Sternal Closure Systems Market – Top Players and Growth Strategies

The global sternal closure systems market
is estimated to be valued at USD 2.02 Billion in 2018 and is projected
to reach USD 2.61 Billion by 2023, at a CAGR of 5.2%. 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.

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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.

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.

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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.