Orthopedic Market Overview
April 2026
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
The orthopedic market reached $64.9 billion in worldwide sales in 2025, up 4.9% compared to the prior year.
The market continued to normalize over the course of 2025 but retained some upside relative to historical norms in segments like joint replacement and trauma. We expect the market’s growth rate to moderate further in the coming years but to remain in the mid-single digits due to increasing patient demand and advancing technology.
Orthopedic Sales by Product Segment
Performance across product segments largely met expectations in 2025, as they saw healthy demand but normalized a period of elevated growth. As they did the year prior, joint replacement and trauma overperformed relative to historical averages.
The growth rate of joint replacement is aided by the fast-growing extremities subsegment and the influx of new products and technologies like robotics. While the trauma segment also benefited from a renewed focus on core fracture fixation, it had to overcome ongoing softness in the foot and ankle market.
Exhibit 1: Worldwide Orthopedic Sales by Product Segment ($million)
| Segment | 2025 | 2024 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $23,863.1 | $22,617.3 | $1,245.8 | 5.5% |
| Knees | $11,201.1 | $10,637.3 | $563.7 | 5.3% |
| Hips | $9,160.8 | $8,745.8 | $415.0 | 4.7% |
| Extremities | $3,501.2 | $3,234.2 | $267.0 | 8.3% |
| Spine | $11,138.0 | $10,786.9 | $351.1 | 3.3% |
| Trauma | $9,596.2 | $9,070.1 | $526.1 | 5.8% |
| Sports Medicine | $7,577.2 | $7,162.8 | $414.4 | 5.8% |
| Orthobiologics | $5,864.5 | $5,681.8 | $182.7 | 3.2% |
| Enabling Technology | $1,555.7 | $1,422.0 | $133.6 | 9.4% |
| Other | $5,359.4 | $5,197.5 | $161.9 | 3.1% |
| Total | $64,954.1 | $61,938.5 | $3,015.6 | 4.9% |
Market Forecast
The orthopedic market remained healthy in 2025 with robust demand for procedures and capital equipment. Economic indicators have improved enough that there’s pent-up demand for M&A and viable pathways forward for IPOs.
We expect the market’s growth rate to moderate in the coming years but remain elevated compared to pre-2020 averages.
Exhibit 2: Worldwide Orthopedic Sales by Year
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 80 public and private companies by segment from 2016 through 2025.
Beneficial Patient Demographics. The global population aged 65 and older is increasing rapidly and staying active for longer. Additionally, patients are entering the orthopedic care funnel at younger ages than in the past, and companies are capturing patients with new products that expand the continuum of care.
Improving Technology and Outcomes., and more flexibility due to remote work makes patients more likely to undergo procedures. Improved patient confidence in successful outcomes could further elevate the largest orthopedic segments.
Promising Macro Indicators. The global financial markets avoided a recession and stuck a soft landing. Inflation peaked in 2022 at 9% but has since moderated to 3% in 2025 and is expected to remain low in 2026. Unemployment rates are stable. Broad equity markets are trading near all-time highs. Healthcare stocks remain under pressure but are likely to improve.
Sales by Region
Global markets were relatively stable in 2025, and volumes have normalized compared to the last few years.
The United States is the largest orthopedic market in the world and the primary battleground for the industry’s largest players. However, companies across the revenue spectrum are strategically moving to the U.S. market in novel product niches. Orthofix’s complex limb reconstruction business and BONESUPPORT’s CERAMENT synthetic bone graft substitutes are just two examples.
There’s growing frustration with the European Union’s Medical Device Regulation (MDR), which is slowing the introduction of new products from reaching the European market and, in general, exerting a chilling effect on innovation. Beyond MDR, however, Europe has shown it can be a growth engine for companies with devices already approved due to healthy demand.
China remains a strategic market for globalized players, but successive waves of volume-based procurement have changed the calculus. While domestic Chinese players have generally gained significant volume share from the change, international players have drastically cut orthopedic investments in the country due to the low profitability of their businesses there.
Exhibit 3: Orthopedic Sales by Region ($million)
| Region | 2025 | 2024 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $43,532.9 | $41,604.9 | $1,928.0 | 4.6% |
| OUS | $21,421.2 | $20,333.6 | $1,087.6 | 5.3% |
| EMEA | $12,076.8 | $11,426.3 | $650.5 | 5.7% |
| APAC | $7,124.6 | $6,830.5 | $294.1 | 4.3% |
| ROW | $2,219.8 | $2,076.8 | $143.1 | 6.9% |
| Total | $64,954.1 | $61,938.5 | $3,015.6 | 4.9% |
Exhibit 4: Orthopedic Market Share by Region ($million)
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
According to our estimates, the eight companies with more than $1 billion in revenue account for 67% of all orthopedic sales. When you expand the view to the 50 largest orthopedic companies, that group of players accounts for 85% of global sales.
