Sternal Closure Market Size, Share & Industry Analysis, By Product (Closure Devices and Bone Cement), By Procedure (Median Sternotomy, Bilateral Sternotomy, and Hemisternotomy) By Material (Stainless Steel, Titanium, and PEEK) and Regional Forecast, 2020-2027

The global sternal closure systems market size was valued at USD 2,216.1 million in 2019 and is projected to grow from USD 1,600.1 million in 2020 to USD 2,345.2 million in 2027, exhibiting a CAGR of 5.6% during the 2020-2027 period. North America dominated the global market with a share of 45.89% in 2019.

The global impact of COVID-19 has been unprecedented and staggering, with sternal closure devices witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market will exhibit a huge decline of -27.80% in 2020. The sudden rise in the CAGR of this market is attributable to the potential launch of new products by 2023.

Sternal closure devices are orthopedic devices that are used to stabilization and fixation of the sternum after a sternotomy. Sternotomy is a procedure where the chest cavity is surgically opened to access the organ beneath the breast bone or sternum. This cardiac surgery is performed majorly to treat and manage cardiovascular disease. However, trauma caused during accidents are also addressed through sternotomy. The increasing prevalence of cardiovascular disease worldwide has led to associated increase in the number of open heart surgeries. This factor is projected to significantly boost the adoption of sterna closure devices in the future.

Delay in Elective Surgeries to Impact Market amid COVID-19

The COVID-19 pandemic which is analyzed to be originated from China has significantly impacted the orthopedic devices industry. Government guidelines, to delay elective surgeries have tremendously affected the revenue generated by the market. In response to the COVID-19 outbreak, the American Society of Anesthesiologists in July 2020 recommended a significant postponement of elective surgeries till the active cases of the virus infection decreases. The high burden experienced by the hospitals owed to the outbreak has led to a considerable decline in sales of orthopedic products.

LATEST TRENDS

Focus on Mergers, Acquisitions, and Collaborations by Key Players to Surge Demand

Sternal closure devices have significant market growth potential in the forthcoming years owing to the increasing incidence of cardiovascular diseases and trauma injuries. Sternal closure market potential is recognized by key players and they are actively engaging in mergers, acquisitions, and collaborations. For instance, Zimmer Biomet is highly focusing in acquisition of private orthopedic device manufacturers to establish itself as a major market player. Since the merger of Zimmer and Biomet the company collaboratively are aiming to increase their product portfolio by acquiring other smaller businesses.

DRIVING FACTORS

Rise in the Prevalence of Cardiac Diseases to Augment Market Growth

The global sternal closure systems market is driven by various factors, however the predominant aspect that is estimated to drive the market is the global rise in cardiovascular diseases (CVD). The burden of cardiovascular disease is also increasing. According to the World Health Organization (WHO), around 71.9 million people died in the globally due to CVD.

The subsequent increase in the open heart surgeries have propelled the demand for such devices in the past years. According to the Warren Alpert Medical School of Brown University, currently there are about 500,000 open heart surgeries performed each year in the U.S. The growing trend of prevalence of open heart surgeries is cumulatively expected to account for the demand for sternal closure products in the forthcoming years.

Launch and Approval of Innovative Products to Propel Market

Key players operating in the market are focusing on launching innovative sternal closure systems to improve their competitive position. Potential launch and approvals of such technologically advanced sternal closure systems market are anticipated to positively influence the growth of the market during the forecast period. For instance, in March 2020, A&E Medical Corporation received U.S FDA approval for their Sternal Cable System. This innovative cable system is an alternative to the traditional wires used for sternal closure after a sternotomy.

RESTRAINING FACTORS

Increasing Adoption of Minimally Invasive Surgeries to Hamper Market Growth

Scientific advancements have led to the significant technological innovation in cardiovascular surgeries. Minimally invasive and non-invasive surgeries are increasing adopted in treatment and management of chronic diseases. This rise in trend of adoption of minimally invasive surgeries, coupled with growing number of surgical procedures are estimated to negatively hamper the sternal closure market. Minimally invasive surgeries involve lower complications, lower recovery time, and significantly lesser hospital stays. According to the Texas Heart Institute, around 200,000 minimally invasive coronary bypass surgeries are performed each year in the U.S.

SEGMENTATION

By Product Analysis

Sternal Closure Devices Held Highest Market Share in 2019

On the basis of product, the sternal closure systems market is bifurcated into sternal closure devices and bone cement.

The sternal closure devices dominated the market in 2019. The technological advancement and new product launches are estimated to propel the market growth in the foreseeable years.

The bone cement segment holds a smaller share in the market. The segment is estimated to show slower growth which is mainly attributed to higher adoption of sternal closure devices in the market. However, the product type is considerably adopted in developing countries in Latin America and the Middle East and Africa.

