The Spain Artificial Organs & Bionic Implants Market is expected to grow with a CAGR of 11.64% in the forecast period. The growth of the market in the country can be attributed to the increasing incidence of disabilities and organ failures and increasing medical tourism. Furthermore, the technological advancements in the country are also found to boost the market growth.
Apart from the countries patients, the medical department of Spain treats many other patients as medical tourism is growing its roots in Spain. As the visitors for medical treatment for cardiac and renal surgeries are increasing in number the demand for artificial organs and bionic implants also increases.
Key Market Trends
Cardiac Bionics Segment is Expected to Have a Highest Growth Rate in the Forecast Period
The cardiac bionics segment is expected to show a high growth that is attributed to the increasing prevalence of cardiovascular diseases, increasing geriatric population in the country that helps in the overall market growth.
According to an article published by Héctor Bueno, Beatriz Pérez-Gómez in the journal Circulation, 2019 edition, stated that cardiovascular disease is the number one cause of death in Spain leading to 120,000 deaths every year. Thus, owing to the large patient pool of cardiac diseases and benefits associated with bionics, the segment is expected to grow over the forecast period.
Competitive Landscape
The Spain 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. Some of the major players in the market include Otto Bock Holding GmbH & Co. KG, Medtronic plc, Sonova Holding AG, Boston Scientific Corporation etc.
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