Industry consolidation has changed over the last few years, moving away from voluminous tuck-in deals to larger strategic acquisitions. While players like Orthofix, Medacta and ATEC are nearing the $1 billion sales threshold, our “all other” tier has seen revenue decline in recent years due to acquisition activity. All told, we expect the orthopedic industry to become even more top-heavy in the coming years.
Exhibit 5: Orthopedic Market Share by Company Tier ($million)
The eight companies with over $1 billion in annual orthopedic sales control two-thirds of the worldwide market and amassed revenues exceeding $43.3 billion in 2025.
Exhibit 6: Orthopedic Sales for Top-Tier Players ($million)
| Company | 2025 | 2024 | $ Chg | % Chg |
|---|---|---|---|---|
| Stryker | $11,375.3 | $10,804.5 | $570.8 | 5.3% |
| J&J MedTech | $9,257.8 | $9,158.0 | $99.7 | 1.1% |
| Zimmer Biomet | $8,231.7 | $7,678.6 | $553.1 | 7.2% |
| Smith+Nephew | $4,150.4 | $3,918.6 | $231.8 | 5.9% |
| Medtronic | $3,612.8 | $3,431.1 | $181.8 | 5.3% |
| Globus Medical | $2,938.9 | $2,519.4 | $419.6 | 16.7% |
| Arthrex | $2,857.7 | $2,700.5 | $157.2 | 5.8% |
| Enovis | $1,111.1 | $1,009.7 | $101.4 | 10% |
| Subtotal | $43,535.8 | $41,220.4 | $2,315.4 | 5.6% |
| Total | $64,954.1 | $61,938.5 | $3,015.6 | 4.9% |
Here are some of the developments we’re watching for these companies.
Bastion of Enabling Technology. The top six players in this tier all have fully fledged enabling technology ecosystems that include at least one robotic system. Meanwhile, Arthrex is expected to enter the joint replacement robotics race and Envois has stated it is doubling down on building out its technology portfolio.
Shifting Strategic Priorities. Zimmer Biomet, Globus Medical and Enovis are not only three of the largest companies in orthopedics, but they are also among the most acquisitive. All three are coming off a multi-year spate of acquisitions and integrations and are now shifting focus to product development and commercial execution.
Disruption on the Horizon? Johnson & Johnson’s spinning off DePuy Synthes was one of the biggest news items of 2025. The separation is slated to finish in 2027, but historically, we’ve seen moves like this cause long-tail disruption both before and after the transaction is complete. We expect some waves in the competitive balance of orthopedics as the dust settles over the next several years.
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 80 public and private companies by segment from 2016 through 2025.
Companies Between $400 Million and $999 Million
The nine companies in this tier generated $5.6 billion in orthopedic sales in 2025, accounting for about 9% of the market. Enovis moved from this tier to the top tier last year, and it likely won’t be long before some combination of Orthofix, Medacta and ATEC follow suit.
Ready to Ramp Up. Orthofix and CONMED spent much of 2025 fixing broken or underperforming systems. Orthofix underwent a distributor transition that created pressure into the fourth quarter but will better position the company in the long term. CONMED struggled with its orthopedic supply chain but saw far better performance toward the end of 2025.
Blueprints for Success. ATEC and Medacta are two of the best growth stories in orthopedics. They consistently grow at multiples of their end markets despite having nearly $800 million in total annual revenue. What’s more, aside from some minor tuck-in deals, both companies have grown organically.
The Power of Technology. Enabling technology is a key part of competing at the upper echelons of orthopedics. However, developing technology in-house can be prohibitively expensive from both a cash and expertise standpoint. Highridge Medical entered into distribution agreements for the PathKeeper Surgical Navigation System and SMAIO’s full complement of spinal realignment planning, while Acumed acquired assets from TECHFIT Digital Surgery for craniomaxillofacial patient-tailored solutions.
Companies Between $200 Million and $399 Million
The 12 players in this tier generated $3.2 billion in orthopedic sales during 2025 and accounted for 5% of the worldwide orthopedic market. There are some strong performers like Medartis, Vericel, and SI-BONE, but there are also companies that need to do work to return to growth.
Exactech Assets Pass to Advita. A supply chain catastrophe and subsequent lawsuits bankrupted Exactech’s parent company and forced Exactech into a comprehensive restructuring support and asset purchase agreement with a group of its existing investors. Advita Ortho officially launched as a global medical device company in late 2025 with products and employees from Exactech in conjunction with the restructuring.
