Smart Implants Market – By Product Type (Knee & Hip Arthroplasty, Spine Fusion, Stents, Intraocular Lens, Pacing Devices), Surgery (Open, Minimally Invasive), Application (Orthopedic, Cardiovascular, Ophthalmic, Dental), End-use – Global Forecast, 2024 – 2032

Smart Implant Market Size

Smart Implants Market size was valued at around USD 4.7 billion in 2023 and is anticipated to register a CAGR of over 17.9% between 2024 and 2032. Smart implants refer to a sophisticated medical device that is surgically placed inside the body and is equipped with advanced sensors, electronic components, and connectivity features. These implants are designed to monitor physiological parameters, deliver targeted therapies, or provide real-time data to healthcare professionals.
 

This robust market growth can be attributed to various factors, including ongoing technological advancements in smart implants market, rising incidence of accidents and sport injuries, growing awareness and education about smart implants, the continual growth of healthcare expenditure, and the increasing preference for innovations in spine surgery technologies among other contributing factors.

Furthermore, anticipated market expansion is due to the increase in the chronic disorders, rise in demand for technologically advanced implants and increase in number of surgeries. For instance, in 2022, according to the National Centre for Biotechnology Information, the number of surgeries performed per surgeon increased from 61.4 to 102.8 globally.
 

Smart Implants Market Trends

The increasing occurrence of accidents and sports-related injuries serves as a major driver for the growth of the smart implants market. The rising number of such incidents leads to a heightened need for advanced treatment solutions, fostering a greater demand for innovative interventions that can deliver improved outcomes for patients.
 

• For instance, according to the Consumer Product Safety Commission (CPSC), sports and recreational injuries increased by 12% in 2022.
   
• Smart implants can provide real-time data on patient movement, range of motion, and other relevant parameters, allowing healthcare providers to tailor rehabilitation programs to individual needs and track progress more accurately, and offer the potential for more personalized and effective treatment strategies.
   
• Furthermore, smart implants can facilitate early detection of complications or issues related to the injury or surgical procedure. By continuously monitoring factors such as movement, pressure, or temperature, these implants can alert healthcare providers to potential problems before they escalate, allowing for timely intervention and improved patient outcomes.
   

Smart Implants Market Analysis

Based on implant type, the market is segmented into orthopedic implants, cardiovascular implants, ophthalmic implants, dental implants, and other implant types. The orthopedic segment accounted for USD 1.9 billion in 2023.
 

• Smart implants enable continuous monitoring of parameters such as implant stability, bone healing, and joint function, allowing for early detection of complications and personalized post-operative management to enhance patient outcomes.
   
• Furthermore, smart implants can complement minimally invasive surgical techniques by providing real-time feedback and navigation assistance to surgeons during procedures. This integration enhances precision and reduces the invasiveness of surgeries, leading to faster recovery times and improved patient satisfaction.
   
• Moreover, these implants in orthopedics offer significant advantages, including enhanced monitoring, precision medicine, long-term monitoring, data-driven decision-making, and durability.

Based on application, the smart implants market is categorized into orthopedic application, cardiovascular application, ophthalmic application, dental application, and other applications. The cardiovascular application segment is projected to reach USD 5.4 billion by 2032.
 

• Smart implants in the cardiovascular field support remote monitoring and telehealth which is estimated to reach USD 244 billion by 2023, allowing healthcare providers to monitor patients' cardiac status and adjust treatment plans as needed without requiring frequent in-person visits.
   
• Additionally, conditions such as coronary artery disease, arrhythmias, heart failure, and heart valve disorders require advanced smart implants options to manage and improve patient outcomes, data analytics capabilities to monitor cardiac function, detect abnormalities, and deliver tailored therapies.
   
• Further, the segment holds a substantial share due to the high prevalence of cardiovascular diseases, advancements in cardiac implant technology, demand for personalized medicine, and aging population with strokes.
   

Based on surgery, the smart implants market is bifurcated into open surgery and minimally invasive surgery. The open surgery segment held the largest business share of 63.5% in 2023.
 

• Open surgery has been a standard approach for many medical procedures for decades. Surgeons are often trained in open surgical techniques and have extensive experience with these procedures, leading to better outcomes.
   
