Sternal Closure Systems Market Size, Trend, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Sternal Closure Systems Market


The global Sternal Closure Systems market size is projected to reach US$ 3.13 billion by 2026, from US$ 2.28 billion in 2020, at a CAGR of 5.4% during 2021-2026. Expanding base of geriatric population undergoing open heart surgery through median sternotomy is considered to be one of the primary growth stimulants for the market. Median sternotomy procedure has remained the most popular technique for cardiac exposure till date, owing to easy and quick access to heart valves and vessels. Sternotomy and sternal closure occur prior and post cardiac surgery, respectively.

Furthermore, developing countries are focusing on investing into public healthcare infrastructure due to rising non-communicable disease burden and injuries. This is projected to increase the number of surgical procedures in developing regions as well. According to data published by the World Bank, in 2015, Chinas per capita healthcare expenditure was USD 425.6, accounting for 5.3% of GDP. Furthermore, Plan of Health China 2030 estimates that by 2020 healthcare spending is anticipated to account for 6.5% to 7% of its total GDP.Sedentary lifestyles, high smoking and alcohol consumption, and unhealthy diet are leading to increase in prevalence of cardiac diseases globally. This is resulting is rise in surgical procedures, which in turn, is likely to fuel the adoption of sternal closure systems in surgeries over the coming years. According to a survey conducted by the Centers for Disease Control and Prevention, in 2016, 28.1 million adults in the U.S. were diagnosed with heart disease.

Moreover, the American Heart Association (AHA) states that by 2035 around 130 million adults in the U.S., who will constitute over 45.0% of the countrys population, are estimated to suffer from at least one of the major cardiovascular diseases (CVD). AHA further states that the total costs of CVD, including medical and indirect, are expected to reach USD 1.1 trillion by 2035. Introduction of advanced sternal closure systems is poised to propel the market during the forecast period.

Market Segmentation, Outlook & Viewpoint: Global Sternal Closure Systems Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

Closure Devices

  
Sternal Closure Wires
  
Sternal Closure Plates and Screws
  
Sternal Closure Clips
  
Sternal Closure Cables

Bone Cement

Material Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Titanium
  
Polyether Ether Ketone (PEEK)
  
Stainless Steel
  
Others

Procedure Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Median Sternotomy
  
Hemisternotomy
  
Bilateral Thoracosternotomy

Key Players, Recent Developments & Regional Insights: Global Sternal Closure Systems Market

Based on product, the market is bifurcated into closure devices and bone cement. Closure devices represented the leading share in the market in 2017. These devices offer benefits such as reduction in postoperative complications and infections along with faster recovery time in comparison with bone cement.

In addition, rising research and development activities are leading to innovations in closure devices, which is expected to contribute to the growth of the segment. Established players are catering innovative product line and supporting accessories to the market. For instance, in January 2017, JACE Medical, LLC launched pre-monoblock sternal plates in the U.S. These plates are used prior to surgery and work as implant positioner.

Material Insights

Some of the materials used for sternal closure systems are titanium, PEEK and stainless steel. Titanium was the most prominent material segment in the global sternal closure systems market in 2017. There are several benefits, such as corrosion resistant, ability to effectively join human bones, and biocompatibility, associated with the material, which is likely to support its dominance throughout the forecast horizon. In addition, titanium exhibits non-ferromagnetic properties, which allow patients to get safely examined under magnetic resonance imaging (MRI) scan. This is poised to further boost the growth of the segment.

Furthermore, high efficacy, non-toxic nature of implants, stability of the material, and greater economic feasibility, coupled with increased affordability for use of advance titanium clips and plates in developed as well as developing region, are projected to bolster the penetration of titanium-based sternal closure systems.

Procedure Insights

Median sternotomy procedures dominated the market in 2017, holding over 50.0% of the overall revenue. They are frequently performed osteotomies worldwide, as the procedure provides easy access to heart, lungs, and surrounding structures during heart valve replacement and coronary artery bypass surgeries. Median sternotomies also reduce post-operative infections and complications, thereby further increasing their demand globally.

Geriatrics are more prone to developing chronic cardiac disorders such as CVDs. Rise in their population is anticipated to fuel the demand for median sternotomy procedures. According to a report by the United Nations Department of Economic and Social Affairs (2015), number of people aged above 60 and over is estimated to grow by 56.0% from 2015 to 2030.

Regional Insights

North America was at the forefront of the global arena in 2017. The region is likely to maintain its position until 2025, thanks to increasing collaborative efforts by key players to improve their product offerings and ensure high quality standards. For instance, A&E Medical Corporation acquired RTI Surgicals Cardiothoracic Closure business in August 2017. RTI Surgicals Cardiothoracic Closure business offers cable-based plate products such as Tritium SPC System.

Besides this, the regions dominance can be attributed to high cardiac disease burden. Favorable reimbursement regulations are also helping in keeping adoption rate of sternal closure systems high in the region. As per 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.

On the other hand, Asia Pacific is poised to register a lucrative CAGR over the coming years as key players are increasing their geographical presence in the region and focusing on commercialization of their products at a relatively affordable price. For instance, in June 2016, KLS Martin group, started its operations in Chennai, India in an attempt to capitalize the opportunity. Moreover, growing healthcare expenditure and infrastructure facilities coupled with rising awareness about cardiac diseases and treatment availability are projected to trigger the growth of the regional market.

Sternal Closure Systems Market Share Insights

Johnson & Johnson; Zimmer Biomet; B. Braun Melsungen AG; and Orthofix Holdings, Inc. are some of the key players in the market focusing on high R&D investments to deliver technically advanced product portfolio. For instance, Orthofix Holdings, Inc., a U.S. based company, which delivers CONSTRUX Mini PEEK Spacer System in the U.S. As a percentage of revenue, the company invested USD 29.7 million i.e. around 7.0% of its total revenue in research and development during FY 2017. Moreover, in 2017, the company introduced 20 new products in the orthopedics, sternal closure, biologics, and spine fixation markets.

Moreover, mergers and acquisitions and product portfolio expansion are primary strategies adopted by industry players. For instance, in June 2017, DePuy Synthes, a subsidiary of Johnson and Johnson acquired Innovative Surgical Solutions, LLC. The acquisition was in a view to strengthen companys spine care solution product portfolio.

Key Insights Covered: Global Sternal Closure Systems Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Sternal Closure Systems industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Sternal Closure Systems industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Sternal Closure Systems industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Sternal Closure Systems industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Sternal Closure Systems industry.

Research Methodology: Global Sternal Closure Systems Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other