Sternal Closure Systems Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Sternal Closure Systems Market

The Sternal Closure Systems market size was valued at USD 22.16 billion in 2023, and the market is now projected tgrow tUSD 23.45 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period of 2024-2032.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps tstop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related tinformation and communication technology.COVID-19 has had a devastating and unprecedented worldwide impact, with sternal closure devices experiencing a negative demand shock in every region during the epidemic. Our data predicts a significant drop in the global market. This market's significant increase can be attributed tthe possible introduction of new goods. Numerous manufacturing companies have halted their output due tthe lockdown regulations, which has negatively impacted the global supply chain process. These factors affceted the Sternal Closure Systems market growth.

This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and alsthe sales and demands have been proliferation and increased its value tgreater extent. Treatment and management of cardiovascular disease are the main reasons for this heart surgery. But sternotomy is alsused ttreat trauma from accidents. An increase in open heart surgeries has been linked tthe global rise in cardiovascular disease prevalence. It is anticipated that this element will greatly increase the future use of sterna closure devices. These particular growth driving factors have been recorded tattribute the Sternal Closure Systems market share.

A latest trend has been witnessed tproliferate the market growth. This particular trend has been recorded tbe the most profiting trends that have been upgraded taugment the overall market growth. Due tthe rising prevalence of trauma injuries and cardiovascular disorders, there is a substantial potential for market expansion in the upcoming years for sternal closure devices. The market potential for sternal closure is acknowledged by major firms, whare actively participating in mergers, acquisitions, and partnerships.

Comprehensive Analysis of Sternal Closure Systems Market

In recent years, the demand for these devices has been driven by the following rise in open heart procedures. According tBrown University's Warren Alpert Medical School, over 500,000 open heart operations are carried out year. The need for sternal closure goods in the upcoming years is anticipated tbe driven by the increasing trend of open heart surgery prevalence. This is one of the most important growth factor of the market which has enhanced the growth of the particular market.

The North American region has augmented a lot in the past few years in this particular product market. The North American region held the biggest revenue share. During the anticipated period, North America is anticipated thold a dominant position in the global market with respect trevenue share. The North American sternal closure systems market produced a substantial amount of revenue and is expected tincrease significantly over the course of the forecast period. The increased occurrence of cardiovascular disorders and the increased use of sophisticated orthopaedic equipment are the causes of the expansion. Currently, coronary artery disease affects approximately 2 percent of Americans aged 2 and older, according tthe Centers for Disease Control and Prevention (CDC). This particular region is actually growing a lot and is anticipated taugment more over the years.

Global markets are fiercely competitive and highly fragmented. Due ttheir creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Johnson and Johnson Services Inc., (U.S), Zimmer Biomet (U.S), KLS Martin Group (Germany), B Braun Medical (Germany), Stryker (U.S)

In June 2021, The Valkyrie Thoracic Fixation System officially launched, according tAble Medical Devices. After open heart surgery, it is the first single-use radiolucent plating device that was created tclose the sternum and span the osteotomy. This was a development happened in the industry which increased the demand for the product and made it grow all over in the market leading the sector.

ATTRIBUTES DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD million)

Segmentation

By Product

Sternal Closure Devices

Wires

Plates and Screws

Clips and Cables

Bone Cement

By Procedure

Median Sternotomy

Bilateral Sternotomy

Hemisternotomy

By Material

Stainless Steal

Titanium

PEEK

By Geography

North America (Product, Procedure, Material)

USA (By Product)

Canada (By Product)

Europe (Product, Procedure, Material)

UK (By Product)

Germany (By Product)

France (By Product)

Italy (By Product)

Spain (By Product)

Scandinavia (By Product)

Rest of Europe (By Product)

Asia Pacific (Product, Procedure, Material)

Japan (By Product)

China (By Product)

India (By Product)

Australia (By Product)

Southeast Asia (By Product)

Rest of Asia Pacific (By Product)

Latin America (Product, Procedure, Material)

■ Brazil (By Product)

■ Mexic(By Product)

■ Rest of Latin America (By Product)

Middle East & Africa (Product, Procedure, Material)

■ GCC (By Product)

■ South Africa (By Product)

■ Rest of MEA (By Product)

Study Period ■ 2016-2027