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The sternal closure systems market size was USD 2.4 Billion in 2022 and is expected to register a rapid revenue CAGR of 5% during the forecast period.
NEW YORK CITY, NY, UNITED STATES, May 31, 2023/einpresswire.com / -- The sternal closure systems market size reached USD 2.4 Billion in 2022 and is projected to experience a rapid revenue growth at a CAGR of 5% throughout the forecast period. Key drivers of this growth include the increasing prevalence of Cardiovascular Disease (CVD) and the aging population, as well as the growing demand for minimally invasive cardiac surgeries. These systems are medical tools used to close the sternum, the flat bone at the front of the rib cage, following open heart surgery. By stabilizing the thoracic cage and preventing movement of the sternum, they help reduce the risk of infection.
Another factor contributing to the revenue growth of the market is the rising incidence of CVD, including conditions such as coronary artery disease, heart attacks, and stroke. According to the World Health Organization (WHO), cardiovascular diseases account for more than 17 million deaths annually, making them the leading cause of mortality worldwide. Furthermore, the increasing need for minimally invasive cardiac procedures, which offer shorter recovery periods, smaller incisions, and fewer complications, is expected to drive market growth.
Additionally, the growing frequency of cardiovascular disorders and the subsequent rise in the number of cardiovascular procedures are also fueling the market's revenue growth. In the United States alone, around 1 million coronary artery bypass grafting procedures were performed in 2019, as reported by the American Heart Association.
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The COVID-19 pandemic has had a significant impact on the market, leading to a decline in elective procedures and challenges in the global supply chain. Consequently, the demand for sternal closure systems has increased due to the growing number of COVID-19 patients with cardiovascular issues.
However, there are certain factors that may hinder the market's revenue growth. These include the high cost of sternal closure devices, a shortage of qualified specialists, and limited availability of reimbursement for cardiac procedures in developing countries.
Segments Covered in the Report –
In terms of product outlook, the sternal closure systems market encompasses three main categories: wire closures, plate and screw systems, and cable systems. Wire closures are one type of sternal closure device that is commonly used. These devices consist of wires that are twisted together to provide stability and secure the sternum after open heart surgery. Plate and screw systems, on the other hand, involve the use of plates and screws to hold the sternum together. This method provides rigid fixation and stability. Lastly, cable systems utilize cables to close and stabilize the sternum, offering an alternative option for sternal closure.
When considering the material outlook of sternal closure systems, there are several options available. Titanium is a commonly used material due to its strength, durability, and biocompatibility. It is known for its lightweight nature and corrosion resistance, making it an ideal choice for medical devices. Another material used in sternal closure systems is Polyether Ether Ketone (PEEK). PEEK is a thermoplastic polymer that offers excellent mechanical properties and resistance to wear and tear. It is also radiolucent, meaning it does not interfere with imaging procedures. Stainless steel is another material utilized in sternal closure systems. Known for its strength and affordability, stainless steel provides stability and security in sternum closure. Apart from these three materials, there are other options available for sternal closure systems, depending on the specific requirements and preferences of healthcare providers and patients.
Overall, the sternal closure systems market offers a range of products and materials to meet the needs of patients undergoing open heart surgery. These options provide stability, security, and reduced risk of complications, contributing to the successful recovery of patients. Healthcare providers and surgeons can choose from wire closures, plate and screw systems, or cable systems, depending on the individual patient's condition and requirements. Similarly, the selection of materials such as titanium, PEEK, stainless steel, or others depends on factors such as strength, biocompatibility, radiolucency, and cost-effectiveness. The advancements in sternal closure systems continue to improve patient outcomes and contribute to the growth and development of the market.
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Strategic development:
Johnson & Johnson Services, Inc. introduced the Echelon Flex Endopath staplers with GST reloads on September 15, 2020. These staplers are specifically designed to enhance patient outcomes in thoracic surgeries by improving staple formation and minimizing tissue trauma. This new product launch signifies Johnson & Johnson's commitment to advancing surgical techniques and providing surgeons with tools that contribute to better results.
In a separate development, Zimmer Biomet Holdings, Inc. completed the acquisition of A&E Medical Corporation on December 1, 2020. A&E Medical Corporation is recognized as a global leader in the development and manufacturing of cardiothoracic surgery products. This strategic acquisition by Zimmer Biomet aimed to expand their portfolio of comprehensive solutions for patients undergoing complex surgical procedures, further demonstrating their dedication to delivering innovative and advanced healthcare solutions.
Both of these announcements highlight the efforts of Johnson & Johnson Services, Inc. and Zimmer Biomet Holdings, Inc. to continuously improve and expand their offerings in the field of cardiothoracic surgery. Through the introduction of cutting-edge products and strategic acquisitions, these companies aim to meet the evolving needs of healthcare professionals and ultimately enhance patient care.
Competitive Landscape:
The global sternal closure systems market is home to several prominent companies that play a significant role in shaping the industry. These companies are at the forefront of developing innovative solutions to enhance patient outcomes and meet the growing demand for sternal closure systems. Here are some of the major players in the market:
Johnson & Johnson Services, Inc. is a leading healthcare company known for its diverse range of medical devices, pharmaceuticals, and consumer healthcare products. They have made significant contributions to the sternal closure systems market with their Echelon Flex Endopath staplers and GST reloads, which aim to improve staple formation and reduce tissue trauma in thoracic surgeries.
Zimmer Biomet Holdings, Inc. is another key player that focuses on providing comprehensive solutions for patients undergoing complex surgical procedures. Their acquisition of A&E Medical Corporation has further strengthened their portfolio in the cardiothoracic surgery segment.
B. Braun Melsungen AG is a global healthcare company specializing in medical and pharmaceutical products. They offer a range of sternal closure systems and related products to meet the needs of surgeons and patients.
A&E Medical Corporation, a leader in cardiothoracic surgery products, has been instrumental in advancing sternal closure systems. Their expertise and product offerings have contributed significantly to the growth and development of the market.
Other notable companies in the sternal closure systems market include Acute Innovations LLC, DePuy Synthes, KLS Martin Group, IDEAR S.R.L., ABYRX, Inc., and Kinamed, Inc. These companies bring their unique perspectives and expertise to the market, driving innovation and meeting the demands of healthcare providers and patients.
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Collectively, these major companies are continuously striving to develop cutting-edge sternal closure systems and solutions that improve patient outcomes, reduce complications, and enhance the overall quality of care in thoracic surgeries. Their contributions play a crucial role in advancing the field and shaping the future of sternal closure systems.
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