Smart Orthopedic Implants Market: Implants Component Segment Held The Largest Share

 Smart Orthopedic Implants Industry Overview

The global smart orthopedic implants market size was valued at USD 24.8 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. The total addressable market value represents the available revenue opportunity for smart orthopedic implants. Growing R&D initiatives, orthopedic procedures, advancements in enabling technologies, such as robotics & surgical navigation, and initiatives by key companies are some of the key drivers of smart orthopedic implants' total addressable market. In August 2021, Zimmer Biomet received FDA clearance and a De Novo classification grant to launch the world’s first smart knee implant for total knee replacement surgery.

The COVID-19 pandemic adversely impacted the overall joint replacement market including smart orthopedic implants with reduced demand and sales. This resulted from deferred or canceled elective procedures, operational challenges in conducting clinical trials, supply chain hurdles, and reduced sales and marketing activities. Key market players reported a decline in sales, especially during 2020. Stryker, for instance, reported about a 9.1% decline in net revenue compared to 2019. Zimmer Biomet witnessed a revenue decline of around 11% during 2020 compared to the previous year. The pandemic notably impacted the knee replacement sales as the procedure is deemed less urgent compared to hip replacement.


Gather more insights about the market drivers, restraints and growth of the Global Smart Orthopedic Implants Market

 

Zimmer Biomet reported continued decline/volatility in elective surgical procedures across the globe in 2021 due to the pandemic. In Q3 and Q4 2021, in particular, the highly contagious Delta and Omicron variants resulted in the further postponement of elective procedures. Staffing shortages at hospitals were identified as another adverse impact by the company that further led to the deferral of elective procedures. However, the market is anticipated to recover with the resumption of elective surgeries. Elective procedures are projected to return to pre-COVID numbers as their underlying causes remain unchanged.

These factors are estimated to contribute to the total addressable market growth during the forecast period. Many public and private health institutions have released guidelines to support the resumption of surgeries, such as those released by the American Society of Anesthesiologists (ASA). Rising R&D initiatives and product enhancements are other key factors contributing to the total addressable market growth. This is due to the growing demand for smart orthopedic implants that offer better utility, reliability, consistency, efficiency, and safety. Market players are also involved in developing new technologies and expanding product applications. Zimmer Biomet, for instance, plans to expand its connected digital portfolios from smart knee to hip and extremities joint replacement.




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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 Application Outlook (Revenue, USD Million, 2021 - 2030)

  • Knee
  • Hip
  • Others

Smart Orthopedic Implants Component Outlook (Revenue, USD Million, 2021 - 2030)

  • Implants
  • Electronic Components

Smart Orthopedic Implants Procedure Outlook (Revenue, USD Million, 2021 - 2030)

  • Total Replacement
  • Partial Replacement
  • Others

Smart Orthopedic Implants End-use Outlook (Revenue, USD Million, 2021 - 2030)

  • Hospitals
  • Others (ASCs, Research Institutes)

Smart Orthopedic Implants Regional Outlook (Revenue, USD Million, 2021 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA (Middle East & Africa)

 

Market Share Insights:

  • January 2021: Stryker acquired OrthoSensor, Inc.-a company specializing in sensor technology for total joint replacement. With this, Stryker intends to innovate and advance smart sensor technologies, including smart implants intraoperative sensors, and wearables across its joint replacement business.

 

Order a free sample PDF of the Smart Orthopedic Implants Market Intelligence Study, published by Grand View Research.


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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