Sternal Closure Systems Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Feb 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Sternal Closure Systems market size is expected to be worth around US$ 3.8 billion by 2030, according to a new report by Vision Research Reports.

The global Sternal Closure Systems market size was valued at US$ 1.10 billion in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2030.

Growth Factors

The market is driven by the growing number of surgeries undertaken to treat complex cardiovascular problems. For instance, according to the data published by the Centers for Disease Control and Prevention (CDC), around 30.3 million or 12.1% of U.S. adults were diagnosed with heart disease in 2018.

The National Health Interview Survey conducted by CDC in 2016 concluded that 28.1 million people were diagnosed with heart-related disorders including, valvular heart disease, cardiac arrest. Moreover, technological advancements such as Talon systems, double sternal wires, and favorable reimbursement criteria would propel growth in the near future.

Report Highlights

The closure devices segment dominated the market for sternal closure systems and accounted for the highest revenue share of 71.5% in 2020. Factors such as the launch of products coupled with rising per capita expenditure in developed as well as developing economies are key factors responsible for the dominant share of the segment. These devices have demonstrated benefits such as a decrease in postoperative complications and infections along with faster recovery time in comparison with bone cement. Moreover, rising efforts being taken by key players in the market for sternal closure systems to introduce new techniques and product lines are likely to further boost the segment growth in the near future.

Key products in this segment include SternaLock Blu and SternaLock 360 by Zimmer Biomet; Sternal ZIPFIX System by DePuy Synthes; and Sternal Talon Implants by KLS Martin Group. Companies operating in the market for sternal closure systems are focusing on R&D to deliver advanced solutions. For instance, Orthofix Holdings, Inc., a U.S. based company engaged in R&D and marketing of orthopedic products, has invested USD 28.8 million and USD 29.7 million during FY 2017 and FY 2018, respectively. In January 2017, JACE Medical, LLC has launched pre-monoblock sternal plates in the U.S. These plates are used prior to the surgery and work as implant positioner.

The titanium segment dominated the market for sternal closure systems and account for the largest revenue share of 42.9% in 2020. This dominance is due to the associated benefits such as corrosion-resistant, ability to effectively join human bones, and biocompatibility of titanium. In addition, non-ferromagnetic property, which allows patients with titanium implants to examine safely under Magnetic resonance imaging (MRI) scan, is further enhancing penetration of the material in the industry.

The median sternotomies segment dominated the sternal closure systems market and accounted for the highest revenue share of 50.7% in 2020. Median sternotomies are frequently performed osteotomies worldwide, as the procedure provides easy access to the heart, lungs, and surrounding structures during heart valve replacement surgery and coronary artery bypass surgery. Median sternotomies also reduce post-operative infections and complications thereby further increasing its demand globally.

The growing geriatric population, prone to develop chronic cardiac disorders such as CVDs is anticipated to fuel demand for median sternotomy procedures. The geriatric population worldwide is anticipated to double in near future. According to a report by the United Nations Department of Economic and Social Affairs (2015), the number of people aged over 60 years is expected to grow by 56.0% from 2015 to 2030. The geriatric population was 901 million in 2015 and anticipated to reach 2.1 billion by 2050.

North America dominated the market for sternal closure systems and accounted for the largest revenue share of 35.0% in 2020 and is expected to continue its dominance over the forecast period. Rising collaborative efforts commenced by key players to improve their product offerings and ensure high-quality standards is further anticipated to boost the demand for systems across the region. For instance, in August 2017, A&E Medical Corporation acquired RTI Surgical’s Cardiothoracic Closure business. RTI Surgical’s Cardiothoracic Closure business offers cable-based plate products such as Tritium SPC System. Moreover, the major share for North America can also be attributed to the high cardiac disease burden in this region. For instance, according to the study conducted by the CDC, around 28.1 million people in the U.S. have diagnosed with heart-related disorders such as cardiac arrest and valvular heart disease. In addition, favorable reimbursement regulations are expected to further fuel the growth of the market for sternal closure systems. As per the revised wound closure Medicare reimbursement coding guide, sternal closure procedures are reimbursed under 216, 217, 218, 219, 220, 221, 228, and 229 MS-DRG codes from 2018.

Key Players

  • Zimmer Biomet

  • Johnson & Johnson

  • B. Braun Melsungen AG

  • Orthofix Holdings, Inc.

  • GE Healthcare

  • KLS Martin Group

  • A&E Medical Corporation

  • Jace Medical, LLC

  • Acute Innovations

  • Abyrx, Inc.

  • Kinamed Incorporated      

Market Segmentation

  • Product Outlook

    • Closure Devices

      • Sternal Closure Wires

      • Sternal Closure Plates and Screws

      • Sternal Closure Clips

      • Sternal Closure Cables

    • Bone Cement

  • Procedure Outlook 

    • Median Sternotomy

    • Hemisternotomy

    • Bilateral Thoracosternotomy

    • Others

  • Material Outlook 

    • Titanium

    • Polyether Ether Ketone (PEEK)

    • Stainless Steel

    • Others

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

The Sternal Closure Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Sternal Closure Systems market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Sternal Closure Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Sternal Closure Systems market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Sternal Closure Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Sternal Closure Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Sternal Closure Systems by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Sternal Closure Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Sternal Closure Systems market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Sternal Closure Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Sternal Closure Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Sternal Closure Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Sternal Closure Systems market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Sternal Closure Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Sternal Closure Systems market. These factors have benefited the growth of the global market for Sternal Closure Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Sternal Closure Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Sternal Closure Systems are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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