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While orthopedic companies’ strategic expansion efforts faced challenges during the pandemic, they certainly didn’t slow down. Companies like Anika Therapeutics, Bioventus and Surgalign are pursuing new products and technologies to broaden their addressable markets. ATEC and DJO are tapping into fresh international opportunities, while Globus Medical sees previously-hired competitive reps roll off non-competes, potentially bringing in new accounts.
We’ve compiled executive comments from orthopedic companies that we think should be on your radar. We highlighted these companies in our recently published 10 Orthopedic Companies to Watch report. What emerged from compiling the report were overlapping perspectives on orthopedic market opportunities. These orthopedic trends stretch from the state of new products to orthopedic market expansion to hiring strategies.
New Products and Technologies
Some orthopedic companies have enhanced their product offerings by acquiring companies that immediately expand their portfolio or hold promise in advancing next-generation products. The acquisitions led to a potentially significant market opportunity.
“Our market opportunity today is eight times larger than it was one year ago. We now have an $8 billion global market opportunity beyond the legacy Anika osteoarthritis pain management business, including regenerative solutions, soft tissue repair and bone preserving joint technologies,” said Anika Therapeutics CEO Cheryl Blanchard, Ph.D., acknowledging the company’s acquisitions of Arthrosurface and Parcus Medical. “These joint preservation solutions position us well in the faster growing areas of sports medicine and extremities, compared with the more traditional total joint replacement orthopedic markets.”
“We are the number two player in HA therapy with the fastest growing single-injection therapy. We are the number one player in minimally invasive fracture treatment and advanced rehabilitation. We are the fastest growing participant in bone graft substitutes, and we are the technology leader in peripheral nerve stimulation,” said Bioventus CEO Ken Reali. “We believe the acquisition of Misonix represents a compelling opportunity to extend our leadership and expand the breadth and depth of our offerings by adding $2 billion to our addressable market.”
“We will leverage the autonomous anatomy segmentation and identification software to develop smart instruments to improve surgical workflows makes spine surgery safer, which we believe will lead to better patient outcomes,” Surgalign CEO Terry Rich said about HoloSurgical. “We intend to expand the applicability of the platform outside of the O.R. as we believe it has the potential to provide benefits throughout the surgical landscape from diagnostic and predictive analytics capabilities to autonomous pre-op planning and intelligent post-op analysis functionality. While the spine market is a significant opportunity, we view it as a stepping stone application for the platform. Once the model has been proven, we intend to expand into other surgical specialties beyond spine.”
New International Opportunities
Some orthopedic companies seek to expand their presence in the global market. ATEC’s acquisition of EOS and DJO’s acquisition of Mathys immediately provide the companies with new international opportunities.
“’I’ll speak broadly about the international opportunity. It’s something that we’re very enthusiastic about. We’re also very realistic about how we get contribution out of respective areas of the world. I think that we will be very well served by being very narrow and deep. The clinical distinction that we’re driving requires engagement at a deeper level. For us to lay a foundation for depth through a narrow focus is what’s in our interest,” said ATEC CEO Pat Miles. “Anybody who’s been around the spine space knows the really great five or six markets that are very apparent. We’ll go toward markets that have a good paying environment and have a clinically sophisticated environment. We’re going to go into these markets with the best of the best, which is such an advantage. A lot of people dump in these markets, and that’s not our way.”
“With the addition of Mathys, we now have pro forma annual revenue of over $500 million of recon and a clear path to grow $1 billion in the next five years. We are confident that our proven surgical offense that has delivered five-plus years of strong double-digit growth will continue to deliver as we go forward,” said DJO CEO Brady Shirley. “We extended our high-growth extremities core into the fast-growing foot and ankle segment. And now with the Mathys acquisition, we have doubled the addressable market to drive our clinically superior technologies into globally. Additionally, we have a very healthy funnel of recon bolt-on acquisition opportunities that could get us to the $1 billion mark even faster.”
Competitive Hires
People play a critical role in any organization. Globus Medical has attracted high-performing sales with its advanced ExcelsiusGPS robotic navigation platform.
“I would be remiss if I spoke ill of anyone in the market. But I will tell you that the fundamental driver is technology. Our implant technology is enabling technology. They’re differentiated, they’re stronger and they’re driving clinical value,” said Globus Medical CEO Dave Demski. “That enables us to just outright sell that, but it’s also very attractive for other reps who are stuck at those other companies to come over here. They’re good reps, they have good relationships; they want to come over and sell the best technology on the market, so that drives our competitive recruiting as well. It’s really the thing underneath it. And then we continue to innovate. We’ve got a really strong group across the company.”
Despite COVID-19’s disruption to the orthopedic market over the last nearly two years, certain companies have made bold strategic moves via acquisitions, technologies and strategies, broadening their opportunities.
Mike Evers is ORTHOWORLD’s Digital Content Strategist.
While orthopedic companies’ strategic expansion efforts faced challenges during the pandemic, they certainly didn’t slow down. Companies like Anika Therapeutics, Bioventus and Surgalign are pursuing new products and technologies to broaden their addressable markets. ATEC and DJO are tapping into fresh international opportunities, while Globus...
