Fact.MR’s latest report on Smart Implants Market provides a detailed analysis of growth drivers, market restraints, and emerging trends
Rockville, Sept. 19, 2023 (GLOBE NEWSWIRE) — Smart implants Market is expected to reach US$ 22.2 billion by 2032 from an anticipated US$ 3.9 billion in 2022. The demand for smart implants is predicted to grow at a CAGR of 19% from 2022 to 2032, making a substantial contribution to the global implants market.
Smart implants are highly advanced medical devices that outperform traditional options in several important ways. They offer superior functionality, with features like sensors and actuators for more natural movement. These implants can monitor vital signs and health metrics in real time, providing valuable data for both patients and healthcare providers. They can be customized to fit individual needs, ensuring better comfort and usability. Smart implants also connect wirelessly to devices like smartphones, enabling remote monitoring and adjustments.
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With adaptive learning and AI integration, they adapt to user behavior over time for a more natural interaction. The growth of the smart implants market is primarily driven by increasing demand for advanced healthcare solutions, especially among aging populations, as these implants offer improved functionality and monitoring capabilities. Additionally, advancements in wireless connectivity and artificial intelligence are driving innovation in the field, making smart implants more accessible and appealing to both patients and healthcare providers
The smart implants revolution is driven by breakthroughs in material science, and nanotechnology that have enabled the development of smart implants. Moreover, with an aging population and increasing prevalence of chronic diseases, there is a rising demand for implants that can monitor and manage health conditions such as smart pacemakers, insulins, and joint implants. However, as patients become more informed about the benefits of smart implants, there is a growing acceptance and demand for these advanced healthcare solutions, further fueling market expansion.
|Value Projection (2032)||US$ 22.2 Billion|
|Growth Rate (2022-2032)||19% CAGR|
|No. of Pages||170 pages|
|No. of Tables||64 Tables|
|No. of Figures||108 Figures|
Key Companies Profiled in This Report
- Boston Scientific Corporation
- Zimmer Biomet
- Cochlear Ltd.
- Nevro Corp.
- Senseonics, Inc.
- Aleva Neurotherapeutics SA
Why is the Demand for Smart Implants growing in North America?
In North America, there’s a notable trend towards incorporating AI into smart implants to enhance functionality and adaptability. An example is the Brain-Computer Interface (BCI) technology used in neural implants like the BrainGate system, allowing individuals with paralysis to control external devices through their thoughts. The integration of smart implants with wearable devices for seamless monitoring and communication is gaining traction. For instance, companies like Medtronic have developed advanced insulin pumps that can be connected to smartphones for real-time tracking and control.
- In August of 2021, Zimmer Biomet obtained FDA clearance and was granted a De Novo classification to introduce the inaugural smart knee implant designed for total knee replacement procedures. The joint replacement market, including smart orthopedic implants, experienced a downturn in demand and sales due to the adverse effects of the COVID-19 pandemic.
How is the Asia Pacific market faring?
APAC is experiencing a demographic shift towards an aging population, driving the demand for advanced healthcare solutions. Smart implants are increasingly being used to address chronic conditions prevalent in this demographic. There is a surge in local companies and startups entering the smart implants market in the APAC region. They are focusing on customized solutions for specific healthcare needs. For example, Terumo’s Mirasol system, a smart phototherapy technology, has been developed to enhance transfusion safety.
- In October 2021, Cochlear Limited, a world leader in implantable hearing solutions, recently secured approval and clearance from the U.S. Food and Drug Administration (FDA) for its Cochlear™ Remote Assist solution for both the Nucleus® and Baha® Systems. This regulatory milestone represents the initial phase towards the anticipated spring 2022 launch of the product, and it will be a valuable addition to Cochlear’s existing Remote Care offerings.
Smart implants face various challenges like complex regulations, privacy issues, and technology becoming outdated. Addressing these challenges requires careful planning and the implementation of strategic solutions. Companies in the smart implant industry must invest in research and development, stay abreast of regulatory updates, and prioritize strong cybersecurity measures. Getting regulatory approval for smart implants is a complex process. Health authorities, like the FDA, have strict rules to make sure these implants are safe and effective. Companies need to provide detailed information about the implant’s materials, how it works, and any potential risks.
- Keeping patient information safe and guarding against cyber threats is a major concern in the smart implant field. These implants collect sensitive health data, and since they can connect wirelessly, there’s a risk of unauthorized access or data interception. Just like any electronic device, smart implants can be targeted by cyber-attacks, potentially compromising patient privacy and safety.
- In the industry, a significant hurdle is the fast evolution of technology, making formerly advanced implants quickly outdated. To address this, industry players should prioritize ongoing research and development, ensuring their products stay current with the latest technological advancements.
Overall, the convergence of technological innovation, demographic shifts, and a focus on personalized healthcare is propelling the smart implants revolution, with the potential to revolutionize the way we approach medical treatments and interventions.
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Fact.MR, in its new offering, presents an unbiased analysis of the Smart Implants Market, presenting forecast statistics for the period of 2023-2033.
Smart Implants Market Analysis By Implant (Pacemakers, CRTs, ICDs, Knee Replacement, I-CGM, Cochlear Implants, Spinal Cord Stimulators), By Use Case (Arthroplasty, Neuromodulation, Hearing)
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