Global Smart Orthopedic Implants Market Size Report, Share, Analysis, 2032

Smart Orthopedic Implants Industry Prospective:

The global smart orthopedic implants market size was worth around USD 24.72 billion in 2023 and is predicted to grow to around USD 35.38 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.70% between 2024 and 2032.

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Smart Orthopedic Implants Market: Overview

Smart orthopedic implants are a relatively emerging segment of the global healthcare industry. These medical implants leverage advanced technologies to not only effectively treat a medical condition but also detect or diagnose diseases at early stages.

Smart orthopedic implants have largely found applications in total knee arthroplasty (TKA) and Total hip arthroplasty (THA) along with other major surgeries such as fracture fixation and spine fusion. These advanced medical technologies are integrated within the body and they provide real-time health-related information to healthcare providers as well as patients. One of the main goals of smart orthopedic implants is to deliver optimal orthopedic care to patients using an integration of sophisticated communication and sensor technologies with traditional implants.

Some of the key features of smart orthopedic implants include energy efficiency, wireless communication, and biocompatibility. During the forecast period, the industry for orthopedic implants with intelligent capabilities is expected to grow due to the rising demand for quality healthcare across patients of all age groups.

Additionally, growing innovation and an increasing number of projects aiming to improve healthcare accessibility will further create higher market revenue in the coming years. Two of the major drawbacks for the smart orthopedic implants industry is in terms of higher cost of developing & using smart orthopedic implants and the lack of sufficient supporting infrastructure.

Key Insights:

• As per the analysis shared by our research analyst, the global smart orthopedic implants market is estimated to grow annually at a CAGR of around 4.70% over the forecast period (2024-2032)
• In terms of revenue, the global smart orthopedic implants market size was valued at around USD 24.72 billion in 2023 and is projected to reach USD 35.38 billion by 2032.
• The smart orthopedic implants market is projected to grow at a significant rate due to the rising number of patients requiring orthopedic care.
• Based on the component, the implants segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the procedure, the total replacement segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Smart Orthopedic Implants Market: Growth Drivers

Rising number of patients requiring orthopedic care will drive the market demand rate

The global smart orthopedic implants market is expected to grow due to the rising number of patients worldwide requiring orthopedic care. When a patient’s damaged bones or joints cannot be treated using conventional medicines, medical professionals opt for orthopedic implants. They are generally used in medical conditions related to bone fractures, spinal conditions, congenital defects, and joint degeneration. These medical problems can be induced due to several factors.

For instance, serious accidents are a primary cause of bone fractures among children, adults, and senior citizens. On the other hand, joint degeneration is more common in the elderly population compared to adults and children. In addition, certain medical conditions such as rheumatoid arthritis, osteoarthritis, and carpal tunnel syndrome may also cause a patient to undergo surgery for orthopedic implants.

In 2023, more than 3.5 million people worldwide underwent knee replacement surgery. The burgeoning pressure on the global healthcare infrastructure to meet the orthopedic care needs of the general population is expected to create demand for intelligent solutions. In October 2021, doctors at the Hospital for Special Surgery (HSS) in the US performed the world’s first knee replacement surgery consisting of a smart sensor that will measure walking speed, steps taken, and range of motion. The technology is called Persona IQ and has been approved by the U.S. Food and Drug Administration (FDA).

Rising advancements in surgical operations and growth in healthcare accessibility create market revenue

In recent times, the global healthcare industry has undergone massive changes, especially with the introduction of novel surgery techniques and tools aiding advanced procedures. The introduction of artificial intelligence (AI) enabled surgical tools, wearables, 3D printing, virtual care, and Internet of Medical Things (IoMT) technology among others has helped the healthcare sector improve patient care.

During the forecast period, these trends can aid growth in the global smart orthopedic implants market. In addition to this, growing initiatives to improve healthcare accessibility for the general population will further generate more revenue for the market players.

In October 2024, India’s leading health insurance company, ManipalCigna Health Insurance, announced the launch of a new offer called ManipalCigna Sarvah especially designed for the middle-class Indian population. One of the key features of the initiative is zero waiting time.

Smart Orthopedic Implants Market: Restraints

High cost of smart implants to limit the market’s growth rate

The global industry for smart orthopedic implants is expected to be restricted due to the high cost of the implants as compared to regular counterparts. For instance, the average cost of Personal IQ, the world’s first smart sensor used during knee replacement surgeries, is around USD 2500.

In addition, the expenses associated with the overall surgical operations are equally high. The cost increases further when the technology is imported from the original producers making it affordable for a large segment of the population.

