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Smart Implants Market Size

Report ID: GMI8319
Published Date: Feb 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Smart Implants Market Size in 2023:	USD 4.7 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	17.9%
2032 Value Projection:	USD 20.1 Billion
Historical Data for:	2018 - 2023
No. of Pages:	350
Tables, Charts & Figures:	702
Segments covered:	Implant Type, Application, Surgery, End-use and Region
Growth Drivers:	Increase in the geriatric population with various chronic disorders Rising incidence of accidents and sport injuries Technological advancements in the field of smart implants Innovation in spine surgery technologies
Pitfalls & Challenges:	Stringent regulatory framework High cost of procedure

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global smart implants industry was valued at around USD 4.7 billion in 2023 and is estimated to reach over USD 20.1 billion by 2032, driven by ongoing technological advancements and rising incidence of road accidents and sport injuries.

Orthopedic implants segment accounted for USD 1.9 billion in 2023 and is set to gain traction through 2032, as smart implants enable continuous monitoring of parameters such as implant stability, bone healing, and joint function, allowing for early detection of complications.

North America smart implants industry held a significant revenue share of 40.5% in 2023 and is expected to grow rapidly through 2032, driven by a sophisticated healthcare system with access to advanced medical technologies.

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 are some of the major industry contenders.