Sternal Closure Systems Market growing at a CAGR of 5.2% by 2023
According to the new market research report Sternal Closure Systems Market is projected to reach USD 2.61 Billion by 2023 from USD 2.02 Billion in 2018, at a CAGR of 5.2% during the forecast period. The factors driving the growth of this market are the technological advancements in sternotomy techniques, increasing target patient population coupled with the subsequent increase in the number of surgical procedures, and growing availability of medical reimbursements across major markets.
The analysis of the market developments between 2014 and 2018 revealed that several growth strategies such as product launches, mergers, and acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the sternal closure systems market. Among these business strategies, mergers and acquisitions were the most widely adopted growth strategies.
As of 2017, DePuy Synthes (a part of Johnson & Johnson) (US) is the key manufacturer of the sternal closure products and has a strong position across developed markets such as the US, Germany, and Canada. The company offers two sternal closure products (namely Sternal ZIPFIX and Titanium Sternal Fixation System) for primary or secondary closure/repair of the sternum. The company focuses on R&D activities to maintain its product portfolio. To ensure the development of new products, the company invested USD 9.10 billion in 2016 and USD 10.55 billion in 2017 in R&D activities.
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As of 2017, Zimmer Biomet (US) is considered a global leader in musculoskeletal healthcare and is one of the leading providers of sternal closure systems in the market. The company’s sternal closure system—SternaLock provides benefits such as increased stability, greater strength, and reduced sternal separation. It also provides additional benefits like a shorter hospital stay, lower risk of bleeding, and shorter recovery time for patients. The company is continuously focusing on research and development activities to expand its product platforms and integrate unique technologies into surgical solutions.
A&E Medical (US) secured the third position in the global sternal closure systems market in 2017. The company manufactures and distributes high-quality products manufactured in the US. The company offers a rigid fixation system consisting of plates and screws, as well as the traditional wire system for sternal closure. The company is focusing on acquisitions as its growth strategy to enhance its position in the global market. In line with this trend, in 2016, the company acquired Medical Concepts (Netherlands). With this acquisition, A&E Medical increased its product portfolio of single-use medical products and extended its geographical footprint in the European market.
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