Europe Artificial Organs & Bionics Market Outlook 2031:
The Europe artificial organs & bionics market size was valued at USD 27.79 Billion in 2022 and is projected to reach USD 62.38 Billion by 2031, expanding at a CAGR of 9.4% during the forecast period 2023 - 2031. The growth of the market is attributed to growing incidence of renal diseases, acute renal failure, and the increasing organ failure due to ageing population.
Artificial organs are implanted in the body to replace the original organs if the natural organ fails or if any organ is destroyed by an external source such as an accident. Excessive blood loss, substance misuse, major trauma, and other acute illnesses are among the most common causes of organ failure. Furthermore, lifestyle problems such as poor eating habits, smoking, drinking too much alcohol, and not exercising enough are also important causes of organ failure.
Implantable devices with mechanical and electrical components are referred to as bionic implants. They may be divided into two categories biology and electronics. Additionally, there are enhanced robotic technologies. Artificial implants imitate the function of a missing or non-functional bodily component, such as a leg or an eye.
The Covid-19 pandemic affected the demand and supply of Europe artificial organs & bionics market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Artificial Organs & Bionics Market Trends, Drivers, Restraints, and Opportunities
- Growing incidence of renal diseases is projected to fuel the market during the forecast period.
- Increasing elderly population is key factor propelling the market in the coming years.
- Fear of device malfunction is estimated to hamper the market expansion.
- Risk of wearable artificial organ compatibility and their repercussions act as major challenge that can restrict the market expansion in the coming years.
- R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.
Scope of the Artificial Organs & Bionics Report
The report on the Europe artificial organs & bionics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Europe Artificial Organs & Bionics Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
|Product (Artificial Organs and Bionics)
|Germany, United Kingdom, France, Italy, Spain, and Rest of Europe
|Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|Key Players Covered in the Report
|Medtronic plc; Zimmer Biomet; Boston Scientific Corporation; Otto Bock Holding GmbH & Co. KG; Sonova Holding AG (Advanced Bionics)
Artificial Organs & Bionics Market Segment Insights
The cardiac bionics segment is projected to hold a major market share
Based on products, the Europe artificial organs & bionics market is divided into artificial organs and bionics. The cardiac bionics segment is expected to represent a key share of the market during the forecast period. Heart valves, ventricular assist devices, pacemakers, and other cardiac bionics are examples of cardiac bionics.
The segment's rapid rise is attributed to rising frequency of cardiovascular illnesses and the country's growing senior population. According to the European heart network, cardiovascular disease (CVD) kills 3.9 million people in Europe each year, with over 1.8 million people dying in the EU. AIDS, TB, and malaria together cause 46 times the amount of fatalities and 11 times the illness burden in Europe.
Germany is expected to dominate the market
On the basis of geography, the Europe artificial organs & bionics market is classified as Germany, United Kingdom, France, Italy, Spain, and Rest of Europe. Germany is anticipated to dominate the market during the forecast period.
This is due to the region's vast technical developments and awareness of bionics and artificial organs' potential advantages.
The Europe artificial organs & bionics market has been segmented on the basis of
- Artificial Organs
- United Kingdom
- Rest of Europe
Key players competing in the Europe artificial organs & bionics market include Medtronic plc, Zimmer Biomet, Boston Scientific Corporation, Otto Bock Holding GmbH & Co. KG, Sonova Holding AG (Advanced Bionics).
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.