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 US Census Bureau, in 2019, an estimated 75 million Americans were aged 60 years and older, out of the 328 million US 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:
- The rising prevalence of chronic orthopedic disorders and increasing diagnostic capabilities are increasing the number of orthopedic procedures performed globally, thus contributing to the market growth.
- The knee application segment dominated the market in 2021 owing to smart knee implants leading the overall market with growing R&D activities, product approvals, and adoption of digital and enabling technology.
- The implants component segment held the largest share of the overall market revenue in 2021 owing to higher cost, adoption, and availability of products.
- As the incorporation of electronic components into implants grows with increasing R&D initiatives, the segment is projected to grow at the fastest CAGR over the forecast years.
- The total replacement procedure segment accounted for the largest share of the global revenue in 2021 owing to the high number of total knee & hip replacement surgeries performed procedures across the globe.
- The hospital end-use segment held the highest market share in 2021 as these facilities are the primary Point of Care (POC) for the diagnosis and treatment of orthopedic disorders.
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
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