SAN FRANCISCO, June 20, 2022 /PRNewswire/ — The global smart orthopedic implants market size is anticipated to reach USD 34.7 billion by 2030, according to a new report by Grand View Research, Inc. The total addressable market indicates the revenue opportunity available for smart orthopedic implants and is expected to expand at a notable CAGR of 4.3% from 2022 to 2030. The key factors driving the market growth include the rising number of orthopedic surgeries performed across the globe, the growing geriatric population, and technological advancements. According to the U.S. Census Bureau, in 2019, an estimated 75 million Americans were aged 60 years and older, out of the 328 million U.S. population. This indicates that a high number of the population in the country is vulnerable to chronic and acute orthopedic disorders, leading to an increased volume of surgeries.
Key Insights & Findings from the report:
- The rising prevalence of chronic orthopedic disorders and increasing diagnostic capabilities are increasing the number of orthopedic procedures performed globally, thus contributing to the market growth.
- The knee application segment dominated the market in 2021 owing to smart knee implants leading the overall market with growing R&D activities, product approvals, and adoption of digital and enabling technology.
- The implants component segment held the largest share of the overall market revenue in 2021 owing to higher cost, adoption, and availability of products.
- As the incorporation of electronic components into implants grows with increasing R&D initiatives, the segment is projected to grow at the fastest CAGR over the forecast years.
- The total replacement procedure segment accounted for the largest share of the global revenue in 2021 owing to the high number of total knee & hip replacement surgeries performed procedures across the globe.
- The hospital end-use segment held the highest market share in 2021 as these facilities are the primary Point of Care (POC) for the diagnosis and treatment of orthopedic disorders.
Get more Insights from 130 page market research report, ‘Smart Orthopedic Implants Market Size, Share & Trends Analysis Report By Application (Knee, Hip, Others), By Component (Implants, Electronic Components), By End-use, By Region, And Segment Forecasts, 2022 – 2030‘, published by Grand View Research.
Smart Orthopedic Implants Market Growth & Trends
The COVID-19 pandemic resulted in reduced demand and decreased sales in the overall orthopedic implants market including smart orthopedic implants. Market players had to face several challenges, such as restricted access to primary care, movement restrictions, supply chain challenges, difficulty in conducting clinical trials, and other logistical bottlenecks. However, the major impact was the postponement/cancellation of elective surgeries due to the pandemic. Most countries implemented lockdowns and social distancing norms while regulatory bodies and academic societies recommended the postponement of elective surgeries, thus leading to a negative impact on the market. The resumption of elective surgical procedures is expected to lead to increased demand for smart orthopedic implants over the coming years.
The adoption of robotic systems and digital enabling technologies, such as navigation systems, in orthopedic procedures is making these surgeries safer, with low postoperative complications, and better patient outcomes. This is thus a key driver estimated to propel the research, development, and applications of smart orthopedic implants. Market players are leveraging this trend to launch new products, integrate enabling technologies, expand R&D activities, and increase their market share. For instance, in April 2022, eCential Robotics partnered with Amplitude Surgicalto develop a joint robotic solution for knee surgery. Zimmer Biomet’s Persona IQ Smart Knee is a flagship product in the market that was granted De Novo classification by the FDA in August 2021.
Smart Orthopedic Implants Market Segmentation
Grand View Research has segmented the global smart orthopedic implants market based on application, component, procedure, end-use, and region:
Smart Orthopedic Implants Market – Application Outlook (Revenue, USD Million, 2021 – 2030)
Smart Orthopedic Implants Market – Component Outlook (Revenue, USD Million, 2021 – 2030)
- Electronic Components
Smart Orthopedic Implants Market – Procedure Outlook (Revenue, USD Million, 2021 – 2030)
- Total Replacement
- Partial Replacement
Smart Orthopedic Implants Market – End-use Outlook (Revenue, USD Million, 2021 – 2030)
- Others (ASCs, Research Institutes)
Smart Orthopedic Implants Market – Regional Outlook (Revenue, USD Million, 2021 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
Some key players operating in the smart orthopedic implants market include Zimmer Biomet, Canary Medical, and Stryker.
Check out more related studies published by Grand View Research:
- Orthopedic Devices Market – The global orthopedic devices market size is anticipated to reach USD 53.8 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a notable CAGR of 3.1% from 2022 to 2030. Major factors expected to drive the market include high demand for orthopedic surgeries owing to the growing prevalence of road accident injuries and orthopedic diseases. The increasing geriatric population, which is prone to orthopedic conditions, is primarily boosting the demand for orthopedic solutions globally. Effects of aging, such as lowering of bone density and weakening of bones due to excessive loss of bone mass, are prominent in people aged 25 years to 54 years and become more noticeable after 55 years.
- Orthopedic Braces And Supports Market – The global orthopedic braces and supports market size is anticipated to reach USD 7.01 billion by 2030, registering a CAGR of 6.5% during the forecast period, according to a new report by Grand View Research, Inc. The key factors driving the market growth include rising prevalence of chronic diseases such as osteoarthritis and rheumatoid arthritis, incidence of trauma & injury, and technological advancements. In December 2021, Nan yang Technological University, Singapore and an engineering firm developed X-Brace – a knee brace that is 30.0% lighter than conventional knee braces. It is distributed by a subsidiary of Delsson – Wearable Kinetics.
- Orthopedic Biomaterials Market – The global orthopedic biomaterials market size is expected to reach USD 23.5 billion by 2025 registering a CAGR of 10.3%, according to a new report by Grand View Research, Inc. Increasing incidence of degenerative joint disease and musculoskeletal disorders is the key factor driving the market. In addition, increasing geriatric population susceptible to orthopedic conditions arising due to low bone density and advancing bone related disorders is expected to boost the product demand over the forecast period.
Browse through Grand View Research’s Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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