The Argentina Artificial Organs & Bionic Implants Market is expected to grow with a CAGR of 11.54% in the forecast period. The growth of the market in the country has been attributed to the increasing incidence of disabilities and organ failures coupled with the aging population and the increasing technological advancements.
According to Ministerio de Transporte (Argentina), 2019, Argentina has registered 122,885 road traffic accidents of which nearly 39,700 occurred in the region of Buenos Aires and 11,585 road accidents in Santa Fe province. In addition, the majority of the road traffic accidents that occurred in the country in 2018 were attributed to collision or crash. Therefore the increasing number of road accidents is expected to create more demand for artificial organs & bionic implants.
In addition, the high cost of the organs and the procedures is a major constraint. The high cost of these organs is due to the production policies to address the patients, taxpayers, and medical technology corporations.
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Key Market Trends
Cardiac Bionics Segment is Expected to Have a Highest Growth Rate in the Forecast Period
Cardiac bionics is expected to show a high growth rate that is attributed to the increasing prevalence of cardiovascular diseases and the increasing geriatric population in the country. According to an article published by Rafael Diaz in 2019, cardiovascular disease is the leading cause of death with 30% in the country and ischemic heart disease is the condition with the highest morbidity and mortality. Furthermore, according to the study the prevalence of risk factors like overweight, obesity, Diabetes Mellitus is increasing which in turn increases the incidence of cardiovascular disease. Moreover, the growing geriatric population is also boosting the patient pool and segment growth.
The Argentina Artificial Organs & Bionic Implants Market is moderately competitive with several major players. The global enterprises are competing with each other on various fronts, such as the introduction of new products, increasing geographical penetration, and enhancing distribution channels. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments.
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