A new report from MarketsandMarkets forecasts that the global sternal closure systems market will expand at a compound annual growth rate (CAGR) of 5.1% over the next three years, swelling to $2.9 billion by 2027. This robust market trajectory is being propelled by increasing adoption of innovative sternal closure devices, favorable reimbursement policies for sternotomy procedures, and rising healthcare expenditures in developing nations.
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The global Sternal Closure Systems Market is poised to soar, projected to reach USD 2.9 billion by 2027, boasting a Compound Annual Growth Rate (CAGR) of 5.1%. This remarkable growth is attributed to the rising adoption of advanced technology and favorable medical reimbursement across major markets. These findings are detailed in the latest report titled "Sternal Closure Systems Market Size, Growth by Product (Closure Devices, Bone Cement), Procedure (Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy), Material (Stainless Steel, PEEK, Titanium) - Global Forecast to 2027".
According to the report, the closure devices segment holds the largest share of the sternal closure systems market. This dominance is fueled by factors such as the increasing number of complex cardiovascular surgeries and the enhanced efficiency of closure devices. Additionally, the median sternotomy procedure is anticipated to witness the highest growth rate during the forecast period, owing to the escalating prevalence of cardiovascular diseases.
The Asia Pacific region is expected to exhibit the highest growth rate in the sternal closure systems market. This growth is attributed to the rapid expansion of healthcare expenditure in emerging APAC countries like China and India, coupled with the growing adoption of advanced sternum closure techniques among cardiothoracic surgeons.
Key market players contributing to this growth trajectory include DePuy Synthes (US), Zimmer Biomet Holdings, Inc. (US), KLS Martin Group (US), B. Braun SE (Germany), and Stryker (US). These companies are continually innovating to meet the evolving demands of the market and maintain their competitive edge.
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With the rising prevalence of cardiovascular diseases and advancements in surgical techniques, the sternal closure systems market is poised for significant growth in the coming years. This growth presents lucrative opportunities for stakeholders in the healthcare industry.
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