Orthopedic Market Size and Share
December 2024
Mike Evers, Senior Market Analyst
Welcome to our overview of the orthopedic market. This page and the Segment Reports build upon our work in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
The Market at a Glance
We expect the orthopedic market to grow 5% in 2024 to $61.9 billion worldwide. The market is relatively stable with robust procedure demand. We foresee convergent tailwinds like aging populations and improving technology pushing the orthopedic market’s overall growth rate in the 4% range in the coming years.
Orthopedic Sales by Product Segment
The orthopedic market saw strength across its product segments in 2024. However, joint replacement and trauma overperformed relative to their historical growth rates.
Joint replacement’s years-long recovery from the pandemic carried some momentum in 2024 and could elevate demand into 2025. Meanwhile, a renewed focus on core trauma brought a fresh wave of innovation to the market which helped offset choppiness in the foot and ankle space.
Exhibit 1: Worldwide Orthopedic Sales by Product Segment ($millions)
| Segment | FY24E | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $22,643.3 | $21,474.0 | $1,169.2 | 5.4% |
| Knees | $10,660.5 | $10,097.6 | $562.9 | 5.6% |
| Hips | $8,750.0 | $8,369.0 | $381.0 | 4.6% |
| Extremities | $3,232.9 | $3,007.5 | $225.3 | 7.5% |
| Spine | $10,821.7 | $10,412.6 | $409.1 | 3.9% |
| Trauma | $9,035.4 | $8,532.4 | $503.0 | 5.9% |
| Sports Medicine | $7,150.0 | $6,775.6 | $374.4 | 5.5% |
| Orthobiologics | $5,675.8 | $5,500.3 | $175.5 | 3.2% |
| Enabling Technology | $1,410.6 | $1,307.0 | $103.6 | 7.9% |
| Other | $5,197.5 | $5,002.4 | $195.1 | 3.9% |
| Market Total | $61,934.3 | $59,004.3 | $2,930.0 | 5% |
Market Forecast
While the market saw robust demand in 2024, procedure volumes and seasonality further normalized. We estimate 2024 worldwide orthopedic sales totaled just under $62 billion, up 5% compared to the year prior.
We expect further normalization in 2025 but, when the market does ultimately settle, it could do so at an overall growth rate near 4%, a meaningful bump compared to its pre-pandemic average of around 3.5% annual growth.
Exhibit 2: Worldwide Orthopedic Sales by Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 75 public and private companies by segment from 2016 through 2024.
Multiple convergent tailwinds could elevate the orthopedic market’s growth rate in the near term.
Beneficial Patient Demographics
The global population over the age of 65 is expanding rapidly and is staying active for longer. Additionally, patients are entering the orthopedic care funnel younger than they had in the past.
Historically Low Uninsured Rates
According to the U.S. Department of Health and Human Services, the national uninsured rate reached an all-time low of 7.7% during 2023. As the potential patient population increases in the U.S., more people now have access to orthopedic care.
Improving Technology and Outcomes
Technologies like robotics, increased access to orthopedic ASCs and more flexibility due to remote work make patients more likely to undergo procedures. Improved patient confidence in successful outcomes could further elevate the largest orthopedic segments.
Sales by Region
The United States and certain European countries enjoyed a volume tailwind from backlogged procedures in 2023. Some of that momentum remained in portions of 2024.
According to Stryker CEO Kevin Lobo, the APAC and EMEA regions are at an inflection point for robotics and currently resemble the U.S. robotics market of five or six years ago.
Impacts from VBP and anti-corruption initiatives in China are creating a very volatile orthopedic market in that country. However, China remains a strategically important market for orthopedic players as it ultimately grows to become the largest healthcare market in the world.
The European Union’s Medical Device Regulation (MDR) remains a significant expense and regulatory hurdle for companies opting to stay in that market. While there are signs that MDR may undergo some changes and become more reasonable, regulatory consultants we heard from continue to caution clients about entering the EU market right now.
