The smart orthopedic implants market is estimated to secure a valuation of US$ 25.1 Billion in 2023 and is estimated to rise to US$37.5 Billion by 2033. The market is anticipated at a CAGR of 4.1% during the forecast period. The factors accelerating the demand for smart orthopedic implants are as follows-
Technological advancement in healthcare and the development of smart implants with high functionality is the key factor propelling the market growth during the forecast period. Increased adoption of smart implant procedures and advancement in orthopedic technology is expected to uplift the smart orthopedic implants market growth.
The increased demand for effective and safe treatments owing to the increased geriatric population attributed to the market growth. Furthermore, the easy availability of smart implants and affordable cost are expected to enhance the market outlook.
Favorable government reimbursement policies and increased demand for minimally invasive surgeries are expected to drive the smart orthopedic implants market
North America dominates the smart orthopedic implants market owing to the increased prevalence of orthopedic disorders and increased healthcare expenditure. Europe accounts for a significant share of the global smart orthopedic implants due to expansions witnessed in its major countries along with increasing awareness and greater spending on orthopedic treatments and procedures. Increasing awareness regarding smart implants among the population drives the demand for the smart orthopedic implants market in the region.
The smart orthopedic implants market in Asia Pacific is expected to register the fastest growth during the forecast period. the increased number of surgeries and the increased investment by regional players.
Some of the leading players operating in the smart orthopedic implant market are Globus Medical Inc, Medtronic plc, Wright Medical Group N.V., Zimmer Biomet Holdings Inc, Johnson & Johnson, Stryker Corporation, NuVasive Inc, Smith & Nephew Inc, Arthocare Corporation, Biotek Instruments Inc, Conmed Corporation, Integra Lifesciences Holdings Corporation, among others
The market for smart orthopedic implant is highly fragmented with the presence of many small and large players. All these players are adopting strategies like mergers, acquisitions, partnerships, new product launches, and collaborations to increase their market presence globally.
For instance, in October 2021- Globus Medical Inc introduced the Mini Fracture fragment system Anthem, designed for fracture fixation of small bones, and non-loaded bearing stabilization of long bones in the upper and lower extremities. These implants are made up of stainless steel & titanium.
The smart orthopedic implants market is expected to grow in the coming years. The increasing demand for smart orthopedic implant products for knee replacement, shoulder surgeries, and spinal cord surgeries is expected to drive market growth during the forecast period. Also, the increased application of smart orthopedic implants in hospitals, orthopedic clinics, and specialty centers drives the growth of the market. Several start-ups have entered the smart orthopedic implants market with innovative products and technology
For instance, founded in 2016-Lifespan is the developer of smart products for orthopedic implants. They have developed a product that helps in the treatment of osteoporosis, soft bones, fracture repair, and others.
| Data Point | Key statistics |
|---|---|
| Expected Market Value in 2023 | US$ 25.1 Billion |
| Projected Market Value in 2033 | US$ 37.5 Billion |
| Growth Rate (2023 to 2033) | CAGR of 4.1% |
According to latest research by Future Market Insights, smart orthopedic implants market is set to witness steady growth during 2021-2031. Demand for smart orthopedic implants market will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Unfavorable reimbursement policies and less number of skilled surgeons will mean limited opportunities in near future.
However, rapid rate of the co-morbidities that include obesity and diabetes worldwide will provide momentum to the smart orthopedic implants market.
There are approximately 120 ongoing clinical programs for rheumatoid arthritis across the globe, at different stages of development. Rheumatoid arthritis (RA) is, currently incurable and an unending autoimmune disease that basically attacks the joints, is prominent. It is assessed to infect approximately 4.9 million individuals across the major markets. Rheumatoid arthritis infects roughly 1% of the worldwide population.
Thus, rising geriatric population with amputation of diseases like rheumatoid arthritis, bursitis increases the demand for smart orthopedic implants.
However, government initiatives like spreading awareness about the diseases related to bones and associated injuries is to further propel the market growth. Furthermore, engaging population more in sports or gym activities in order to stay fit may lead to injuries associated and is likely to increase the market growth in the forecast period.
Technological advancements in orthopedic implants is likely to be a factor driving the market scenario in the forecast period. Use of 3D printers for orthopedic surgeries in order to attain improved integration of metal and bone helps the surgeons a quicker method.
Moreover, rapid development of smart sensor technologies which aims to provide better picture to the surgeon especially about the post-operative measures to be taken into consideration.
Also, they help to communicate wirelessly through the monitoring/control equipment when implanted with the orthopedic device, therefore, manufacturers are likely to get attracted towards building new technology implants which is likely to make a high steep in the upcoming future.
However, there has been a decline in the market due to COVID19 Crisis which impacted almost every industry around the globe. The industries and economies were distressed with the mass spread of the infection, resulting in recession and shutting down of the surgeries.
Although lockdown and shelter-at-home guidelines have meant restricted activities, the market is likely to improve over the course of the assessment period for smart orthopedic implants market.
According to data published by Centres for Disease Control and Prevention, by 2040, an estimated 78 million (26%) USA adults aged 18 years or older are projected to have doctor-diagnosed arthritis. Thus, it is anticipated to boost the demand for smart orthopedic implants during the forecast period.
According to American Joint Replacement Registry (AJRR), it is forecasted majority revenue in North America is associated to the orthopedic implant surgeries by 2027. Hence, North American manufacturers are developing methodologies owing for technological advancements like, robotic surgeries in the orthopedic implant sector.
For instance, in Feb. 20, 2018, Johnson & Johnson Medical Devices Companies, through French affiliate Apsis S.A.S., announced the acquisition of Orthotaxy, a privately-held developer of software-enabled surgery technologies, including a differentiated robotic-assisted surgery solution.
The Europe smart orthopedic implants market is expected to grow at a profitable rate over the forecast period. This growth is owed to the presence of an increasing number of key players and the opportunistic approach to new investments in the field of smart orthopedic implants.
For instance, in June 10, 2021 Medtronic announced FDA approval of its next generation recharge-free spinal cord stimulation platform, Vanta™ implantable neurostimulator offers up to 11 year battery life and personalized pain relief.
Moreover, the manufacturers focuses on AI-driven technologies to every country in the region through various collaborations.
For instance, in November 16, 2020 Medtronic completes acquisition of Medicrea and expands its artificial intelligence and data capabilities, becoming the first company to offer an integrated spine solution including AI-driven surgical planning, personalized spinal implants and robotic assisted surgery.
Some of the leading manufacturers and suppliers of smart orthopedic implants include
Many leading manufacturers are focusing on expanding their business through various advancements in technology and mergers and acquisitions which boosts the market growth in the near future.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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