|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Smart Implants market is expected to register a CAGR of 5.6% over the forecast period, 2022-2027.
COVID-19 pandemic had a substantial impact on the smart implants market, specifically for dental services. The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in a decrease in demand for products across all segments. In wake of COVID-19 outbreak, various organizations, such as, American Dental Association (ADA)15 and the American Dental Hygienists’ Association (ADHA)16 have recommended postponing all elective dental procedures and provision of noncritical dental care. The Centers for Medicare and Medicaid Services recommend that all nonessential examinations and procedures must be postponed until further notice. As per the articles published in March 2022 titled ‘Aerosols generated by high-speed handpiece and ultrasonic unit during endodontic coronal access alluding to the COVID-19 pandemic’ in Springer Nature, there is a risk of transmission of Covid-19, in dental practice from blood or saliva, combined with instruments that generate aerosols.
Furthermore, as per the data provided by The Pandemic Practice, Anxiety, Coping, and Support Survey for Vascular Surgeons 2021, the majority of respondents (91.7%) noted elective surgery cancellation. Thus, the COVID-19 outbreak affected the market's growth adversely for most of the implant surgeries; however, the market is expected to gain traction due to the significant increase in the use of smart implant devices globally.
Further, an increase in the geriatric population with various chronic disorders, rising incidence of accidents or sports injuries, and technological advancements in the field of smart implants are among the major factors driving the growth of the studied market. Currently, smart implants have the potential to reduce the infection at the site, speedy recovery and reduced readmission may support the growth in the future. Such factors are likely to boost the adoption of smart implants, thereby contributing to the studied market growth.
In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the studied market. For instance, in August 2020 Zimmer Biomet Holdings announced U.S. Food and Drug Administration (FDA) has granted authorization to market the tibial extension for Persona IQ. Additionally, in August 2021, The Johnson & Johnson introduces the INHANCE Shoulder System designed with patient care approach. Thus, owing to the product launches the studied market is expected to have significant growth over the forecast period.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the high cost of implants & Stringent Regulatory Framework is likely to impede market growth.
Scope of the Report
As per the scope of the report, smart implants are personalized bio-implants that feature customized shapes, special functions such as sensor technology or shape memory in combination with flexible and durable biomaterials. Smart implants are novel, minimally invasive and cost-efficient. The Smart Implants market is segmented by Application (Orthopedic Smart Implants, Cardiovascular Smart Implants, Ophthalmic Smart Implants, Dental Smart Implants, Cosmetics Smart Implants and Others), End-User (Hospitals, Ambulatory Surgical Centers, Speciality centers and Other End-Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.) The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
|By Product Type|
|Dental Smart Implants|
|Cosmetic smart Implants|
|By End User|
|Ambulatory Surgical Centers|
Key Market Trends
Orthopedic Smart Implants Segment is Expected to Witness high Growth Over the Forecast Period
Orthopedic smart implants can be used to obtain therapeutics and diagnostics benefits for knee & Hip replacements, spine fusion surgeries, and fracture among others. Smart hip Implants can detect pressure and temperature measurements, and loosening of prostheses, which is one of the most common complications of total hip arthroplasty. Moreover, the article published in March 2022 titled “SMART’ implantable devices for spinal implants” in the National Library of Medicine said these intelligent implants have been suggested for use for understanding common activities that may risk damage to implants, monitoring the progression of fusion, and early detection for potential complications such as pedicle screw loosening and interbody cage subsidence. Hence, owing to the advantages offered by orthopedic smart implants, the adoption of these products is likely to increase among the target population, ultimately driving the market growth.
Furthermore, a continuous collaboration by major players in the market is positively affecting the growth of the segment. For instance , in November 2020, Medtronic plc announced that it has completed its friendly tender offer for France-based Medicrea International, a pioneer in the transformation of spinal surgery through artificial intelligence (AI), predictive modeling, and patient specific implants. Therefore, the orthopedic smart implants segment is expected to witness significant growth over the forecast period due to the above mentioned factors.