Exhibit 3: Orthopedic Sales by Region ($millions)
| Region | FY24E | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $42,115.3 | $39,581.1 | $2,534.2 | 6.4% |
| OUS | $19,819.0 | $19,423.2 | $395.8 | 2% |
| EMEA | $11,334.0 | $10,744.2 | $589.8 | 5.5% |
| APAC | $6,379.2 | $6,698.1 | ($318.8) | (4.8%) |
| ROW | $2,105.8 | $1,980.9 | $124.8 | 6.3% |
| Market Total | $61,934.3 | $59,004.3 | $2,930.0 | 5% |
Exhibit 4: Orthopedic Market Share by Region ($millions)
Top Companies
The orthopedic market has more than 1,000 active companies, which we categorize into five tiers based on global annual revenue:
- Over $1 billion
- Between $400 million and $999 million
- Between $200 million and $399 million
- Between $100 million and $199 million
- All other companies below $100 million
Our estimates show fewer than 50 companies generate more than $100 million in orthopedic sales. Those companies account for approximately 85% of all orthopedic sales.
Consolidation remains a significant force in the market, and orthopedic M&A transactions accelerated in 2023 for the first time since the pandemic before cooling again in 2024.
Exhibit 5: Orthopedic Market Share by Company Tier ($millions)
Companies Over $1 Billion
The eight companies with over $1 billion in annual orthopedic revenue make up more than two-thirds of the global market and totaled $42 billion in orthopedic sales during 2024.
The top four companies in this group dominate the joint replacement market. Meanwhile, Medtronic saw its closest competitor, Globus Medical, leap forward with its NuVasive merger. Enovis joined this tier in 2024 after its acquisition of LimaCorporate.
Exhibit 6: Orthopedic Sales for Top-Tier Players ($millions)
| Company | FY24E | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Stryker | $11,218.3 | $10,348.0 | $870.3 | 8.4% |
| DePuy Synthes | $9,163.9 | $8,941.6 | $222.2 | 2.5% |
| Zimmer Biomet | $7,678.9 | $7,394.3 | $284.6 | 3.8% |
| Smith+Nephew | $3,901.7 | $3,747.6 | $154.1 | 4.1% |
| Medtronic | $3,446.6 | $3,276.2 | $170.4 | 5.2% |
| Arthrex | $3,148.0 | $2,990.7 | $157.2 | 5.3% |
| Globus Medical | $2,495.0 | $2,395.8 | $99.2 | 4.1% |
| Enovis | $1,052.8 | $984.4 | $68.4 | 6.9% |
| Subtotal | $42,105.2 | $40,078.7 | $2,026.5 | 5.1% |
| Market Total | $61,934.3 | $59,004.3 | $2,930.0 | 5% |
Here are a few of the developments that we’re watching among the top-tier players.
Joint Replacement Uptick
Joint replacement ran hot the last two years but it is worth remember that most players in this space didn’t attain their 2019 sales levels again until some time in 2023. In some cases, they never got back to those levels. New technologies and strong patient could keep growth rates elevated in 2025.
Changing Competitive Dynamics
The winning formula in spine is scale plus technology. Few companies have the resources required to compete with the largest spine players. As technology becomes more ingrained in orthopedic surgeries, the disparity will grow and potentially force smaller players out of the market.
Self-Inflicted Wounds
Zimmer Biomet contended with ERP integration issues in late 2024 while Smith+Nephew remains focused on its 12-Point improvement plan amid calls from investors for the company to divest its recon franchises.
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 75 public and private companies by segment from 2016 through 2024.
Companies Between $400 Million and $999 Million
The eight companies in this tier generated $4.9 billion in 2024 sales, comprising about 8% of the overall orthopedic market. While Enovis graduated out of this tier in 2024, it still contains some of the faster growing companies in orthopedics.
Orthofix Finds Synergies
The company had a tumultuous few years, pre-dating even the pandemic. Following a merger with SeaSpine and a nearly wholesale leadership change, Orthofix turned in a strong 2024 and looks poised to build on that success in 2025. Improving synergy between products and a largely untapped U.S. orthopedics opportunity will boost company growth next year.