VB Spine Acquires Stryker’s Spinal Implant Business. In early 2025, Stryker divested its U.S. spinal implant business to the newly created VB Spine, with the deal closing at the start of the second quarter. For context, Stryker’s U.S. spine business generated $382 million from April 2024 through December 2024. VB Spine acquired Stryker’s spine business in Australia and New Zealand in August 2025 and Stryker’s spine manufacturing facility in Cestas, France, in early 2026.
Treace Medical Impacted by Segment Softness. Treace got hit with a double whammy in 2025, facing pressure on its Lapiplasty volumes as surgeons and patients shifted toward minimally invasive osteotomies while also enduring a general downturn for foot and ankle procedure volumes, especially among commercially insured patients.
SI-BONE Partners with Smith+Nephew. The company has averaged 20% yearly growth since its 2018 IPO. While it has developed compelling implants for trauma applications, SI-BONE plans to focus on the spine segment. To that end, it announced an early 2026 partnership for Smith+Nephew to distribute its products in Level 1 and 2 trauma centers.
Companies Between $100 Million and $199 Million
This tier is comprised of 19 companies that totaled $2.9 billion in orthopedic sales, or about 4.4% of the market.
Mixed Results for Orthobiologics. Players in this segment span the full spectrum of results. Kuros Biosciences and Bonesupport continued their phenomenal growth trajectories in 2025, but established viscosupplement companies like Seikagaku and Anika faced end-market uncertainty and price pressure.
Significant Growth for Niche Segments. OrthoPediatrics thinks it can control up to half of the pediatric trauma and deformity markets in the near- to mid-term by executing on a multiyear product super cycle. Centinel Spine surpassed 300,000 prodisc implantations in late 2025 with reoperation rates below 1%.
APAC Companies Gaining Market Acceptance. Implant quality has risen across the globe, enabling companies in Asia to penetrate worldwide markets. Companies like United Orthopedics are generating growth in Europe, the Americas, Asia and Australia through better distribution channels and more sophisticated marketed efforts. Chinese companies still have somewhat volatile results due to the vagaries of volume-based procurement, but they’re also now served a far higher proportion of the Chinese market as international companies are squeezed out.
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.
Our overview of the orthopedic market includes up-to-date information on forecasted growth, the top companies and industry-driving trends.
April 2026
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
The orthopedic market reached $64.9 billion in worldwide sales in 2025, up 4.9% compared to the prior year.
The market continued to normalize over the course of 2025 but retained some upside relative to historical norms in segments like joint replacement and trauma. We expect the market’s growth rate to moderate further in the coming years but to remain in the mid-single digits due to increasing patient demand and advancing technology.
Orthopedic Sales by Product Segment
Performance across product segments largely met expectations in 2025, as they saw healthy demand but normalized a period of elevated growth. As they did the year prior, joint replacement and trauma overperformed relative to historical averages.
The growth rate of joint replacement is aided by the fast-growing extremities subsegment and the influx of new products and technologies like robotics. While the trauma segment also benefited from a renewed focus on core fracture fixation, it had to overcome ongoing softness in the foot and ankle market.
Exhibit 1: Worldwide Orthopedic Sales by Product Segment ($million)
| Segment | 2025 | 2024 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $23,863.1 | $22,617.3 | $1,245.8 | 5.5% |
| Knees | $11,201.1 | $10,637.3 | $563.7 | 5.3% |
| Hips | $9,160.8 | $8,745.8 | $415.0 | 4.7% |
| Extremities | $3,501.2 | $3,234.2 | $267.0 | 8.3% |
| Spine | $11,138.0 | $10,786.9 | $351.1 | 3.3% |
| Trauma | $9,596.2 | $9,070.1 | $526.1 | 5.8% |
| Sports Medicine | $7,577.2 | $7,162.8 | $414.4 | 5.8% |
| Orthobiologics | $5,864.5 | $5,681.8 | $182.7 | 3.2% |
| Enabling Technology | $1,555.7 | $1,422.0 | $133.6 | 9.4% |
| Other | $5,359.4 | $5,197.5 | $161.9 | 3.1% |
| Total | $64,954.1 | $61,938.5 | $3,015.6 | 4.9% |
Market Forecast
The orthopedic market remained healthy in 2025 with robust demand for procedures and capital equipment. Economic indicators have improved enough that there’s pent-up demand for M&A and viable pathways forward for IPOs.
We expect the market’s growth rate to moderate in the coming years but remain elevated compared to pre-2020 averages.
