The Sternal Closure Systems Market Report titled “Sternal Closure Systems Market Research Report – Forecast to 2023” is an expert analysis report explores the expert Research Methodology by Market Players, Segmentation and Regional Summarization in-depth.
The Global Sternal Closure Systems Industry is segmented on the basis of product type, procedure, closure material type, and end-user. According to product type, the market is segmented into closure devices and bone cement. Closure devices are further segmented into wires, plates and screws, clips and cables.
According to the closure material type, the market is segmented into stainless steel, titanium, and others. On account of end-user, the market is segmented into, hospitals and clinics, research institutes, and others. Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. The American region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.
Sternal Closure Systems Market Players:
Zimmer Biomet Holdings
Orthofix International N.V.
Jeil Medical Corporation
Regional Market Summary
Americas is the global leader in the sternal closure systems market owing to increasing prevalence of cardiovascular diseases among older population due to their vulnerability to hypertension and obesity issues. As obesity, hypertension, and diabetes trigger cardiac diseases, this positively impacts the market growth of sternum closure devices. Additionally, factors such as increasing government initiatives and funding for research, development in advanced medical treatment options, and rising demand for technologically advanced treatments are likely to enhance the growth of the sternal closure systems market in the American region. For instance, according to American Heart Association, in 2014, around 31% of the deaths in the U.S. were due to cardiovascular disorders.
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Similarly, according to stats presented by the World Health Organization (WHO) in the year 2015, cardiac disease is responsible for approximately 15 million deaths each year across the globe. The same source also states that it is a major cause of death in adults and accounts for 50% of the total deaths worldwide. This alarming rate of cardiovascular disorders is expected to have a direct effect on the growth of the sternal closure systems market as it finds whole and sole application in cardiovascular disorders. The presence of pharmaceutical giants such as Pfizer and Merk, etc. also propels the market growth in this region.
Europe is the second largest market and holds a healthy share in the global sternal closure systems market. The European market is expected to grow during the forecast period due to major driving factors such as availability of advanced treatment facilities, increasing healthcare expenditure along with the growing need for better healthcare infrastructure, and government initiatives of healthcare reform. For instance, according to 2017 statistics presented by the European Society of Cardiology, there were more than 6 million new cases of cardiovascular diseases in the European Union and more than 11 million in Europe as a whole. Hence cardiovascular diseases being one of the major concerns in Europe contribute significantly to the market growth of this region. Additionally, Europe spent around 210 Euros in 2015 for the treatment of cardiovascular disorders. This rising healthcare expenditure due to cardiovascular disorders is expected to have a positive impact on the sternal closure systems market. But the popularity of minimally invasive procedures, as well as risks associated with open heart surgeries and close sternum devices, may hamper the market growth.
Asia Pacific is expected to be the fastest growing market. According to the report published by the United Nations in 2015, between 2015 and 2030, the number of older persons aged 60 years or over in the world is predicted to grow by 56%, out of which 66% of the older population would reside in the Asia Pacific region. This makes the region prone to metabolic disorders that would further aid the chances of cardiovascular diseases. Owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, and availability of favorable insurance and reimbursement policies the market growth is likely to be accelerated during the forecast period. Moreover, key players such as Boston Scientific Corporation, Pfizer, and Merck, etc. have been setting up their regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia. The growth curve of sternal closure systems market is likely to see a positive trend. However, on the other hand, factors such as lack of skilled healthcare professionals may slow down the market growth during the forecast period. For instance, according to the Global Burden of Disease Report in 2016, heart diseases is expected to lead to 1.7 million deaths in India. This rising prevalence of heart diseases is expected to propel the growth of the market.
The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness and limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the development of the healthcare industry and rising availability of specialty care centers.
Major Table of Content for Sternal Closure Systems Market Research Report – Forecast to 2023:
1. Report Prologue
2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
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