Medacta’s Steady Execution
The company once again outperformed the markets where it competes, growing in the mid-teens for 2024. Knee and shoulder replacement sales were especially strong for Medacta.
Companies Between $200 Million and $399 Million
The nine companies in this tier totaled $2.3 billion in sales, making up just under 4% of the orthopedic market. Several companies in this tier are growing quickly but face questions about their next phase.
Investors Purchase Exactech
After voluntarily initiated recalls on its knee, hip and ankle replacement products between 2021 and 2023 due to defective packaging, the company entered into a comprehensive restructuring support agreement and asset purchase agreement with a group of its existing investors.
Foot and Ankle Market Tightens
While Paragon 28 and Treace Medical remain among the fastest-growing companies in the market, both faced new pressures in 2024. The foot and ankle space is now more competitive and features some of the biggest companies in the industry. Paragon 28 restructured and cut costs in 2024 to lay a profitable foundation while Treace Medical tries to break out of its narrow procedure focus.
Companies Between $100 Million and $199 Million
The 19 companies in this revenue tier generated $2.8 billion in 2024, constituting 4.6% of the orthopedic market.
OrthoPediatrics Racing to Market Dominance
While the market’s top players pay less attention to pediatric orthopedics, one company is quickly amassing share. OrthoPediatrics has quietly developed into one of the more acquisitive companies in the industry, and has positioned itself to control up to 50% of the pediatric trauma and deformity market in the next few years.
Anika Therapeutics to Focus on Regenerative
The company acquired Arthrosurface and Parcus Medical before the pandemic but could never find real traction with those legacy products. Anika is in the process of divesting those assets to fully put its weight behind its expertise with hyaluronic acid-based products.
Further Reading
Thanks for visiting! Need more insight into the orthopedic market? Questions and comments are always welcome. You can reach me by email. The posts below feature some of the biggest developments and trends in orthopedics that we’re watching.
November 6, 2024
,
Mike Evers
July 30, 2024
,
Mike Evers
Our overview of the $59 billion orthopedic market includes up-to-date information on forecasted growth, the top companies and industry-driving trends.
December 2024
Mike Evers, Senior Market Analyst
Welcome to our overview of the orthopedic market. This page and the Segment Reports build upon our work in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
The Market at a Glance
We expect the orthopedic market to grow 5% in 2024 to $61.9 billion worldwide. The market is relatively stable with robust procedure demand. We foresee convergent tailwinds like aging populations and improving technology pushing the orthopedic market’s overall growth rate in the 4% range in the coming years.
Orthopedic Sales by Product Segment
The orthopedic market saw strength across its product segments in 2024. However, joint replacement and trauma overperformed relative to their historical growth rates.
Joint replacement’s years-long recovery from the pandemic carried some momentum in 2024 and could elevate demand into 2025. Meanwhile, a renewed focus on core trauma brought a fresh wave of innovation to the market which helped offset choppiness in the foot and ankle space.
Exhibit 1: Worldwide Orthopedic Sales by Product Segment ($millions)
| Segment | FY24E | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $22,643.3 | $21,474.0 | $1,169.2 | 5.4% |
| Knees | $10,660.5 | $10,097.6 | $562.9 | 5.6% |
| Hips | $8,750.0 | $8,369.0 | $381.0 | 4.6% |
| Extremities | $3,232.9 | $3,007.5 | $225.3 | 7.5% |
| Spine | $10,821.7 | $10,412.6 | $409.1 | 3.9% |
| Trauma | $9,035.4 | $8,532.4 | $503.0 | 5.9% |
| Sports Medicine | $7,150.0 | $6,775.6 | $374.4 | 5.5% |
| Orthobiologics | $5,675.8 | $5,500.3 | $175.5 | 3.2% |
| Enabling Technology | $1,410.6 | $1,307.0 | $103.6 | 7.9% |
| Other | $5,197.5 | $5,002.4 | $195.1 | 3.9% |
| Market Total | $61,934.3 | $59,004.3 | $2,930.0 | 5% |
Market Forecast
While the market saw robust demand in 2024, procedure volumes and seasonality further normalized. We estimate 2024 worldwide orthopedic sales totaled just under $62 billion, up 5% compared to the year prior.
