The Europe Artificial Organs & Bionic Implants Market is expected to grow with a CAGR of 3.2% in the forecast period. The growth of the market in the country can be attributed to the increasing incidence of disabilities, organ failures, and scarcity of donor organs.
Moreover, the rising prevalence of renal disorders, acute renal failure, and the increase in organ failure due to the aging population are some more factors driving the market in this region. rapid involvement in the field of biomedical science has enabled organ transplantation a common practice. According to the estimates of the British Heart Foundation, in 2018, there were around 7 million people living with heart and circulatory diseases in the United Kingdom, and healthcare costs relating to the heart and circulatory diseases were estimated at GBP 9 billion each year. Therefore the increasing prevalence of chronic diseases helps in fueling the demand for artificial organs and bionics. In addition, development in bionic orthopedics, bionic eye, and exoskeleton is fueling the market growth.
Key Market Trends
Cardiac Bionics Segment is Expected to Have a High Growth Rate During the Forecast Period
Cardiac bionics consist of heart valves, ventricular assisted devices, pacemakers, others. The high growth rate of the segment is attributed to the increasing prevalence of cardiovascular diseases, increasing geriatric population in the country. According to European Heart Network, each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union. Death rates from both ischaemic heart disease (IHD) and stroke are generally higher in Central and Eastern Europe than in Northern, Southern, and Western Europe. CVD causes 46 times the number of deaths and 11 times the disease burden caused by AIDS, tuberculosis, and malaria combined in Europe. Therefore with this huge patient population, the demand for cardiac bionics and artificial heart is expected to rise in the forecast period.
The Europe Artificial Organs & Bionic Implants Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Most of the market players are focusing on bringing technologically advanced products in the market to acquire the maximum market share.
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