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North America is Expected to Dominate the Smart Implants Market
North America is expected to dominate the market owing to factors such as the easy availability of technologically advanced products, high awareness among consumers, improved healthcare infrastructure, and expansion of pharmaceutical and biotechnology companies in the region. For Instance, according to the data provided in Stanford Children’s Health organization , Sports Injury statistics, In 2021, 30 million children and teens participate in some form of organized sports, and more than 3.5 million have injuries each year in United States. An increase in the usage of smart implants for rapid and effective results in the United States is among the key factors which contribute to the growth of the studied market in North America.
Key product launches, high concentration of market players, or manufacturer's presence in the United States are some of the factors driving the growth of the smart implants market in the country. For instance, in June 2021, Medtronic receive Food and Drug Administration (FDA) approval for its Vanta device—a recharge-free implantable neurostimulator (INS) with a device life that lasts up to 11 years. For instance, in May 2020, NuVasive, Inc. announced the expansion of its Advanced Materials Science implant portfolio with the commercial launch of the Modulus XLIF Dual Sided Plate. These continuous product launches in the region are anticipated to drive the growth of the market in the country.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
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The smart implants devices market is consolidated in nature due to the presence of few companies operating globally as well as regionally. The major market players are focusing on technological advancements to acquire maximum market share. Some of the Major Players includes Stryker, Zimmer Biomet, DePuy Synthes, Medtronic, IQ Implants USA, Canary Medical Inc., NuVasive Inc. Smart Implant Solutions, REJOINT SRL, among others.
· In June 2021 Medtronic has received US Food and Drug Administration (FDA) approval for its Vanta device—a recharge-free implantable neurostimulator (INS) with a device life that lasts up to 11 years.
· In August 2020 Zimmer Biomet Holdings announced Food and Drug Administration (FDA) has granted authorization to market the tibial extension for Persona IQ, smart knee cleared by the FDA for total knee replacement surgery.
Table of Contents
1.1 Study Assumptions & Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.2.1 Increase in the Geriatric Population with Various Chronic Disorder
4.2.2 Rising Incidence of Accidents and Sport Injuries
4.2.3 Technological Advancements in the Field of Smart Implants
4.3 Market Restraints
4.3.1 Stringent Regulatory Framework
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Orthopedics Smart Implants
188.8.131.52 Knee Arthroplasty
184.108.40.206 Hip Arthroplasty
220.127.116.11 Spine Fusion
18.104.22.168 Fracture Fixation
5.1.2 Cardiovascular Smart Implants
22.214.171.124 Pacing devices
126.96.36.199 Structural Cardiac Implants
5.1.3 Opthalmic Smart Implants
188.8.131.52 Intraocular lens
184.108.40.206 Glaucoma Implants
5.1.4 Dental Smart Implants
5.1.5 Cosmetic smart Implants
5.2 By End User
5.2.2 Ambulatory Surgical Centers
5.2.3 Orthopedics Clinics
5.2.4 Opthalmic Clinics
5.2.5 Dental Labs
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Zimmer Biomet
6.1.3 Johnson & Johnson (DePuy Synthes)
6.1.4 IQ Implants USA
6.1.5 Canary Medical Inc.
6.1.7 NuVasive Inc.
6.1.8 Smart Implant Solutions
6.1.9 Rejoint srl
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Smart Implants Market market is studied from 2019 - 2027.
What is the growth rate of Global Smart Implants Market?
The Global Smart Implants Market is growing at a CAGR of 5.6% over the next 5 years.
Which region has highest growth rate in Global Smart Implants Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Smart Implants Market?
North America holds highest share in 2021.
Who are the key players in Global Smart Implants Market?
Stryker, Zimmer Biomet, Johnson & Johnson (DePuy Synthes), Smart Implant Solutions, CONMED are the major companies operating in Global Smart Implants Market.