We expect further normalization in 2025 but, when the market does ultimately settle, it could do so at an overall growth rate near 4%, a meaningful bump compared to its pre-pandemic average of around 3.5% annual growth.
Exhibit 2: Worldwide Orthopedic Sales by Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 75 public and private companies by segment from 2016 through 2024.
Multiple convergent tailwinds could elevate the orthopedic market’s growth rate in the near term.
Beneficial Patient Demographics
The global population over the age of 65 is expanding rapidly and is staying active for longer. Additionally, patients are entering the orthopedic care funnel younger than they had in the past.
Historically Low Uninsured Rates
According to the U.S. Department of Health and Human Services, the national uninsured rate reached an all-time low of 7.7% during 2023. As the potential patient population increases in the U.S., more people now have access to orthopedic care.
Improving Technology and Outcomes
Technologies like robotics, increased access to orthopedic ASCs and more flexibility due to remote work make patients more likely to undergo procedures. Improved patient confidence in successful outcomes could further elevate the largest orthopedic segments.
Sales by Region
The United States and certain European countries enjoyed a volume tailwind from backlogged procedures in 2023. Some of that momentum remained in portions of 2024.
According to Stryker CEO Kevin Lobo, the APAC and EMEA regions are at an inflection point for robotics and currently resemble the U.S. robotics market of five or six years ago.
Impacts from VBP and anti-corruption initiatives in China are creating a very volatile orthopedic market in that country. However, China remains a strategically important market for orthopedic players as it ultimately grows to become the largest healthcare market in the world.
The European Union’s Medical Device Regulation (MDR) remains a significant expense and regulatory hurdle for companies opting to stay in that market. While there are signs that MDR may undergo some changes and become more reasonable, regulatory consultants we heard from continue to caution clients about entering the EU market right now.
Exhibit 3: Orthopedic Sales by Region ($millions)
| Region | FY24E | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $42,115.3 | $39,581.1 | $2,534.2 | 6.4% |
| OUS | $19,819.0 | $19,423.2 | $395.8 | 2% |
| EMEA | $11,334.0 | $10,744.2 | $589.8 | 5.5% |
| APAC | $6,379.2 | $6,698.1 | ($318.8) | (4.8%) |
| ROW | $2,105.8 | $1,980.9 | $124.8 | 6.3% |
| Market Total | $61,934.3 | $59,004.3 | $2,930.0 | 5% |
Exhibit 4: Orthopedic Market Share by Region ($millions)
Top Companies
The orthopedic market has more than 1,000 active companies, which we categorize into five tiers based on global annual revenue:
- Over $1 billion
- Between $400 million and $999 million
- Between $200 million and $399 million
- Between $100 million and $199 million
- All other companies below $100 million
Our estimates show fewer than 50 companies generate more than $100 million in orthopedic sales. Those companies account for approximately 85% of all orthopedic sales.
Consolidation remains a significant force in the market, and orthopedic M&A transactions accelerated in 2023 for the first time since the pandemic before cooling again in 2024.
Exhibit 5: Orthopedic Market Share by Company Tier ($millions)
Companies Over $1 Billion
The eight companies with over $1 billion in annual orthopedic revenue make up more than two-thirds of the global market and totaled $42 billion in orthopedic sales during 2024.
The top four companies in this group dominate the joint replacement market. Meanwhile, Medtronic saw its closest competitor, Globus Medical, leap forward with its NuVasive merger. Enovis joined this tier in 2024 after its acquisition of LimaCorporate.
