Global Sternal Closure Systems Market: Overview

Sternal closure systems are intended for use in the stabilization as well as fixation of fractures of the anterior chest wall. The systems are used in sternal fixation following sternotomy and sternal reconstructive surgical procedures in order to promote fusion. Factors such as technological innovation in sternotomy techniques, rise in the patient population, increase in the number of surgical procedures, a large geriatric population undergoing open heart surgery, and increase in the availability of medical reimbursements in developed countries are expected to propel demand for sternal closure systems during the forecast period. Moreover, there is an increase in investment in public health care infrastructure in developing countries, owing to a rise in the noncommunicable disease burden and injuries. This is anticipated to boost the number of surgical procedures in developing regions.

Global Sternal Closure Systems Market: Segmentation

The global sternal closure systems market can be segmented based on product, material, procedure, and region. Based on product, the sternal closure systems market can be classified into closure devices and bone cement. In terms of material, the global sternal closure systems market can be divided into stainless steel, PEEK, and titanium products. Based on procedure, the global market can be classified into median sternotomy, hemisternotomy, and bilateral thoracosternotomy.

In terms of product, the closure device segment is anticipated to expand at a rapid CAGR during the forecast period, owing a rise in the number of complex cardiovascular surgeries as well as an increase in the availability of medical reimbursements across developed markets. Based on procedure, the median sternotomy segment is expected to account for a prominent market share, due to large number of critical patients ailing from cardiovascular diseases. Also, this procedure has been adjudged as the most popular technique for cardiac exposure, owing to easy and quick access to heart valves and vessels. Sternotomy and sternal closure occur prior and post cardiac surgery, respectively. In terms of material, the titanium products segment is anticipated to expand at a robust CAGR in the coming years, owing to the associated advantages and economies of scale of this material and increased commercialization of titanium-based sternal closure systems across developed countries.

Global Sternal Closure Systems Market: Regional Analysis

Based on region, the sternal closure systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to constitute a major market share, owing to the presence of a large patient population and well established medical reimbursement policy. Additionally, an increase in collaborative efforts made by key players in order to improve their product offerings and ensure high quality standards is fuelling the growth of the market.

On the other hand, the market in Asia Pacific is expected to expand at a high CAGR in the near future as major players are increasing their geographical presence in the region and focusing on commercialization of their products at affordable prices. For instance, in June 2016, KLS Martin group initiated its operations in Chennai, India in order to capitalize on the opportunity. Moreover, a rise in health care expenditure and development of infrastructure facilities along with high awareness about cardiac diseases are expected to propel the market in the region.

Global Sternal Closure Systems Market: Competitive Landscape

Major players operating in the global sternal closure systems market include Pfizer, Inc., F. Hoffman-La Roche Ltd., Takeda Pharmaceutical Company Limited, Progenics Pharmaceuticals Inc. Seattle Genetics Inc., Genentech Inc., Immunogen Inc., Novartis AG, Immunomedics, Inc., and Bayer Healthcare Pharmaceuticals.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

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