Smart Implants Market Value By Product Type (Cardiovascular Smart Implants, Orthopedics Smart Implants, Cosmetic smart Implants, Opthalmic Smart Implants, Dental Smart Implants), By End User (Hospitals, Ambulatory Surgical Centers, Orthopedics Clinics, Opthalmic Clinics, Dental Labs), By Region - Industry Statistics & Forecast, 2023 - 2032

Market Overview:

Smart Implants Market size surpassed USD 3.8 Billion in 2022 and is projected to expand at a CAGR of over 17.5% from 2023 to 2032. By the end of the forecast period, the market is anticipated to reach a valuation of around USD 18.5 Billion.

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Smart implants refer to medical devices that are implanted into the body and are equipped with sensors, electronics, and wireless communication capabilities. These implants can monitor and transmit data on various physiological parameters, such as blood pressure, glucose levels, heart rate, and activity levels, to healthcare providers or patients themselves in real-time. Smart implants have emerged as a promising technology in the field of healthcare, offering numerous benefits such as enhanced patient outcomes, improved disease management, reduced hospital stays, and increased cost-effectiveness. These devices can be used for a range of medical applications, including drug delivery, cardiac monitoring, neurological disorders, orthopedics, and ophthalmology.

Growth Factors: 

• Increasing Prevalence of Chronic Diseases: Chronic diseases such as diabetes, cardiovascular diseases, and neurological disorders are increasing globally, leading to a higher demand for implantable medical devices that can provide continuous monitoring and treatment. Smart implants with real-time monitoring and feedback capabilities can significantly improve the treatment outcomes of patients with chronic diseases.
   
• Technological Advancements: With the rapid advancements in sensor technologies, wireless communication, and miniaturization of electronic components, smart implants have become more sophisticated, efficient, and affordable. The integration of artificial intelligence (AI) and machine learning (ML) algorithms in smart implants has also enabled them to analyze and interpret complex data in real-time, providing personalized treatment to patients.
   
• Growing Demand for Minimally Invasive Surgeries: The demand for minimally invasive surgeries has been increasing in recent years due to their many benefits, including shorter hospital stays, reduced pain, and faster recovery times. Smart implants enable minimally invasive surgeries by providing surgeons with real-time data, reducing the need for invasive procedures.

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By Material Synopsys:      

During the historical years, Titanium held a substantial share in the global smart implants market. This can be attributed to several factors, including its excellent biocompatibility, which is due to the formation of a stable oxide layer on its surface. Additionally, the bio-inert and bio-tolerant properties of titanium significantly contributed to the rising demand for smart implants between 2019-2032. However, with the increasing prevalence of hip replacement surgeries, polyethylene material is also poised to gain momentum during the forecast years. This is because polyethylene has the ability to decrease the risk of revision surgery requirements after total hip replacements. Furthermore, the biologically inert and porous qualities of polyethylene material are likely to boost the market in the coming years.

Regional Overview:

The Asia-Pacific region is slated to witness the highest growth rate in the smart implants market due to the increasing healthcare expenditure, rising awareness about smart implant technologies, and the growing number of patients with chronic diseases. In addition, the presence of a large patient pool and rising disposable income levels in emerging economies such as India and China are estimated to contribute to industry growth in the region.

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North America held the 34% of shares in the smart implants market due to the presence of a large number of medical device companies, increasing investments in R&D, and favorable government policies. According to a report by Research and Markets, North America is expected to maintain its dominance in the market.

Key Development:

• In June 2021, Medtronic's Vanta device, a recharge-free implantable neurostimulator (INS) with a device life of up to 11 years, has received approval from the US Food and Drug Administration (FDA).
   
• In August 2020, Ascensia Diabetes Care has been granted exclusive distributor rights worldwide for Senseonics' Eversense CGM systems through collaboration between the two companies. Ascensia Diabetes Care, which operates in over 125 countries, will handle the commercialization of the product.

Top companies includes in the global smart implants market:

• Nevropace
• Abbott
• Medtronic
• Aleva Neurotherapeutics SA
• Boston Scientific Corporation
• Senseonics, Inc.
• Zimmer Biomet
• Nevro Corp.
• Cochlear Ltd.
• Biotronik
• Others

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In-depth analysis of smart implants market along with industry coverage and forecasting for the following segments:

Market Size, By Product Type

• Cardiovascular Smart Implants 
• Orthopedics Smart Implants
• Cosmetic smart Implants
• Opthalmic Smart Implants
• Dental Smart Implants
• Others

Market Size, By Material

• Polyethylene
• Bone Cement 
• Zirconium
• Surgical Mesh
• Titanium
• Others 

Market Size, By End User

• Hospitals
• Ambulatory Surgical Centers
• Orthopedics Clinics
• Opthalmic Clinics
• Dental Labs
• Others 

Market Size, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America