Exhibit 2: Worldwide Orthopedic Sales by Year
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 80 public and private companies by segment from 2016 through 2025.
Beneficial Patient Demographics. The global population aged 65 and older is increasing rapidly and staying active for longer. Additionally, patients are entering the orthopedic care funnel at younger ages than in the past, and companies are capturing patients with new products that expand the continuum of care.
Improving Technology and Outcomes., and more flexibility due to remote work makes patients more likely to undergo procedures. Improved patient confidence in successful outcomes could further elevate the largest orthopedic segments.
Promising Macro Indicators. The global financial markets avoided a recession and stuck a soft landing. Inflation peaked in 2022 at 9% but has since moderated to 3% in 2025 and is expected to remain low in 2026. Unemployment rates are stable. Broad equity markets are trading near all-time highs. Healthcare stocks remain under pressure but are likely to improve.
Sales by Region
Global markets were relatively stable in 2025, and volumes have normalized compared to the last few years.
The United States is the largest orthopedic market in the world and the primary battleground for the industry’s largest players. However, companies across the revenue spectrum are strategically moving to the U.S. market in novel product niches. Orthofix’s complex limb reconstruction business and BONESUPPORT’s CERAMENT synthetic bone graft substitutes are just two examples.
There’s growing frustration with the European Union’s Medical Device Regulation (MDR), which is slowing the introduction of new products from reaching the European market and, in general, exerting a chilling effect on innovation. Beyond MDR, however, Europe has shown it can be a growth engine for companies with devices already approved due to healthy demand.
China remains a strategic market for globalized players, but successive waves of volume-based procurement have changed the calculus. While domestic Chinese players have generally gained significant volume share from the change, international players have drastically cut orthopedic investments in the country due to the low profitability of their businesses there.
Exhibit 3: Orthopedic Sales by Region ($million)
| Region | 2025 | 2024 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $43,532.9 | $41,604.9 | $1,928.0 | 4.6% |
| OUS | $21,421.2 | $20,333.6 | $1,087.6 | 5.3% |
| EMEA | $12,076.8 | $11,426.3 | $650.5 | 5.7% |
| APAC | $7,124.6 | $6,830.5 | $294.1 | 4.3% |
| ROW | $2,219.8 | $2,076.8 | $143.1 | 6.9% |
| Total | $64,954.1 | $61,938.5 | $3,015.6 | 4.9% |
Exhibit 4: Orthopedic Market Share by Region ($million)
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
According to our estimates, the eight companies with more than $1 billion in revenue account for 67% of all orthopedic sales. When you expand the view to the 50 largest orthopedic companies, that group of players accounts for 85% of global sales.
Industry consolidation has changed over the last few years, moving away from voluminous tuck-in deals to larger strategic acquisitions. While players like Orthofix, Medacta and ATEC are nearing the $1 billion sales threshold, our “all other” tier has seen revenue decline in recent years due to acquisition activity. All told, we expect the orthopedic industry to become even more top-heavy in the coming years.
Exhibit 5: Orthopedic Market Share by Company Tier ($million)
The eight companies with over $1 billion in annual orthopedic sales control two-thirds of the worldwide market and amassed revenues exceeding $43.3 billion in 2025.
Exhibit 6: Orthopedic Sales for Top-Tier Players ($million)
| Company | 2025 | 2024 | $ Chg | % Chg |
|---|---|---|---|---|
| Stryker | $11,375.3 | $10,804.5 | $570.8 | 5.3% |
| J&J MedTech | $9,257.8 | $9,158.0 | $99.7 | 1.1% |
| Zimmer Biomet | $8,231.7 | $7,678.6 | $553.1 | 7.2% |
| Smith+Nephew | $4,150.4 | $3,918.6 | $231.8 | 5.9% |
| Medtronic | $3,612.8 | $3,431.1 | $181.8 | 5.3% |
| Globus Medical | $2,938.9 | $2,519.4 | $419.6 | 16.7% |
| Arthrex | $2,857.7 | $2,700.5 | $157.2 | 5.8% |
| Enovis | $1,111.1 | $1,009.7 | $101.4 | 10% |
| Subtotal | $43,535.8 | $41,220.4 | $2,315.4 | 5.6% |
| Total | $64,954.1 | $61,938.5 | $3,015.6 | 4.9% |
Here are some of the developments we’re watching for these companies.
Bastion of Enabling Technology. The top six players in this tier all have fully fledged enabling technology ecosystems that include at least one robotic system. Meanwhile, Arthrex is expected to enter the joint replacement robotics race and Envois has stated it is doubling down on building out its technology portfolio.
