Sternal Closure Systems Market with Future Growth Opportunity by Top Companies to 2032
Ngày đăng: 18-08-2023 |
Ngày cập nhật: 18-08-2023
The Sternal Closure Systems Market reached a valuation of USD 2.4 Billion in the year 2022 and is projected to exhibit a rapid compound annual growth rate (CAGR) of 5% throughout the anticipated period. This growth trajectory is propelled by a confluence of factors, with the escalating prevalence of Cardiovascular Disease (CVD) and the expanding geriatric demographic, coupled with a surging demand for minimally invasive cardiac surgeries, emerging as primary catalysts driving the augmentation of market revenues.
Post open-heart procedures, sternal closure systems serve as pivotal medical instruments employed to securely seal the sternum, a flat bone forming the anterior aspect of the ribcage. These systems play a critical role in stabilizing the thoracic cage, mitigating sternum mobility, and consequently curbing the risk of infections.
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Furthermore, the mounting incidence of CVD instances, encompassing conditions such as coronary artery disease, heart attacks, and strokes, is an additional driving force fueling the revenue expansion of the market. Alarming data from the World Health Organization (WHO) underscores the profound impact of cardiovascular ailments, accounting for more than 17 million fatalities annually and thereby clinching the status of the leading global cause of mortality. Additionally, the escalating demand for minimally invasive cardiac interventions, renowned for their expedited recovery times, reduced incisions, and lowered complications, is poised to underpin the growth trajectory of market revenues.
The escalating frequency of cardiovascular disorders, coupled with the ensuing upswing in cardiovascular procedures, is yet another potent factor steering the revenue expansion of the market. In a notable example, the American Heart Association reports a staggering 1 million coronary artery bypass grafting procedures executed in the United States during 2019. However, it's pivotal to recognize the significant influence of the COVID-19 pandemic on the landscape. The pandemic ushered in a substantial decline in elective procedures alongside disruptions in the global supply chain. Consequently, there has been an upsurge in the need for sternal closure systems, attributed to the growing cohort of COVID-19 patients grappling with concurrent cardiovascular afflictions.
Notwithstanding these favorable dynamics, certain impediments loom large and could potentially impede the ascent of market revenues. The elevated cost associated with sternal closure devices, the scarcity of adequately skilled practitioners, and the restricted availability of reimbursement for cardiac interventions in developing economies emerge as formidable factors that might exert a restraining influence on the revenue trajectory.
Segmentation by product type further elucidates the market's intricacies. The product landscape encompasses wire closures, plate and screw systems, and cable systems. Among these, plate and screw systems claim the lion's share of revenues in 2022, owing to their heightened adoption in line with the escalating prevalence of cardiovascular disorders and an elevated number of cardiac interventions. These systems offer augmented stability and have showcased notable efficacy in mitigating post-surgical complications like infections and wound dehiscence. The persistent surge in demand for plate and screw systems stems from the increasing affinity for minimally invasive cardiac procedures and the overarching emphasis on swift patient recovery.
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In parallel, the wire closures segment is anticipated to register a remarkable growth rate during the forecast period, predominantly on the back of the increasing acceptance of hybrid cardiac procedures and the burgeoning demand for less invasive cardiac surgeries. Wire closures have a longstanding history in cardiac interventions due to their affordability and commendable stability, making them a preferred choice for less complex surgeries.
Simultaneously, the cable systems segment is poised to command a substantial revenue share during the forecast horizon. This surge can be attributed to the growing appetite for innovative sternal closure techniques and an elevated focus on patient well-being and safety. Cable systems confer a slew of advantages, including reduced infection risk, expedited post-surgical recovery, and enhanced patient comfort. Most notably, they offer a viable solution to a significant post-operative complication—sternal dehiscence.
Transitioning to the material perspective, the market's segmentation spans stainless steel, titanium, Polyether Ether Ketone (PEEK), and other materials. In 2021, stainless steel reigned supreme in terms of revenue, lauded for its robustness, extended lifespan, and resistance to corrosion. Meanwhile, the titanium segment is poised to attain the swiftest revenue growth during the forecast period. This momentum derives from titanium's compelling attributes, encompassing a high strength-to-weight ratio, corrosion resistance, and biocompatibility. Particularly well-suited for demanding cardiac operations, titanium's durability and strength render it an ideal material for sternal closure devices, further complemented by its lightweight nature, contributing to patient comfort during recovery.
Geographically, North America's market dominance prevails, driven by a competitive landscape and advanced healthcare infrastructure. The region's grappling with obesity and sedentary lifestyles has escalated the incidence of heart-related conditions, thereby elevating the demand for sternal closure solutions. Meanwhile, Europe is set to demonstrate rapid revenue growth, propelled by the increasing frequency of cardiovascular conditions, a growing elderly population, and the introduction of less invasive cardiac surgical techniques. In the Asia Pacific, a substantial market share is predicted due to the mounting prevalence of cardiac ailments and an aging demographic, coupled with heightened healthcare expenditures.
The competitive landscape is occupied by major players like Johnson & Johnson Services, Inc., Zimmer Biomet Holdings, Inc., B. Braun Melsungen AG, A&E Medical Corporation, Acute Innovations LLC, DePuy Synthes, KLS Martin Group, IDEAR S.R.L., ABYRX, Inc., and Kinamed, Inc. These industry leaders navigate the complex terrain, fueling innovation and sustaining their positions by catering to the burgeoning demand for sternal closure systems across the globe.
