Expansion of Global Smart Medical Implants Market Expected to Achieve US$ 24.8 Billion by 2031, with a Compound Annual Growth Rate (CAGR) of 18.1%: TMR Report
Rise in demand for personalized healthcare and precision medicine and surge in disposable income are likely to offer lucrative opportunities to players in the global smart medical implants industry
Wilmington, Delaware, United States, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global smart medical implants market is projected to flourish at a CAGR of 18.1% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 24.8 billion is anticipated for the market in 2031. As of 2023, the market for smart medical implants is expected to close at US$ 6.7 billion
The rapidly growing geriatric population, increased prevalence of chronic diseases, and technological advancements in medical implantable devices are the main factors contributing to market growth.
Increased demand for minimally-invasive surgical methods and increasing healthcare expenditure, especially in developed countries, support the adoption of advanced medical technologies, including smart medical implants, to improve patient care.
Rapid urbanization, rising levels of disposable income among the population, and significant research and development efforts by key competitors are some of the other factors driving market demand.
Increasing technological advances in smart implants as they can incorporate user interfaces or smartphone apps that provide patients with information on their progress, exercise recommendations, and reminders for medication or therapy adherence, these advances to contribute to the increased demand for smart medical implants
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Market Snapshot:
Report Coverage
Details
Market Revenue
US$ 5.7 Bn
Estimated Value
More than US$ 24.8 Bn
Growth Rate - CAGR
18.1%
Forecast Period
2023-2031
No. of Pages
186 Pages
Market Segmentation
Application, End-user
Regions Covered
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Covered
Medtronic, Abbott Laboratories, Boston Scientific Corporation, Johnson & Johnson, Siemens Healthineers, Smith & Nephew, Stryker Corporation, Zimmer Biomet, Cochlear Limited,Dexcom, St. Jude Medical (Abbott Laboratories), Edwards Lifesciences, Biotronik, Second Sight Medical Products, Cyberonics (LivaNova)
Key Takeaways from the Market Study
As of 2022, the smart medical implants market was valued at US$ 5.7billion
By application, the COPD segment to enjoy high demand, accumulating a high revenue share during the forecast period
Based on product, the mouthpieces & oxygen masks product segment is anticipated to dominate the industry during the forecast period
Based on end-user, the hospital segment is expected to generate high revenue during the forecast period, due to the increased demand for respiratory disposables from hospital settings
Smart Medical Implants: Key Trends and Opportunistic Frontiers
With The increasing demand for personalized medicine and patient-centric care the demand for smart medical implants increases to provide targeted treatments.
The increasing consumer spending on medical implants and acceptance of smart implantable devices among both healthcare professionals and patients, driving the growth of the smart medical implants market during the forecast period.
Manufacturers are focusing on the development of advanced products with improved battery life of smart implants, ensuring that they can operate for extended periods without the need for frequent replacements or recharging.
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Smart Medical Implants Market – Regional Analysis
North America leads the smart medical implants market owing to several elements such as the increased rate of orthopedic implants, and expanding use of aesthetic dental procedures. The presence of significant market participants, technological innovations, and the development of next-generation smart medical implants, drive the market growth in the region.
Asia Pacific is expected to account for a significant market share in the smart medical implants market owing to the increased disposable income, and increased government and corporate investments in the development of cutting-edge healthcare infrastructure. Rising adoption of minimally-invasive operations, and improved public awareness and availability of various medical implants, support the market growth.
Competitive Landscape
The smart medical implant market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global smart medical implant market report:
Ibex Medical Analytics
EarlySign
Cancer Center.ai
Microsoft
Flatiron
Path AI
Therapixel
Tempus
Paige AI, Inc.
Kheiron Medical Technologies Limited
SkinVision
Freenome
Whiterabbit.ai
Mindpeak GmbH
Key Developments in the Smart Medical Implants Market
Medtronic developed the Micra Transcatheter Pacing System, a leadless pacemaker that eliminates the need for pacing leads, enhancing patient comfort and reducing complications. Continues to research and develop innovative cardiac and neurological implants with smart capabilities.
Abbott Laboratories - Introduced the CardioMEMS Heart Failure System, an implantable pulmonary artery pressure sensor that enables remote monitoring and early detection of heart failure symptoms. Focuses on developing advanced cardiovascular and neuromodulation devices with connectivity and monitoring features.
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Smart Medical Implants Market
Application
Orthopedic Implants
Smart Joint Implants
Smart Spinal Implants
Smart Bone Plates
Smart Orthopedic Screws
Others
Cardiovascular Implants
Smart Pacemakers
Smart Implantable Cardioverter-Defibrillators (ICDs)
Smart Cardiovascular Stents
Smart Cardiac Monitors
Ophthalmic Implants
Smart Intraocular Lenses (IOLs)
Smart Retinal Implants
Smart Glaucoma Implants
Dental Implants
Smart Prosthetic Teeth
Smart Dental Screws
Drug-eluting Dental Implants
Others
Others
End-user
Hospitals and Clinics
Ambulatory Surgical Centers
Research Institutes and Academic Centers
Others
Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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Transparency Market Research Inc. -CAGR of 18.1%For more insights into the Market, Request a Sample of this Report - Connect with our team of research specialists and unlock the optimal solution for driving your business growthMarket Snapshot: Report Coverage DetailsKey Takeaways from the Market StudySmart Medical Implants: Key Trends and Opportunistic FrontiersFor In-depth Competitive Analysis, Buy Now:Smart Medical Implants Market – Regional Analysis Competitive LandscapeKey Developments in the Smart Medical Implants Market Medtronic Abbott LaboratoriesRequest for Customization and Redefine Expectations:Smart Medical Implants MarketApplicationEnd-userRegionRead More Related Reports:About Transparency Market ResearchContact:Nikhil SawlaniWebsiteBlogEmail: