Sternal Closure System Market Size was valued at USD 2,371.9 million in 2021 and is expected to reach a value of USD 3,404.8 million by 2028, growing at a CAGR of 5.3% during the forecast period 2022-28. Sternal closure devices are orthopedic devices used to stabilize and secure the sternum following a sternotomy. Sternotomy is a surgical operation that opens the chest cavity to access the organ beneath the breastbone or sternum. This type of cardiac surgery is mainly used to treat and manage cardiovascular disease. However, sternotomy is also used to treat trauma caused by accidents. The rising frequency of cardiovascular illness and road accident cases has resulted in an increase in the number of open-heart surgeries and sternotomy procedures worldwide. This aspect is expected to significantly increase the use of sternal closure devices in the future and thus push sternal closure system market growth in the foretell period. The global sternal closure systems market is influenced by several aspects, the most important of which is the global growth in cardiovascular illnesses (CVD). The prevalence of cardiovascular disease is likewise rising. According to the World Health Organization (WHO), CVD kills around 71.9 million individuals worldwide. The rise in open heart surgeries has fueled demand for such devices in recent years. This is expected to reflect in the growth of sternal market closure market size. According to the Warren Alpert Medical School of Brown University, over 500,000 open heart procedures are conducted in the United States each year. The increasing prevalence of open-heart surgeries is likely to drive the demand for sternal closure products in the future years. Further, the sternal closure system market overview gives us the projection of the possible restraining factors for the market to grow as expected. Scientific progress has resulted in significant technological innovation in cardiovascular surgery. In the treatment and management of chronic diseases, minimally invasive and non-invasive operations are increasingly being used. According to the Texas Heart Institute, around 200,000 minimally invasive coronary bypass procedures are conducted in the United States each year. This rising trend of minimally invasive surgeries, combined with an increasing number of surgical procedures, is expected to have a negative impact on the sternal closure system market growth. Minimally invasive operations include fewer problems, shorter recovery times, and shorter hospital stays.
Key Developments in Sternal Closure System Market:
In January 2022, CircumFix Solutions, a Tennessee-based start-up that has created a new sternal closure device to aid patient recovery following open chest surgery, received funding from Evonik Venture Capital.
In June 2021, Valkyrie Thoracic Fixation System was released by Able Medical Devices. It was the first single-use radiolucent plating system developed to span the osteotomy and close the sternum during open heart surgery.