Global Orthopedic Triad: Johnson & Johnson, Stryker, and Zimmer Biomet Report Stable Growth in 2024 Amid Pricing Pressures

As of now, the three giants in the orthopedic industry have announced their 2024 performance. Johnson & Johnson and Stryker both achieved sales of $9.1 billion, neck and neck with each other, while Zimmer Biomet reached $7.7 billion. Trauma products account for a high proportion, with Zimmer Biomet leading in knee joints. International orthopedic giants address the challenges of centralized procurement to achieve steady growth.

In January, Johnson & Johnson announced its 2024 performance, with total annual revenue of $88.821 billion, compared to $85.159 billion in the previous year, representing a 4.3% increase. The annual net profit was $14.066 billion, compared to $13.326 billion in the previous year, representing a 5.6% increase. Johnson & Johnson's two core business segments—innovative pharmaceuticals and medical technology—generated revenues of $56.964 billion (+4.0%) and $31.857 billion (+4.8%), respectively.

Johnson & Johnson Medical Technologies achieved sales of $31.86 billion in 2024, growing by 4.8%, with orthopedics business sales reaching $9.158 billion, accounting for 28.7%.

In orthopedic products, trauma accounts for the largest share, with sales exceeding 3 billion US dollars, accounting for one-third. The next are spine, sports medicine and others, which also account for nearly one-third.In 2025, Johnson & Johnson is expected to see an increase of 2.5%-3.5%, with total revenue likely reaching $90.9 - $91.7 billion.

Financial Report Details

Net sales of $22.6 billion in 2024, with organic net sales growth of 10.2%;

The profit margin of operating income is 16.3%. The adjusted profit margin of operating income increased by 110bps to 25.3%;

Both the U.S. and international markets have shown outstanding performance, with the U.S. market maintaining strong double-digit growth of 11%, and international markets achieving a 9.8% increase under fixed exchange rates.

Medical Devices and Neurotechnology Business: Net sales of $13.5 billion, with organic net sales growth of 11.2%.

Orthopedic Business: Net sales were $9.1 billion, with organic net sales growth of 8.7%, accounting for 40% of the annual sales. Among orthopedic products, trauma and extremities had the highest revenue, reaching $3.5 billion, which is nearly 40% of the orthopedic business, with a growth rate exceeding 11%. Knee and hip joints also achieved steady growth.Data Source: Pharmaceutical and Medical Device Records

Outlook for 2025

With the strong growth momentum in 2024, Stryker estimates that the organic growth rate of net sales for 2025 will be between 8.0% and 9.0%, with adjusted diluted net earnings per share expected to be between $13.45 and $13.70.

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In 2024, the company achieved sales of $7.678 billion, a year-on-year increase of 3.8%. Knee business accounted for the largest share, reaching $3.173 billion, which is 41% of the company's total sales.

Knee Joint:Zimmer Biomet had the highest sales, reaching $31.73 billion, accounting for 41% of the company's total. Stryker followed with $24.5 billion, and Johnson & Johnson had the least, at $15.45 billion.

Hip Joint:Zimmer Biomet also has the highest amount, at 2 billion US dollars, with Johnson & Johnson and Stryker being relatively close, at 1.638 billion US dollars and 1.7 billion US dollars respectively.

In other products, Stryker's trauma and extremities reached $3.51 billion, while Johnson & Johnson's trauma topped at $3 billion.