By Material

Titanium Material to Garner Maximum Share

Based on the segmentation of material, the market is categorized into titanium, PEEK and stainless steel.

The titanium products held a significant share in the market in owing to factors such as higher biocompatibility, new product launches in the device type, and corrosion resistance, among others. The segment is also estimated to exhibit significant growth rate in the coming years owing to higher focus of key market players in developing sternal closures with the material.

The PEEK segment is estimated to show significant adoption in the forthcoming years. Higher investment in research and development and technological advancements are estimated to propel the segment growth during the forecast period.

By Procedure Analysis

Median Sternotomy Dominated Market in 2019

Based on procedure, the market has been segmented into median sternotomy, bilateral sternotomy, and hemisternotomy.

The median sternotomy segment dominated the global market. The growth of the segment is influenced by the growing geriatric population. Higher adoption of the procedure among healthcare professionals due to lower postoperative infections is another major factor driving the growth of the segment.

REGIONAL INSIGHTS

North America market generated a revenue of USD 1,017.0 million in 2019 and will witness significant sternal closure systems market growth during the forecast period. The growth is attributable to the higher prevalence of cardiovascular diseases and higher adoption of advanced orthopedic devices.  According to the Center of Disease and Infection (CDC), currently around 18.2 million Americans aged 2 years and above suffer from coronary artery disease in the country. 

The growth of the market in Europe is influenced by various factors such as increasing development in the public healthcare sector, higher focus of companies to target CE mark approval, rising day care surgeries among others. Additionally, the increasing prevalence of osteoarthritis, growing demand for joint implants, and rising day-care surgeries is estimated to drive the market in the region. Furthermore, an increase in healthcare expenditure by the European Commission is anticipated to fuel the growth of the market in the region.

The market in Asia Pacific is anticipated to witness the highest growth trends and forecast. Factors such as the presence of a large patient pool and increasing healthcare infrastructure and spending are supplementing the market growth in Asia Pacific. According to the 2019 Revision of World Population Prospects, the proportion of individuals aged 65 and older in Japan is estimated to increase to 38 percent in 2050 from the current 28 percent. This, in turn, is projected to considerably increase the number of cardiovascular related diseases. Thus, driving the market of sternal closure systems in the forthcoming years.

The countries of Latin America and the Middle East & Africa are constantly engaging in enhancing the access to treatment option to their citizens. Significant improvements in public and private healthcare sector is anticipated to boost the market growth in these regions.

KEY INDUSTRY PLAYERS

Semi-Consolidated Structure of Market Exhibiting Moderate Competition

The sternal closure systems market exhibits moderate competition in the market with key players such as DePuy Synthes (part of Johnson and Johnson Services Inc.,), Zimmer Biomet, and KLS Martin Group dominating the market. Focus on mergers and acquisitions and innovative product launches are predominant strategies adopted by these key players to secure higher customer reach. Other players included in the market are Acute Innovations, B Braun Medical, Idear S.R.L, and Kinamed Incorporated, among others.

LIST OF KEY MARKET PLAYERS PROFILED:

• Johnson and Johnson Services Inc., (U.S)


• Zimmer Biomet (U.S)


• KLS Martin Group (Germany)


• B Braun Medical (Germany)


• Stryker (U.S)


• Jace Medical, LLC (U.S)


• Kinamed Incorporated (U.S)


• Idear S.R.L (Argentina)


• Acute Innovations (U.S)


• Other Predominant Players

KEY INDUSTRY DEVELOPMENTS:

• June 2021: Able Medical Devices announced the launch of Valkyrie Thoracic Fixation System. It is the first single use radiolucent plating system which was designed to span the osteotomy and close the sternum after open heart surgery.


• March 2021 – Abyrx Inc.'s pipeline medical product of Montage Bone Putty, a settable, re-absorbable hemostatic bone putty, is currently in the Phase 2 of clinical trials which studies the effects of montage putty plus conventional wires versus the outcome of conventional wires only within the post-operative recovery of cardiac patients with medical sternotomy.


• January 2019: A&E Medical Corporation announced that they received 510(k) clearance from the U.S. FDA for Thorecon Rigid Fixation System. This device is used to stabilize and fix fractures of anterior chest wall which includes sternal fixations followed by sternotomy.

REPORT COVERAGE

The sternal closure systems market report provides qualitative and quantitative insights into the sternal closure industry and a detailed analysis with market size and growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the number of key orthopedic surgeries by key regions, key industry trends, new product launches, technological advancements in sternal closures, analysis of COVID-19 on the global market among others

Report Scope & Segmentation