The Netherlands artificial organs & bionic implants market size is anticipated to expand at a substantial CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing prevalence of disabilities and organ failures and rising healthcare expenditure.
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Artificial organs comprise complex medical devices that have active mechanical or biochemical functions. Heart, lungs, kidneys, liver, pancreas, and neurosensory organs are available in form of artificial organ. These organs can be either surgically implanted or extracorporeal. The latter is a medical procedure where blood is temporarily processed outside the patient's body.
Bionic implants refer to electronic or mechatronic parts that augment or restore physical functionality to a differently abled person. The bionics industry has expanded across four major application areas that are vision, hearing, orthopedics and cardiac implants.
In the Netherlands, ischemic heart disease is found to be the leading cause of death. Based on data from the European Health Interview Survey (EHIS), one in six people in the Netherlands lives with hypertension, which is a major risk factor for cardiovascular disease. Cardiovascular diseases are found to have a major share in the deaths in the country. Increasing prevalence of cardiovascular disease patients and increasing demand for cardiac bionics are boosting the market growth.
Market Trends, Drivers, Restraints, and Opportunities:
- Growing technological advancements and increasing awareness about bionics and artificial organs are driving the market growth.
- Increasing number of accidents and injuries leading to amputations is anticipated to augment the Netherlands artificial organs & bionic implants market growth.
- Limited surgical expertise and high cost for development of bionic implants and artificial organs can restrain the growth of the market.
- High cost of devices that are used to make and implant these implants and artificial organs and uncertain reimbursement scenarios in the country can hinder the market growth.
- Rising trend of improving income levels is expected to propel the market growth.
- Increasing number of government initiatives to proliferate the development of the healthcare industry and rising investment of the government state bodies in the industry are expected to create lucrative opportunities during the forecast period.
Netherlands Artificial Organs & Bionic Implants Market Segment Insights:
Bionics segment to grow at a rapid pace
Based on products, the market is divided into artificial organs and bionics. The artificial organs segment is further divided into artificial heart, artificial kidney, and others. On the other hand, the bionics segment is segregated into vision bionics, orthopedic bionic, cardiac bionics, and others. The bionics segment is anticipated to account for a key share and is anticipated to grow at a steady rate due to the increasing number of knee replacement and hip replacement surgeries that are taking place in the country. Moreover, rising geriatric population is expected to contribute to the segment growth due to increasing joint replacements requirements among elderly patients.
Competitive Landscape
The major players of the market are Orthofix International N.V, Boston Scientific Corporation, Otto Bock Holding GmbH & Co. KG, Medtronic plc, Reboocon Bionics B.V., and Ossur hf.
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