Global Sternal Closure Systems Market: Overview
Sternal closure systems are intended for use in the stabilization as well as fixation of fractures of the anterior chest wall. The systems are used in sternal fixation following sternotomy and sternal reconstructive surgical procedures in order to promote fusion. Factors such as technological innovation in sternotomy techniques, rise in the patient population, increase in the number of surgical procedures, a large geriatric population undergoing open heart surgery, and increase in the availability of medical reimbursements in developed countries are expected to propel demand for sternal closure systems during the forecast period. Moreover, there is an increase in investment in public health care infrastructure in developing countries, owing to a rise in the noncommunicable disease burden and injuries. This is anticipated to boost the number of surgical procedures in developing regions.
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Global Sternal Closure Systems Market: Segmentation
The global sternal closure systems market can be segmented based on product, material, procedure, and region. Based on product, the sternal closure systems market can be classified into closure devices and bone cement. In terms of material, the global sternal closure systems market can be divided into stainless steel, PEEK, and titanium products. Based on procedure, the global market can be classified into median sternotomy, hemisternotomy, and bilateral thoracosternotomy.
In terms of product, the closure device segment is anticipated to expand at a rapid CAGR during the forecast period, owing a rise in the number of complex cardiovascular surgeries as well as an increase in the availability of medical reimbursements across developed markets. Based on procedure, the median sternotomy segment is expected to account for a prominent market share, due to large number of critical patients ailing from cardiovascular diseases. Also, this procedure has been adjudged as the most popular technique for cardiac exposure, owing to easy and quick access to heart valves and vessels. Sternotomy and sternal closure occur prior and post cardiac surgery, respectively. In terms of material, the titanium products segment is anticipated to expand at a robust CAGR in the coming years, owing to the associated advantages and economies of scale of this material and increased commercialization of titanium-based sternal closure systems across developed countries.
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Global Sternal Closure Systems Market: Regional Analysis
Based on region, the sternal closure systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to constitute a major market share, owing to the presence of a large patient population and well established medical reimbursement policy. Additionally, an increase in collaborative efforts made by key players in order to improve their product offerings and ensure high quality standards is fuelling the growth of the market.
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On the other hand, the market in Asia Pacific is expected to expand at a high CAGR in the near future as major players are increasing their geographical presence in the region and focusing on commercialization of their products at affordable prices. For instance, in June 2016, KLS Martin group initiated its operations in Chennai, India in order to capitalize on the opportunity. Moreover, a rise in health care expenditure and development of infrastructure facilities along with high awareness about cardiac diseases are expected to propel the market in the region.
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Global Sternal Closure Systems Market: Competitive Landscape
Major players operating in the global sternal closure systems market include Pfizer, Inc., F. Hoffman-La Roche Ltd., Takeda Pharmaceutical Company Limited, Progenics Pharmaceuticals Inc. Seattle Genetics Inc., Genentech Inc., Immunogen Inc., Novartis AG, Immunomedics, Inc., and Bayer Healthcare Pharmaceuticals.
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