Sternal Closure Devices Market Furnishes Information on Market Share, Market Trends, and Market Growth
Executive Summary
The global Sternal Closure Devices Market is expected to experience significant growth with a CAGR of % during the forecasted period. The increasing prevalence of cardiovascular diseases and growing demand for minimally invasive heart surgeries are major factors driving the market. The market is witnessing a rising trend towards the adoption of advanced sternum closure techniques and devices, such as rigid fixation systems, bioresorbable plates, and wires, which are contributing to market growth.
North America holds a significant share in the Sternal Closure Devices Market due to the presence of established healthcare infrastructure, rising number of cardiac surgeries, and increasing adoption of advanced sternum closure devices. Europe is also a prominent region in the market, owing to the high healthcare expenditure, growing elderly population, and rising cases of cardiovascular diseases.
Asia-Pacific is projected to witness substantial growth in the Sternal Closure Devices Market, primarily driven by the increasing healthcare investments, rising disposable income, and improving healthcare infrastructure. The market is also expanding in countries like China, with a growing number of cardiac surgeries and advancements in medical technology.
The key players in the Sternal Closure Devices Market include major companies like Zimmer Biomet Holdings, Inc., A&E Medical Corporation, KLS Martin Group, Acute Innovations, B. Braun Melsungen AG, and Kinamed Inc. These companies are focusing on strategic collaborations, product launches, and advancements in technology to strengthen their market presence and expand their global footprint.
In conclusion, the Sternal Closure Devices Market is poised for substantial growth with a projected CAGR of 9.2% during the forecasted period. The market is witnessing a rising trend towards advanced sternum closure techniques and devices, with significant opportunities for growth in regions like North America, Europe, Asia-Pacific, and China.
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Market Segmentation:
This Sternal Closure Devices Market is further classified into Overview, Deployment, Application, and Region.
In terms of Components, Sternal Closure Devices Market is segmented into:
- DePuy Synthes (US)
- Zimmer Biomet Holdings (US)
- A&E Medical (US)
- KLS Martin Group (US)
- Orthofix International N.V. (US)
- ABYRX (US)
- Acute Innovations (US)
- Kinamed Incorporated (US)
- Praesidia Srl (Italy)
- IDEAR S.R.L. (Argentina)
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The Sternal Closure Devices Market Analysis by types is segmented into:
- Wires
- Plates & Screws
- Clips
- Cables
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The Sternal Closure Devices Market Industry Research by Application is segmented into:
- Median Sternotomy
- Hemisternotomy
- Bilateral Thoracosternotomy
In terms of Region, the Sternal Closure Devices Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Key Drivers and Barriers in the Sternal Closure Devices Market
Key drivers in the sternal closure devices market include the increasing number of cardiovascular surgeries, growing geriatric population, advancements in healthcare infrastructure, and rising awareness about the importance of sternum stabilization post-surgery. However, barriers like the high cost of devices, lack of skilled professionals, and stringent regulatory requirements hinder market growth. Challenges faced in the market include fierce competition among key players, limited reimbursement policies for sternal closure procedures, and the risk of post-operative complications such as infection or sternal dehiscence, which can negatively impact patient outcomes. Additionally, the ongoing COVID-19 pandemic has disrupted supply chains and delayed elective surgeries, further challenging market growth.
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Competitive Landscape
DePuy Synthes, a subsidiary of Johnson & Johnson, is a leading player in the sternal closure devices market. The company has a strong history of innovation in medical devices and has a wide reach in the global market. DePuy Synthes offers a range of sternal closure devices to meet the needs of healthcare professionals and patients, with a focus on safety and efficacy.
Zimmer Biomet Holdings is another key player in the sternal closure devices market. The company has a long history of providing orthopedic products and solutions to improve patient outcomes. Zimmer Biomet Holdings has a strong presence in the market and continues to focus on research and development to bring innovative sternal closure devices to market.
ABYRX is a relatively newer player in the sternal closure devices market, but has managed to carve out a niche for itself with its innovative products. The company has been growing steadily over the years and is gaining traction in the market with its unique offerings.
In terms of market size and growth, the sternal closure devices market is expected to witness significant growth in the coming years, driven by factors such as an increasing number of cardiac surgeries and a growing elderly population. The market size is projected to reach billions of dollars globally, with key players like DePuy Synthes, Zimmer Biomet Holdings, and ABYRX poised to benefit from this growth.
The sales revenue of DePuy Synthes, Zimmer Biomet Holdings, and ABYRX reflect their strong market positions and growth potential. These companies continue to invest in research and development, new product launches, and strategic partnerships to further enhance their market presence and drive revenue growth.
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