an orthopedic device widely adopted to stabilize and fix the sternum after the procedure.
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Growing Number of Implants to Feed Market Growth
According to the National Center for Biotechnology Information data, around 3,500 heart transplants are performed globally every year. Moreover, most implants are performed in the United States, i.e., over 2000 to 2300 annually. The increasing number of implants is expected to surge the demand for advanced sternal closure devices globally. The companies present in the market are actively focusing on introducing novel devices approved by the government agencies for commercialization.
For instance, in March 2020, A&E Medical Corporation secured the U.S FDA approval for its innovative sternal cable system, an effective alternative to the traditional wires used after a sternotomy. Therefore, these factors are expected to boost the global sternal closure systems market growth during the forecast period.
Postponed Elective Surgeries amid COVID-19 to Result in -27.8% CAGR in 2020
The COVID-19 pandemic has led to a significant impact on the economy of several industries. The healthcare sector is focusing on addressing COVID-19 patients. This has led to the postponement of elective surgeries that is affecting the market growth. For instance, according to our analysis, the market is likely to exhibit a CAGR of -27.8 in 2020. However, major companies striving to launch innovative sternal closure devices are expected to propel the market growth.
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Median Sternotomy Segment Held Largest Market Share in 2019
The median sternotomy segment, based on procedure, held the largest market share in 2019 and is likely to gain momentum owing to the higher adoption of the procedure due to the rising geriatric population that is driving the demand for innovative sternal closure devices across the globe.
North America to Remain at Forefront; High Adoption of Orthopedic Devices to Feed Market Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global sternal closure systems market in the forthcoming years. The high adoption of orthopedic devices is expected to boost product adoption in the region. North America stood at USD 1,017.0 million in 2019.
The market in Europe is expected to showcase exponential growth in the forthcoming years. This is ascribable to factors such as the increasing number of implants and the rising day-care surgeries that are likely to propel the demand for advanced sternal closure devices in the region between 2020 and 2027.
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Merger and Acquisition by Eminent Companies to Intensify Industry Competition
The global sternal closure systems market is fragmented by the presence of major companies such as Zimmer Biomet, DePuy Synthes, and KLS Martin Group. These companies are focusing on acquiring other small companies to boost the portfolio of their innovative medical devices to cater to the growing healthcare industry demand. Additionally, other key players are adopting strategies such as partnerships and collaborations that will favor the market growth in the forthcoming years.
- February 2020 - Foosin Medical Supplies Inc., Ltd. secured the U.S Food and Drug Administration (FDA) approval for the commercialization of Wego-Stainless Steel that is widely adopted for sternal closures.
List of the Companies Profiled in the Market:
- Johnson and Johnson Services Inc. (U.S)
- Zimmer Biomet (U.S)
- KLS Martin Group (Germany)
- B Braun Medical (Germany)
- Stryker (U.S)
- Jace Medical, LLC (U.S)
- Kinamed Incorporated (U.S)
- Idear S.R.L (Argentina)
- Acute Innovations (U.S)
- Other Predominant Players
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Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Key Orthopaedic Surgeries, By Key Region
- New Product Launches
- Technological Advancements in Sternal Closure
- Overview of Regulatory Scenario
- Key Industry Trends
- Analysis of COVID-19 Impact in Sternal Closure Systems Market
- Global Sternal Closure Systems Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Sternal Closure Devices
- Plates and Screws
- Clips and Cables
- Bone Cement
- Sternal Closure Devices
- Market Analysis, Insights and Forecast – By Material
- Stainless Steel
- Market Analysis, Insights and Forecast – By Procedure
- Median Sternotomy
- Bilateral Sternotomy
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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