Smart Orthopedic Implants Market Size, Share & Trends Analysis Report By Application (Knee, Hip, Others), By Components (Implants, Electronic Components), By Implants Procedures (Total Replacement, Partial Replacement, Others), By End-User (Hospitals, Others (Research Centers)) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global smart orthopedic implants market size was valued at USD 24.12 billion in 2021 and is projected to reach USD 34.89 billion by 2030 at a CAGR of 4.19% from 2022 to 2030.

The solutions provided by companies in the global Smart orthopedic implants market are used to support injured tissues and bones, allowing the patient's body to operate more efficiently. On the global market, these orthopedic implant solutions offer a number of benefits, such as low cost, reduced discomfort, and rapid recovery. Increased demand for minimally invasive and cost-effective joint replacement surgery techniques is likely to boost the global orthopedic implants market in the coming years.

Market Dynamics

Drivers for The Global Smart Orthopedic Implants Market

• A Rise in The Aged Population Is Driving the Market

One of the major factors driving the growth of the market for smart orthopedic implants is the global increase in the elderly population. The increase in the number of amputations caused by age-related diseases such as osteoarthritis, bursitis, rheumatoid arthritis, and tendinitis, as well as the acquisition of privately developed models and niche players, fuel the market's expansion. The increase in the incidences of co-morbidities, such as obesity and diabetes, which increase the risk of degenerative joint diseases, particularly in the elderly population, and the efforts of governments to raise awareness about treatment options for bone injuries, such as orthopedic implants, also influence the market.

• Improved Healthcare Infrastructure Is Driving the Market

The changes in reimbursement, an improved healthcare infrastructure, an increase in population, and the expansion of pharmaceutical and biotechnology companies have a positive impact on the smart orthopedic implants market. In addition, technological advancements in orthopedic implants create lucrative opportunities for market participants between 2022 and 2030, as predicted.

Restraints for The Global Smart Orthopedic Implants Market

• Pandemic Became a Major Restraint for The Market

The COVID-19 pandemic led to a decline in demand and sales in the market for orthopedic implants, including smart orthopedic implants. Market participants were confronted with a number of obstacles, including restricted access to primary care, movement restrictions, supply chain challenges, difficulty conducting clinical trials, and other logistical obstacles. However, the greatest effect of the pandemic was the postponement or cancellation of elective surgical procedures. The majority of nations implemented lockdowns and social distancing regulations, and regulatory bodies and academic societies advised delaying elective surgeries, which had a negative effect on the market. In the coming years, the resumption of elective surgical procedures is anticipated to boost demand for intelligent orthopedic implants.

Opportunities for The Global Smart Orthopedic Implants Market

• Investment in The Latest Technologies Will Bring In More Opportunities

Adoption of robotic systems and digital enabling technologies, such as navigation systems, is making orthopedic procedures safer, with fewer complications and improved patient outcomes. As a result, this is anticipated to be a major factor in the research, development, and application of intelligent orthopedic implants. Market participants are capitalizing on this trend to introduce new products, integrate enabling technologies, expand their R&D efforts, and increase their market share. For example, in April 2022, eCential Robotics collaborated with Amplitude Surgical to develop a robotic knee surgery solution. The FDA granted De Novo classification to the Persona IQ Smart Knee by Zimmer Biomet in August 2021, making it a market-leading product.

Regional Analysis

In 2021, North America dominated the global market and generated more than 42.5% of total revenue. Due to the presence of leading companies, such as Zimmer Biomet, the region holds a large market share. In addition, the high prevalence of digital technologies and robotic systems in healthcare is a significant contributor to the region's disproportionately large market share. It is anticipated that the rising prevalence of orthopedic disorders will drive regional growth in the coming years. According to the Centers for Disease Control and Prevention (CDC), the prevalence of arthritis diagnosed by a physician is projected to reach 78.4 million adults in the United States by 2040.

It is anticipated that the Asia-Pacific market will experience the highest growth rate over the next eight years. The rapid growth can be attributed to the increasing investments by key market players to strengthen their regional presence, the rising number of surgical procedures, and the region's rapidly improving healthcare infrastructure. According to a study published by the National Library of Medicine, in 2017, approximately 146,189 arthroplasties were performed on all joints in Japan. Over 80,000 of these procedures were performed on the knees, while over 59,000 were performed on hip joints.

Segmental Analysis

this market can be segmented on the basis of application, component, procedure, end-use, region, and competitors.

On the basis of application, the global market for smart orthopedic implants has been subdivided into the knee, the hip, and others. In 2021, the knee application segment will dominate the global market and will continue to lead throughout the forecast period. In 2021, the segment's contribution to total revenue was greater than 47.00 percent. On the other hand, it is anticipated that the hip application segment will experience the highest growth rate over the forecast period. The rising prevalence of knee and hip disorders is one of the primary factors driving the segment's rapid expansion.

