Press Release

Adoption of Personalized & Pervasive Healthcare to Augment the Global Smart Implants Market During 2023-2028

The Global Smart Implants Market is projected to grow at a CAGR of around 8.62% during the forecast period, 2023-28, says MarkNtel Advisors in their recent research report. The significant expansion of the Smart Implants market around the world has been influenced by rapid technology advancements & an increased desire for widespread & customized care for patients. Furthermore, the combination of minimally invasive procedures & the smart implant has opened up new avenues for clinical research, real-time health data collection, real-time monitoring of chronic illnesses, and patient-tailored treatment. These smart implantables have the potential to reduce complications, recovery time, readmissions, and revision operations, significantly.

Furthermore, the increased prevalence of orthopedic ailments such as osteoarthritis, Carpal Tunnel Syndrome, tumors, and other similar conditions is accelerating the rise of smart implants around the world, as they provide both therapeutic & diagnostic properties. Furthermore, due to the fast-evolving technology breakthroughs such as power transfer, sensing, energy storage, and smart communication systems, the Global Smart Implants market is likely to rise at a quick pace in the coming years. Moreover, the Global Smart Implants market was significantly impacted by the COVID-19 epidemic, as hip & knee replacement procedures were canceled or postponed to counteract the rapidly escalating impact of Coronavirus infection.

Additionally, the supply chain disruptions & rigorous lockdown measures had an impact on smart implant sales across multiple geographies. Further, the pandemic has made a huge impact on the global healthcare system. As a result, priority treatment was given to the COVID-affected population, and all elective procedures were halted in 2020. However, the market regained traction in 2022, as a result of huge backlogs of required implant surgeries & the emergence of new instances, further states the research report, "Global Smart Implants Market Analysis, 2028."

Orthopedic Implants Segment to Hold a Prominent Share in the Market

Based on the product type, the market bifurcates into Orthopedic Implants, Dental Implants, Cardiovascular Implants, Cochlear Implants, and Others (Ocular, Nasal, etc.). Of them, the Orthopedic segment accounted for considerable growth during 2018-2021, owing to a spike in the volume of orthopedic procedures worldwide, resulting in increased demand for smart implants in various geographies. Furthermore, advancements in surgical procedures, comprehensive blood control, multimodal pain management, and post-operative care management are considered the primary drivers, propelling the rapid expansion of smart implants in the treatment of Ortho-related disorders.

In addition, total knee arthroplasty is the gold standard treatment for knee osteoarthritis, which is one of the most frequent musculoskeletal diseases worldwide. Therefore, with the rising prevalence of total knee & hip arthroplasty, the number of smart implant receivers would rapidly grow in the coming years.

Europe to Acquire a Significant Share in the Market

Geographically, Europe held a significant market share in the Global Smart Implant market from 2018 to 2021. Europe was an early user of smart implantable devices & has now evolved into a technical center for companies providing innovative healthcare solutions. Further, due to the increased adoption of technologies such as minimally invasive surgeries & integration of healthcare solutions with cutting-edge software technologies such as artificial intelligence, cloud computing, and machine learning algorithms, the region also presents potential growth opportunities for novel product innovation in the forecasted years.

Furthermore, the growing research & development, as well as adoption of smart implants in clinical studies, has increased the demand for smart implants across the European regions, reveals MarkNtel Advisors in their research report, "Global Smart Implants Market Analysis, 2023-2028."

Key Competitors

According to MarkNtel Advisors, the leading players in the Global Smart Implants Market are Johnson & Johnson Services, Inc., Medtronic, Abbott, Boston Scientific Corporation, Zimmer Biomet, Cochlear Ltd., Biotronik, Nevro Corp., Senseonics, Inc., Nevropace, Aleva Neurotherapeutics SA, Intelligent Implants, Freudenberg Group, AstraZeneca, and Integra LifeSciences.

 Key Questions Answered in the Study

1. What are the current & future trends in the Global Smart Implants Market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across various countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Smart Implants Market?
5. What are the customer orientation, purchase behavior, and expectations from product manufacturers across various regions?

Market Segmentation:

1. By Product Type (Orthopaedic Implants (Hip Reconstruction, Knee Reconstruction, Shoulder Implants, Spinal Implants, Trauma Implants), Dental Implants, Cardiovascular Implants, Cochlear Implants, Others (Ocular, Nasal, etc.))
2. By Material (Bone Cement (PMMA or Polymethyl Methacrylate), Surgical Mesh, Titanium, Zirconium, Polyethylene, Others (Polyurethane Foam, Silicone, etc.)
3. By End User (Hospitals, Specialty Centers, Ambulatory Surgery Centers, Clinics)
4. By Region (North America, South America, Europe, Asia-Pacific, the Middle East & Africa)
5. By Company (Johnson & Johnson Services, Inc., Medtronic, Abbott, Boston Scientific Corporation, Zimmer Biomet, Cochlear Ltd., Biotronik, Nevro Corp., Senseonics, Inc., Nevropace, Aleva Neurotherapeutics SA, Intelligent Implants, Freudenberg Group, AstraZeneca, Integra LifeSciences, Others)