In 2019, Europe was the second-largest region in the global artificial organs and bionics market. Between 2023 to 2028, the European artificial organs and bionics market is forecasted to grow at a CAGR of 8.90%. This market was worth USD 6.52 Billion in 2023 and predicted to grow USD 9.99 Billion by 2028.
The last few years have seen technological innovations in the medical bionic implant industry. Newer, safer, and more effective products contribute to the widespread adoption of medical bionics by physicians. The rising prevalence of kidney disorders, acute kidney failure, and increasing organ failure due to the aging population drive the market in this region. Rapid involvement in the field of biomedical sciences has made organ transplantation a common practice. According to estimates by the British Heart Foundation, in 2019, around 7.3 million people were living with heart and circulatory disease in the UK and healthcare costs related to heart and circulatory disease were estimated at 9.2 million thousand GBP every year. Therefore, the increasing prevalence of chronic diseases helps stimulate the demand for artificial and bionic organs.
Moreover, the evolution of bionic orthopedics, bionic eye, and the exoskeleton is driving the market growth. According to the European Heart Network, cardiovascular disease (CVD) is responsible for 4.1 million deaths each year in Europe and more than 2.1 million deaths in the European Union. Death rates from ischemic heart disease (IC) and stroke usually are higher in central and eastern Europe than in northern, southern, and western Europe. Cardiovascular disease causes 45 times the number of deaths and 12 times the loaf of disease caused by AIDS, tuberculosis, and malaria merged in Europe. Therefore, with this substantial patient population, cardiac bionics and artificial heart call are anticipated to rise during the forecast period.
However, elements such as fear of device breakdown, risk of compatibility with artificial organs, and its outcomes, among others, may affect the development of the market. These implants are also expensive, which has also been a limiting factor for the market's growth.
This research report on the Europe Artificial Organs and Bionics Market has been segmented and sub-segmented into the following categories:
By Fixation Type:
Europe is the second biggest market in terms of market share across the globe. There is a high demand from the patients for organ transplantation surgery, whereas the donors' availability to fulfill this demand is low. Due to this factor, the market is experiencing fair growth in Europe. The growth of the market in the country can be attributed to the increasing incidence of disabilities, organ failure, and organ donor shortage. The European market for artificial and bionic organs is expected to experience a phase of constant growth due to several factors affecting the health sector, such as the concentration of public spending in the health sector, mainly on research and development. Public health expenditure in the EU was recorded at USD 1,312,214 million, or around 8.1% of GDP in 2019. Europe's GDP growth rate was recorded at 2.4% in 2019, higher than the 1.9% recorded in 2018. Healthcare spending was the highest in Germany, France, and Sweden relative to their GDP, and Germany recorded the highest healthcare spending with $ 398.42 billion in 2018. In 2019, the EU region recorded health expenditure of around 9.7% of its GDP. The population growth rate in the EU-28 was slightly high, with population growth from 51,38,48,812 people in 2013 to 52,14,63,312 people in 2019. Life expectancy had improved slightly, and it was estimated at 82.8 years in 2019.
Moreover, since 2005, an escalation in the number of doctors per capita has been observed. An increase in public health expenditure as a percentage of GDP over the next decade. With many health policies of EU governments taking center stage in recent years, habits such as smoking and alcohol consumption have declined, and lifestyle-related diseases such as obesity were more prevalent among the country's least educated population.
Prominent Companies dominating the Europe Artificial Organs and Bionics Market Profiled in the Report are Orthofix International N.V., Biomet, Inc., Medtronic, Inc., Cochlear Ltd., Second Sight Medical Products, Inc., Ossur, Ekso Bionics, St. Jude Medical, Inc., Baxter International, Inc., Abiomed Inc., Asahi Kasei Medical Co., Ltd, Berlin Heart GmbH, Boston Scientific Corporation, F Hoffman-La Roche Ltd, Worldheart Corporation, Thoratec Corporation, Gambro AB, Lifenet Health, Jarvik Heart Inc.
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