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Sternal Closure Systems Market Competitor Analysis, Trends, Size 2024-2033
Sternal Closure Systems Market Demand
According to The Business Research Company's, The sternal closure systems market size has grown strongly in recent years. It will grow from $2.28 billion in 2023 to $2.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rise in cardiovascular surgeries, prevalence of cardiovascular diseases, increasing awareness of sternal complications, collaboration between surgeons and device manufacturers, focus on minimally invasive cardiac procedures.
The sternal closure systems market size is expected to see strong growth in the next few years. It will grow to $2.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to rapid growth in minimally invasive surgery, increased focus on patient-centric healthcare, expansion of cardiac surgery in emerging markets, focus on reducing postoperative complication, collaboration in research and development. Major trends in the forecast period include technological innovations in device materials, technological advancements in surgical techniques, minimally invasive approaches, sternum fixation technologies, wireless remote monitoring, customization and patient-specific solutions.
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Market Drivers and Trends:
The rising incidence of chronic diseases is expected to boost the growth of the sternal closure market going forward. Chronic diseases refer to conditions that last for a year or longer, hinder everyday activities, demand continuous medical care, or both. Chronic illnesses like coronary artery disease, hypertension, and heart failure often necessitate surgical interventions such as coronary artery bypass grafting (CABG) or valve replacement. As these surgeries involve sternal incisions, the need for effective sternal closure becomes vital. For instance, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the rising incidence of chronic diseases is driving the growth of the sternal closure market.
Major companies are investing in the companies operating in the sternal closure market to better serve the customers. The investment can enable companies to develop and launch innovative sternal closure systems, improving their competitive position and driving market growth. For instance, in February 2022, Evonik, a Germany-based specialty chemicals company invested in CircumFix Solutions, a US-based start-up that has developed a new sternal closure device to improve patient recovery after open-chest surgery. The patented orthopedic device, made of a high-performance polymer from Evonik, closes and holds the sternum securely together after surgery. This investment is part of Evonik's strategy to strengthen its presence in the U.S. orthopedic market and support the shift from metal to high-performance polymers in implantable medical devices. The innovative sternal closure device is expected to enhance patient recovery and safety, and the investment reflects Evonik's commitment to advancing medical technology and improving patient outcomes.
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Major Key Players of the Market:
Zimmer Biomet Holdings Inc.; Johnson and Johnson Services Inc.; B. Braun Melsungen AG; Orthofix Holdings Inc.; KLS Martin Group GmbH & Co. KG; A&E Medical Corporation; Jace Medical LLC.; Acute Innovations LLC.; Abyrx Inc.; Kinamed Incorporated ; Idear SRL; Dispomedica GmbH; Waston Medical Corporation; Jeil Medical Corporation; Figure 8 Surgical; Stryker Corporation; Mercian Labels; Avery Dennison Corporation; Bemis Company Inc.; Essentra plc; LINTEC Corporation; SATO Holdings Corporation; Advanced Labels NW; Jet Label & Packaging Ltd.; Consolidated Label Co.; Axon Enterprise Inc.; Progressive Label Inc.; Taylor Label Corporation; Praesidia S.R.L.; Globus Medical Inc.
Sternal Closure Systems Market 2024 Key Insights:
• The sternal closure systems market will grow to $2.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Chronic Disease Surge Propelling Expansion In The Sternal Closure Market
• Evonik's Strategic Investment In Circumfix Solutions
• North America was the largest region in the sternal closure system market in 2023
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