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The orthopedic market surpassed $59 billion and grew more than 6% in 2023. Backlogged procedures and gathering demographic tailwinds drove the above-market performance. We expect procedure volumes to return to more normalized levels in 2024. Below is our running summary of orthopedic companies’ first-quarter results.
About the Data
The data below is based on reported sales from a subset of public orthopedic companies on a quarterly reporting schedule. These companies account for about two-thirds of the global market. I’m using this group as a proxy to measure quarterly market performance.
Orthopedic Market Data for First Quarter 2024
Where applicable, company names for the current quarter are linked to a more detailed article containing highlights and segment and regional sales data.
Segment Sales for Reporting Companies
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,193.7 | $4,009.9 | $183.9 | 4.6% |
| Knees | $2,104.6 | $1,984.4 | $120.3 | 6.1% |
| Hips | $1,516.3 | $1,493.2 | $23.1 | 1.5% |
| Extremities | $572.7 | $532.3 | $40.5 | 7.6% |
| Spine | $1,274.8 | $1,173.8 | $101.0 | 8.6% |
| Trauma | $1,799.3 | $1,705.3 | $94.0 | 5.5% |
| Sports Medicine | $1,002.5 | $946.7 | $55.9 | 5.9% |
| Orthobiologics | $396.8 | $393.1 | $3.7 | 0.9% |
| Enabling Technology | $219.2 | $189.1 | $30.1 | 15.9% |
| Other | $669.1 | $632.8 | $36.3 | 5.7% |
| Total | $9,555.4 | $9,050.5 | $504.8 | 5.6% |
Total Orthopedic Sales for Reporting Companies
| Company | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $38.2 | $36.1 | $2.1 | 5.7% |
| ATEC | $138.5 | $109.1 | $29.4 | 26.9% |
| Bioventus | $112.5 | $98.2 | $14.3 | 14.6% |
| BONESUPPORT | $17.2 | $11.1 | $6.0 | 54% |
| CONMED | $134.9 | $131.2 | $3.7 | 2.8% |
| DePuy Synthes | $2,340.4 | $2,244.5 | $95.9 | 4.3% |
| Enovis * | $271.5 | $249.7 | $21.8 | 8.7% |
| Globus Medical * | $606.7 | $584.4 | $22.3 | 3.8% |
| Orthofix Medical | $188.6 | $175.2 | $13.4 | 7.7% |
| OrthoPediatrics | $38.7 | $31.6 | $7.1 | 22.5% |
| Paragon 28 | $61.1 | $52.0 | $9.0 | 17.4% |
| SI-BONE | $37.9 | $32.7 | $5.2 | 15.8% |
| Smith+Nephew | $960.3 | $925.2 | $35.1 | 3.8% |
| Stryker | $2,628.7 | $2,462.1 | $166.5 | 6.8% |
| Treace Medical | $51.1 | $42.2 | $8.9 | 21.1% |
| Vericel | $40.2 | $34.2 | $6.0 | 17.5% |
| Zimmer Biomet | $1,889.2 | $1,831.0 | $58.2 | 3.2% |
| Total | $9,555.4 | $9,050.5 | $504.8 | 5.6% |
* pro forma
Orthopedic Market Developments for First Quarter 2024
As companies report, I’ll collect interesting developments here.
CONMED Orthopedic Supply Remains a Work in Progress
The company hit supply trouble in late 2022 due to a software implementation issue and encountered new challenges in 2023 with the integration of In2Bones. CONMED expects its orthopedic business to be back on offense in the second half of 2024.
DePuy Synthes Sees Strong International Demand for VELYS Platform
The VELYS robotic platform is in 18 countries and has surpassed 50,000 procedures. Demand for enabling technologies is strong in international markets, and utilization rates are improving.
Enovis Looks to Quickly Work Through Integration Dis-Synergies
Negative sales impact from commercial integration efforts fell between 2% and 3% for Enovis during the first quarter, within internal expectations. Much of the impact fell on hips and shoulders in the U.S., but the company expects the impact to flatten over the course of the year and be offset in the second half as cross-selling ramps up.
Healthy Appetite for Big Ticket Capital
In something of a reversal of recent trends, both Stryker and Zimmer Biomet saw significant revenue from robotic sales in the first quarter. We expect this to taper off during the course of 2024. Customers typically favor alternative acquisition methods, and companies crave the guaranteed volume that comes with placement agreements.
Bunion Market Sees Increased Competition
Despite a fast start to 2024, Treace Medical reduced its guidance due to increased competitive headwinds a mere quarter after describing itself as “way out ahead” of copycats and large, distracted companies. Pressure comes from companies both large and small as well as public nd private. Treace Medical said it believes some competing products violate its intellectual property.
The orthopedic market surpassed $59 billion and grew more than 6% in 2023. Backlogged procedures and gathering demographic tailwinds drove the above-market performance. We expect procedure volumes to return to more normalized levels in 2024. Below is our running summary of orthopedic companies' first-quarter results.
