The landscape of the leading orthopedic device manufacturers has undergone significant shifts since last year. A modified method of evaluation has resulted in a new leader in this year’s rankings by MassDevice and Medical Design & Outsourcing. Additionally, mergers and divisions brought in two previously unranked developers and producers.
Stryker’s expertise spans from endoscopic tools and brain surgery devices to emergency defibrillators, far beyond orthopedics. Our editorial team now focuses on separating the Orthopaedics and Spine sectors, recognizing Johnson & Johnson MedTech’s DePuy Synthes as the top orthopedic device producer, albeit closely followed by Stryker.
However, Stryker could reclaim the top spot soon. Despite DePuy Synthes’ 4.4% revenue surge in 2023, Stryker’s ortho and spine division experienced an even greater increase of 10.5%.
In fact, many companies in the orthopedic device sector experienced a revenue upswing in 2023, reflecting pre-pandemic growth trends.
Particularly notable is Stryker’s success driven by the popularity of its Mako robotic systems for knee and hip surgeries, with over 1 million procedures globally last year. Looking ahead, shoulder and spine applications for Mako are anticipated to enhance growth further in 2024.
Mako’s achievements have spurred competitors into action in the robotic and digital surgery domains.
- Johnson & Johnson’s DePuy Synthes secured FDA approval for its Velys surgical robot in unicompartmental knee arthroplasty, following initial clearance for TKA in early 2021.
- Zimmer Biomet has partnered to distribute Think Surgical’s TMINI for TKA, adding to its Rosa robotics offerings.
- Smith+Nephew introduces CorioGraph for its Cori system, focusing on pre-operative planning.
Mergers have also influenced our list of top orthopedic firms. NuVasive joined Globus Medical, while SeaSpine merged with Orthofix.
Meanwhile, Alphatec’s 37% growth in 2023 positioned it ahead of ZimVie’s spine technology business, which was acquired by H.I.G. Capital and rebranded as Highridge Medical.
Here are the top 10 global orthopedic device companies ranked by orthopedic revenue from their latest reports:
- Johnson & Johnson (DePuy Synthes) – $8.9B (4.4%) | Locations: Raynham, MA; West Chester, PA; Warsaw, IN; Palm Beach Gardens, FL
- Stryker (Orthopaedics and Spine) – $8.7B (10.5%) | HQ: Kalamazoo, MI
- Zimmer Biomet – $7.4B (6.5%) | HQ: Warsaw, IN
- Medtronic (Cranial & Spinal Technologies) – $4.8B (6.9%) | Locations: Memphis, TN; Louisville, CO
- Smith+Nephew (Orthopaedics and Sports Medicine) – $3.7B (5.6%) | HQ: London
- Enovis – $1.7B (9.2%) | HQ: Wilmington, DE
- Globus Medical (merged with NuVasive) – $1.6B* | HQ: Audubon, PA
- Orthofix (merged with SeaSpine) – $747M (6.9%) | HQ: Lewisville, TX
- Conmed (Orthopedic Surgery) – $533M (15.5%) | HQ: Largo, FL
- Alphatec – $482M (37%) | HQ: Carlsbad, CA
*Globus Medical’s revenue growth information is unspecified.
Stay tuned for additional data from Medtech Big 100 in the late summer, available on our partner site Medical Design & Outsourcing.
Refer to our rankings for 2023 and 2022 for more insights.