Sternal closure systems market is anticipated to grow at a considerable CAGR of 5.3% during the forecast period (2024-2031).A sternal closure system refers to a medical device used in cardiac surgery to secure and stabilize the sternum following procedures like median sternotomy, ensuring post-operative integrity and reducing complications.
Median Sternotomy Dominates Market Growth
Median sternotomy is a widely utilized procedure in cardiac surgeries, including coronary artery bypass grafting (CABG) and valve replacements, owing to its excellent access to the heart and associated structures. Sternum closure systems tailored for median sternotomy play a crucial role in ensuring post-operative stability and reducing complications such as sternal dehiscence.
Regional Outlook
The global sternal closure systems market is further segmented based on geography including North America (the US, and copyright), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
North America Holds Major Share In Global Sternal Closure Systems Market
North America's high prevalence of cardiovascular diseases (CVDs) contributes to the demand for sternal closure systems. CVDs encompass a range of heart and blood vessel issues, and their risk factors are often tied to lifestyle choices. In North America, some segments of the population exhibit concerning trends like unhealthy diets, physical inactivity, and tobacco use. These habits significantly increase the risk of developing CVD. For instance, according to the Centers for Disease Control and prevention heart disease stands as the primary cause of mortality across genders and racial/ethnic groups in the US. Every 33 seconds, a person succumbs to cardiovascular disease. Shockingly, in 2021 alone, approximately 695,000 individuals in the US lost their lives to heart disease, equating to 1 out of every 5 recorded mortalities. Furthermore, obesity rates in North America are alarmingly high, and obesity is a major culprit in CVD development. While genetics can play a role, lifestyle modifications can greatly reduce the risk of these conditions.
Global Sternal Closure Systems Market Growth by Region 2024-2031
global sternal closure systems market growth, by region
Economic Boom Breeds Investment in Healthcare, Driving Demand for Sternal Closure Systems
Fueled by economic growth, many Asia-Pacific nations are experiencing a surge in investments directed towards healthcare infrastructure. For instance, Bangladesh's national parliament approved the FY2023-24 budget on June 26, 2023. Notably, the health sector's budget allocation is set to rise significantly. In FY2022-23, the sector received 4.5%, but in FY2023-24, it will increase to 5%. The FY2022-23 revised budget allocated $2,750million for health, while FY2023-24's allocation is $3,521million, marking a substantial 27.9% increase from the previous fiscal year.This translates to advancements in medical technologies and improved access to sophisticated surgical procedures like open-heart surgery. Consequently, the demand for sternal closure systems, which play a vital role in post-surgical healing and chest wall stability, is witnessing a significant rise. This trend is expected to continue as economic prosperity allows for further investments in modern healthcare facilities and technologies, creating future opportunities for the sternal closure systems market in the Asia-Pacific region.
Market Players Outlook
The major companies serving the global sternal closure systems market include Medical Device Business Services, Inc. (Johnson and Johnson Services Inc.), B Braun SE, Stryker Corp, and Zimmer Biomet Holdings (A&E Medical) among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.
The Report Covers
Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global sternal closure systems market based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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