While orthopedic companies’ strategic expansion efforts faced challenges during the pandemic, they certainly didn’t slow down. Companies like Anika Therapeutics, Bioventus and Surgalign are pursuing new products and technologies to broaden their addressable markets. ATEC and DJO are tapping into fresh international opportunities, while Globus Medical sees previously-hired competitive reps roll off non-competes, potentially bringing in new accounts.
We’ve compiled executive comments from orthopedic companies that we think should be on your radar. We highlighted these companies in our recently published 10 Orthopedic Companies to Watch report. What emerged from compiling the report were overlapping perspectives on orthopedic market opportunities. These orthopedic trends stretch from the state of new products to orthopedic market expansion to hiring strategies.
New Products and Technologies
Some orthopedic companies have enhanced their product offerings by acquiring companies that immediately expand their portfolio or hold promise in advancing next-generation products. The acquisitions led to a potentially significant market opportunity.
“Our market opportunity today is eight times larger than it was one year ago. We now have an $8 billion global market opportunity beyond the legacy Anika osteoarthritis pain management business, including regenerative solutions, soft tissue repair and bone preserving joint technologies,” said Anika Therapeutics CEO Cheryl Blanchard, Ph.D., acknowledging the company’s acquisitions of Arthrosurface and Parcus Medical. “These joint preservation solutions position us well in the faster growing areas of sports medicine and extremities, compared with the more traditional total joint replacement orthopedic markets.”
“We are the number two player in HA therapy with the fastest growing single-injection therapy. We are the number one player in minimally invasive fracture treatment and advanced rehabilitation. We are the fastest growing participant in bone graft substitutes, and we are the technology leader in peripheral nerve stimulation,” said Bioventus CEO Ken Reali. “We believe the acquisition of Misonix represents a compelling opportunity to extend our leadership and expand the breadth and depth of our offerings by adding $2 billion to our addressable market.”
“We will leverage the autonomous anatomy segmentation and identification software to develop smart instruments to improve surgical workflows makes spine surgery safer, which we believe will lead to better patient outcomes,” Surgalign CEO Terry Rich said about HoloSurgical. “We intend to expand the applicability of the platform outside of the O.R. as we believe it has the potential to provide benefits throughout the surgical landscape from diagnostic and predictive analytics capabilities to autonomous pre-op planning and intelligent post-op analysis functionality. While the spine market is a significant opportunity, we view it as a stepping stone application for the platform. Once the model has been proven, we intend to expand into other surgical specialties beyond spine.”
New International Opportunities
Some orthopedic companies seek to expand their presence in the global market. ATEC’s acquisition of EOS and DJO’s acquisition of Mathys immediately provide the companies with new international opportunities.
“’I’ll speak broadly about the international opportunity. It’s something that we’re very enthusiastic about. We’re also very realistic about how we get contribution out of respective areas of the world. I think that we will be very well served by being very narrow and deep. The clinical distinction that we’re driving requires engagement at a deeper level. For us to lay a foundation for depth through a narrow focus is what’s in our interest,” said ATEC CEO Pat Miles. “Anybody who’s been around the spine space knows the really great five or six markets that are very apparent. We’ll go toward markets that have a good paying environment and have a clinically sophisticated environment. We’re going to go into these markets with the best of the best, which is such an advantage. A lot of people dump in these markets, and that’s not our way.”
“With the addition of Mathys, we now have pro forma annual revenue of over $500 million of recon and a clear path to grow $1 billion in the next five years. We are confident that our proven surgical offense that has delivered five-plus years of strong double-digit growth will continue to deliver as we go forward,” said DJO CEO Brady Shirley. “We extended our high-growth extremities core into the fast-growing foot and ankle segment. And now with the Mathys acquisition, we have doubled the addressable market to drive our clinically superior technologies into globally. Additionally, we have a very healthy funnel of recon bolt-on acquisition opportunities that could get us to the $1 billion mark even faster.”
Competitive Hires
People play a critical role in any organization. Globus Medical has attracted high-performing sales with its advanced ExcelsiusGPS robotic navigation platform.
“I would be remiss if I spoke ill of anyone in the market. But I will tell you that the fundamental driver is technology. Our implant technology is enabling technology. They’re differentiated, they’re stronger and they’re driving clinical value,” said Globus Medical CEO Dave Demski. “That enables us to just outright sell that, but it’s also very attractive for other reps who are stuck at those other companies to come over here. They’re good reps, they have good relationships; they want to come over and sell the best technology on the market, so that drives our competitive recruiting as well. It’s really the thing underneath it. And then we continue to innovate. We’ve got a really strong group across the company.”
Despite COVID-19’s disruption to the orthopedic market over the last nearly two years, certain companies have made bold strategic moves via acquisitions, technologies and strategies, broadening their opportunities.
Mike Evers is ORTHOWORLD’s Digital Content Strategist.
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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.