Exhibit 6: Orthopedic Sales for Top-Tier Players ($millions)
| Company | FY24E | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Stryker | $11,218.3 | $10,348.0 | $870.3 | 8.4% |
| DePuy Synthes | $9,163.9 | $8,941.6 | $222.2 | 2.5% |
| Zimmer Biomet | $7,678.9 | $7,394.3 | $284.6 | 3.8% |
| Smith+Nephew | $3,901.7 | $3,747.6 | $154.1 | 4.1% |
| Medtronic | $3,446.6 | $3,276.2 | $170.4 | 5.2% |
| Arthrex | $3,148.0 | $2,990.7 | $157.2 | 5.3% |
| Globus Medical | $2,495.0 | $2,395.8 | $99.2 | 4.1% |
| Enovis | $1,052.8 | $984.4 | $68.4 | 6.9% |
| Subtotal | $42,105.2 | $40,078.7 | $2,026.5 | 5.1% |
| Market Total | $61,934.3 | $59,004.3 | $2,930.0 | 5% |
Here are a few of the developments that we’re watching among the top-tier players.
Joint Replacement Uptick
Joint replacement ran hot the last two years but it is worth remember that most players in this space didn’t attain their 2019 sales levels again until some time in 2023. In some cases, they never got back to those levels. New technologies and strong patient could keep growth rates elevated in 2025.
Changing Competitive Dynamics
The winning formula in spine is scale plus technology. Few companies have the resources required to compete with the largest spine players. As technology becomes more ingrained in orthopedic surgeries, the disparity will grow and potentially force smaller players out of the market.
Self-Inflicted Wounds
Zimmer Biomet contended with ERP integration issues in late 2024 while Smith+Nephew remains focused on its 12-Point improvement plan amid calls from investors for the company to divest its recon franchises.
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 75 public and private companies by segment from 2016 through 2024.
Companies Between $400 Million and $999 Million
The eight companies in this tier generated $4.9 billion in 2024 sales, comprising about 8% of the overall orthopedic market. While Enovis graduated out of this tier in 2024, it still contains some of the faster growing companies in orthopedics.
Orthofix Finds Synergies
The company had a tumultuous few years, pre-dating even the pandemic. Following a merger with SeaSpine and a nearly wholesale leadership change, Orthofix turned in a strong 2024 and looks poised to build on that success in 2025. Improving synergy between products and a largely untapped U.S. orthopedics opportunity will boost company growth next year.
Medacta’s Steady Execution
The company once again outperformed the markets where it competes, growing in the mid-teens for 2024. Knee and shoulder replacement sales were especially strong for Medacta.
Companies Between $200 Million and $399 Million
The nine companies in this tier totaled $2.3 billion in sales, making up just under 4% of the orthopedic market. Several companies in this tier are growing quickly but face questions about their next phase.
Investors Purchase Exactech
After voluntarily initiated recalls on its knee, hip and ankle replacement products between 2021 and 2023 due to defective packaging, the company entered into a comprehensive restructuring support agreement and asset purchase agreement with a group of its existing investors.
Foot and Ankle Market Tightens
While Paragon 28 and Treace Medical remain among the fastest-growing companies in the market, both faced new pressures in 2024. The foot and ankle space is now more competitive and features some of the biggest companies in the industry. Paragon 28 restructured and cut costs in 2024 to lay a profitable foundation while Treace Medical tries to break out of its narrow procedure focus.
Companies Between $100 Million and $199 Million
The 19 companies in this revenue tier generated $2.8 billion in 2024, constituting 4.6% of the orthopedic market.
OrthoPediatrics Racing to Market Dominance
While the market’s top players pay less attention to pediatric orthopedics, one company is quickly amassing share. OrthoPediatrics has quietly developed into one of the more acquisitive companies in the industry, and has positioned itself to control up to 50% of the pediatric trauma and deformity market in the next few years.
Anika Therapeutics to Focus on Regenerative
The company acquired Arthrosurface and Parcus Medical before the pandemic but could never find real traction with those legacy products. Anika is in the process of divesting those assets to fully put its weight behind its expertise with hyaluronic acid-based products.
Further Reading
Thanks for visiting! Need more insight into the orthopedic market? Questions and comments are always welcome. You can reach me by email. The posts below feature some of the biggest developments and trends in orthopedics that we’re watching.
November 6, 2024
,
Mike Evers
July 30, 2024
,
Mike Evers
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