The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The sternal closure systems market has witnessed robust growth in recent years, with its size surging from $2.28 billion in 2023 to $2.4 billion in 2024, boasting a compound annual growth rate (CAGR) of 5.6%. Looking ahead, the market is poised for even stronger growth, projected to reach $2.95 billion by 2028, with a CAGR of 5.2%. This growth trajectory is attributed to several factors, including the rise in cardiovascular surgeries, prevalence of cardiovascular diseases, and increasing awareness of sternal complications.

The Impact of Chronic Diseases on Market Growth

The rising incidence of chronic diseases is a significant driver propelling the expansion of the sternal closure market. Chronic illnesses such as coronary artery disease, hypertension, and heart failure often require surgical interventions like coronary artery bypass grafting (CABG) or valve replacement. Given that these surgeries involve sternal incisions, the importance of effective sternal closure cannot be overstated. For example, reports from the National Institutes of Health (NIH) suggest a staggering increase in chronic illness cases, with predictions indicating a 99.5% rise in people aged 50 and older with at least one chronic condition by 2050 in the United States alone.

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Product Innovations Driving Market Trends

Innovative product introductions are at the forefront of key trends in the sternal closure system market. Major companies are continually innovating to enhance their market positions. For instance, Able Medical Devices launched the Valkyrie Thoracic Fixation System in June 2021. This system, designed for sternum osteotomy and closure after open heart surgery, stands out as the market’s first single-use radiolucent plating system, demonstrating remarkable efficacy in open-heart surgeries.

Segmentation and Regional Analysis

The sternal closure systems market is segmented based on product type, procedure, material, and end-user. Product categories include closure devices and bone cement, while procedures encompass median sternotomy, hemisternotomy, bilateral thoracosternotomy, and other procedures. Materials range from titanium and polyether ether ketone (PEEK) to stainless steel and other materials. End-users include hospitals and clinics, research institutes, and other end-users.

Market Outlook and Regional Dynamics

North America emerged as the largest region in the sternal closure system market in 2023. However, the Asia-Pacific region is anticipated to experience the fastest growth during the forecast period. This surge in growth can be attributed to factors such as rapid growth in minimally invasive surgery, increased focus on patient-centric healthcare, and the expansion of cardiac surgery in emerging markets. Moreover, the emphasis on reducing postoperative complications and fostering collaboration in research and development efforts are expected to further fuel market growth.

In conclusion, the sternal closure systems market is witnessing significant growth driven by factors such as the rising prevalence of chronic diseases and technological innovations in product development. With advancements in surgical techniques and sternum fixation technologies, along with the introduction of wireless remote monitoring and patient-specific solutions, the market is poised for dynamic expansion in the coming years. As major players continue to invest in research and development, the sternal closure market is primed for transformative growth, catering to the evolving needs of patients and healthcare providers worldwide.

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