Factors Propelling Smart Implants Market to US$ 1.63 Billion by...

Factors Propelling Smart Implants Market to US$ 1.63 Billion by 2032

Posted 2024-05-02 19:02:13

According to a market analysis conducted by Fact.MR, a competitive intelligence and market research provider, the global Smart Implants Market is projected to grow at a noteworthy compound annual growth rate (CAGR) of 19% by value over the assessment period of 2022-2032, surpassing a valuation of US$ 3.9 billion in 2022.

Chronic illnesses and ailments are becoming more commonplace worldwide. The World Health Organization (WHO) reports that the incidence of chronic diseases increased by 57% in 2020. The prevalence of chronic diseases rises with age as well, with those 60 years of age and older being the most vulnerable. Nearly 10% of the global population fell into the geriatric age group in 2021, marking an all-time record for this demographic.

Conventional implants aid or substitute damaged or inefficient body parts to curb chronic diseases or cause, but do not provide patient recovery insights. Chronic disease management demands frequent consultations and diagnostics to understand recovery and prognosis.

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Smart implants are a step ahead and can deliver diagnostic capabilities and/or therapeutic benefits. These devices are used for the real-time monitoring of physical parameters from inside the body; for instance, pH, strains, force, pressure, temperature, etc., to better understand the response to surgery or treatment.

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In addition, smart implants also offer a remote control to adjust the ongoing treatment personalized to the patient. These benefits offered by smart implants are leading to numerous studies that expand their application and broaden market growth opportunities.

The global smart implants market is expected to explode at a CAGR of 19% over the assessment period. Growing prevalence of chronic diseases among the adult population is driving the need of constant health monitoring and long-term therapeutics.

Key Takeaways from Market Study

Under use case, cardiac rhythm management dominates the market by holding 77% of the overall market share in 2022.
Arthroplasty is projected to be valued at US$ 1.1 billion by the end of 2032, whereas neuromodulation is forecast to surpass US$ 1.8 billion.
Pacemakers are expected to dominate with a value worth US$ 4.2 billion by 2032.
North America and Europe, together, are set to account for 64.5% share of the global smart implants market in 2022.
North America houses the headquarters of several medical device market leaders and is a pioneer in medical device technologies, which is a key reason for its dominance in the smart implants market.
The Europe and South Asia and ASEAN regions are expected to be the fastest-growing markets for smart implants with a forecast CAGR of 19.8%.

However, copious scientific evidences support the use of smart implants in fracture fixation, bone-growth acceleration, bone density monitoring, etc.

Orthopaedic implants ascribe a huge share in the conventional implants market, and rigorous research & development is paving the way for orthopaedic smart implants market growth.

“Robust research & development activities are expanding the application of smart implants, thereby ensuring higher market gains,” says a Fact.MR analyst.

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Winning Strategy

The smart implants market is at the budding stage and open to new manufacturers; however, the market is quite consolidated with capital intensiveness being a key barrier for the entry of local manufacturers.

Global medical device market leaders have stepped into the market with extensive research & development to cater to stringent regulations of product approval. Several collaborations and partnerships by key manufacturers are guiding product innovation in this field.

Key Segments of Smart Implants Industry Survey

Smart Implants Market by Implant :

Pacemakers
CRTs
ICDs
Knee Replacement
I-CGM
Cochlear Implants
Sacral Neuromodulators
DRG Neurostimulators
Spinal Cord Stimulators
Others

Smart Implants Market by Use Case :

Cardiac Rhythm Management
Arthroplasty
Neuromodulation
Continuous Glucose Monitoring
Hearing
Others

Smart Implants Market by End User :

Hospitals
Specialty Clinics
ASCs

Smart Implants Market by Region :

North America
Latin America
Europe
East Asia
South Asia & ASEAN
Oceania
MEA

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global smart implants market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of implant (pacemakers, CRTs, ICDs, knee replacement, I-CGM, cochlear implants, sacral neuromodulators, DRG neurostimulators, spinal cord stimulators, and others), use case (cardiac rhythm management, arthroplasty, neuromodulation, continuous glucose monitoring hearing, and other product types), and end user (hospitals, specialty clinics, and ASCs), across seven major regions (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and MEA).

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