(EMAILWIRE.COM, June 29, 2018 ) According to a new market research report "Sternal Closure Systems Market by Product (Closure Devices (Wire, Plate, Screw, Cable,), Bone Cement), Procedure (Median Sternotomy, Hemisternotomy, Bilateral Thoracosternotomy), Material (Stainless Steel, Peek, Titanium) - Global Forecast to 2023", published by MarketsandMarkets™, the global sternal closure systems market is projected to reach USD 2.61 Billion by 2023 from USD 2.02 Billion in 2018, at a CAGR of 5.2% during the forecast period.

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Factors such as technological advancements in sternotomy techniques, increasing target patient population coupled with the subsequent increase in the number of surgical procedures, and growing availability of medical reimbursements across major markets are expected to drive the demand for sternal closure systems during the study period.

Based on product, the closure devices segment is expected to register the highest growth rate during the forecast period

Based on product, the sternal closure systems market is divided into closure devices and bone cement. Among these segments, closure devices are expected to grow at the highest CAGR during the forecast period. Factors such as increasing number of complex cardiovascular surgeries and growing availability of medical reimbursements across developed markets are expected to drive the growth of the closure devices segment in the next five years.

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Based on procedure, the median sternotomy segment is estimated to be the largest segment of the market in 2018

The sternal closure systems market is segmented by procedure into median sternotomy, hemisternotomy, and bilateral thoracosternotomy. The median sternotomy segment is expected to account for the largest share of the sternal closure systems market in 2018, owing to rising number of critical patients suffering from cardiovascular diseases.

Based on material, the titanium material segment is expected to register the fastest growth rate in the forecast period

Based on material, the sternal closure systems market for closure devices is classified into stainless steel, PEEK, and titanium products. The titanium products segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increased market focus on titanium products due to the associated advantages and economies-of-scale, growing number of clinical research studies to evaluate the clinical efficacy of these products during sternal closure, and increased commercialization of titanium-based sternal closure systems across developed countries.

In 2017, North America accounted for the largest share of the sternal closure systems market

Geographically, the sternal closure systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2017. The presence of a large patient population accompanied by a well established medical reimbursement policy is expected to drive the growth of this region.

As of 2017, the major players in the sternal closure systems market are DePuy Synthes (US), Zimmer Biomet Holdings (US), and A&E Medical (US). Other players in this market include KLS Martin Group (US), Orthofix International N.V. (US), ABYRX (US), Acute Innovations (US), Kinamed Incorporated (US), Praesidia Srl (Italy), and IDEAR S.R.L. (Argentina) among others.