Zimmer Biomet, Stryker, DePuy Synthes and Smith+Nephew are the four largest joint replacement players, accounting for 72% of global knee and hip replacement sales. With only Smith+Nephew yet to report 2023 results, we know the joint replacement market had a fantastic year. Combined knee replacement sales for these four companies grew 10%, while hip replacement sales grew 5%.
The combined segments’ incredible performance in 2023 finally brought it even with pre-COVID growth rates. Based on sales growth from 2016 to 2019, these four companies would have generated about $13.5 billion in knee and hip replacement sales for 2023 in a COVID-free market. As it turns out, they generated $13.4 billion in 2023 thanks to a scorching hot market.
Does this mean the tailwind is largely spent, or are more durable factors at play?
Zimmer Biomet has long touted the ability of technology to accelerate the market growth curve in joint replacement. The synergy between robotics and cementless knees is a prime example. The company said that it sees a price uplift of up to 15% for cementless, and those cases often use robotics.
Patient demographics and behaviors also bode well for joint replacement’s future growth. The U.S. population of people over the age of 65 increases by 10,000 every day. Activity levels, a strong predictor for joint replacements and sports medicine procedures, are trending up for that population.
Patients are increasingly confident in better outcomes with the help of technology, they are attracted to the ASC setting and they have more freedom to recover from surgery due to the advent of widespread remote work.
How the big four joint replacement players perform in 2024 will tell us a lot about the market’s underlying drivers.
Zimmer Biomet, Stryker, DePuy Synthes and Smith+Nephew are the four largest joint replacement players, accounting for 72% of global knee and hip replacement sales. With only Smith+Nephew yet to report 2023 results, we know the joint replacement market had a fantastic year. Combined knee replacement sales for these four companies grew 10%,...
Zimmer Biomet, Stryker, DePuy Synthes and Smith+Nephew are the four largest joint replacement players, accounting for 72% of global knee and hip replacement sales. With only Smith+Nephew yet to report 2023 results, we know the joint replacement market had a fantastic year. Combined knee replacement sales for these four companies grew 10%, while hip replacement sales grew 5%.
The combined segments’ incredible performance in 2023 finally brought it even with pre-COVID growth rates. Based on sales growth from 2016 to 2019, these four companies would have generated about $13.5 billion in knee and hip replacement sales for 2023 in a COVID-free market. As it turns out, they generated $13.4 billion in 2023 thanks to a scorching hot market.
Does this mean the tailwind is largely spent, or are more durable factors at play?
Zimmer Biomet has long touted the ability of technology to accelerate the market growth curve in joint replacement. The synergy between robotics and cementless knees is a prime example. The company said that it sees a price uplift of up to 15% for cementless, and those cases often use robotics.
Patient demographics and behaviors also bode well for joint replacement’s future growth. The U.S. population of people over the age of 65 increases by 10,000 every day. Activity levels, a strong predictor for joint replacements and sports medicine procedures, are trending up for that population.
Patients are increasingly confident in better outcomes with the help of technology, they are attracted to the ASC setting and they have more freedom to recover from surgery due to the advent of widespread remote work.
How the big four joint replacement players perform in 2024 will tell us a lot about the market’s underlying drivers.
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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.
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