United States, Rockville, MD, May 17, 2022 (GLOBE NEWSWIRE) -- As per market analysis by Fact.MR, a market research and competitive intelligence provider, the global smart implants market is estimated to exceed a valuation of US$ 3.9 billion in 2022, and expand at a significant CAGR of 19% by value over the assessment period of 2022-2032.
Globally, chronic diseases and conditions are on the rise. According to the World Health Organization (WHO), long-lasting disease occurrence augmented 57% in 2020. Chronic disease prevalence also increases with rising age, making the 60 years and older population most vulnerable. This geriatric population touched an all-time high in 2021, with close to 10% of the world’s total population dropping into this age category.
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.
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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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the healthcare domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help
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