Market Size of Global Sternal Closure Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Sternal Closure Systems Market Analysis
The sternal closure systems market is projected to grow with a CAGR of nearly 5.3% over the forecast period.
COVID-19 significantly impacted the growth of the sternal closure systems market due to the strict lockdown regulations and poor supply of sternal closure products during the initial stages of the pandemic. Also, healthcare providers were occupied with COVID-19 patients, access was restricted to only essential care, and the temporary shutdown of cardiology centers significantly curtailed sternal procedures. According to the BMC study published in March 2021, a worldwide survey identified cardiac surgery reduced by 50% to 75% during the pandemic, with a 50% reduction in dedicated cardiac theater rooms and Intensive care unit beds in 2020. Thus, the significant impact on cardiac surgeries also had a notable impact on the sternal closure system, affecting the market's growth. Moreover, owing to the resumption of elective surgeries after the relaxations of regulations in the post-pandemic period
The major factor attributed to the market growth is the increasing number of open-heart surgeries, along with the rising geriatric population worldwide. For instance, the NIH article published in June 2022 mentioned that more than 2 million people worldwide have open-heart surgery each year to treat various heart problems. Such a high volume of open heart surgeries is expected to drive the demand for sternal closure systems as they are widely used in open heart surgeries to rejoin the sternum, thereby contributing to market growth over the forecast period. Moreover, according to the WHO report published in October 2022, the share of the population in the world aged 60 years and over will increase to 1.4 billion by 2030 and reach 2.1 billion by 2050. Thus, the increasing geriatric population, more susceptible to developing cardiovascular diseases and often requiring open heart surgeries, is expected to contribute to the market growth over the forecast period.
Furthermore, rising product approvals are also expected to contribute to the market's growth. For instance, in October 2021, Able Medical Devices received 510(k) clearance from the United States Food and Drug Administration for its Valkyrie Thoracic Fixation System, which is used for chest wall fracture stabilization, including sternal fixation after sternotomy and sternal reconstructive surgical procedures for patients with normal and poor bone.
Thus, the increasing number of open heart surgeries, the rising geriatric population, and increasing product developments are expected to contribute to the market's growth. However, the gaining popularity of alternative procedures is expected to restrain the market's growth over the forecast period.
