Our chart of the month shows estimated spinal implant sales for three public companies – ATEC, Orthofix Medical and SI-BONE – from 2018 through their projected finish for 2025.
Prior to the pandemic, these three companies were at the bottom edge of the spine industry’s mid-tier, hovering around $100 million in annual revenue. However, changing market conditions and evolving adjacencies gave these players unique opportunities to grow.
ATEC’s turnaround started in 2018 and created one of the fastest growing companies in all of orthopedics, with an eight year CAGR of 32%. The multi-year disruption of the spine market has driven significant market share to ATEC, positioning the company to cement itself as the largest pure-play company in the market.
Orthofix Medical jumped up the ranks of the spine industry thanks in part due to its merger with SeaSpine. Since 2018, Orthofix has had a CAGR of 18%. The company kept momentum even after the merger, with a 9% CAGR since 2022. Orthofix is facing obstacles in 2025, including a distributor transition and the discontinuation of its M6 disc.
SI-BONE’s 20% CAGR since 2018 has it on the cusp for $200 million in sales for 2025. The company’s expanding portfolio has helped it further penetrate its expansive target addressable market. SI-BONE started 2025 with a record number of active users (1,400), more than double its user base from the first quarter of 2022.
Public Mid-Tier Spine Company Sales Performance
Our chart of the month shows estimated spinal implant sales for three public companies - ATEC, Orthofix Medical and SI-BONE - from 2018 through their projected finish for 2025.
Prior to the pandemic, these three companies were at the bottom edge of the spine industry's mid-tier, hovering...
Public Mid-Tier Spine Company Sales Performance
Our chart of the month shows estimated spinal implant sales for three public companies – ATEC, Orthofix Medical and SI-BONE – from 2018 through their projected finish for 2025.
Prior to the pandemic, these three companies were at the bottom edge of the spine industry’s mid-tier, hovering around $100 million in annual revenue. However, changing market conditions and evolving adjacencies gave these players unique opportunities to grow.
ATEC’s turnaround started in 2018 and created one of the fastest growing companies in all of orthopedics, with an eight year CAGR of 32%. The multi-year disruption of the spine market has driven significant market share to ATEC, positioning the company to cement itself as the largest pure-play company in the market.
Orthofix Medical jumped up the ranks of the spine industry thanks in part due to its merger with SeaSpine. Since 2018, Orthofix has had a CAGR of 18%. The company kept momentum even after the merger, with a 9% CAGR since 2022. Orthofix is facing obstacles in 2025, including a distributor transition and the discontinuation of its M6 disc.
SI-BONE’s 20% CAGR since 2018 has it on the cusp for $200 million in sales for 2025. The company’s expanding portfolio has helped it further penetrate its expansive target addressable market. SI-BONE started 2025 with a record number of active users (1,400), more than double its user base from the first quarter of 2022.
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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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