The global sternal closure systems market revenue is expected to reach USD 3,323.4 million by 2030, exhibiting a CAGR of 5.2% during 2022–2030. This can be attributed to the growing population of senior citizens and robust pace of technological advancements, which is resulting in the rising frequency of product launches by the top players.
Furthermore, there has been an increase in the count of surgical procedures carried out globally, which is why the demand for the associated tools has skyrocketed. Additionally, due to the inadequate nutrition and inactive lifestyles of senior citizens, they are highly susceptible to chronic ailments.
In addition, the rising consumption of alcohol, inactive lifestyles, usage of cigarettes, and poor eating habits are all leading to an increase in the prevalence of heart problems among younger people too worldwide. As a result, the number of surgeries is growing, which will accelerate the usage of these instruments during the next few years.
Moreover, the ballooning prevalence of non-infectious diseases has led to an increase in the government expenditure on public healthcare infrastructure, which will propel the number of these procedures and act as a key contributor to the advance of the industry.
On the basis of material, titanium held the largest revenue share, over 45%, in 2022. The reason behind this dominance is the innumerable benefits offered by this metal, such as biocompatibility, ability to efficiently join human bones, and resistance to corrosion. In addition, the non-ferromagnetic quality of this material enables patients with titanium implants to be safely scanned during an MRI.
Additionally, the economic viability amidst the requirement for cost-effective surgeries in both developed and developing regions is predicted to support the penetration of advanced titanium-based closure systems, including clips and plates. These factors, along with the high efficacy, non-toxic nature, and stability of products made of this metal, are contributing to the preference for this metal. Furthermore, the rapid global commercialization of closure systems made of this metal will propel the growth of the sector.
Polyether ether ketone is expected to display the highest CAGR, over 6%, throughout the projection period. This is owing to the significant growth in R&D investments for technological enhancements by the pioneers in this field. In addition to this, PEEK products can be implanted easily, and they do not show any harmful side-effect.
According to the regional analysis, APAC will grow at the highest CAGR, over 7%, throughout the forecast time frame. This is because the major companies are strongly focusing on increasing their presence in this region as well as on the commercialization of their products in a reasonable price range.
Additionally, the region's market growth will be fueled by the rising healthcare spending and infrastructure development, as well as the increasing awareness about heart ailments and treatment options. This can itself be credited to the rise in the incidence of several non-communicable and communicable diseases, which has led to the growth in the expenditure on medical facilities by governments. In addition, the top Players are focusing on research and development to offer advanced products in this region.
Key players in the market include Zimmer Biomet Holdings Inc., Johnson & Johnson, KLS Martin Group, B. Braun Melsungen AG, Kinamed Incorporated, GE Healthcare, Stryker Corporation, and Teleflex Incorporated.