Market Definition
Smart Implants are implantable devices that provide both therapeutics as well as diagnostic capabilities. These implants have embedded sensors that provide real-time information to the healthcare professionals for the positioning of the implant during surgical procedures & enable continuous monitoring of post-operative procedures as well. The Global Smart Implants market is expected to have a lucrative growth in the forecast years, owing to the increasing awareness of personalized medicine, optimum care for individual patients, and improved patient outcomes while reducing treatment costs.
Market Insights
The Global Smart Implants Market is projected to grow at a CAGR of around 8.62% during the forecast period, i.e., 2023-28 on account of rapid technological advancements & rising demand to provide pervasive & personalized care to patients. In addition, the incorporation of minimally-invasive methods, along with the smart implant, brought unprecedented growth opportunities against various diseases, real-time health data collection, real-time monitoring of chronic ailments, and patient-tailored treatment. These smart implantables have the major potential to minimize complications, decrease recovery time, and reduce readmissions & revision procedures.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 8.62% |
| Regions Covered | North America: The US, Canada, Rest of North America |
| South America: Brazil, Rest of South America | |
| Europe: Germany, The UK, France, Italy, Spain, Rest of Europe | |
| Middle East & Africa: GCC, Africa, Rest of Middle East and Africa | |
| Asia-Pacific: China, Japan, India, Australia, Rest of Asia-Pacific | |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Moreover, the rising prevalence of orthopedic disorders such as osteoarthritis, Carpal Tunnel Syndrome, tumors, etc., are propelling the growth of smart implants across the world as they provide therapeutic as well as diagnostic properties. However, the market was impacted adversely during 2020 due to the outbreak of the COVID-19 pandemic, which resulted in delayed elective surgeries to meet the medical needs of the COVID-affected population, reducing the risk of infection.
Additionally, the Global Smart Implants market is expected to have a flourishing growth during the forecast period on account of rapidly growing technological advancements such as power transfer, sensing, energy storage, and smart communication techniques. Furthermore, the rising research & innovation processes to develop the smart implant would escalate the market growth during the coming years. For instance:
Key Trend in the Market
With the rising demand for minimally invasive & technology-based implant solutions, patients are looking for smart methodologies for surgical interventions in dentistry. Therefore, researchers of various developed & emerging economies are tremendously working on smart dental implants & their associated technologies that subsequently impacted the Global Smart Implants market. For instance:
Furthermore, approximately 3 million people in America have received dental implants as of 2021 & need replacement in 5-10 years because of inflammation or some gum diseases. Further, to address this issue, researchers at Penn Dental Medicine came up with two innovative technologies, such as nano-particle infused material that resists bacterial colonization & an embedded light source to conduct phototherapy.
Moreover, in 2020, a new class of dental implants for the prevention of peri-implant diseases without patient dependency was developed by scientists & researchers in the USA. Therefore, the Global Smart Dental Implants market is predicted to witness significant growth during the forecasted years on account of growing research & development in smart dental implants.
Impact of COVID-19 on the Global Smart Implants Market
The COVID-19 pandemic significantly impacted the Global Smart Implants market, as hip & knee replacement procedures were canceled or postponed to combat the tremendously rising impact of Coronavirus infection. In addition, the supply chain disruptions & strict lockdown measures also affected the sales of smart implants across various geographies. Furthermore, the pandemic has severely afflicted the healthcare sector all over the world. Subsequently, priority treatment was given to the COVID-affected population & all elective surgeries experienced a halt in 2020. However, the market regained its momentum in 2021 & is expected to surge during the forecast period on account of clearing the significant backlogs of required implant surgeries & the emerging new cases as well.
Market Segmentation
Based on Product Type:
Here, Orthopaedic Implants accounted for a major revenue share during 2018-2028, owing to the rising number of orthopaedic surgeries across the world, resulting in the growing demand for smart implants in various geographies. Moreover, advances in surgical techniques, comprehensive blood management, multimodal pain management, and post-operative care management are some of the major factors contributing to the surging growth of smart implants in treating ortho-related ailments. Since Osteoarthritis of the knee is one of the most common musculoskeletal pathologies across the world & patients who fail the conventional therapies require total knee arthroplasty as the golden standard treatment.
Therefore, with the rising prevalence of total knee arthroplasty (TKA), along with total hip arthroplasty, the number of smart implant receivers would also increase in the forecasted years. According to the Journal of Bone and Joint Surgery, the demand for primary total knee arthroplasty is expected to grow to 2.48 million procedures in the USA by 2030, subsequently impacting the positive growth of the Orthopaedic segment in the Smart Implants market across the globe.
Based on Material:
Among them, Titanium held a reasonable share in the Global Smart Implants market in the historical years. The major factors that contributed to the positive growth of titanium include its excellent biocompatibility due to the formation of a stable oxide layer on the surface. Moreover, the bio-inert & bio-tolerant properties of titanium significantly contributed to escalating the demand during 2018-2028.
However, with the rising prevalence of hip replacement surgeries, polyethylene material is also expected to gain momentum during the forecast years as it has the ability to decrease the risk of revision surgery requirements after total hip replacements. In addition, the biologically inert & porous polyethylene material qualities would also boost the market in the coming years.
Regional Landscape
Geographically, the Global Smart Implants Market expands across:
Of all the regions around the world, Europe held a considerable market share in the Global Smart Implant market during 2018-2028, attributed to the presence of all the major companies in the market. Europe is the early adopter of smart implantable technologies & the region has now turned into a technological hub for companies offering advanced solutions to the healthcare market. Furthermore, the region also offers potential growth opportunities, owing to the increased adoption of technologies such as minimally invasive surgeries & the integration of healthcare solutions with the latest software technologies such as artificial intelligence, cloud computing, and machine learning algorithms, among others.
Moreover, the rising prevalence of chronic ailments such as diabetes & rheumatoid arthritis is one of the prominent factors driving researchers & manufacturers to focus more on advancing smart implant technologies.
Recent Developments by Leading Companies
Market Dynamics:
Key Driver: Surge in Adoption of Technological Advancements to Drive the Market
The rapid technological advancements have been majorly contributing to the up-gradation of medical health & services for historical years. The discovery of biocompatibility & bio-inert materials to be used in Osseointegration as well as other implants in the body was considered a breakthrough in the medical devices & healthcare segment. In addition, to increase predictability, secure stabilization of implants, and utilization of minimally invasive methods propelled the use of computer-guided implant surgeries during 2018-2028.
Furthermore, emerging technologies such as cloud computing, artificial intelligence, machine learning, blockchain technology, and virtual reality have transformed the conventional implant strategies & entered into the clinical practice to combat the growing prevalence of infectious & non-communicable diseases. Moreover, the rising adoption of smart sensor technologies to ease the process of post-operative measures is positively impacting the smart implants market across the world. Besides, the wireless communication technology, control monitoring, and smooth assessment of the implants using the latest technologies would further attract the manufacturers to build new technology implants in the coming years.
Possible Restraint: Limited Capacity for Data Storage to Negatively Impact the Market Growth
Health data collected through the smart implants need to be buffered inside the device before being transmitted to any other external system. However, considering the size, the small-sized implant could not have the option to store a large amount of data at an instance. Subsequently, small smart implants may be unable to store the sensed information for a long period. In addition, other technical challenges such as communication range, power consumption, transfer data size, and robustness would affect the implementation of smart implants.
Growth Opportunity: Increasing Adoption of Personalized & Pervasive Healthcare to Create Opportunity
Smart Implants pose tremendous opportunities to move toward personalized & pervasive healthcare across the world. A healthcare paradigm shift has been observed from conventional treatment models to proactive & patient-centric models in which patient has the choice to manage & monitor their health themselves, using pervasive healthcare solutions. Further, the integrated personalized tools & solutions enable optimum treatment & monitoring choices by the healthcare professionals to strengthen the implant services to extract the desired outcomes such as disease management, diagnosis, treatment, remote disease monitoring, and progression along with the drug adherence solutions. Therefore, the constantly evolving personalized & pervasive healthcare is expected to open various new horizons for the adoption of smart implants across the globe.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Smart Implants Market is expecting around 8.62% CAGR during 2023-28.
A. The Orthopedic Implants product type is anticipated to emerge as an opportunity area for the leading players in the market during the forecast period.
A. The Rising Adoption of 3D Printing & Other Advanced Technological Solutions to manufacture smart implants that cater to the growing demand for personalized care & medicine is considered the potential growth opportunity for the Global Smart Implants Market, 2028.
