Demand For Smart Implants Is Anticipated To Surpass US$ 22.2 Billion By 2032-End

Latest market analysis by Fact.MR, a global market research and competitive intelligence provider, reveals that the smart implants market experienced unparalleled growth at a CAGR of 19.9% over 2017-2021. This high growth can be attributed to the entry of numerous novel smart implants, expanding their application into various domains.

Growing diabetic population has increased the demand for frequent glucose-level checks, which was sufficed with wearable sensors that lasted 5-10 days. Introduction of implantable sensors that last for almost 6 months with better accuracy has revolutionized the diabetes care market. Increasing adoption of implantable-continuous glucose monitors (I-CGM) is propelling smart implants market growth.

The global smart implants market is expected to explode at a CAGR of 19% over the assessment period. Growing prevalence of chronic diseases among the adult population is driving the need of constant health monitoring and long-term therapeutics. Smart implants have come to the rescue with in-built sensors to continually assess body parameters and external connectivity to customize settings specific to patients.

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Why is Demand for Smart Implants Surging across the World?

“Need for Personalized Treatment Propelling Use of Smart Implants” 

Smart implants are not only used for continuous internal diagnosis, but their external connectivity feature enables therapy customization according to the need.

Remote access to internal diagnosis helps patients and health workers personalize the therapy from a distance or over video calls. With digitalization transforming the smart medical implants market, the remote monitoring aspect of smart implants will not only reduce the frequency of in-person consultation but also gain patients’ confidence of control, thereby driving market growth.

“Mounting Technological Advancements to Drive Product Market”

Technology advancements in orthopedic smart implants are likely to be a factor propelling product market growth. Improvements in computer technology and implant designs have paved the way for the growth of non-invasive smart implants.

Scientific innovations have aided size reduction and improved connectivity in medical devices, increasing the compatibility of smart implants. Steady progressions in smart sensor technology has increased the accuracy of devices when placed inside the body. Consequently, enhanced feasibility and reliability of smart implants is propelling demand increase.

Why is Demand for Smart Implants So High in North America?

North America accounted for the largest market share in the global smart implants market with 41.2% in 2021. The regional market is expected to continue its dominance over the forecast period by expanding at a CAGR of 18.4%.

North America houses the headquarters of several medical device market leaders and is a pioneer in medical device technologies, which is a key reason for its dominance in the smart implants market. Additionally, increasing expenditure in healthcare has boosted research and development in the field, and has made luxury medical implants more accessible and affordable across the region.

What Opportunities Will the U.S. Offer Smart Implant Manufacturers?

The United States is the established leader of the global medical device market. This trend aligns for the global smart implants market as well. The U.S. is expected to ascribe for 31.8% of the global smart implants market share in 2022, and is forecast to surge at a CAGR of 17.9% over the assessment period.

Rising number of leading manufacturers pitching in the market will enhance the sales of smart implants in the U.S.

Which Use Case of Smart Implants is Most Popular?

Under the use case segment, the smart implants market is segmented into cardiac rhythm management, arthroplasty, neuromodulation, continuous glucose monitoring, hearing, and other product types.

Early advancements in cardiac rhythm management devices have guided rapid inclination towards smart implants in the field. However, robust studies assessing the use of smart implants in orthopaedic surgeries and fixations are promising rapid amplification of smart implant usage in arthroplasty and other bone fixation procedures.

Neuromodulation is another key contributor to the growth of the smart implants market. Studies have supported the use of neuromodulation in depression management and treatment of spinal cord diseases. Deep brain stimulation has implications in personalized therapies for epilepsy and Parkinson’s disease.

Artificial intelligence in amalgamation with neuromodulation can help understand the behavioral pattern of patients to treat them accordingly. These benefits will lead to unmatched growth of the smart implants market ahead.

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Competition Landscape

Key manufacturers of smart implants are Abbott, Medtronic, Boston Scientific Corporation, Nevro Corporation, Biotronik, Zimmer Biomet, and Cochlear Ltd.

The global smart implants market is strictly consolidated with each player competing to secure dominance. One of the key approaches adopted by global leaders is increased investments in R&D to establish brand identity with breakthrough products.

Manufacturers are seeking on-field guidance by collaborating with hospitals and understanding the needs and challenges of patients to customize product development. Several partnerships with ICT industries are also established to guide medical technology development.

  • InApr 2022, Medtronic & GE healthcare collaborated to understand the unique requirements and ultimatum for care at Ambulatory Surgery Centers (ASCs) and Office-based Labs (OBLs).
  • In Aug 2020,Senseonics collaborated with Ascensia Diabetes Care, providing it the exclusive distributor rights across the globe. Ascensia Diabetes Care markets its product in more than 125 countries, and will commercialize the Senseonics’ Eversense® CGM systems.

Key Segments of Smart Implants Industry Survey

Smart Implants Market by Implant :

  • Pacemakers
  • CRTs
  • ICDs
  • Knee Replacement
  • I-CGM
  • Cochlear Implants
  • Sacral Neuromodulators
  • DRG Neurostimulators
  • Spinal Cord Stimulators
  • Others

Smart Implants Market by Use Case :

  • Cardiac Rhythm Management
  • Arthroplasty
  • Neuromodulation
  • Continuous Glucose Monitoring
  • Hearing
  • Others

Smart Implants Market by End User :

  • Hospitals
  • Specialty Clinics
  • ASCs

Smart Implants Market by Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & ASEAN
  • Oceania
  • MEA

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