Asia-Pacific Sternal Closure Systems Market, By Product (Closure Devices, Bone Cement), Procedure (Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy), Fixation Techniques (Wiring Fixation Techniques, Plate-Screw Systems, Interlocking Systems, Cementing, Vacuum Assisted Closure), Material (Stainless Steel, PEEK, Titanium, Others), End Users (Hospitals, Specialized Surgical Centres), Country (Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific) Industry Trends and Forecast to 2029.
Market Analysis and Insights Asia-Pacific Sternal Closure Systems Market
Data Bridge Market Research analyses that the Asia-Pacific sternal closure systems market to be grow at a CAGR of 6.9% in the forecast period of 2022-2029 and is likely to reach the USD 551.06 million by 2029.
After sternal reconstructive surgery, sternal closure systems are utilized to close the sternum or the breastbone. In addition, the system is used to secure and stabilize the anterior chest wall and encourage fusion. Sternal closure systems are a group of goods and solutions that are commonly utilized in cardiac/cardiothoracic surgical procedures when a sternotomy is performed. Sternal closure systems are built specifically for the sternotomy operation, which occasionally requires the removal of a sternum, while the sternum is fixed and closed with the use of stainless steel wires after heart surgery, with stainless steel wires being the most simple and efficient form of sternal closure recently.
One of the major reasons likely to boost the growth and demand of the sternal closure systems market is the increasing prevalence of cardiovascular diseases. The rise in the geriatric population and technological improvements in sternotomy techniques are expected to propel the sternal closure systems market forward. Similarly, the increasing availability of medical reimbursements across major markets is expected to boost market growth. Furthermore, the rising government investment and spending by consumers in healthcare sector are projected to contribute to the market's growth. Also, the rising number of surgical procedures and high disposable income will enhance the growth rate of sternal closure systems market. The growing awareness about healthcare and increase in the number of geriatric population will positively impact the revenue growth of sternal closure systems market.
Moreover, increase in research and development activities for sternal closure procedures, emerging new markets are boosting plenty of beneficial opportunities that will propel the sternal closure systems market forward over the projection period.
However, high cost associated with sternal closure systems and excise duty, taxes and legislations for medical devices are expected to hinder the growth of the sternal closure systems market. Stringent regulatory guidelines and rising risk of getting infected due to sternum closure devices are just a few of the challenges that could stymie the sternal closure systems market's growth. Less awareness amongst healthcare providers about novel sternal closure techniques and the dearth of skilled professionals or surgeons act as major market restrains and further impede the market’s growth rate.
This Asia-Pacific sternal closure systems market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Asia-Pacific sternal closure systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Asia-Pacific Sternal Closure Systems Market Scope and Market Size
Asia-Pacific sternal closure systems market is segmented on the basis of product, procedure, fixation techniques, material and end users. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of product, sternal closure systems market has been segmented into closure devices and bone cement. Closure devices have been sub-segmented as wires, plates and screws, cables and clips.
- Based on procedure, sternal closure systems market has been segmented into median sternotomy, hemisternotomy and bilateral thoracosternotomy.
- Sternal closure systems market has been segmented on the basis of fixation techniques into wiring fixation techniques, plate-screw systems, interlocking systems, cementing and vacuum assisted closure.
- Based on material, sternal closure systems market has been segmented into stainless steel, polyether ether ketone (PEEK), titanium and others. Others segment is further sub-segmented into of tritium and nitinol.
- Sternal closure systems market has also been segmented into hospitals and specialized surgical centres on the basis of end user.
Asia-Pacific Sternal Closure Systems Market Country Level Analysis
Asia-Pacific sternal closure systems market is segmented on the basis of product, procedure, fixation techniques, material and end users.
The countries covered in the Asia-Pacific sternal closure systems market report are Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific.
The country section of the Asia-Pacific sternal closure systems market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
Asia-Pacific sternal closure systems market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Asia-Pacific sternal closure systems market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Asia-Pacific sternal closure systems market. The data is available for historic period 2010 to 2020.
Competitive Landscape and Asia-Pacific Sternal Closure Systems Market Share Analysis
The Asia-Pacific sternal closure systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Asia-Pacific sternal closure systems market.
Some of the major players operating in the Asia-Pacific sternal closure systems market are Zimmer Biomet, Medical Devices Business Services, Inc., KLS Martin Group, JEIL MEDICAL CORPORATION, Changzhou Waston Medical Appliance Co., Ltd., Teleflex Incorporated, B. Braun Melsungen AG, and Péters Surgical, among others.