Press release
Smart Implants Market Future Scope, Size, Growth Trends, Demand And Forecast To 2033
Smart Implants Market Future Scope
According to The Business Research Company's, The smart implants market size has grown rapidly in recent years. It will grow from $3.83 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to improved healthcare infrastructure, expansion of pharmaceutical and biotechnology companies, rise in prevalence of orthopedic diseases, rise in prevalence of chronic ailments, growth in the healthcare spendings.
The smart implants market size is expected to see rapid growth in the next few years. It will grow to $8.31 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to growing demand for minimally invasive procedures, rising incidence of accidents or sports injuries, growing awareness and education about smart implants, increasing awareness of personalized medicine, rising public awareness about the benefits of smart implants. Major trends in the forecast period include technological advancement, adoption of smart surgical methodologies in dentistry, product innovation, blockchain technology, wireless connectivity.
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Market Drivers and Trends:
The growing demand for minimally invasive procedures is expected to propel the growth of the smart implant market going forward. Minimally invasive procedures are medical operations that cause the least disruption to the body's standard structure and function, resulting in less stress on surrounding tissues and faster recovery times. The demand for minimally invasive procedures is rising due to less pain and discomfort, minimal scarring, and a reduced risk of complications. The smart implants play a crucial role in advancing the field of minimally invasive surgery by providing real-time feedback, enhancing precision and accuracy, enabling remote control and adjustment, facilitating data integration and analysis, and supporting improved patient monitoring and recovery. These capabilities contribute to safer, more effective, and patient-centered minimally invasive procedures across various medical specialties. For instance, in August 2023, according to The Aesthetic Society, a US-based organization devoted entirely to aesthetic plastic surgery and cosmetic medicine, Americans spent over $11.8 billion on minimally invasive procedures (aesthetic procedures) in 2023, an increase of 2% from the previous year. Therefore, the growing demand for minimally invasive procedures is driving the growth of the smart implant market.
Major companies operating in the smart implant market are focused on developing innovative products, such as smart knee implants, to improve post-operative recovery, reduce implant failure rates, and increase overall patient satisfaction. Smart knee implants are total knee replacement implants that use embedded sensor technology to offer real-time data and monitoring of the patient's rehabilitation and implant function following surgery. For instance, in August 2021, Zimmer Biomet Holdings, Inc., a US-based medical technology company, and Canary Medical, a Canada-based medical data company, launched Persona IQ, the world's first and only smart knee for total knee replacement surgery approved by the U.S. Food and Drug Administration (FDA), a federal agency of the Department of Health and Human Services. The Persona IQ smart knee implant introduces a groundbreaking method for physicians to track and support patients closely after total knee replacement surgery.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Johnson & Johnson Services Inc., Abbott Laboratories, Medtronic plc, Stryker, Boston Scientific Corporation, Zimmer Biomet, Terumo Corporation, Smith & Nephew plc, Biotronik, Integra LifeSciences, Cochlear Ltd., CONMED Corporation, Globus Medical Inc., Penumbra Inc., Orthofix Medical Inc., Nevro Corp., Exactech Inc., IQ IMPLANTS USA, Senseonics, Canary Medical Inc., Aleva Neurotherapeutics SA, Intelligent Implants, Rejoint srl, DirectSync Surgical, Smart Implant Solutions
Smart Implants Market 2024 Key Insights:
• The smart implants market size is expected to see rapid growth in the next few years. It will grow to $8.31 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.
• Demand For Minimally Invasive Procedures Fueling Growth In The Smart Implant Market
• Advancements In Smart Knee Implants Transforming Post-Operative Recovery
• North America was the largest region in the smart implants market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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