Lower Extremity Implants Market Size, Share & Trends Analysis Report By Type (Knee, Hip), By Biomaterial (Metallic Biomaterials, Ceramic Biomaterials, Polymeric Biomaterials), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Lower Extremity Implants Market Size, Share & Trends Analysis Report By Type (Knee, Hip), By Biomaterial (Metallic Biomaterials, Ceramic Biomaterials, Polymeric Biomaterials), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Lower Extremity Implants Market Growth & Trends

The global lower extremity implants market size is anticipated to reach USD 16.25 billion by 2030 and projected to grow at a CAGR of 2.96% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing adoption of robotic assisted surgeries is anticipated to boost market growth. In June 2024, Meril, a medical devices company based in Gujarat, launched a surgical robotic technology called MISSO. MISSO will offer real-time support to surgeons during knee replacement procedures. The incorporation of AI in this system has enabled an 83% reduction in pre-operative planning time and has led to enhanced customization.

Increasing participation in sports across the globe is boosting market growth. According to the Aspen Institute report, the rate of sports engagement among Asian children aged 6 to 12 rose to 42% in 2022, an increase from 35% in 2019 prior to the pandemic. Similarly, according to the SGB Media article, the overall participation rate of teams in the U.S. (6 years and older) increased by 3.7% to reach 70.8 million, which matches the level seen in 2019 before the pandemic and represents the highest number of people participating in team sports in the past ten years. As participation in sports and recreational activities grows globally, there is a corresponding rise in sports-related injuries, particularly involving the lower extremities. For instance, the annual injury incidence rate averaged 5.40 injuries per 100,000 participants. Men experienced a higher incidence rate at 6.44 per 100,000 compared to women at 3.34 per 100,000. Sporting activities had an incidence rate of 9.88 per 100,000, which was higher than cycling at 2.81 per 100,000, fitness at 0.21 per 100,000, or walking at 0.03 per 100,000.

The major players operating in the market are adopting strategies such as collaborations, supply agreements, and partnerships with a major focus on enhancing the product formation and reach. Furthermore, increasing knee replacement surgeries are fostering market growth. For instance, the Agency for Healthcare Research and Quality reports that over 600,000 knee replacement surgeries are carried out annually in the U.S. In addition, the increasing funding from government and non-government bodies to develop advanced product is driving market growth. For instance, in June 2022, Towfighian was awarded a USD 2.3 million grant from the National Institutes of Health (NIH) for conducting research on smart knee replacements.

The expansion of health insurance coverage in various regions, including coverage for orthopedic procedures, makes these surgeries more accessible to a broader population. Moreover, rising incidence of chronic diseases such as rheumatoid arthritis are escalating market growth. According to the 2023 World Obesity Atlas report, more than half of the global population is projected to be overweight or obese by 2035 without significant intervention. In addition, the study published in NIH in 2023 found that obese women experience higher rates of specific types of fractures, such as thigh and ankle fractures, and lower rates of hip and wrist fractures, compared to postmenopausal women of normal weight.

Lower Extremity Implants Market Report Highlights

• Based on type, the foot & ankle segment led the market with the largest revenue share of 48.88% in 2023, owing to the increasing incidence of foot and ankle fractures
• Based on biomaterial, the natural biomaterials segment is anticipated to grow at the fastest CAGR over the forecast period, owing to the rising preference for biocompatible and bioresorbable materials
• Based on end use, the ASCs segment is anticipated to grow at the fastest CAGR over the forecast period, owing to the increasing number of ASCs across the globe
• North America dominated the market with the revenue share of 48.8% in 2023, due to the presence of key market players. Furthermore, increasing prevalence of chronic diseases will supplement market growth.

Please note The report will be delivered in 2-3 business days upon order notification.