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Post open-heart procedures, sternal closure systems serve as pivotal medical instruments employed to securely seal the sternum, a flat bone forming the anterior aspect of the ribcage. These systems play a critical role in stabilizing the thoracic cage, mitigating sternum mobility, and consequently curbing the risk of infections.
Get a free sample PDF of the report, visit @ https://www.reportsanddata.com/download-free-sample/5991
Furthermore, the mounting incidence of CVD instances, encompassing conditions such as coronary artery disease, heart attacks, and strokes, is an additional driving force fueling the revenue expansion of the market. Alarming data from the World Health Organization (WHO) underscores the profound impact of cardiovascular ailments, accounting for more than 17 million fatalities annually and thereby clinching the status of the leading global cause of mortality. Additionally, the escalating demand for minimally invasive cardiac interventions, renowned for their expedited recovery times, reduced incisions, and lowered complications, is poised to underpin the growth trajectory of market revenues.
The escalating frequency of cardiovascular disorders, coupled with the ensuing upswing in cardiovascular procedures, is yet another potent factor steering the revenue expansion of the market. In a notable example, the American Heart Association reports a staggering 1 million coronary artery bypass grafting procedures executed in the United States during 2019. However, it's pivotal to recognize the significant influence of the COVID-19 pandemic on the landscape. The pandemic ushered in a substantial decline in elective procedures alongside disruptions in the global supply chain. Consequently, there has been an upsurge in the need for sternal closure systems, attributed to the growing cohort of COVID-19 patients grappling with concurrent cardiovascular afflictions.
Notwithstanding these favorable dynamics, certain impediments loom large and could potentially impede the ascent of market revenues. The elevated cost associated with sternal closure devices, the scarcity of adequately skilled practitioners, and the restricted availability of reimbursement for cardiac interventions in developing economies emerge as formidable factors that might exert a restraining influence on the revenue trajectory.
Segmentation by product type further elucidates the market's intricacies. The product landscape encompasses wire closures, plate and screw systems, and cable systems. Among these, plate and screw systems claim the lion's share of revenues in 2022, owing to their heightened adoption in line with the escalating prevalence of cardiovascular disorders and an elevated number of cardiac interventions. These systems offer augmented stability and have showcased notable efficacy in mitigating post-surgical complications like infections and wound dehiscence. The persistent surge in demand for plate and screw systems stems from the increasing affinity for minimally invasive cardiac procedures and the overarching emphasis on swift patient recovery.
To know more about the latest insights of the report, visit @
https://www.reportsanddata.com/request-latest-insight/5991
In parallel, the wire closures segment is anticipated to register a remarkable growth rate during the forecast period, predominantly on the back of the increasing acceptance of hybrid cardiac procedures and the burgeoning demand for less invasive cardiac surgeries. Wire closures have a longstanding history in cardiac interventions due to their affordability and commendable stability, making them a preferred choice for less complex surgeries.
Simultaneously, the cable systems segment is poised to command a substantial revenue share during the forecast horizon. This surge can be attributed to the growing appetite for innovative sternal closure techniques and an elevated focus on patient well-being and safety. Cable systems confer a slew of advantages, including reduced infection risk, expedited post-surgical recovery, and enhanced patient comfort. Most notably, they offer a viable solution to a significant post-operative complication—sternal dehiscence.
Transitioning to the material perspective, the market's segmentation spans stainless steel, titanium, Polyether Ether Ketone (PEEK), and other materials. In 2021, stainless steel reigned supreme in terms of revenue, lauded for its robustness, extended lifespan, and resistance to corrosion. Meanwhile, the titanium segment is poised to attain the swiftest revenue growth during the forecast period. This momentum derives from titanium's compelling attributes, encompassing a high strength-to-weight ratio, corrosion resistance, and biocompatibility. Particularly well-suited for demanding cardiac operations, titanium's durability and strength render it an ideal material for sternal closure devices, further complemented by its lightweight nature, contributing to patient comfort during recovery.
Geographically, North America's market dominance prevails, driven by a competitive landscape and advanced healthcare infrastructure. The region's grappling with obesity and sedentary lifestyles has escalated the incidence of heart-related conditions, thereby elevating the demand for sternal closure solutions. Meanwhile, Europe is set to demonstrate rapid revenue growth, propelled by the increasing frequency of cardiovascular conditions, a growing elderly population, and the introduction of less invasive cardiac surgical techniques. In the Asia Pacific, a substantial market share is predicted due to the mounting prevalence of cardiac ailments and an aging demographic, coupled with heightened healthcare expenditures.
The competitive landscape is occupied by major players like Johnson & Johnson Services, Inc., Zimmer Biomet Holdings, Inc., B. Braun Melsungen AG, A&E Medical Corporation, Acute Innovations LLC, DePuy Synthes, KLS Martin Group, IDEAR S.R.L., ABYRX, Inc., and Kinamed, Inc. These industry leaders navigate the complex terrain, fueling innovation and sustaining their positions by catering to the burgeoning demand for sternal closure systems across the globe.
Request a customized copy of the report @ https://www.reportsanddata.com/request-customization-form/5991
Thank you for reading our report. To inquire about customization or any query about the report, please get in touch with us. Our team will make sure the report is best suited to your needs.
Browse for more reports:
Hormone Refractory Prostate Cancer (HRPCA) Market
Respiratory Syncytial Virus Diagnostic Market
Enteral Feeding Devices Market
Preimplantation Genetic Testing Market
Cord Blood Banking Services Market
Therapeutic Drug Monitoring Market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
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