Market Trends of Global Smart Implants Industry
This section covers the major market trends shaping the Smart Implants Market according to our research experts:
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.
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.
