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The fourth quarter reporting cycle started with a bang as two of the market’s top players made strategic moves: Stryker announced it will divest its spinal implant business while Zimmer Biomet reached an agreement to purchase Paragon 28. We’ll update the orthopedic sales data below as companies report fourth 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 Fourth 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 | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,476.4 | $4,208.0 | $268.4 | 6.4% |
| Knees | $2,230.0 | $2,109.5 | $120.5 | 5.7% |
| Hips | $1,634.5 | $1,547.3 | $87.2 | 5.6% |
| Extremities | $611.9 | $551.2 | $60.7 | 11% |
| Spine | $1,215.1 | $1,142.1 | $73.0 | 6.4% |
| Trauma | $1,842.6 | $1,685.2 | $157.4 | 9.3% |
| Sports Medicine | $1,142.3 | $1,067.0 | $75.3 | 7.1% |
| Orthobiologics | $316.4 | $302.0 | $14.4 | 4.8% |
| Enabling Technology | $297.8 | $262.7 | $35.1 | 13.4% |
| Other | $768.2 | $752.0 | $16.2 | 2.2% |
| Total | $10,058.8 | $9,419.0 | $639.7 | 6.8% |
| Segment | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $16,907.7 | $16,013.0 | $894.7 | 5.6% |
| Knees | $8,340.9 | $7,909.1 | $431.8 | 5.5% |
| Hips | $6,250.3 | $5,988.8 | $261.6 | 4.4% |
| Extremities | $2,316.5 | $2,115.1 | $201.4 | 9.5% |
| Spine | $5,126.6 | $4,713.8 | $412.8 | 8.8% |
| Trauma | $7,295.2 | $6,791.4 | $503.8 | 7.4% |
| Sports Medicine | $4,179.8 | $3,939.7 | $240.1 | 6.1% |
| Orthobiologics | $1,579.0 | $1,519.3 | $59.7 | 3.9% |
| Enabling Technology | $930.0 | $895.5 | $34.5 | 3.8% |
| Other | $2,776.8 | $2,723.3 | $53.5 | 2% |
| Total | $38,795.1 | $36,595.9 | $2,199.2 | 6% |
Total Orthopedic Sales for Reporting Companies
| Company | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| ATEC | $176.8 | $138.0 | $38.8 | 28.1% |
| CONMED | $139.0 | $136.5 | $2.5 | 1.8% |
| Enovis | $287.7 | $263.0 | $24.6 | 9.4% |
| Globus Medical | $657.3 | $616.5 | $40.8 | 6.6% |
| J&J MedTech | $2,315.8 | $2,267.9 | $48.0 | 2.1% |
| Orthofix Medical | $215.7 | $200.4 | $15.2 | 7.6% |
| Si-BONE | $49.0 | $38.9 | $10.1 | 26.1% |
| Smith+Nephew | $1,047.8 | $992.3 | $55.5 | 5.6% |
| Stryker | $3,146.6 | $2,825.5 | $321.1 | 11.4% |
| Zimmer Biomet | $2,023.2 | $1,940.1 | $83.1 | 4.3% |
| Company | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| ATEC | $611.6 | $482.3 | $129.3 | 26.8% |
| CONMED | $543.9 | $533.2 | $10.7 | 2% |
| Enovis | $1,065.7 | $986.9 | $78.8 | 8% |
| Globus Medical | $2,519.4 | $2,382.2 | $137.1 | 5.8% |
| J&J MedTech | $9,158.0 | $8,941.6 | $216.4 | 2.4% |
| Orthofix Medical | $799.5 | $746.6 | $52.9 | 7.1% |
| SI-BONE | $167.2 | $138.9 | $28.3 | 20.4% |
| Smith+Nephew | $3,918.8 | $3,747.6 | $171.2 | 4.6% |
| Stryker | $10,907.3 | $10,020.5 | $886.8 | 8.9% |
| Zimmer Biomet | $7,678.4 | $7,394.3 | $284.1 | 3.8% |
Orthopedic Market Developments for Fourth Quarter 2024
ATEC Positioned for Another Big Leap in 2025
Over the last few years, the company racked up impressive CAGR numbers: 40% total revenue, 19% surgeon adoption, 25% procedure volume and 10% revenue per procedure. The company expects $100 million in EOS revenue by 2027.
CONMED Sees Some Progress on Supply Issues
The company’s longstanding supply chain issues kept it from growing in line with the market, especially in sports medicine. However, CONMED’s foot and ankle business attained better performance in the fourth quarter.
Enovis Hits $1 Billion in Recon Sales
For 2025 and beyond, the company expects additional momentum from key launches like knee revision cones, new shoulder and hip implants and next-gen Arvis applications.
Globus Sees Nevro as Long-Term, Well-Rounded Asset
The company recently announced a definitive agreement to purchase Nevro for $250 million. While Nevro’s neuromodulation and SI-joint products enhance Globus’ offering, the deal seems like a longer term play. The company cited cranial enabling technology, next-generation spinal implants and data mining as potential applications.
Orthofix Medical to Focus on Most Profitable Opportunities
The company decided to phase out the M6 artificial disc, which had become a headwind for sales in recent years. Despite the product’s Level 2 IDE study, Orthofix did not see increased demand for the line. The M6 line generated $23.4 million in 2024, or just over 5% of the company’s spine-related sales.
Smith+Nephew Faces Mounting Headwinds in China
Volume-based procurement in China remains a huge headwind for growth. Off-tender volume never materialized for the company, leading to backed-up inventory and long ordering pauses. Sports medicine joint repair suffered a 10% headwind in China in the fourth quarter, and new VBP tenders affecting sports medicine enabling technology are expected in 2025.
Stryker Divests Spinal Implant Business
Stryker entered into a definitive agreement to sell its U.S. spinal implant business to Viscogliosi Brothers and create VB Spine. The agreement includes a binding offer to acquire Stryker’s spinal implant business in France.
Zimmer Biomet to Acquire Paragon 28
Zimmer Biomet entered into a definitive agreement to acquire all outstanding shares of common stock of Paragon 28 for $13.00/share in cash, for an equity value of approximately $1.1 billion and an enterprise value of approximately $1.2 billion.
The fourth quarter reporting cycle started with a bang as two of the market's top players made strategic moves: Stryker announced it will divest its spinal implant business while Zimmer Biomet reached an agreement to purchase Paragon 28. We'll update the orthopedic sales data below as companies report fourth quarter results.
About the Data...
The fourth quarter reporting cycle started with a bang as two of the market’s top players made strategic moves: Stryker announced it will divest its spinal implant business while Zimmer Biomet reached an agreement to purchase Paragon 28. We’ll update the orthopedic sales data below as companies report fourth 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 Fourth 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 | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,476.4 | $4,208.0 | $268.4 | 6.4% |
| Knees | $2,230.0 | $2,109.5 | $120.5 | 5.7% |
| Hips | $1,634.5 | $1,547.3 | $87.2 | 5.6% |
| Extremities | $611.9 | $551.2 | $60.7 | 11% |
| Spine | $1,215.1 | $1,142.1 | $73.0 | 6.4% |
| Trauma | $1,842.6 | $1,685.2 | $157.4 | 9.3% |
| Sports Medicine | $1,142.3 | $1,067.0 | $75.3 | 7.1% |
| Orthobiologics | $316.4 | $302.0 | $14.4 | 4.8% |
| Enabling Technology | $297.8 | $262.7 | $35.1 | 13.4% |
| Other | $768.2 | $752.0 | $16.2 | 2.2% |
| Total | $10,058.8 | $9,419.0 | $639.7 | 6.8% |
| Segment | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $16,907.7 | $16,013.0 | $894.7 | 5.6% |
| Knees | $8,340.9 | $7,909.1 | $431.8 | 5.5% |
| Hips | $6,250.3 | $5,988.8 | $261.6 | 4.4% |
| Extremities | $2,316.5 | $2,115.1 | $201.4 | 9.5% |
| Spine | $5,126.6 | $4,713.8 | $412.8 | 8.8% |
| Trauma | $7,295.2 | $6,791.4 | $503.8 | 7.4% |
| Sports Medicine | $4,179.8 | $3,939.7 | $240.1 | 6.1% |
| Orthobiologics | $1,579.0 | $1,519.3 | $59.7 | 3.9% |
| Enabling Technology | $930.0 | $895.5 | $34.5 | 3.8% |
| Other | $2,776.8 | $2,723.3 | $53.5 | 2% |
| Total | $38,795.1 | $36,595.9 | $2,199.2 | 6% |
Total Orthopedic Sales for Reporting Companies
| Company | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| ATEC | $176.8 | $138.0 | $38.8 | 28.1% |
| CONMED | $139.0 | $136.5 | $2.5 | 1.8% |
| Enovis | $287.7 | $263.0 | $24.6 | 9.4% |
| Globus Medical | $657.3 | $616.5 | $40.8 | 6.6% |
| J&J MedTech | $2,315.8 | $2,267.9 | $48.0 | 2.1% |
| Orthofix Medical | $215.7 | $200.4 | $15.2 | 7.6% |
| Si-BONE | $49.0 | $38.9 | $10.1 | 26.1% |
| Smith+Nephew | $1,047.8 | $992.3 | $55.5 | 5.6% |
| Stryker | $3,146.6 | $2,825.5 | $321.1 | 11.4% |
| Zimmer Biomet | $2,023.2 | $1,940.1 | $83.1 | 4.3% |
| Company | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| ATEC | $611.6 | $482.3 | $129.3 | 26.8% |
| CONMED | $543.9 | $533.2 | $10.7 | 2% |
| Enovis | $1,065.7 | $986.9 | $78.8 | 8% |
| Globus Medical | $2,519.4 | $2,382.2 | $137.1 | 5.8% |
| J&J MedTech | $9,158.0 | $8,941.6 | $216.4 | 2.4% |
| Orthofix Medical | $799.5 | $746.6 | $52.9 | 7.1% |
| SI-BONE | $167.2 | $138.9 | $28.3 | 20.4% |
| Smith+Nephew | $3,918.8 | $3,747.6 | $171.2 | 4.6% |
| Stryker | $10,907.3 | $10,020.5 | $886.8 | 8.9% |
| Zimmer Biomet | $7,678.4 | $7,394.3 | $284.1 | 3.8% |
Orthopedic Market Developments for Fourth Quarter 2024
ATEC Positioned for Another Big Leap in 2025
Over the last few years, the company racked up impressive CAGR numbers: 40% total revenue, 19% surgeon adoption, 25% procedure volume and 10% revenue per procedure. The company expects $100 million in EOS revenue by 2027.
CONMED Sees Some Progress on Supply Issues
The company’s longstanding supply chain issues kept it from growing in line with the market, especially in sports medicine. However, CONMED’s foot and ankle business attained better performance in the fourth quarter.
Enovis Hits $1 Billion in Recon Sales
For 2025 and beyond, the company expects additional momentum from key launches like knee revision cones, new shoulder and hip implants and next-gen Arvis applications.
Globus Sees Nevro as Long-Term, Well-Rounded Asset
The company recently announced a definitive agreement to purchase Nevro for $250 million. While Nevro’s neuromodulation and SI-joint products enhance Globus’ offering, the deal seems like a longer term play. The company cited cranial enabling technology, next-generation spinal implants and data mining as potential applications.
Orthofix Medical to Focus on Most Profitable Opportunities
The company decided to phase out the M6 artificial disc, which had become a headwind for sales in recent years. Despite the product’s Level 2 IDE study, Orthofix did not see increased demand for the line. The M6 line generated $23.4 million in 2024, or just over 5% of the company’s spine-related sales.
Smith+Nephew Faces Mounting Headwinds in China
Volume-based procurement in China remains a huge headwind for growth. Off-tender volume never materialized for the company, leading to backed-up inventory and long ordering pauses. Sports medicine joint repair suffered a 10% headwind in China in the fourth quarter, and new VBP tenders affecting sports medicine enabling technology are expected in 2025.
Stryker Divests Spinal Implant Business
Stryker entered into a definitive agreement to sell its U.S. spinal implant business to Viscogliosi Brothers and create VB Spine. The agreement includes a binding offer to acquire Stryker’s spinal implant business in France.
Zimmer Biomet to Acquire Paragon 28
Zimmer Biomet entered into a definitive agreement to acquire all outstanding shares of common stock of Paragon 28 for $13.00/share in cash, for an equity value of approximately $1.1 billion and an enterprise value of approximately $1.2 billion.
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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.
