The global Sternal Closure Systems Market size is expected to reach USD 3.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2021 to 2028. The market is driven by the growing number of surgeries undertaken to treat complex cardiovascular problems. For instance, according to the data published by the Centers for Disease Control and Prevention (CDC), around 30.3 million or 12.1% of U.S. adults were diagnosed with heart disease in 2018.
The National Health Interview Survey conducted by CDC in 2016 concluded that 28.1 million people were diagnosed with heart-related disorders including, valvular heart disease, cardiac arrest. Moreover, technological advancements such as Talon systems, double sternal wires, and favorable reimbursement criteria would propel growth in the near future.
Mergers and acquisitions, new product development, and geographical expansion are key sustainability strategies adopted by players in the market. For instance, in December 2020, Zimmer Biomet Holdings Inc., acquired A&E Medical Corporation to gain access to its product portfolio, ensuring long-term growth.
Related Press Release@ Sternal Closure Systems Market Report
Sternal Closure Systems Market Report Highlights
- North America dominated the market in 2020, attributed to the presence of a large number of players and high competitive rivalry in the market
- By product, the closure devices segment held major shares of the market in 2020, owing to the introduction of technologically advanced clips and wires globally and favorable reimbursement regulations offer by developed regions such as North America and Europe
- By procedure, the median sternotomy segment dominated the market in 2020, as it is among the frequently performed osteotomies worldwide
- By material, 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
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