About the Data
The data...
The orthopedic market surpassed $59 billion and grew more than 6% in 2023. Backlogged procedures and gathering demographic tailwinds drove the above-market performance. We expect procedure volumes to return to more normalized levels in 2024. Below is our running summary of orthopedic companies’ first-quarter results.
About the Data
The data below is based on reported sales from a subset of public orthopedic companies on a quarterly reporting schedule. These companies account for about two-thirds of the global market. I’m using this group as a proxy to measure quarterly market performance.
Orthopedic Market Data for First Quarter 2024
Where applicable, company names for the current quarter are linked to a more detailed article containing highlights and segment and regional sales data.
Segment Sales for Reporting Companies
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,193.7 | $4,009.9 | $183.9 | 4.6% |
| Knees | $2,104.6 | $1,984.4 | $120.3 | 6.1% |
| Hips | $1,516.3 | $1,493.2 | $23.1 | 1.5% |
| Extremities | $572.7 | $532.3 | $40.5 | 7.6% |
| Spine | $1,274.8 | $1,173.8 | $101.0 | 8.6% |
| Trauma | $1,799.3 | $1,705.3 | $94.0 | 5.5% |
| Sports Medicine | $1,002.5 | $946.7 | $55.9 | 5.9% |
| Orthobiologics | $396.8 | $393.1 | $3.7 | 0.9% |
| Enabling Technology | $219.2 | $189.1 | $30.1 | 15.9% |
| Other | $669.1 | $632.8 | $36.3 | 5.7% |
| Total | $9,555.4 | $9,050.5 | $504.8 | 5.6% |
Total Orthopedic Sales for Reporting Companies
| Company | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $38.2 | $36.1 | $2.1 | 5.7% |
| ATEC | $138.5 | $109.1 | $29.4 | 26.9% |
| Bioventus | $112.5 | $98.2 | $14.3 | 14.6% |
| BONESUPPORT | $17.2 | $11.1 | $6.0 | 54% |
| CONMED | $134.9 | $131.2 | $3.7 | 2.8% |
| DePuy Synthes | $2,340.4 | $2,244.5 | $95.9 | 4.3% |
| Enovis * | $271.5 | $249.7 | $21.8 | 8.7% |
| Globus Medical * | $606.7 | $584.4 | $22.3 | 3.8% |
| Orthofix Medical | $188.6 | $175.2 | $13.4 | 7.7% |
| OrthoPediatrics | $38.7 | $31.6 | $7.1 | 22.5% |
| Paragon 28 | $61.1 | $52.0 | $9.0 | 17.4% |
| SI-BONE | $37.9 | $32.7 | $5.2 | 15.8% |
| Smith+Nephew | $960.3 | $925.2 | $35.1 | 3.8% |
| Stryker | $2,628.7 | $2,462.1 | $166.5 | 6.8% |
| Treace Medical | $51.1 | $42.2 | $8.9 | 21.1% |
| Vericel | $40.2 | $34.2 | $6.0 | 17.5% |
| Zimmer Biomet | $1,889.2 | $1,831.0 | $58.2 | 3.2% |
| Total | $9,555.4 | $9,050.5 | $504.8 | 5.6% |
* pro forma
Orthopedic Market Developments for First Quarter 2024
As companies report, I’ll collect interesting developments here.
CONMED Orthopedic Supply Remains a Work in Progress
The company hit supply trouble in late 2022 due to a software implementation issue and encountered new challenges in 2023 with the integration of In2Bones. CONMED expects its orthopedic business to be back on offense in the second half of 2024.
DePuy Synthes Sees Strong International Demand for VELYS Platform
The VELYS robotic platform is in 18 countries and has surpassed 50,000 procedures. Demand for enabling technologies is strong in international markets, and utilization rates are improving.
Enovis Looks to Quickly Work Through Integration Dis-Synergies
Negative sales impact from commercial integration efforts fell between 2% and 3% for Enovis during the first quarter, within internal expectations. Much of the impact fell on hips and shoulders in the U.S., but the company expects the impact to flatten over the course of the year and be offset in the second half as cross-selling ramps up.
Healthy Appetite for Big Ticket Capital
In something of a reversal of recent trends, both Stryker and Zimmer Biomet saw significant revenue from robotic sales in the first quarter. We expect this to taper off during the course of 2024. Customers typically favor alternative acquisition methods, and companies crave the guaranteed volume that comes with placement agreements.
Bunion Market Sees Increased Competition
Despite a fast start to 2024, Treace Medical reduced its guidance due to increased competitive headwinds a mere quarter after describing itself as “way out ahead” of copycats and large, distracted companies. Pressure comes from companies both large and small as well as public nd private. Treace Medical said it believes some competing products violate its intellectual property.
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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.
