According to the new market research report 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. The factors driving
the growth of this market are the 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.
The
analysis of the market developments between 2014 and 2018 revealed that
several growth strategies such as product launches, mergers, and
acquisitions were adopted by market players to strengthen their product
portfolios and maintain a competitive position in the sternal closure
systems market. Among these business strategies, mergers and
acquisitions were the most widely adopted growth strategies.
As of
2017, DePuy Synthes (a part of Johnson & Johnson) (US) is the key
manufacturer of the sternal closure products and has a strong position
across developed markets such as the US, Germany, and Canada. The
company offers two sternal closure products (namely Sternal ZIPFIX and
Titanium Sternal Fixation System) for primary or secondary
closure/repair of the sternum. The company focuses on R&D activities
to maintain its product portfolio. To ensure the development of new
products, the company invested USD 9.10 billion in 2016 and USD 10.55
billion in 2017 in R&D activities.
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As
of 2017, Zimmer Biomet (US) is considered a global leader in
musculoskeletal healthcare and is one of the leading providers of
sternal closure systems in the market. The company’s sternal closure
system—SternaLock provides benefits such as increased stability, greater
strength, and reduced sternal separation. It also provides additional
benefits like a shorter hospital stay, lower risk of bleeding, and
shorter recovery time for patients. The company is continuously focusing
on research and development activities to expand its product platforms
and integrate unique technologies into surgical solutions.
A&E
Medical (US) secured the third position in the global sternal closure
systems market in 2017. The company manufactures and distributes
high-quality products manufactured in the US. The company offers a rigid
fixation system consisting of plates and screws, as well as the
traditional wire system for sternal closure. The company is focusing on
acquisitions as its growth strategy to enhance its position in the
global market. In line with this trend, in 2016, the company acquired
Medical Concepts (Netherlands). With this acquisition, A&E Medical
increased its product portfolio of single-use medical products and
extended its geographical footprint in the European market.
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