Smart Orthopedic Implants Market: Opportunities

Ongoing research & development (R&D) for more innovations will generate market growth opportunities

The global smart orthopedic implants market is projected to generate growth opportunities due to the growing rate of R&D in the industry. Some of the key features of modern tools include remote patient monitoring, AI-powered decision-making capabilities, and highly sophisticated sensors.

In November 2024, Auxien, a global producer of orthopedic solutions, announced an extensive range of advanced arthroscopy and orthopedic products at the MEDICA 2024 event. The range of novel solutions includes an Osteochondral Transfer System, AV-Wiselock Plates, Ligament Augmentation Repair Instrument Set, Axilock Rigid Threaded Cannula, and Knee Scorpion Suture Passer among others. Furthermore, the industry can benefit from the rising number of medical technology companies worldwide along with increased investments in the vision of these emerging businesses. 

For instance, ZygoFix, a thriving medical firm, recently announced the launch of a one-of-its-kind implant that can achieve spinal fusion using a cautious method. Advancements in the field of innovative biocompatible materials with unique qualities will also be essential to the industry’s growth rate in the coming years.

Smart Orthopedic Implants Market: Challenges

Regulatory concerns and lack of sufficient infrastructure to challenge the market’s expansion rate

The global industry for smart orthopedic implants industry is expected to be challenged by the presence of a complex regulatory ecosystem that differs among nations. Smart orthopedic implant developers must ensure compliance with regional laws to prevent any form of penalty. In addition to this, the lack of sufficient infrastructure in the healthcare sector supporting the use of intelligent implants during orthopedic procedures will further impact the final revenue in the market.

Smart Orthopedic Implants Market: Report Scope

Smart Orthopedic Implants Market: Segmentation

The global smart orthopedic implant market is segmented based on component, application, procedure, end-user, and region.

Based on the components, the global market segments are electronic components and implants. In 2023, the highest growth was listed in the implants segment. It held control over 83% of the final market share. The surging investments in the development of powerful sensors and AI-enabled implants will fuel segmental demand in the coming years. Furthermore, advancements in surgical processes and the growing modernization of the healthcare sector worldwide will create more demand for intelligent orthopedic implants.

Based on the application, the global smart orthopedic implants industry is divided into hip, knee, and others.

Based on the procedure, the smart orthopedic implant industry divisions are partial replacement, total, replacement, and others. In 2023, the highest growth was listed in the total replacement segment generating over 57% of the final revenue. One of the major factors fueling segmental revenue is the growing number of knee replacement operations as the geriatric population is on the rise. During the projection period, the partial replacement segment is expected to grow at a CAGR of over 5.3% according to analysis.

Based on the end-user vertical, the global market divisions are research institutes, hospitals, and others.

Smart Orthopedic Implants Market: Regional Analysis

North America to continue delivering the highest revenue during the forecast period

The global smart orthopedic implants market will be led by North America during the forecast period. In 2023, the region held control over 42% of the global revenue due to the presence of major companies investing in advanced orthopedic implants.

For instance, in August 2021, Zimmer Biomet Holdings, Inc., from the US, became the first company to receive the US Food & Drugs Administration (FDA) authority’s  De Novo classification grant followed by authorization for Persona IQ. It is the world’s first smart knee to be cleared by the FDA for total knee replacement surgery. Furthermore, the growing number of orthopedic patients in the US is further fueling the regional revenue.

According to the American College of Rheumatology, the US witnesses nearly 544,000 hip replacements and 790,000 total knee replacements per year. The region is home to a robust and thriving healthcare industry along with surging investments in novel technologies that can improve patient care. Favorable government policies, extensive national health insurance schemes, and greater patient awareness along with treatment adherence will be critical to the region’s revenue rate in the future.

Smart Orthopedic Implants Market: Competitive Analysis

The global smart orthopedic implants market is led by players like:

• Globus Medical
• DePuy Synthes (a subsidiary of Johnson & Johnson)
• Integra LifeSciences Corporation
• Orthofix Medical Inc.
• Stryker Corporation
• MicroPort Scientific Corporation
• Zimmer Biomet Holdings Inc.
• CONMED Corporation
• Smith & Nephew plc
• Smart Implant Solutions
• Medtronic plc
• DJO Global Inc.
• NuVasive Inc.
• Wright Medical Group N.V.
• Arthrex Inc.

The global smart orthopedic implants market is segmented as follows:

By Component

• Electronic Components
• Implants

By Application

• Hip
• Knee
• Others

By Procedure

• Partial Replacement
• Total Replacement
• Others

By End-User Vertical

• Research Institutes
• Hospitals
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa