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Is the orthopedic market’s growth rate regressing to its historical average? It’s difficult to determine from early second quarter results. Overall growth rates took a step down in every quarter since January 2023, except in the seasonally-driven fourth quarter. However, joint replacement sales remain elevated for most players. We’ll update the data below throughout the second quarter earnings cycle.
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 Second 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.
Sales for consolidated half, nine months and full-year results are inclusive of all previously reported data plus data from companies that have reported in the current quarter.
Segment Sales for Reporting Companies
| Segment | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,248.4 | $4,042.0 | $206.4 | 5.1% |
| Knees | $2,094.6 | $1,985.6 | $109.0 | 5.5% |
| Hips | $1,582.0 | $1,528.7 | $53.3 | 3.5% |
| Extremities | $571.8 | $527.7 | $44.2 | 8.4% |
| Spine | $1,335.9 | $1,236.8 | $99.1 | 8% |
| Trauma | $1,832.5 | $1,706.9 | $125.6 | 7.4% |
| Sports Medicine | $1,026.9 | $976.7 | $50.1 | 5.1% |
| Orthobiologics | $438.8 | $430.0 | $8.8 | 2% |
| Enabling Technology | $208.4 | $219.3 | ($10.8) | (4.9%) |
| Other | $665.7 | $649.6 | $16.1 | 2.5% |
| Total | $9,756.5 | $9,261.3 | $495.3 | 5.3% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $8,442.1 | $8,051.1 | $391.0 | 4.9% |
| Knees | $4,168.3 | $3,969.8 | $198.5 | 5% |
| Hips | $3,121.5 | $3,021.6 | $99.8 | 3.3% |
| Extremities | $1,152.3 | $1,059.7 | $92.6 | 8.7% |
| Spine | $2,610.6 | $2,410.6 | $200.1 | 8.3% |
| Trauma | $3,631.8 | $3,412.2 | $219.6 | 6.4% |
| Sports Medicine | $2,029.4 | $1,923.4 | $106.0 | 5.5% |
| Orthobiologics | $835.6 | $823.1 | $12.5 | 1.5% |
| Enabling Technology | $427.6 | $407.5 | $20.1 | 4.9% |
| Other | $1,334.7 | $1,282.3 | $52.4 | 4.1% |
| Total | $19,311.9 | $18,310.3 | $1,001.6 | 5.5% |
Total Orthopedic Sales for Reporting Companies
| Company | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $40.2 | $42.0 | ($1.8) | (4.2%) |
| ATEC | $145.6 | $116.9 | $28.7 | 24.5% |
| Bioventus | $133.6 | $117.4 | $16.2 | 13.8% |
| BONESUPPORT | $20.4 | $13.1 | $7.4 | 56.6% |
| CONMED | $139.5 | $140.8 | ($1.3) | (0.9%) |
| DePuy Synthes | $2,312.0 | $2,265.2 | $46.7 | 2.1% |
| Enovis * | $262.0 | $245.8 | $16.2 | 6.6% |
| Globus Medical * | $629.7 | $609.4 | $20.3 | 3.3% |
| Orthofix Medical | $198.6 | $187.0 | $11.6 | 6.2% |
| OrthoPediatrics | $45.5 | $39.6 | $6.0 | 15.1% |
| Paragon 28 | $61.0 | $51.0 | $10.0 | 19.6% |
| SI-BONE | $40.0 | $33.3 | $6.7 | 20% |
| Smith+Nephew | $976.3 | $928.1 | $48.2 | 5.2% |
| Stryker | $2,721.4 | $2,523.8 | $197.6 | 7.8% |
| Treace Medical | $44.5 | $42.0 | $2.5 | 6% |
| Vericel | $44.1 | $36.3 | $7.8 | 21.5% |
| Zimmer Biomet | $1,942.0 | $1,869.6 | $72.4 | 3.9% |
| Total | $9,756.5 | $9,261.3 | $495.3 | 5.3% |
* pro forma
| Company | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $78.4 | $78.1 | $0.3 | 0.4% |
| ATEC | $284.1 | $226.0 | $58.0 | 25.7% |
| Bioventus | $246.1 | $215.5 | $30.6 | 14.2% |
| BONESUPPORT | $37.6 | $24.2 | $13.4 | 55.4% |
| CONMED | $274.4 | $272.0 | $2.4 | 0.9% |
| DePuy Synthes | $4,652.4 | $4,509.7 | $142.6 | 3.2% |
| Enovis * | $533.5 | $494.0 | $39.5 | 8% |
| Globus Medical * | $1,236.4 | $1,193.8 | $42.6 | 3.6% |
| Orthofix Medical | $387.2 | $362.2 | $25.0 | 6.9% |
| OrthoPediatrics | $84.2 | $71.1 | $13.1 | 18.4% |
| Paragon 28 | $122.1 | $103.0 | $19.1 | 18.5% |
| SI-BONE | $77.8 | $66.0 | $11.8 | 17.9% |
| Smith+Nephew | $1,936.6 | $1,853.3 | $83.3 | 4.5% |
| Stryker | $5,350.1 | $4,985.9 | $364.2 | 7.3% |
| Treace Medical | $95.6 | $84.1 | $11.4 | 13.6% |
| Vericel | $84.3 | $70.5 | $13.8 | 19.6% |
| Zimmer Biomet | $3,831.2 | $3,700.6 | $130.6 | 3.5% |
| Total | $19,311.9 | $18,310.3 | $1,001.6 | 5.5% |
* pro forma
Orthopedic Market Developments for Second Quarter 2024
As companies report, I’ll collect interesting developments here.
VELYS System Drives Improved Joint Replacement Results for DePuy Synthes
Strong knee and hip performance were driven by procedure growth, expanding adoption of the VELYS system and tender timing for knees in the EMEA region. In two-and-a-half years since its launch, VELYS has expanded to 20 markets and completed over 70,000 procedures. DePuy Synthes recently received 510(k) clearance for VELYS’ unicompartmental knee and spine indications.
Stryker Expects Healthy Second-Half Procedure Volume
Procedure demand remained strong in the second quarter, and Stryker expects healthy volume trends in the second half of the year. The company said its insight into surgeon schedules and sustained demand for Mako indicate sustained volume for the next several months.
Supply Chain Woes Continue for CONMED
The company isn’t as far along in fixing its supply issues as expected. While backorders are within a normal dollar amount range, CONMED’s orthopedic product mix is heavily skewed toward single-use disposables. The company said seven suppliers “shut their doors on us this year.”
ATEC Launches EOS Insight
At launch, the system features AI-driven alignment assessment, 3D surgical planning and simulation, patient-specific rods, intra-operative reconciliation and post-operative analytics. ATEC believes its solution resolves pain points around preoperative planning.
Globus Medical Set to Expand Technology Platform
Globus received two key approvals late in the second quarter for its knee replacement business. The Excelsisus Flex robotic navigation platform and the Excelsius Flex TKA application will lead the company’s entry into the space. Its Actify 3D total knee system is billed as a contemporary total knee solution that pairs with cementless reconstruction with operative efficiency and anatomic fit.
Zimmer Biomet Focused on Optionality With Technology
The company assembled a robust platform for hip navigation between ROSA Hip, Hip Insights and now OrthoGrid after the acquisition. Zimmer Biomet seems committed to offering its surgeons options regarding how they engage with the company’s technology. It’s partnership with THINK Surgical also offers expanded surgeon choice.
Enovis Retools Hip Offering for 2025 and Beyond
The company said its U.S. hip business has been under pressure in recent quarters due to the integration of LimaCorporate, product cycle timing and shifting market needs. Enovis plans to add surgical impactors and hip stems for the direct anterior approach to reignite its hip replacement offense in 2025.
Paragon Sets Foundation for Next Stage
The company undertook a strategic review that includes reducing the current and planned workforce, adjusting executive compensation and cutting costs in areas like travel, IT, professional services and freight. Paragon 28 also initiated an inventory burn-down plan that will preserve cash throughout 2025.
Is the orthopedic market's growth rate regressing to its historical average? It's difficult to determine from early second quarter results. Overall growth rates took a step down in every quarter since January 2023, except in the seasonally-driven fourth quarter. However, joint replacement sales remain elevated for most players. We'll update the...
Is the orthopedic market’s growth rate regressing to its historical average? It’s difficult to determine from early second quarter results. Overall growth rates took a step down in every quarter since January 2023, except in the seasonally-driven fourth quarter. However, joint replacement sales remain elevated for most players. We’ll update the data below throughout the second quarter earnings cycle.
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 Second 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.
Sales for consolidated half, nine months and full-year results are inclusive of all previously reported data plus data from companies that have reported in the current quarter.
Segment Sales for Reporting Companies
| Segment | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,248.4 | $4,042.0 | $206.4 | 5.1% |
| Knees | $2,094.6 | $1,985.6 | $109.0 | 5.5% |
| Hips | $1,582.0 | $1,528.7 | $53.3 | 3.5% |
| Extremities | $571.8 | $527.7 | $44.2 | 8.4% |
| Spine | $1,335.9 | $1,236.8 | $99.1 | 8% |
| Trauma | $1,832.5 | $1,706.9 | $125.6 | 7.4% |
| Sports Medicine | $1,026.9 | $976.7 | $50.1 | 5.1% |
| Orthobiologics | $438.8 | $430.0 | $8.8 | 2% |
| Enabling Technology | $208.4 | $219.3 | ($10.8) | (4.9%) |
| Other | $665.7 | $649.6 | $16.1 | 2.5% |
| Total | $9,756.5 | $9,261.3 | $495.3 | 5.3% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $8,442.1 | $8,051.1 | $391.0 | 4.9% |
| Knees | $4,168.3 | $3,969.8 | $198.5 | 5% |
| Hips | $3,121.5 | $3,021.6 | $99.8 | 3.3% |
| Extremities | $1,152.3 | $1,059.7 | $92.6 | 8.7% |
| Spine | $2,610.6 | $2,410.6 | $200.1 | 8.3% |
| Trauma | $3,631.8 | $3,412.2 | $219.6 | 6.4% |
| Sports Medicine | $2,029.4 | $1,923.4 | $106.0 | 5.5% |
| Orthobiologics | $835.6 | $823.1 | $12.5 | 1.5% |
| Enabling Technology | $427.6 | $407.5 | $20.1 | 4.9% |
| Other | $1,334.7 | $1,282.3 | $52.4 | 4.1% |
| Total | $19,311.9 | $18,310.3 | $1,001.6 | 5.5% |
Total Orthopedic Sales for Reporting Companies
| Company | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $40.2 | $42.0 | ($1.8) | (4.2%) |
| ATEC | $145.6 | $116.9 | $28.7 | 24.5% |
| Bioventus | $133.6 | $117.4 | $16.2 | 13.8% |
| BONESUPPORT | $20.4 | $13.1 | $7.4 | 56.6% |
| CONMED | $139.5 | $140.8 | ($1.3) | (0.9%) |
| DePuy Synthes | $2,312.0 | $2,265.2 | $46.7 | 2.1% |
| Enovis * | $262.0 | $245.8 | $16.2 | 6.6% |
| Globus Medical * | $629.7 | $609.4 | $20.3 | 3.3% |
| Orthofix Medical | $198.6 | $187.0 | $11.6 | 6.2% |
| OrthoPediatrics | $45.5 | $39.6 | $6.0 | 15.1% |
| Paragon 28 | $61.0 | $51.0 | $10.0 | 19.6% |
| SI-BONE | $40.0 | $33.3 | $6.7 | 20% |
| Smith+Nephew | $976.3 | $928.1 | $48.2 | 5.2% |
| Stryker | $2,721.4 | $2,523.8 | $197.6 | 7.8% |
| Treace Medical | $44.5 | $42.0 | $2.5 | 6% |
| Vericel | $44.1 | $36.3 | $7.8 | 21.5% |
| Zimmer Biomet | $1,942.0 | $1,869.6 | $72.4 | 3.9% |
| Total | $9,756.5 | $9,261.3 | $495.3 | 5.3% |
* pro forma
| Company | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $78.4 | $78.1 | $0.3 | 0.4% |
| ATEC | $284.1 | $226.0 | $58.0 | 25.7% |
| Bioventus | $246.1 | $215.5 | $30.6 | 14.2% |
| BONESUPPORT | $37.6 | $24.2 | $13.4 | 55.4% |
| CONMED | $274.4 | $272.0 | $2.4 | 0.9% |
| DePuy Synthes | $4,652.4 | $4,509.7 | $142.6 | 3.2% |
| Enovis * | $533.5 | $494.0 | $39.5 | 8% |
| Globus Medical * | $1,236.4 | $1,193.8 | $42.6 | 3.6% |
| Orthofix Medical | $387.2 | $362.2 | $25.0 | 6.9% |
| OrthoPediatrics | $84.2 | $71.1 | $13.1 | 18.4% |
| Paragon 28 | $122.1 | $103.0 | $19.1 | 18.5% |
| SI-BONE | $77.8 | $66.0 | $11.8 | 17.9% |
| Smith+Nephew | $1,936.6 | $1,853.3 | $83.3 | 4.5% |
| Stryker | $5,350.1 | $4,985.9 | $364.2 | 7.3% |
| Treace Medical | $95.6 | $84.1 | $11.4 | 13.6% |
| Vericel | $84.3 | $70.5 | $13.8 | 19.6% |
| Zimmer Biomet | $3,831.2 | $3,700.6 | $130.6 | 3.5% |
| Total | $19,311.9 | $18,310.3 | $1,001.6 | 5.5% |
* pro forma
Orthopedic Market Developments for Second Quarter 2024
As companies report, I’ll collect interesting developments here.
VELYS System Drives Improved Joint Replacement Results for DePuy Synthes
Strong knee and hip performance were driven by procedure growth, expanding adoption of the VELYS system and tender timing for knees in the EMEA region. In two-and-a-half years since its launch, VELYS has expanded to 20 markets and completed over 70,000 procedures. DePuy Synthes recently received 510(k) clearance for VELYS’ unicompartmental knee and spine indications.
Stryker Expects Healthy Second-Half Procedure Volume
Procedure demand remained strong in the second quarter, and Stryker expects healthy volume trends in the second half of the year. The company said its insight into surgeon schedules and sustained demand for Mako indicate sustained volume for the next several months.
Supply Chain Woes Continue for CONMED
The company isn’t as far along in fixing its supply issues as expected. While backorders are within a normal dollar amount range, CONMED’s orthopedic product mix is heavily skewed toward single-use disposables. The company said seven suppliers “shut their doors on us this year.”
ATEC Launches EOS Insight
At launch, the system features AI-driven alignment assessment, 3D surgical planning and simulation, patient-specific rods, intra-operative reconciliation and post-operative analytics. ATEC believes its solution resolves pain points around preoperative planning.
Globus Medical Set to Expand Technology Platform
Globus received two key approvals late in the second quarter for its knee replacement business. The Excelsisus Flex robotic navigation platform and the Excelsius Flex TKA application will lead the company’s entry into the space. Its Actify 3D total knee system is billed as a contemporary total knee solution that pairs with cementless reconstruction with operative efficiency and anatomic fit.
Zimmer Biomet Focused on Optionality With Technology
The company assembled a robust platform for hip navigation between ROSA Hip, Hip Insights and now OrthoGrid after the acquisition. Zimmer Biomet seems committed to offering its surgeons options regarding how they engage with the company’s technology. It’s partnership with THINK Surgical also offers expanded surgeon choice.
Enovis Retools Hip Offering for 2025 and Beyond
The company said its U.S. hip business has been under pressure in recent quarters due to the integration of LimaCorporate, product cycle timing and shifting market needs. Enovis plans to add surgical impactors and hip stems for the direct anterior approach to reignite its hip replacement offense in 2025.
Paragon Sets Foundation for Next Stage
The company undertook a strategic review that includes reducing the current and planned workforce, adjusting executive compensation and cutting costs in areas like travel, IT, professional services and freight. Paragon 28 also initiated an inventory burn-down plan that will preserve cash throughout 2025.
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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.
