Sternal Closure System Market 2022 Emerging Trends, Size by Major Players: Jeil Medical Corporation, Changzhou Waston Medical Appliance Co., Ltd., Teleflex Incorporated, B. Braun Melsungen AG, and Sklar Surgical Instruments

According to Precision Business Insights (PBI), the latest report, the sternal closure system market is expected to be worth USD 2,497.6 million in 2022, growing at a 5.3% CAGR from 2022 to 2028. A sedentary lifestyle and increased consumption of alcohol and junk food cause increased morbidity of cardiac diseases worldwide, which mandates the necessary cardiac surgeries to increase globally. Thus, the demand for sternal closure systems is expected to increase in the near future. This increased prevalence of the cardiac disease is the main driving factor in the sternal closure system market growth.

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Sternal Closure Devices Made of Titanium to Flourish the Most in Forecast Period:
The sternal closure system market outlook bespeaks that in the segmental breakdown, in 2021, sternal closure devices dominated the market. Technological advancements and new product releases are expected sternal closure system market opportunities to drive market expansion in the coming years. The bone cement category has a smaller market share. The segment is expected to grow at a slower pace, owing to increased market acceptance of sternal closure devices. However, the product type is widely used in poor countries throughout Latin America, the Middle East, and Africa. Titanium items commanded a sizable market share due to factors such as increased biocompatibility, new product launches in the device type, and corrosion resistance, among others. The category is also expected to grow at a rapid pace in the future years, owing to the increased attention of leading market participants on producing sternal closures with the material.

North American Region to Dominate the Sternal Closure System Market:
North America held the most significant market share of 33.5% in 2021 and is likely to maintain its dominance over the forecast period. Rising collaborative efforts by key companies to strengthen their product portfolio and ensure high-quality standards are expected to increase interest in systems throughout the area. Furthermore, the large share of North America can be linked to the region's high heart disease burden. According to CDC research, approximately 28.1 million persons in the United States have been diagnosed with heart-related illnesses such as cardiopulmonary arrest and hypertrophic cardiomyopathy. Furthermore, favorable reimbursement laws are projected to promote market expansion. Sternal closure operations are now reimbursed under the 216, 217, 218, 219, 220, 221, 228, and 229 MS-DRG codes, according to the new wound closure Medicare reimbursement coding guide.

Strategic New Product Launches, Mergers, Acquisitions, And Agreements Are the Key Strategies Adopted by Market Players:
The global Sternal Closure System market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In March 2021, Montage Bone Putty, a settable, re-absorbable hemostatic bone putty developed by Abyrx Inc., is currently cleared by FDA and is in Phase 4 (Post Marketing) clinical trials comparing the effects of montage putty plus conventional wires versus the outcome of conventional wires alone in the postoperative recovery of cardiac patients with medical sternotomy. In January 2019, A&E Medical Corporation announced that the Thorecon Rigid Fixation System had acquired 510(k) clearance from the US Food and Drug Administration. This device is used to support and repair anterior chest wall fractures, which include sternal fixations followed by sternotomy.

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The sternal closure system market is segmented based on product, procedure, material, and geography:
Based On the Product, The Market is Segmented into the Following:
• Sternal Closure Devices
• Bone Cement

Based On Procedure, The Market is Segmented into the Following:
• Median Sternotomy
• Bilateral Sternotomy
• Hemi-sternotomy

Based On Material, The Market is Segmented into The Following:
• Stainless Steel
• Titanium
• PEEK

Based On Geography, The Market is Segmented into the Following:
• North America
• Europe
• Asia-Pacific
• Middle East and Asia
• Latin America

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Key players' profiles in the Sternal Closure System Market are Zimmer Biomet, Medical Devices Business Services, Inc., KLS Martin Group, Acute Innovations LLC, IDEAR S.R.L, A&E Medical Corporation, Praesidia, Kinamed Incorporated, Jace Medical LLC, Dispomedica, Abyrx INC., Jeil Medical Corporation, Changzhou Waston Medical Appliance Co., Ltd., Teleflex Incorporated, B. Braun Melsungen AG, and Sklar Surgical Instruments.

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