Smart Implants Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The smart implants market size has grown rapidly in recent years. It will grow from $3.83 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to improved healthcare infrastructure, expansion of pharmaceutical and biotechnology companies, rise in prevalence of orthopedic diseases, rise in prevalence of chronic ailments, growth in the healthcare spendings.
The smart implants market size is expected to see rapid growth in the next few years. It will grow to $8.31 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to growing demand for minimally invasive procedures, rising incidence of accidents or sports injuries, growing awareness and education about smart implants, increasing awareness of personalized medicine, rising public awareness about the benefits of smart implants. Major trends in the forecast period include technological advancement, adoption of smart surgical methodologies in dentistry, product innovation, blockchain technology, wireless connectivity.
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Scope Of Smart Implants MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Implants Market Overview
Market Drivers -The growing demand for minimally invasive procedures is expected to propel the growth of the smart implant market going forward. Minimally invasive procedures are medical operations that cause the least disruption to the body’s standard structure and function, resulting in less stress on surrounding tissues and faster recovery times. The demand for minimally invasive procedures is rising due to less pain and discomfort, minimal scarring, and a reduced risk of complications. The smart implants play a crucial role in advancing the field of minimally invasive surgery by providing real-time feedback, enhancing precision and accuracy, enabling remote control and adjustment, facilitating data integration and analysis, and supporting improved patient monitoring and recovery. These capabilities contribute to safer, more effective, and patient-centered minimally invasive procedures across various medical specialties. For instance, in August 2023, according to The Aesthetic Society, a US-based organization devoted entirely to aesthetic plastic surgery and cosmetic medicine, Americans spent over $11.8 billion on minimally invasive procedures (aesthetic procedures) in 2023, an increase of 2% from the previous year. Therefore, the growing demand for minimally invasive procedures is driving the growth of the smart implant market.
Market Trends – Major companies operating in the smart implant market are focused on developing innovative products, such as smart knee implants, to improve post-operative recovery, reduce implant failure rates, and increase overall patient satisfaction. Smart knee implants are total knee replacement implants that use embedded sensor technology to offer real-time data and monitoring of the patient’s rehabilitation and implant function following surgery. For instance, in August 2021, Zimmer Biomet Holdings, Inc., a US-based medical technology company, and Canary Medical, a Canada-based medical data company, launched Persona IQ, the world’s first and only smart knee for total knee replacement surgery approved by the U.S. Food and Drug Administration (FDA), a federal agency of the Department of Health and Human Services. The Persona IQ smart knee implant introduces a groundbreaking method for physicians to track and support patients closely after total knee replacement surgery.
The smart implants market covered in this report is segmented –
1) By Type: Orthopedic Implants, Cardiovascular Implants, Dental Implants, Cosmetic Implants, Other Types
2) By Surgery: Open Surgery, Minimally Invasive Surgery
3) By Application: Knee And Hip Arthroplasty, Spine Fusion, Stents, Intraocular Lens, Pacing Devices
4) By End-User: Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Other End-Users
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Regional Insights – North America was the largest region in the smart implants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the smart implants market are Johnson & Johnson Services Inc., Abbott Laboratories , Medtronic plc, Stryker, Boston Scientific Corporation, Zimmer Biomet, Terumo Corporation, Smith & Nephew plc, Biotronik, Integra LifeSciences, Cochlear Ltd., CONMED Corporation, Globus Medical Inc., Penumbra Inc., Orthofix Medical Inc., Nevro Corp., Exactech Inc., IQ IMPLANTS USA, Senseonics, Canary Medical Inc., Aleva Neurotherapeutics SA, Intelligent Implants, Rejoint srl, DirectSync Surgical, Smart Implant Solutions
Table of Contents 1. Executive Summary2. Smart Implants Market Report Structure3. Smart Implants Market Trends And Strategies4. Smart Implants Market – Macro Economic Scenario5. Smart Implants Market Size And Growth…..27. Smart Implants Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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