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:
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)
Smart Orthopedic Implants Market – Procedure Outlook (Revenue, USD Million, 2021 – 2030)
Smart Orthopedic Implants Market – End-use Outlook (Revenue, USD Million, 2021 – 2030)
Smart Orthopedic Implants Market – Regional Outlook (Revenue, USD Million, 2021 – 2030)
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:
Browse through Grand View Research’s Medical Devices Industry Research Reports.
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.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: sales@grandviewresearch.com Web: https://www.grandviewresearch.com Grand View Compass | Astra ESG Solutions Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
Your email address will not be published. Required fields are marked *
Notify me of follow-up comments by email.
Notify me of new posts by email.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
What are you expectations for the Orthopedic and Spine industry for 2019?