DUBLIN--(BUSINESS WIRE)--The "Sternal Closure Systems Market Size, Share & Trends Analysis Report By Product (Closure Devices, Bone Cement), By Material (Stainless Steel, PEEK, Titanium), By Procedure And Segment Forecasts, 2019 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global sternal closure systems market size is expected to reach USD 3.12 billion by 2026
The market is driven by growing number of surgeries undertaken to treat complex cardiovascular problems. For instance, according to the data published by American Heart Association (AHA), in 2014, around 520,000 Coronary Artery Bypass Graft (CABG) surgeries performed in the U.S. the report further states that more than 800,000 CABG surgeries are performed worldwide every year.
Furthermore, National Health Interview Survey conducted by CDC in 2016 concluded that 28.1 million people were diagnosed with heart related disorder including, valvar heart disease, cardiac arrest. Moreover, technological advancements such as Talon systems, double sternal wires and favorable reimbursement criteria would propel growth in near future.
Mergers & acquisitions, new product development and geographical expansion are key sustainability strategies adopted by players in the sternal closure systems market. For instance, KLS Martin, in a vain to increase its geographical presence started its sales operations in the U.K., the Netherlands, Italy, France, Australia, Russia, Dubai, Japan, Malaysia and Brazil in last couple of years. The company is also focusing on Asia Pacific to seize the opportunity owing to larger patient pool in the region. In line with the strategy, in June 2016, the company started manufacturing unit in Chennai, India.
Further Key Findings from the Report Suggest:
- Rising adoption of cardiothoracic surgeries including Coronary Artery Bypass Graft (CABG), Aortic valve surgery, Arrhythmia surgery is anticipated to fuel growth in near future.
- The closure devices segment held major shares of the global market in 2017, owing to introduction of technologically advanced clips and wires globally and favorable reimbursement regulations offer by developed regions such as North America and Europe.
- The PEEK segment is anticipated to post significant growth over the coming years due to several benefits offered by the material, including biocompatibility, chemical resistance, end-product purity, high temperature resistance, and thermoformable nature
- North America dominated the market in 2018. Growth of region can be attributed to presence of a large number of players and high competition rivalry in the market. Moreover, rising adoption of technologically advanced systems coupled with presence of skilled professionals will further boost growth of the region.
- Asia Pacific is expected to grow at the highest pace during forecast period on the backdrop of increased per capita income, growing need for improved healthcare infrastructure and rising patient pool
The market is currently consolidated, with few companies capturing major shares. However, increasing demand for innovative technologies and recent market dynamics are making way for new entrants.
- Johnson & Johnson Services, Inc.
- BD (Becton, Dickinson and Company)
- Teleflex Incorporated.
- B. Braun Melsungen AG
- Thompson Surgical
- MicroSurgical Technology
- Medline Industries, Inc.
- Sklar Surgical Instruments
- BR Surgi
For more information about this report visit https://www.researchandmarkets.com/r/yqum5f