Europe Artificial Organ And Bionics Market Size, Share & Industry Trends Analysis Report By Product (Artificial Organs and Artificial Bionics), By Technology (Mechanical and Electronic), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Europe Artificial Organ And Bionics Market would witness market growth of 9.1% CAGR during the forecast period (2022-2028).
Artificial legs and arms, or prosthetics, are designed to provide amputees a semblance of normal function. Since prehistoric times, mechanical aids that enable amputees to regain their ability to walk or use two hands have likely been in use, with the peg leg being the most known example. Since then, artificial limb technology has advanced quickly. Artificial limbs can now be made out of stronger and lighter materials, like carbon fiber and new polymers, which reduces the amount of additional energy required to operate the limb. Artificial limbs now look considerably more realistic due to the addition of new materials.
Cardiovascular disorders are rapidly increasing in the region. According to the National Library of Medicine, in Europe, cardiovascular disease is already responsible for 4 million deaths each year. In the worst-affected nations of the European Union, central and eastern Europe has the highest rate of heart disease-related mortality. Heart disease has a significant negative impact on the economies of Europe. The annual cost of treating cardiovascular illness by EU governments was projected to be 74 billion euros at the campaign's summit this week in Brussels. Additional expenses brought on by decreased output and the financial consequences of illness and death total another 106 billion euros.
The statistics from the organization also highlight the fact that risk factors like obesity and diabetes are becoming more common across Europe. According to a 1997 poll conducted across the European Union, between 27 and 35% of people were overweight, while between 7 and 12% (in Italy, France, and the United Kingdom) were obese. Smoking continues to raise concerns because it contributes to 22% of male and 4% of female cardiovascular disease fatalities in Europe. In northern, southern, as well as western Europe, trends over the past 20 years indicate that the habit is dropping among males. However, in certain nations, women are now smoking almost as much as men, and teen tobacco use appears to be on the rise. Due to these factors, the demand for heart transplant surgeries in the region is being propelled. This factor would expedite the growth of the regional artificial organs and bionics market.
The Germany market dominated the Europe Artificial Organ And Bionics Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,607 million by 2028. The UK market is anticipated to grow at a CAGR of 8.2% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 10% during (2022 - 2028).
Based on Product, the market is segmented into Artificial Organs (Kidney, Heart, Lungs, Liver, and Pancreas) and Artificial Bionics (Cochlear Implant, Bionic limbs, Exoskeleton, Vision bionics, and Brain bionics). Based on Technology, the market is segmented into Mechanical and Electronic. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abiomed, Inc., Berlin Heart GmbH, Zimmer Biomet Holdings, Inc., Boston Scientific Corporation, Cochlear Ltd., Ekso Bionics Holdings, Inc., Jarvik Heart, Inc., Medtronic PLC, iWALKFree, Inc., and Edwards Lifesciences Corporation.
Scope of the Study
Market Segments Covered in the Report:
- Artificial Organs
- Artificial Bionics
- Cochlear Implant
- Bionic limbs
- Vision bionics
- Brain bionics
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- Abiomed, Inc.
- Berlin Heart GmbH
- Zimmer Biomet Holdings, Inc.
- Boston Scientific Corporation
- Cochlear Ltd.
- Ekso Bionics Holdings, Inc.
- Jarvik Heart, Inc.
- Medtronic PLC
- iWALKFree, Inc.
- Edwards Lifesciences Corporation
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