Orthopedic Global Enterprise Rankings Have Always Been Highly Anticipated. On June 12, 2024, foreign media MassDevice and Medical Design & Outsourcing updated the latest Top 10 global orthopedic rankings. They stated that due to changes in the evaluation methodology, the top position of the world's largest orthopedic device companies has changed this year.
At the same time, mergers and acquisitions and spin-offs have also added two orthopedic developers and manufacturers to the latest list that were not on last year's list.Among them, Johnson & Johnson topped the list with a slight advantage over Stryker. The two newly listed companies are CONMED and Alpha Tech.
Top 10 Global Orthopedic Rankings
(Cartography: Medical Device Innovation Network)
Top Position Changes Hands, Stryker Poised to Reclaim the Summit
From endoscopic devices to brain surgery technologies, and emergency defibrillators, Stryker is far more than just an orthopedic device company. Due to foreign media suggesting that Stryker's orthopedic and spine business should be counted independently, this reassessment implies that Johnson & Johnson’s DePuy Synthes division is currently the world’s largest orthopedic device company, but only slightly ahead.In August 2023,In the global orthopedics Top 10 ranking by the same media, Stryker ranked first, while Johnson & Johnson and Zimmer Biomet ranked second and third, respectively.However, due to the change in the evaluation method this time, Stryker's leading position has been replaced.But according to foreign media analysisStryker may reclaim the top position next year.Revenue of DePuy Synthes in 2023Growth accelerated to 4.4%, while Stryker's orthopedics and spine businessThe growth rate reached 10.5%, which was faster.。In 2023, Stryker's total accounts receivable reached 20.3 billion USD, with its orthopedics and spine business closing at 8.7 billion USD, maintaining a high growth trend.New Products Emerging Frequently, Orthopedic Market Welcomes Rapid Development
In fact, many orthopedic device companies on our list saw an acceleration in revenue growth in 2023 as the industry returned to pre-pandemic growth levels.StrykerEspecially because of itsMako Surgical RobotThe system has gained popularity in knee and hip surgeries, leading to its success. Last year, the Mako system surpassed 1 million procedures globally. The growth of Mako is expected to further accelerate later in 2024 after Stryker launches new applications for shoulder and spine.Mako's success means that many of Stryker's competitors are also becoming more active in robotic surgery and digital surgery.Johnson & Johnson's DePuy SynthesRecently received FDA approval for its Velys surgical robotic platform for unicompartmental knee arthroplasty. The FDA approved Velys for total knee arthroplasty (TKA) in early 2021.At the same time,Zimmer Biometzimmer BiometRecently agreed to distribute Think Surgical's TMINI micro-robotic system for its TKA, providing a handheld robotic option for Zimmer Biomet’s flagship product, the Rosa surgical robot portfolio.Smith+NephewNow offering CorioGraph preoperative planning and modeling services for its Cori system.With the advancement of technology, orthopedic surgeries are becoming increasingly precise and minimally invasive. Surgical robotic systems, such as Stryker's Mako, are transforming the landscape of orthopedic surgery by providing higher accuracy and better patient outcomes.At the same time, the level of competition in the orthopedic field is increasingly intensifying, especially in the area of robot-assisted surgical technology. Large companies such as Stryker, Johnson & Johnson's DePuy Synthes, and Zimmer Biomet are actively developing and innovating to maintain their leading positions in the market.The Ranking Changes Brought by the Split and Merger
Besides robotic surgery, consolidation also impacted our list of the largest orthopedic device companies. NuVasive, once an orthopedic giant, is now part of Globus Medical, while spine leader SeaSpine is now part of Orthofix.Globus Medical Merges with NuVasive
In February 2023, Globus Medical and NuVasive announced a definitive acquisition merger agreement for $3.1 billion (approximately RMB 21.1 billion). Upon completion of the transaction, NuVasive shareholders will own approximately 28% of the combined company, while Globus Medical shareholders will own about 72%. Both companies rank among the top ten global orthopedic companies, particularly holding leading positions in the spine sector. It is estimated that the merged entity will become the world's second-largest spine technology company, only after Medtronic.SeaSpine Merges with Orthofix
January 5, 2023Orthofix and SeaSpine Claim, successfully completed their previously announcedEqual All-Stock Merger, to create a global spine and orthopedic company.Orthofix is a global medical device company focused on spinal and orthopedic solutions, while SeaSpine is a company specializing in surgical solutions for the treatment of spinal disorders. The merged company will have a complementary technology portfolio, including highly complementary biologics, innovative spinal hardware, bone growth therapies, specialized orthopedic solutions, and leading surgical navigation systems.Sell Core Business, Fall Off the List
Meanwhile, Alphatec's 37% revenue growth in 2023 pushed it past ZimVie's spine technology business, successfully edging ZimVie off the list. In April, ZimVie sold its spine business to H.I.G. Capital for $375 million. (The former ZimVie spine business is now known as Highridge Medical.)Zimvie Announced in December 2023 Plans to Sell its Spine Business to Miami-based Investment Firm H.I.G. Capital, Narrowing the Company’s Focus to the Dental Field. H.I.G. will pay $315 million in cash and a $60 million promissory note with an annual interest rate of 10%, for a total consideration of $375 million (equivalent to RMB 2.68 billion).
Global Orthopedic Market Begins to Recover
The orthopedic device market was significantly impacted during the pandemic. The market initially faced major challenges due to the cancellation of orthopedic surgeries as a result of government regulations. After a period of recovery, the global orthopedic surgery market has fully rebounded.
According to Mordor Intelligence, the orthopedic devices market size is estimated at USD 46.18 billion in 2024 and is expected to reach USD 57.79 billion by 2029, growing at a compound annual growth rate (CAGR) of 4.59% during the forecast period (2024-2029).
In the细分赛道, joint replacement is the largest细分领域. In 2022, the global orthopedic implant device market size was $55.5 billion, of which the joint market was $20 billion, accounting for 36% of the total market. The spinal market size was $9.9 billion, accounting for 18% of the total market....
Globally, DePuy Synthes of Johnson & Johnson, Stryker, and Zimmer Biomet are leading orthopedic device manufacturers. These companies have excelled in technological innovation and market expansion, driving the overall growth of the industry.
And in the Chinese market,Mainly include domestic manufacturers such as Sanyou Medical, Wego Orthopedics, Chunli Medical, Double Medical, Kailite Medical, Hope Medical, Aikon Medical, MicroPort Medical, Mindray Medical, and AVIC High-tech, which are also actively deploying in the orthopedic market and gradually opening up international markets to step onto the world stage.In China, imported brands occupy a larger market share in the Chinese orthopedic implant medical device market, but the market competitiveness of domestic brands is gradually increasing. With the implementation of the centralized procurement policy for orthopedic implant consumables, the market share of domestic brands is rapidly rising. (Source: Medical Device Innovation Network)
