Global Smart Implants Market Report 2024

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.


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