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Smart Implants Market

Smart Implants Market

Smart Implants Market Analysis By Implant (Pacemakers, CRTs, ICDs, Knee Replacement, I-CGM, Cochlear Implants, Spinal Cord Stimulators), By Use Case (Arthroplasty, Neuromodulation, Hearing), by End User, by Region - Global Forecast 2022-2032

Smart Implants Market
FACT7341MR
  • May-2022
  • List of Tables : 64
  • List of Figures : 108
  • 170 Pages
  • Healthcare

Smart Implants Market Outlook (2022-2032)

The global smart implants market is estimated at US$ 3.9 billion in 2022, and is forecast to surpass a market value of US$ 22.2 billion by 2032. Smart implants are expected to contribute significantly to the global implants market, with demand surging at a CAGR of 19% from 2022 to 2032.

Report Attributes

Details

Smart Implants Market Size (2021A)

US$ 3.4 Billion

Estimated Market Value (2022E)

US$ 3.9 Billion

Forecasted Market Value (2032F)

US$ 22.2 Billion

Global Growth Rate (2022-2032)

~19% CAGR

North America Market Share (2021)

~ 41.2%

North America Growth Rate (2022-2032)

~18.4% CAGR

U.S. Growth Rate (2022-2032)

~17.9%

Market Share of Top 5 companies

~85.3%

Key Companies Profiled

  • Abbott
  • Medtronic
  • Boston Scientific Corporation
  • Zimmer Biomet
  • Cochlear Ltd.
  • Biotronik
  • Nevro Corp.
  • Senseonics, Inc.
  • Nevropace
  • Aleva Neurotherapeutics SA

Demand Analysis of Smart Implants (2017-2021) Vs. Forecast Outlook (2022-2032)

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.

Orthopaedic implants ascribe a huge share in the conventional implants market, and rigorous research & development is paving the way for orthopaedic smart implants market growth.

  • As of May 2022, Persona IQ, a smart knee implant by Zimmer Biomet, is the only approved product in the smart orthopaedic implant market

However, copious scientific evidences support the use of smart implants in fracture fixation, bone-growth acceleration, bone density monitoring, etc. Opportunistic applications are expected to amplify the smart implant market over the coming years.

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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.

Smart implants market forecast by Fact.MR

Region-wise Analysis

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.

How is the Europe Smart Implants Market Faring?

Europe is another region with advanced medical technology. The European medical device regulation authority has rolled out several smart implant approvals over 2017-2021, opening the access of smart implants with CE mark for general population use.

The Europe smart implants market is expected to be worth almost US$ 1 billion in 2022, and is projected to grow more than 5X over the forecast period. Increasing health awareness and growing adoption of technological advancements will accelerate smart implant demand across the region.

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Country-wise Analysis

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.          

What Makes Germany a Lucrative Smart Implants Market in Europe?

Germany is the key contributor to the Europe smart implants market, and is one of the fastest-growing markets for smart implants. Germany is expected to contribute more than 4% to the global smart implants market share in the year 2022, and is expected to grow 6X over the assessment period.

High adaption to changing technology and market trends makes Germany an attractive market for smart implant suppliers.

Category-wise Insights

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.

  • In Apr 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

- FAQs -

The global smart implants market is worth over US$ 3.9 billion in 2022.
Demand for smart implants is anticipated to surpass US$ 22.2 billion by 2032-end.
Over the past few years, the global market for smart implants expanded at 19.9% CAGR.
Some of the prominent players in the smart implants market are Abbott, Medtronic, Boston Scientific Corporation, and Zimmer Biomet.
North America is the leading smart implants market accounting for 40.7% of the global market share in 2022.
Hospitals contribute 62.6% share in the global sales of smart implants.

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