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 projected growth in the forecast period can be attributed to several factors, including the increasing demand for minimally invasive procedures, a rise in the incidence of accidents or sports injuries, growing awareness and education regarding smart implants, increased recognition of personalized medicine, and heightened public awareness of the benefits associated with smart implants. Key trends expected in this period include technological advancements aimed at enhancing the capabilities of smart implants, the adoption of smart surgical methodologies in dentistry, continuous product innovation to meet evolving healthcare needs, the integration of blockchain technology for enhanced security and traceability, and the implementation of wireless connectivity for seamless communication and data transfer.
The escalating demand for minimally invasive procedures is anticipated to be a driving force behind the expansion of the smart implant market in the coming years. Minimally invasive procedures, characterized by their ability to minimize disruption to the body's normal structure and function, are gaining prominence due to their associated benefits, including reduced pain and discomfort, minimal scarring, and lower risk of complications. Smart implants are poised to revolutionize the landscape of minimally invasive surgery by offering real-time feedback, enhancing precision and accuracy, enabling remote control and adjustment, and facilitating data integration and analysis. These features contribute to safer, more effective, and patient-centered minimally invasive procedures across a spectrum of medical specialties. For example, Americans spent over $11.8 billion on minimally invasive procedures in 2023, signaling a growing preference for these advanced surgical techniques.
Leading companies in the smart implant market are directing their efforts toward innovation, with a focus on developing cutting-edge products such as smart knee implants. These implants utilize embedded sensor technology to provide real-time data and monitoring of patient rehabilitation and implant function post-surgery, aiming to enhance recovery, reduce implant failure rates, and improve overall patient satisfaction. In August 2021, Zimmer Biomet Holdings, Inc. and Canary Medical introduced Persona IQ, the world's first smart knee for total knee replacement surgery approved by the FDA. This groundbreaking implant enables physicians to closely track and support patients following knee replacement surgery, representing a significant advancement in orthopedic care.
In January 2021, Stryker Corporation made a strategic move by acquiring OrthoSensor Inc. This acquisition bolsters Stryker's portfolio of smart technologies, particularly in the joint replacement sector. By integrating OrthoSensor's sensor technology and smart implants into its product lineup, Stryker aims to provide healthcare providers with real-time data monitoring capabilities that can enhance patient recovery and outcomes. OrthoSensor Inc., renowned for its innovative smart implant technology, has pioneered the integration of advanced sensors into orthopedic implants, offering valuable insights to clinicians and revolutionizing the standard of care in joint replacement procedures.
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.
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. The countries covered in the smart implants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Smart implants are advanced medical devices engineered to monitor, diagnose, and treat medical conditions within the body with heightened precision and efficacy. They find application across various medical disciplines, offering personalized and targeted healthcare solutions aimed at enhancing patient care, optimizing treatment outcomes, and facilitating proactive management of chronic diseases and conditions.
The primary types of smart implants include orthopedic, cardiovascular, dental, cosmetic, and others. Orthopedic implants, for instance, are surgical devices utilized to repair or support broken bones or joints, thereby improving mobility and alleviating pain. These implants are deployed through both open surgery and minimally invasive procedures. Their diverse applications encompass knee and hip arthroplasty, spine fusion, stents, intraocular lenses, and pacing devices. They are utilized across various healthcare facilities including hospitals, ambulatory surgical centers, specialty clinics, and others.
The smart implants market research report is one of a series of new reports that provides smart implants market statistics, including smart implants industry global market size, regional shares, competitors with smart implants market share, detailed smart implants market segments, market trends, and opportunities, and any further data you may need to thrive in the smart implants industry. This smart implants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart implants market consist of revenues earned by entities by providing ophthalmic implants, implantable drug delivery systems, and neurostimulators. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart implant market also includes sales of implantable sensors, implantable cardiovascular devices, and biosensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
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 projected growth in the forecast period can be attributed to several factors, including the increasing demand for minimally invasive procedures, a rise in the incidence of accidents or sports injuries, growing awareness and education regarding smart implants, increased recognition of personalized medicine, and heightened public awareness of the benefits associated with smart implants. Key trends expected in this period include technological advancements aimed at enhancing the capabilities of smart implants, the adoption of smart surgical methodologies in dentistry, continuous product innovation to meet evolving healthcare needs, the integration of blockchain technology for enhanced security and traceability, and the implementation of wireless connectivity for seamless communication and data transfer.