The global market has been segmented on the basis of components into implants and electronic components. During the forecast period, it is anticipated that the electronic components segment will experience the highest CAGR of over 6.20 percent. The segment consists of software and sensors that confer intelligence to an implant. This includes remote patient monitoring, tracking of relevant post-operative care parameters, and clinical decision-making. For instance, Canary Medical's canturio-te & CHIRP System is embedded in the Persona IQ smart knee.

It enables patients and doctors to monitor parameters such as walking speed, cadence, step count, range of motion, etc. In 2021, the implants component segment contributed the greatest proportion of global revenue. This is due to the high price of implants, the availability of products, and the initiatives of market participants. Large multinational corporations, including Stryker, Zimmer Biomet, Depuy Synthes, Microport, B. Braun, and Corin, compete in the market for joint replacement implants. These businesses are deploying a variety of strategic initiatives to expand their market presence and share.

Based on procedures, the global market has been divided into total replacement, partial replacement, and others. In 2021, the total replacement procedure segment dominated the global market and accounted for more than 57.00 percent of the total revenue. The high market share of this segment is primarily attributable to the increased prevalence of orthopedic diseases, the high number of joint replacement surgeries performed, and technological advances. For instance, the Persona IQ Smart Knee by Zimmer Biomet is recommended for patients undergoing cemented total knee arthroplasty.

In contrast, the partial replacement procedure segment is anticipated to experience the highest CAGR during the forecast period. The other segment, which includes revision and resurfacing replacement procedures, is also anticipated to expand significantly over the next few years. This is due to the fact that a significant number of total replacement surgeries fail over time due to defective or worn-out implants, necessitating revision replacements. Revision procedures are performed to alleviate pain and facilitate motion recovery. According to the Arthritis Foundation, knee and hip revision procedures are projected to reach 120,000 and 72,000 per year, respectively, by 2030.

The global market has been segmented into hospitals and other end-users. The remaining end-use segment is subdivided into Ambulatory Surgical Centers (ASCs) and research institutes. From 2022 to 2030, the others segment is anticipated to record the highest CAGR of more than 5.00 percent. This is due to the increasing number of ambulatory centers and their associated cost-effectiveness. According to the Centers for Medicare & Medicaid Services (CMS), there are approximately 187 Medicare-Certified ASCs in the state of Washington in March 2022, 442 in the state of Texas, 368 in the state of Georgia, 817 in the state of California, and 451 in the state of Florida.

In the coming years, this quantity is anticipated to rise. In 2021, the hospital application segment will dominate the global market. In the same year, the segment accounted for the largest proportion of total revenue. This is a result of the large number of orthopedic procedures performed in hospitals and the adoption of new technologies by large hospitals. In 2021, the Deenanath Mangeshkar Hospital in India performed over 1,500 joint replacements. The majority of these were total knee replacements, with some total hip replacements and total revision knee and hip replacements also being performed.

Impact of covid-19

Covid-19 had some profound adverse impacts on the global advanced ceramics market.

COVID-19 spread across the world from China, making the whole world stand still and to a complete lockdown situation. Covid-19 is an infectious disease that was caused by a newly discovered coronavirus. During the time, the fatality rate among the population above 40 was also high globally. The disease causes severe illness for people suffering from medical conditions like diabetes, cardiovascular disease, chronic respiratory disease, etc.

Considering the situation during that time, it was declared a pandemic which led to numerous countries, including the major economies like China, the United States, India, and others, implementing lockdowns which adversely affected the global economy.

In the first two quarters of 2020, the economic and industrial operations temporarily halted. Almost every manufacturing unit where advanced ceramics is used, such as electrical and electronics, transportation, industrial, chemical, and other End-user Industries (except medical), reduced their manufacturing capacities due to the lack of workers. The lockdown implemented put a halt to global supply chains. This resulted in repercussions in terms of both production and demand for advanced ceramics.

Market Recovery Timeline and Challenges

With time the lockdowns were uplifted, and relaxation was made to the public. Gradually, the economy picked up the pace and started its operations, bringing the demand in the global advanced ceramics market and increasing among various industries. As the situation improved during the initial months of 2021, the economies also strengthened their fiscal policies and initiated their development process; the end-user industries began their activities, bringing the overall ceramics market back on track.

Recent Developments

• OrthoSensor, Inc., a company specializing in sensor technology for total joint replacement, was acquired by Stryker in January 2021. Stryker intends to innovate and advance smart sensor technologies across its joint replacement business, including smart implants, intraoperative sensors, and wearables.
• In April 2022, eCential Robotics collaborated with Amplitude Surgical to develop a robotic knee surgery solution.
• The FDA granted De Novo classification to the Persona IQ Smart Knee by Zimmer Biomet in August 2021, making it a market-leading product.