The Europe artificial organs & bionics market size is projected to register a substantial CAGR during the forecast period, 2021–2028. 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.
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.
Attributes | Details |
Report Title | Europe Artificial Organs & Bionics Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Product (Artificial Organs and Bionics) |
Geographical Scope | Germany, United Kingdom, France, Italy, Spain, and Rest of Europe |
Report Coverage | 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) |
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.
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
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.
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