Over the past few decades, the medical industry has witnessed a rapid transformation, owing to the advent of innovative medical technologies and introduction of 3D printed biomedical material made devices such as implants.
Growing prevalence of chronic disorders among the adult population is augmenting the demand for constant health monitoring solutions and long-term therapeutics. For instance, the introduction of advanced smart implant sensors that last for nearly 6 months with precise sugar level monitoring and high detection accuracy has revolutionized the diabetes care market. These medical solutions not only assist in the aforementioned applications but are also used to support a damaged joint or bones structure and replace a missing biological structure.
Also, latest innovations and integration of advanced technologies such as the Internet of Things (IoT), artificial intelligence, and others in novel implants, for instance, have redefined the treatment of diseases, management of chronic illnesses, and improvement of healthcare for patients.
As per a comprehensive research by Fact.MR, the sales in the global smart implants market is expected to exceed a valuation of US$ 22.2 Bn by the end of 2032, projecting growth at a remarkable CAGR of 19% during the forecast period 2022-2032.
Manufacturers of medical solutions are increasingly emphasizing on developing novel implants with external connectivity and continually assessing body parameters features to customize settings as per the patient requirement, thereby, favoring the growth in the market.
Augmenting Bone Related Ailments to Pave the Way for Medical Implants Sales
With rising customer spending on comfort traveling, there is a significant rise in the sales of automotive vehicles across the globe, resulting in increasing prevalence of road accidents due to increased vehicular fleet & traffic.
For instance, according to a study by the National Crime Records Bureau, around 437,400 road accidents were reported across India in the year 2019, causing injuries to nearly 336,348 people and 154,732 fatalities in the country.
Road accidents can cause a wide range of injuries from bruises to bone dislocations and fractures. Orthopedic implants and sinus implants such as plates, biometal roads, prostheses, and others are extensively used to treat the fractures and replace joints, bones, or cartilage due to damage to the face or body. Hence, increasing number of road accidents is anticipated augment the demand for these medical implants, worldwide.
In addition to this, increasing incidence of diseases & conditions such as arthritis, bone deformation, and other musculoskeletal ailments, and acceptance of implantable medical devices for the treatment of such conditions is bolstering the growth in the orthopedic implants market.
Fact.MR states that the demand for orthopedic implants is expected to reach US$ 900 Mn by 2032, rising at a CAGR of 6.7% from 2022 to 2032.
Enhancing Facial Aesthetics Catapulting Demand for Facial Implants
Due to the growing penetration of the internet & social media across the world, there is a swift rise in consumer inclination towards enhancing facial aesthetics to elevate their looks and eliminate aging symptoms, resulting in fueling the demand for associated medical solutions.
For instance, according to a Plastics Surgery Statistics Report published by the American Society of Plastics Surgeons, nearly 234,374 facelifts, 108,189 cheek implants, 43,900 chin augmentations, and 34,236 lip augmentation surgeries were reported in the year 2020 across the U.S. alone.
As facial implants such as nasal implants, injectables, chin implants, and cheek implants among others are extensively used in the above-mentioned facial enhancement procedures, deepening trend of such cosmetics surgeries is estimated to accelerate the demand in the market. Driven by this, the global facial implants market is forecast to create an incremental opportunity of over US$ 5.6 Bn through 2032, growing at 7.7% CAGR between 2022 and 2032.
Headlines Showcasing the Innovations in Medical Implants to Burgeoning the Sales
Technological advancements in medical science have assisted in the introduction of new ways to combat a numerous types and ranges of diseases, ailments, and conditions occurring due to the growing adoption of modern lifestyles.
With increasing prevalence of cardiovascular disorders, musculoskeletal injuries, and cosmetic surgeries, the demand for medical implants is surging at a robust pace. Hence, prominent manufacturers are focusing on introducing novel products with in-built sensors, innovative features, and high external connectivity.
For instance, in May 2022, Zimmer Biomet, a U.S-based manufacturer of medical implants announced introducing the world’s first smart knee implant, Persona IQ, designed for total knee replacement. It has advanced features such as patient walking data collection, remote monitoring, and others. A multiplicity of introductions of such IoT-based medical devices is anticipated to bolster the sales of smart implants in the global market
How does the Future of Medical Implants Look Like?
Rapid technological advancements in the field of healthcare is projected to transform numerous medical procedures, practices, and treatment methodologies to a certain extent. There is a rise in integration of advanced technologies such as artificial intelligence, IoT, and machine learning in novel medical devices to assist clinicians and patients look beyond conventional methods and tools.
Furthermore, increasing research and development activities for development of critical sinus implants and growing adoption of strategies such as collaboration, partnership, and acquisition by leading player is expected to pave the way for medical implants in forthcoming years.