The market for smart implants is projected to grow from an estimated US$3.9 billion in 2022 to US$22.2 billion by 2032. From 2022 to 2032, the demand for smart implants is expected to increase at a compound annual growth rate (CAGR) of 19%, contributing significantly to the worldwide implants industry.
Smart implants are extremely sophisticated medical devices that perform better than conventional alternatives in a number of crucial areas. With features like sensors and actuators for more organic movement, they provide better usefulness. Real-time vital sign and health metrics monitoring is possible with these implants, giving patients and healthcare professionals useful information. Better comfort and usability can be ensured by customizing them to meet specific demands. Additionally, smart implants can wirelessly connect to gadgets like smartphones, allowing for remote monitoring and modification.
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They gradually adjust to user behavior for a more organic engagement through the incorporation of AI and adaptive learning. Since smart implants provide better functionality and monitoring capabilities, the market for these implants is growing mainly due to the growing need for cutting-edge healthcare solutions, particularly among older populations. Furthermore, developments in artificial intelligence and wireless connectivity are spurring innovation in the field, increasing the accessibility and allure of smart implants for patients and healthcare professionals.
Why is Demand for Smart Implants Surging in North America?
In 2021, North America held the largest share of the global smart implants market, accounting for 41.2%. The region is projected to maintain its leading position, growing at a CAGR of 18.4% throughout the forecast period.
North America's dominance can be attributed to the presence of major medical device manufacturers and its role as a frontrunner in medical technology innovation. Rising healthcare expenditure has driven extensive R&D, making advanced medical implants more accessible and affordable across the region.
Europe continues to be a hub for cutting-edge medical technology. Between 2017 and 2021, the European medical device regulatory authority approved several smart implants, granting CE marks for widespread public use.
In 2022, the European smart implants market is anticipated to reach nearly $1 billion, with projections indicating a growth of over 5X during the forecast period. Increasing health awareness and rapid adoption of technological advancements are key factors fueling demand in the region.
Competitive Landscape
Leading smart implant manufacturers include Abbott, Medtronic, Boston Scientific Corporation, Nevro Corporation, Biotronik, Zimmer Biomet, and Cochlear Ltd.
The global smart implants market remains highly consolidated, with key players striving to assert dominance. A primary strategy among market leaders is ramping up R&D investments to create innovative products and strengthen brand identity.
To tailor product development, manufacturers are collaborating closely with hospitals to gain insights into patient needs and challenges. Additionally, partnerships with ICT industries are becoming increasingly common to drive advancements in medical technology.
- In April 2022, Medtronic partnered with GE Healthcare to address the specific needs of Ambulatory Surgery Centers (ASCs) and Office-based Labs (OBLs).
- In August 2020, Senseonics entered into a partnership with Ascensia Diabetes Care, granting Ascensia exclusive global distribution rights. Ascensia, operating in over 125 countries, now markets and commercializes Senseonics' Eversense® CGM systems.
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