Shifting Strategic Priorities. Zimmer Biomet, Globus Medical and Enovis are not only three of the largest companies in orthopedics, but they are also among the most acquisitive. All three are coming off a multi-year spate of acquisitions and integrations and are now shifting focus to product development and commercial execution.
Disruption on the Horizon? Johnson & Johnson’s spinning off DePuy Synthes was one of the biggest news items of 2025. The separation is slated to finish in 2027, but historically, we’ve seen moves like this cause long-tail disruption both before and after the transaction is complete. We expect some waves in the competitive balance of orthopedics as the dust settles over the next several years.
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 80 public and private companies by segment from 2016 through 2025.
Companies Between $400 Million and $999 Million
The nine companies in this tier generated $5.6 billion in orthopedic sales in 2025, accounting for about 9% of the market. Enovis moved from this tier to the top tier last year, and it likely won’t be long before some combination of Orthofix, Medacta and ATEC follow suit.
Ready to Ramp Up. Orthofix and CONMED spent much of 2025 fixing broken or underperforming systems. Orthofix underwent a distributor transition that created pressure into the fourth quarter but will better position the company in the long term. CONMED struggled with its orthopedic supply chain but saw far better performance toward the end of 2025.
Blueprints for Success. ATEC and Medacta are two of the best growth stories in orthopedics. They consistently grow at multiples of their end markets despite having nearly $800 million in total annual revenue. What’s more, aside from some minor tuck-in deals, both companies have grown organically.
The Power of Technology. Enabling technology is a key part of competing at the upper echelons of orthopedics. However, developing technology in-house can be prohibitively expensive from both a cash and expertise standpoint. Highridge Medical entered into distribution agreements for the PathKeeper Surgical Navigation System and SMAIO’s full complement of spinal realignment planning, while Acumed acquired assets from TECHFIT Digital Surgery for craniomaxillofacial patient-tailored solutions.
Companies Between $200 Million and $399 Million
The 12 players in this tier generated $3.2 billion in orthopedic sales during 2025 and accounted for 5% of the worldwide orthopedic market. There are some strong performers like Medartis, Vericel, and SI-BONE, but there are also companies that need to do work to return to growth.
Exactech Assets Pass to Advita. A supply chain catastrophe and subsequent lawsuits bankrupted Exactech’s parent company and forced Exactech into a comprehensive restructuring support and asset purchase agreement with a group of its existing investors. Advita Ortho officially launched as a global medical device company in late 2025 with products and employees from Exactech in conjunction with the restructuring.
VB Spine Acquires Stryker’s Spinal Implant Business. In early 2025, Stryker divested its U.S. spinal implant business to the newly created VB Spine, with the deal closing at the start of the second quarter. For context, Stryker’s U.S. spine business generated $382 million from April 2024 through December 2024. VB Spine acquired Stryker’s spine business in Australia and New Zealand in August 2025 and Stryker’s spine manufacturing facility in Cestas, France, in early 2026.
Treace Medical Impacted by Segment Softness. Treace got hit with a double whammy in 2025, facing pressure on its Lapiplasty volumes as surgeons and patients shifted toward minimally invasive osteotomies while also enduring a general downturn for foot and ankle procedure volumes, especially among commercially insured patients.
SI-BONE Partners with Smith+Nephew. The company has averaged 20% yearly growth since its 2018 IPO. While it has developed compelling implants for trauma applications, SI-BONE plans to focus on the spine segment. To that end, it announced an early 2026 partnership for Smith+Nephew to distribute its products in Level 1 and 2 trauma centers.
Companies Between $100 Million and $199 Million
This tier is comprised of 19 companies that totaled $2.9 billion in orthopedic sales, or about 4.4% of the market.
Mixed Results for Orthobiologics. Players in this segment span the full spectrum of results. Kuros Biosciences and Bonesupport continued their phenomenal growth trajectories in 2025, but established viscosupplement companies like Seikagaku and Anika faced end-market uncertainty and price pressure.
Significant Growth for Niche Segments. OrthoPediatrics thinks it can control up to half of the pediatric trauma and deformity markets in the near- to mid-term by executing on a multiyear product super cycle. Centinel Spine surpassed 300,000 prodisc implantations in late 2025 with reoperation rates below 1%.
APAC Companies Gaining Market Acceptance. Implant quality has risen across the globe, enabling companies in Asia to penetrate worldwide markets. Companies like United Orthopedics are generating growth in Europe, the Americas, Asia and Australia through better distribution channels and more sophisticated marketed efforts. Chinese companies still have somewhat volatile results due to the vagaries of volume-based procurement, but they’re also now served a far higher proportion of the Chinese market as international companies are squeezed out.
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.
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