Stryker to Acquire Amplitude Vascular Systems for $835M to Enter Intravascular Lithotripsy Market

Source: Saibailan Medical Devices

On May 12 local time, Stryker disclosed more financial details of the acquisition of Amplitude Vascular Systems (AVS). The deal reportedly includes approximately $435 million in cash and up to $400 million in milestone payments, totaling up to $835 million (approximately RMB 5.67 billion).

IVL is one of the hottest tracks in the current vascular intervention field. Compared with traditional calcified lesion treatment technologies, IVL is safer and suitable for complex lesions.

According to Frost & Sullivan data, the global IVL market size increased from US$1.7 million in 2017 to US$64.1 million in 2020, with a CAGR of 235.3%. It is expected to reach US$3.347 billion by 2030, making it a high-potential niche segment that has also attracted multinational device giants to compete.

In 2024, Johnson & Johnson spent a staggering $13.1 billion to acquire Shockwave, the pioneer of IVL, which was at the time the only company in the field to have achieved commercialization, giving Johnson & Johnson a significant advantage in the IVL arena. In the first quarter of this year, Shockwave reported revenues of $305 million, marking an 18.5% year-over-year increase and representing the fastest-growing segment within Johnson & Johnson's medical technology portfolio.

In addition to Johnson & Johnson, Abbott and Boston Scientific are also making efforts in this field. In 2023, Abbott acquired Cardiovascular Systems for $890 million, having entered the IVL market earlier. In 2025, after Bolt Medical obtained its registration certificate, Boston Scientific quickly followed by acquiring it for $664 million, entering the IVL track.

Stryker's Acquisition of AVS and its Pulse IVL™: Utilizing High-Frequency Hydraulic Pulsation Pressure Waves to Fragment Arterial Calcified Plaques, Restoring Blood Flow, and Improving Patient Mobility. This transaction will add next-generation Intravascular Lithotripsy (IVL) technology to Stryker’s peripheral vascular product line, enhancing its capability to diagnose and treat complex arterial diseases.

However, as of now, Pulse IVL™ has not yet been approved, and its commercial competitiveness remains uncertain.

Observing Stryker's latest performance, although it still shows steady growth, the overall growth has not met expectations. In Q1 2026, Stryker's revenue was $6.02 billion, a year-on-year increase of 2.63%; net profit was $745 million, a year-on-year increase of 13.91%. Compared to previous records, the revenue growth rate has slowed.

By segment, revenue from medical surgery and neurotechnology was $3.207 billion, up 4.9% year-over-year; orthopedic revenue was $2.813 billion, roughly flat compared to last year.

At this stage, Stryker's orthopedic business is undergoing a transformation.

On one hand, the spin-off of the spine business is nearing completion. Since last year, Stryker has successively sold off its U.S. spinal implant business and its spinal plant in France. In the first quarter of this year, Stryker's spinal implant revenue dropped from $166 million in the same period last year to approximately $2 million, essentially reducing it to zero.

On the other hand, Stryker announced organizational restructuring in the first quarter of this year, integrating the orthopedic device portfolio from its Instruments business with the Mako and related technologies portfolio from other orthopedic businesses to form a new Ortho Tech division. Financial reports show that Ortho Tech generated $646 million in revenue in the first quarter of this year, representing a 4.7% year-over-year increase.

After integrating Mako, electric tools, cutting accessories, related technologies, and the development teams of these products into a single business unit, Stryker will focus on accelerating product time-to-market through targeted innovation.

It is not difficult to see that, in the future, Stryker will focus more on the orthopedic sector with growth momentum, and the advantage effect of surgical robots may be further stimulated.

In the field of peripheral interventions, Stryker has adopted an intensification strategy. In the first quarter of this year, Stryker's vascular intervention business revenue reached 517 million US dollars, increasing by 27.3% year-on-year, becoming the fastest-growing sector.

In 2025, Stryker made a significant acquisition of Inari Medical for $4.9 billion, entering the venous thromboembolism (VTE) market.

VTE Mechanical Thrombectomy is another rapidly growing track in the peripheral interventional field. Inari's product portfolio is highly complementary to Stryker's neurovascular business, with two novel mechanical thrombectomy solutions — the FlowTriever system for treating pulmonary embolism and the ClotTriever system for peripheral vascular thrombectomy — forming a dual王牌, providing Stryker with a leading advantage in the VTE field.

According to QYResearch data, the global peripheral intervention products market size was approximately US$9.625 billion in 2023 and is expected to reach US$16.228 billion by 2030, with a compound annual growth rate (CAGR) of 7.75%.

The peripheral interventional market is dominated by a tripartite rivalry, with Boston Scientific, Medtronic, and Abbott being the strongest players. After continuous strategic investments, Stryker is also set to write a new chapter in the peripheral interventional field.

Looking at the global medical device market, top-tier companies are actively advancing their transformations. They are swiftly divesting lackluster segments and reallocating resources toward high-growth sectors to build momentum for the next round of industry ranking competitions. At the same time, internal corporate adjustments continue, moving forward with a more efficient and collaborative organizational structure.