Market Size of Global Smart Implants Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.38 Billion |
| Market Size (2029) | USD 12.93 Billion |
| CAGR (2024 - 2029) | 19.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Implants Market Analysis
The Global Smart Implants Market size is estimated at USD 5.38 billion in 2024, and is expected to reach USD 12.93 billion by 2029, growing at a CAGR of 19.20% during the forecast period (2024-2029).
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.
