The Report Sternal Closure Systems Market Size, Share & Trends Analysis Report
By Product (Closure Devices, Bone Cement), By Material (Stainless Steel, PEEK,
Titanium), By Procedure, And Segment Forecasts, 2018 - 2025
The global sternal closure systems market size
is expected to reach USD 2.96 billion by 2025, according to a new report by
Grand View Research, Inc., expanding at a CAGR of 5.4% during the forecast
period. The market is driven by growing number of surgeries undertaken to treat
complex cardiovascular problems. For instance, according to data published by
American Heart Association (AHA), around 520,000 Coronary Artery Bypass Graft
(CABG) surgeries were performed in the U.S. in 2014. The report further states
that more than 800,000 CABG surgeries are performed worldwide every year.
Furthermore, the
National Health Interview Survey conducted by CDC in 2016 concluded that 28.1
million people in the U.S. were diagnosed with heart related disorders,
including valvular heart disease and cardiac arrest. Moreover, increasing
research and development activities are paving way for advanced systems such as
talon systems and double sternal wires. This, coupled with favorable
reimbursement criteria, is bolstering market growth.
Mergers and
acquisitions, new product development, and geographical expansion are key
strategies adopted by players to stay ahead in the market. For instance, KLS
Martin, started its sales operations in the U.K., the Netherlands, Italy,
France, Australia, Russia, Dubai, Japan, Malaysia, and Brazil in last couple of
years in order to increase its geographical presence. The company is also
focusing on Asia Pacific due to presence of large patient pool in the region.
In line with the strategy, in June 2016, the company started a manufacturing
unit in Chennai, India.
Access Research Report of Sternal
Closure Systems Market @ www.grandviewresearch.com/industry-analysis/sternal-closure-systems-market
Further key findings from the report suggest:
· Rising adoption of cardiothoracic
surgeries, including Coronary Artery Bypass Graft (CABG), Aortic valve surgery,
and Arrhythmia surgery, is projected to augment the market
· Growing population of geriatrics across the
globe is expected to stoke the growth of the market
· The closure devices segment held the
leading share in the global arena in 2017, owing to introduction of
technologically advanced clips and wires globally and favorable reimbursement
regulations offered in developed regions such as North America and Europe
· The PEEK segment is anticipated to post
significant growth over the coming years due to several benefits offered by the
material, including biocompatibility, chemical resistance, end-product purity,
high temperature resistance, and thermoformable nature
· North America dominated the market in 2017.
The growth of the region can be attributed to presence of a large number of
players and high competitive rivalry in the market. Moreover, rising adoption
of technologically advanced systems coupled with presence of skilled
professionals are likely to provide a fillip to the regional market
· Asia Pacific is poised to register the
highest CAGR during forecast period. Increasing per capita income, improving
healthcare infrastructure, and rising patient pool are estimated to drive the
market
· The market is currently consolidated, with
few companies capturing major shares. However, increasing demand for innovative
technologies and recent market dynamics are making way for new entrants.
Grand View Research has
segmented the global sternal closure systems market on the basis of product
type, material, procedure, and region:
Sternal Closure Systems Product Outlook (Revenue, USD
Million, 2014 - 2025)
·
Closure Devices
·
Bone Cement
Sternal Closure Systems Material Outlook (Revenue, USD
Million, 2014 - 2025)
·
Titanium
·
Polyether Ether Ketone (PEEK)
·
Stainless Steel
·
Others
Sternal Closure Systems Procedure Outlook (Revenue, USD
Million, 2014 - 2025)
·
Median Sternotomy
·
Hemisternotomy
·
Bilateral Thoracosternotomy
Sternal Closure Systems Regional Outlook (Revenue, USD
Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