• Further, some surgical procedures require open surgery due to the complexity of the condition or the anatomical location involved. For instance, spinal fusion and fixation often necessitate open surgical approaches to ensure proper implant placement and fixation.
   

Based on end-use, the smart implants market is classified into hospitals, ambulatory surgical centres, speciality clinics, and other end-users. The hospitals segment accounted for market size of USD 2.1 billion in 2023.
 

• Hospitals serve as central hubs for smart implants. Hospitals have the necessary infrastructure, equipment, and skilled medical professionals to perform complex surgeries, making them a primary destination for patients needing implantable devices.
   
• Further, hospitals typically have specialized surgical departments, such as orthopedic, cardiovascular, ophthalmic, dental, each of which utilize smart implants for specific procedures. These departments contribute significantly to the demand for smart implants within the hospital setting.
   
• Moreover, hospitals also provide insurance and reimbursements for implants, making it financially viable to incorporate smart implants into their surgical practices, thereby fostering the growth of the market.

In 2023, North America held a significant market share of 40.5% in the global smart implants market. The large market share is correlated to a sophisticated healthcare systems with access to advanced medical technologies, facilitating widespread availability and utilization of smart implants procedures and related equipment.
 

• North America has one of the highest healthcare expenditures globally, with significant investments in medical devices, surgical procedures, and innovative treatments. This high level of healthcare spending supports the adoption of smart implants, in the region.
   
• Further, the region has a well-trained and skilled workforce of healthcare professionals, including surgeons, physicians, and allied healthcare providers. These professionals are at the forefront of adopting and implementing smart implants.
   

Smart Implants Market Share

The smart implants industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel implantable devices based on different technologies is among a key market strategy. Some of the leading industry players, such as, Stryker Corporation, Zimmer Biomet Holdings, and Medtronic plc, among others have a notable presence in the market.
 

Smart Implants Market Companies

Some of the eminent market participants operating in the smart implants industry include:

• Boston Scientific Corporation
• Canary Medical Inc.
• CONMED Corporation
• Globus Medical, Inc.
• IQ Implants USA LLC
• Johnson & Johnson  
• Medtronic plc          
• NuVasive Inc.
• Orthofix Medical Inc.
• Rejoint SRL   
• Smart Implant Solutions
• Stryker Corporation  
• Zimmer Biomet Holdings, Inc.     
    

Smart Implants Industry News

• In January 2024, Medtronic plc, announced that it had received CE mark for its Micra AV2 and Micra VR2, the world's smallest pacemakers. These pacemakers will provide longer battery life and easier programming. This achievement will benefit the company by expanding its product portfolio and thus enhancing its competitiveness in the healthcare market.
   
• In January 2021, Stryker Corporation announced the acquisition of OrthoSensor, Inc., to strengthen the musculoskeletal care and sensor technology for total joint replacement. The acquisition aided Stryker by improving its implants portfolio and helped to generate the sales of the company.          
                                                                              

The smart implants market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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Market, By Implant Type

• Orthopedic implants
  • Knee arthroplasty    
  • Hip arthroplasty      
  • Spine fusion  
  • Fracture fixation      
  • Other orthopedic implants
• Cardiovascular implants
  • Pacing devices                  
  • Stents          
  • Structural cardiac implants
• Ophthalmic implants
  • Intraocular lens      
  • Glaucoma implant
  • Retinal implant
• Dental implants
• Other implant types 

Market, By Application

• Orthopedic application
  • Spinal fusion and fixation
  • Vertebral compression fractures (VCF) treatment
  • Motion preservation/non-fusion
  • Spinal decompression
• Cardiovascular application
  • Cardiac rhythm management (CRM)       
  • Continuous patient monitoring
• Ophthalmic application
  • Intraocular pressure monitoring (IOP)                        
  • Glaucoma management     
  • Vision restoration
• Dental application
  • Facial reconstruction and aesthetic enhancement
  • Multiple teeth replacement
• Other applications

Market, By Surgery

• Open surgery
• Minimally invasive surgery

Market, By End-use

• Hospitals
• Ambulatory surgical centers
• Specialty clinics
• Other end-users

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa