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Smart Implants Market Analysis

  • Report ID: GMI8319
  • Published Date: Feb 2024
  • Report Format: PDF

Smart Implants Market Analysis

Based on implant type, the market is segmented into orthopedic implants, cardiovascular implants, ophthalmic implants, dental implants, and other implant types. The orthopedic segment accounted for USD 1.9 billion in 2023.

  • Smart implants enable continuous monitoring of parameters such as implant stability, bone healing, and joint function, allowing for early detection of complications and personalized post-operative management to enhance patient outcomes.
  • Furthermore, smart implants can complement minimally invasive surgical techniques by providing real-time feedback and navigation assistance to surgeons during procedures. This integration enhances precision and reduces the invasiveness of surgeries, leading to faster recovery times and improved patient satisfaction.
  • Moreover, these implants in orthopedics offer significant advantages, including enhanced monitoring, precision medicine, long-term monitoring, data-driven decision-making, and durability.
Smart Implants Market, By Application (2023)

Based on application, the smart implants market is categorized into orthopedic application, cardiovascular application, ophthalmic application, dental application, and other applications. The cardiovascular application segment is projected to reach USD 5.4 billion by 2032.

  • Smart implants in the cardiovascular field support remote monitoring and telehealth which is estimated to reach USD 244 billion by 2023, allowing healthcare providers to monitor patients' cardiac status and adjust treatment plans as needed without requiring frequent in-person visits.
  • Additionally, conditions such as coronary artery disease, arrhythmias, heart failure, and heart valve disorders require advanced smart implants options to manage and improve patient outcomes, data analytics capabilities to monitor cardiac function, detect abnormalities, and deliver tailored therapies.
  • Further, the segment holds a substantial share due to the high prevalence of cardiovascular diseases, advancements in cardiac implant technology, demand for personalized medicine, and aging population with strokes.

Based on surgery, the smart implants market is bifurcated into open surgery and minimally invasive surgery. The open surgery segment held the largest business share of 63.5% in 2023.

  • Open surgery has been a standard approach for many medical procedures for decades. Surgeons are often trained in open surgical techniques and have extensive experience with these procedures, leading to better outcomes.
  • Further, some surgical procedures require open surgery due to the complexity of the condition or the anatomical location involved. For instance, spinal fusion and fixation often necessitate open surgical approaches to ensure proper implant placement and fixation.

Based on end-use, the smart implants market is classified into hospitals, ambulatory surgical centres, speciality clinics, and other end-users. The hospitals segment accounted for market size of USD 2.1 billion in 2023.

  • Hospitals serve as central hubs for smart implants. Hospitals have the necessary infrastructure, equipment, and skilled medical professionals to perform complex surgeries, making them a primary destination for patients needing implantable devices.
  • Further, hospitals typically have specialized surgical departments, such as orthopedic, cardiovascular, ophthalmic, dental, each of which utilize smart implants for specific procedures. These departments contribute significantly to the demand for smart implants within the hospital setting.
  • Moreover, hospitals also provide insurance and reimbursements for implants, making it financially viable to incorporate smart implants into their surgical practices, thereby fostering the growth of the market.
North America Smart Implants Market, 2020- 2032 (USD Billion)

In 2023, North America held a significant market share of 40.5% in the global smart implants market. The large market share is correlated to a sophisticated healthcare systems with access to advanced medical technologies, facilitating widespread availability and utilization of smart implants procedures and related equipment.

  • North America has one of the highest healthcare expenditures globally, with significant investments in medical devices, surgical procedures, and innovative treatments. This high level of healthcare spending supports the adoption of smart implants, in the region.
  • Further, the region has a well-trained and skilled workforce of healthcare professionals, including surgeons, physicians, and allied healthcare providers. These professionals are at the forefront of adopting and implementing smart implants.
Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global smart implants industry was valued at around USD 4.7 billion in 2023 and is estimated to reach over USD 20.1 billion by 2032, driven by ongoing technological advancements and rising incidence of road accidents and sport injuries.

Orthopedic implants segment accounted for USD 1.9 billion in 2023 and is set to gain traction through 2032, as smart implants enable continuous monitoring of parameters such as implant stability, bone healing, and joint function, allowing for early detection of complications.

North America smart implants industry held a significant revenue share of 40.5% in 2023 and is expected to grow rapidly through 2032, driven by a sophisticated healthcare system with access to advanced medical technologies.

Boston Scientific Corporation, Canary Medical Inc., CONMED Corporation, Globus Medical, Inc., IQ Implants USA LLC, Johnson & Johnson, Medtronic plc, NuVasive Inc., Orthofix Medical Inc., Rejoint SRL, Smart Implant Solutions, Stryker Corporation are some of the major industry contenders.

Smart Implants Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 13
  • Tables & Figures: 702
  • Countries covered: 22
  • Pages: 350
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