The Spain artificial organs & bionic market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing innovation in the healthcare technologies, rising incidence of disorders, and growing number of accidents & injuries in the country.
Artificial organs and bionics are man-made devices or tissue that can be implanted or integrated into the human body. These devices provide support for the purpose of restoring specific function or a group of related functions. Artificial organs are mechanical devices that can temporarily or permanently substitute a body organ. Bionics refers to the replacement or improvement of body parts.
Increasing R&D activities in areas of vision, bladder, kidney and brain is anticipated to boost the market growth. Ongoing research focuses on restoring short-term memory in accident victims and long-term memory in dementia patients. Cardiovascular-related artificial organs are implanted in the patient whose heart valves, and other circulatory systems don’t function properly.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing incidence of disabilities and organ failures is estimated to foster the market expansion during the forecast period.
- Rising medical tourism in Spain is projected to drive the market growth.
- Growing number of patients that are undergoing medical treatment for cardiac and renal surgeries is expected to proliferate the growth of the market.
- Increasing awareness programs about bionics and artificial organs can positively influence the market growth during the forecast period.
- Lack of availability of potential organs to transplant can hinder the market growth during the forecast period.
- Limited reimbursement schemes, lack of surgical expertise, and high cost of transplant can impede the market growth in the projected timeline.
- The COVID-19 pandemic had negatively impact the market growth owing to increasing burden on the healthcare industry. However, the declining cases and improvement in reimbursement scenario are expected to stimulate the growth of the market.
- Ongoing R&D investments and increasing technological advancements are speculated to boost the healthcare expenditure and emergence of new healthcare facilities. This, in turn, is expected to fuel the growth of the Spain artificial organ bionic implants market.
Scope of the Report
The report on the Spain artificial organ & bionic implants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Spain Artificial Organ & Bionic Implants Market -Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Artificial Organs [Artificial Heart, Artificial Kidney, and others] and Bionics [Vision Bionic, Ear Bionic, Orthopaedic Bionic, Cardiac Bionics, and Others
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Geographic Zone
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Spain
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Medtronic plc, Zimmer Biomet, Boston Scientific Corporation, Sonova Holding AG(Advanced Bionics), and Otto Bock Holding GmbH & Co. KG
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Spain Artificial Organ & Bionic Implants Market Segment Insights
Bionic segment is projected to constitute a large market share
On the basis of products, the market is bifurcated into artificial organs and bionics. The artificial Organs segment is further divided into artificial heart, artificial kidney, and others. On the other hand, the bionics segment is classified as vision bionic, ear bionic, orthopaedic bionic, cardiac bionics, and others. The bionics segment is expected to account for a key market during the forecast period. Increasing prevalence of cardiovascular diseases and growing geriatric population are expected to propel the segment growth. Moreover, rising awareness about the benefits of bionic and increasing adoption of non-invasive surgeries are driving the growth of the bionics segment.
The artificial organs segment is anticipated to grow at a healthy rate during the forecast period. Increasing awareness about the benefits of artificial organs and growing innovation in the development of artificial organs to reduce costs and improve the efficiency are positively influencing the segment growth.
Segments
The Spain artificial organ & bionic implants market has been segmented on the basis of
Products
- Artificial Organs
- Artificial Heart
- Artificial Kidney
- Others
- Bionics
- Vision Bionic
- Ear Bionic
- Orthopaedic Bionic
- Cardiac Bionics
- Others
Country
Key Players
- Medtronic plc
- Zimmer Biomet
- Boston Scientific Corporation
- Sonova Holding AG(Advanced Bionics)
- Otto Bock Holding GmbH & Co. KG
Competitive Landscape
Key players competing in the Spain artificial organ & bionic implants market include Medtronic plc, Zimmer Biomet, Boston Scientific Corporation, Sonova Holding AG(Advanced Bionics), and Otto Bock Holding GmbH & Co. KG.
The strategies implemented by the market players include agreements, collaborative models, business expansion, and product developments.
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