The escalating demand for minimally invasive procedures is anticipated to be a driving force behind the expansion of the smart implant market in the coming years. Minimally invasive procedures, characterized by their ability to minimize disruption to the body's normal structure and function, are gaining prominence due to their associated benefits, including reduced pain and discomfort, minimal scarring, and lower risk of complications. Smart implants are poised to revolutionize the landscape of minimally invasive surgery by offering real-time feedback, enhancing precision and accuracy, enabling remote control and adjustment, and facilitating data integration and analysis. These features contribute to safer, more effective, and patient-centered minimally invasive procedures across a spectrum of medical specialties. For example, Americans spent over $11.8 billion on minimally invasive procedures in 2023, signaling a growing preference for these advanced surgical techniques.
Leading companies in the smart implant market are directing their efforts toward innovation, with a focus on developing cutting-edge products such as smart knee implants. These implants utilize embedded sensor technology to provide real-time data and monitoring of patient rehabilitation and implant function post-surgery, aiming to enhance recovery, reduce implant failure rates, and improve overall patient satisfaction. In August 2021, Zimmer Biomet Holdings, Inc. and Canary Medical introduced Persona IQ, the world's first smart knee for total knee replacement surgery approved by the FDA. This groundbreaking implant enables physicians to closely track and support patients following knee replacement surgery, representing a significant advancement in orthopedic care.
In January 2021, Stryker Corporation made a strategic move by acquiring OrthoSensor Inc. This acquisition bolsters Stryker's portfolio of smart technologies, particularly in the joint replacement sector. By integrating OrthoSensor's sensor technology and smart implants into its product lineup, Stryker aims to provide healthcare providers with real-time data monitoring capabilities that can enhance patient recovery and outcomes. OrthoSensor Inc., renowned for its innovative smart implant technology, has pioneered the integration of advanced sensors into orthopedic implants, offering valuable insights to clinicians and revolutionizing the standard of care in joint replacement procedures.
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.
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. The countries covered in the smart implants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Smart implants are advanced medical devices engineered to monitor, diagnose, and treat medical conditions within the body with heightened precision and efficacy. They find application across various medical disciplines, offering personalized and targeted healthcare solutions aimed at enhancing patient care, optimizing treatment outcomes, and facilitating proactive management of chronic diseases and conditions.
The primary types of smart implants include orthopedic, cardiovascular, dental, cosmetic, and others. Orthopedic implants, for instance, are surgical devices utilized to repair or support broken bones or joints, thereby improving mobility and alleviating pain. These implants are deployed through both open surgery and minimally invasive procedures. Their diverse applications encompass knee and hip arthroplasty, spine fusion, stents, intraocular lenses, and pacing devices. They are utilized across various healthcare facilities including hospitals, ambulatory surgical centers, specialty clinics, and others.
The smart implants market research report is one of a series of new reports that provides smart implants market statistics, including smart implants industry global market size, regional shares, competitors with smart implants market share, detailed smart implants market segments, market trends, and opportunities, and any further data you may need to thrive in the smart implants industry. This smart implants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart implants market consist of revenues earned by entities by providing ophthalmic implants, implantable drug delivery systems, and neurostimulators. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart implant market also includes sales of implantable sensors, implantable cardiovascular devices, and biosensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Smart Implants Market Characteristics3. Smart Implants Market Trends and Strategies32. Global Smart Implants Market Competitive Benchmarking33. Global Smart Implants Market Competitive Dashboard34. Key Mergers and Acquisitions in the Smart Implants Market
4. Smart Implants Market - Macro Economic Scenario
5. Global Smart Implants Market Size and Growth
6. Smart Implants Market Segmentation
7. Smart Implants Market Regional and Country Analysis
8. Asia-Pacific Smart Implants Market
9. China Smart Implants Market
10. India Smart Implants Market
11. Japan Smart Implants Market
12. Australia Smart Implants Market
13. Indonesia Smart Implants Market
14. South Korea Smart Implants Market
15. Western Europe Smart Implants Market
16. UK Smart Implants Market
17. Germany Smart Implants Market
18. France Smart Implants Market
19. Italy Smart Implants Market
20. Spain Smart Implants Market
21. Eastern Europe Smart Implants Market
22. Russia Smart Implants Market
23. North America Smart Implants Market
24. USA Smart Implants Market
25. Canada Smart Implants Market
26. South America Smart Implants Market
27. Brazil Smart Implants Market
28. Middle East Smart Implants Market
29. Africa Smart Implants Market
30. Smart Implants Market Competitive Landscape and Company Profiles
31. Smart Implants Market Other Major and Innovative Companies
35. Smart Implants Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Smart Implants Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on smart implants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for smart implants? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart implants market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Orthopedic Implants; Cardiovascular Implants; Dental Implants; Cosmetic Implants; Other Types2) 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
Key Companies Mentioned: Johnson & Johnson Services Inc.; Abbott Laboratories; Medtronic plc; Stryker; Boston Scientific Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 4.47 Billion |
Forecasted Market Value ( USD | $ 8.31 Billion |
Compound Annual Growth Rate | 16.8% |
Regions Covered | Global |