Smart Orthopedic Implants Market Growth Fueled by Innovations in Biocompatible Materials

The global smart orthopedic implants market size is estimated to reach USD 34.8 billion by 2030, registering to grow at a CAGR of 4.5% from 2024 to 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 4.4% from 2023 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.

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.

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

Smart Orthopedic Implants Market Report Highlights

  • The knee segment dominated the market with a revenue share of 46.8% in 2023. The global prevalence of knee disorders, including osteoarthritis, rheumatoid arthritis, and sports injuries, has a significant impact on mobility and overall well-being.
  • The implants segment led the market with a revenue share of 82.7% in 2023. The integration of sensors, wireless connectivity, and advanced materials has transformed conventional orthopedic implants into smart devices.
  • Total replacement procedures held the largest revenue share of 56.9% in 2023, owing to the rising prevalence of orthopedic diseases, increased joint replacement surgeries, and technological advancements.
  • The hospitals segment dominated the market with a revenue share of 68.0% in 2023.

Key Smart Orthopedic Implants Company Insights

  • Some key companies in the smart orthopedic implants market include Zimmer Biomet; Medtronic; Boston Scientific Corporation; and others. In response to intensifying competition, market players have employed strategies such as new product introductions, expanded distribution channels, and geographical expansion to stay ahead.
  • Zimmer Biomet Holdings Inc. specializes in designing, manufacturing, and marketing orthopedic implants. The company prioritizes innovation, leveraging data to drive smarter operations and revolutionize orthopedic surgery.
  • Medtronic offers comprehensive services and solutions. The company has made significant strides in developing cutting-edge smart orthopedic implants, providing real-time status information to clinicians to improve patient outcomes.

List of Key Players in the Smart Orthopedic Implants Market

  • Zimmer Biomet
  • Medtronic
  • Boston Scientific Corporation
  • Nevro Corp
  • Cochlear Ltd.
  • Exactech, Inc.
  • Stryker
  • CONMED Corporation.

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

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