The market for sternal closure systems is anticipated to expand at a CAGR of 5.2% during the forecast period of 2024 and 2032. These systems are utilized to close and stabilize the sternum after open-heart surgery or sternotomy. Due to the increasing number of cardiac surgeries and the need for effective sternal closure techniques, the market revenue for sternal closure systems has been rising consistently. In recent years, the sternal closure systems market has encountered a significant expansion in terms of revenue. The rising prevalence of cardiovascular diseases and the aging of the population contribute to the rising demand for cardiac surgeries, which in turn drives the demand for sternal closure systems. In addition, advancements in surgical techniques and the introduction of innovative sternal closure systems with enhanced safety and efficacy have contributed to market expansion. In the future years, the compound annual growth rate (CAGR) of the sternal closure systems market is anticipated to be high. The rising prevalence of minimally invasive cardiac procedures, which necessitate smaller incisions and less sternal trauma, is anticipated to increase the demand for specialized sternal closure systems. These systems provide advantages including enhanced sternal stability, decreased postoperative complications, and enhanced patient comfort. Consequently, the market is experiencing a transition towards the adoption of advanced sternal closure technologies, which is contributing to the market's overall growth.
The increasing prevalence of cardiovascular diseases is a major factor driving the market for sternal closure systems. Cardiovascular diseases, such as coronary artery disease and heart failure, necessitate surgical interventions, including sternotomy-based open-heart operations. According to the World Health Organization, cardiovascular disease is the primary cause of death worldwide, accounting for approximately 17,9 million deaths per year. This escalating prevalence of cardiovascular diseases necessitates a greater number of cardiac interventions, which drives the demand for sternal closure systems.
Developments in surgical techniques have played a significant role in fueling the demand for sternal closure systems. Minimally invasive cardiac surgeries, such as robotic-assisted and thoracoscopic surgeries, have acquired popularity due to their advantages of reduced trauma, smaller incisions, and quicker recovery. These procedures necessitate specialized sternal closure systems that provide a secure and stable closure while minimizing postoperative complications. To improve surgical outcomes and patient comfort, surgeons are increasingly employing advanced sternal closure technologies, such as rigid fixation systems and closure devices with adjustable tension.
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The growing elderly population is a major market driver for sternal closure systems. As a result of the accelerated aging of the global population, the prevalence of cardiovascular diseases and the demand for cardiac surgery are expected to increase. Cardiovascular conditions are more prevalent in the elderly, necessitating surgical interventions for effective treatment. The United Nations projects that the global population aged 60 or elderly will reach 2.1 billion by 2050, more than doubling from 962 million in 2017. This demographic shift toward a geriatric population is projected to increase demand for sternal closure systems over the next few years.
The limited reimbursement policies for these devices and procedures is one of the major restraints impacting the sternal closure systems market. The function of reimbursement in the adoption and utilization of medical devices, including sternal closure systems, is crucial. The reimbursement landscape for sternal closure procedures, however, varies by region and healthcare system. In some instances, reimbursement may be insufficient or may not cover the total cost of the device or procedure, resulting in a financial burden for patients and healthcare providers. This can impede the widespread adoption of sophisticated and innovative sternal closure systems, particularly in regions with constrained healthcare budgets or restrictive reimbursement policies. Hospitals and healthcare facilities may be dissuaded from investing in costly sternal closure systems due to limited reimbursement, thereby impeding market growth. In addition, the complexity and changeability of reimbursement policies can create uncertainty for manufacturers and healthcare providers, making it difficult to effectively plan and budget. To overcome this barrier, it is essential for stakeholders, including manufacturers of medical devices and policymakers, to collaborate and develop favorable reimbursement policies that support the adoption of advanced sternal closure systems and ensure equitable access to these life-saving technologies. Evidence: According to the American Heart Association, reimbursement policies have a substantial effect on the adoption of innovative medical devices and procedures. In the United States, inadequate reimbursement for cardiac procedures has been identified as a barrier to the adoption of innovative cardiac technologies, such as sternal closure systems. Similarly, a study published in the International Journal of Health Policy and Management highlighted the difficulties associated with reimbursement policies for cardiac surgery in European nations, which can hinder the use of advanced sternal closure systems.
The market for sternal closure systems can be divided into two segments: closure devices and bone cement. The purpose of closure devices is to secure the sternum following open-heart surgery or other procedures involving sternotomy. These devices play an essential role in stabilizing and supporting the sternum during the healing process, thereby lowering the risk of complications such as sternal dehiscence. There are numerous varieties of closure devices, including rigid plate systems, wire cerclage systems, and interlocking systems. The segment of closure devices generated the most revenue in the market for sternal closure systems in 2023, due to the rising adoption of these devices in cardiac surgery and the prevalence of cardiovascular diseases. The segment of closure devices is projected to have the maximum CAGR between 2024 and 2032, per the projections. This can be ascribed to ongoing advancements in closure device technology, such as the creation of innovative designs and materials with enhanced biomechanical properties and user-friendliness. In addition, the closure devices subsegment is anticipated to generate the highest revenue in the sternal closure systems market, due to the rising adoption of these devices in cardiac surgery and the prevalence of cardiovascular diseases.
The market for sternal closure systems can be segmented according to the surgical procedures in which these systems are utilized. The segment of the procedure consists of a median sternotomy, hemisternotomy, and bilateral thoracosternotomy. In 2023, median sternotomy procedures generated the most revenue. During cardiac surgeries, median sternotomy is the most common method for accessing the heart. In order to gain access to the heart and other thoracic structures, a vertical incision is made in the center of the sternum. Due predominantly to the prevalence of cardiac procedures such as coronary artery bypass grafting (CABG) and valve replacement, median sternotomy procedures have the highest adoption rate. The hemisternotomy segment is expected to record the highest CAGR between 2024 and 2032, according to the projections made by MarketsandMarkets. Hemisternotomy is a minimally invasive surgical procedure that typically entails a partial sternotomy on one side of the sternum. It provides access to specific areas of the heart, particularly for replacement or repair of the aortic valve. Hemisternotomy provides benefits such as decreased postoperative pain, a quicker recovery, and enhanced cosmetic results.
Due to the presence of a well-established healthcare infrastructure, high healthcare spending, and a large patient population undergoing cardiac surgeries, North America held a significant share of the sternal closure systems market. The adoption rate of advanced medical technologies and procedures is high in this region. It is anticipated that North America will continue to lead in terms of revenue percentage due to ongoing advances in surgical techniques, the increasing prevalence of cardiovascular diseases, and favorable reimbursement policies. Asia-Pacific is experiencing significant market growth due to a large population base, rising disposable income, and increasing healthcare awareness. Countries such as China, India, and Japan are experiencing an increase in cardiac surgeries and the use of innovative medical equipment. The region is anticipated to record the maximum CAGR from 2024 to 2032 due to improved healthcare infrastructure, rising healthcare investments, and a growing geriatric population.
The market for sternal closure systems is highly competitive, with numerous key players vying for market dominance and competitive advantage. These players concentrate on mergers and acquisitions, partnerships, product launches, and collaborations to expand their product portfolios and strengthen their market presence. Overall, the market outlook for sternal closure systems is marked by intense competition and constant innovation. Overall, the market for sternal closure systems is characterized by intense competition between major players, all of whom are vying to strengthen their market position. These participants concentrate on product innovation, strategic partnerships, and mergers and acquisitions to expand their product offerings and geographic presence. Further advancements in closure devices and bone cement products are anticipated on the market, driven by technological advances and rising demand for enhanced patient outcomes.
