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Orthopedic M&A Transactions by Product Segment, 2016 to 2025
Orthopedic M&A transactions have slowed significantly in the last five years. In our chart of the month, we look at the change for each product segment from 2016 to 2020 and from 2021 to 2025.
Keep in mind that our segment measurements are higher than actual transactions, as some acquisitions impact multiple product segments.
From 2016 through 2020, transactions impacted segments 195 times. That total fell to 141 during the next five years, a decline of 28%.
Only orthobiologics saw activity increase since 2021, jumping from 21 transactions to 28 (+33%). Digital was flat (26 for both time periods), while all other segments declined. That’s hardly a surprise, given there were far fewer transactions overall from 2021 to 2025.
To adjust for that, we looked at what percentage each segment contributed to the total transactions for the period. For example, spine comprised 30% of all transactions from 2016 to 2020, and 24% of all transactions from 2021 to 2025.
Looking at the data this way, biologics saw the biggest increase (+9%), followed by digital (+5%). Joint replacement was flat, while all others declined in the single digits.
Looking ahead, we expect more activity in sports medicine and continued momentum for digital. There’s a chance that 2026 is more active overall for orthopedic M&A, as some of the largest companies are signaling that they’re ready to make deals. However, some of these could come in non-orthopedic adjacencies.
Orthopedic M&A Transactions by Product Segment, 2016 to 2025
Orthopedic M&A transactions have slowed significantly in the last five years. In our chart of the month, we look at the change for each product segment from 2016 to 2020 and from 2021 to 2025.
Keep in mind that our segment measurements are higher than actual...
Orthopedic M&A Transactions by Product Segment, 2016 to 2025
Orthopedic M&A transactions have slowed significantly in the last five years. In our chart of the month, we look at the change for each product segment from 2016 to 2020 and from 2021 to 2025.
Keep in mind that our segment measurements are higher than actual transactions, as some acquisitions impact multiple product segments.
From 2016 through 2020, transactions impacted segments 195 times. That total fell to 141 during the next five years, a decline of 28%.
Only orthobiologics saw activity increase since 2021, jumping from 21 transactions to 28 (+33%). Digital was flat (26 for both time periods), while all other segments declined. That’s hardly a surprise, given there were far fewer transactions overall from 2021 to 2025.
To adjust for that, we looked at what percentage each segment contributed to the total transactions for the period. For example, spine comprised 30% of all transactions from 2016 to 2020, and 24% of all transactions from 2021 to 2025.
Looking at the data this way, biologics saw the biggest increase (+9%), followed by digital (+5%). Joint replacement was flat, while all others declined in the single digits.
Looking ahead, we expect more activity in sports medicine and continued momentum for digital. There’s a chance that 2026 is more active overall for orthopedic M&A, as some of the largest companies are signaling that they’re ready to make deals. However, some of these could come in non-orthopedic adjacencies.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
