08.12.22
Last year was one of recovery for both the world and the elite orthopedic device companies. As the crux of the COVID pandemic waned and elective surgeries resumed in full, every member of the Top 10 posted revenue increases in their latest fiscal years—some even returned to pre-pandemic levels of growth.
In fact, eight of the Top 10 celebrated double-digit revenue gains. Leading the pack were Enovis (reminted from DJO last year after it was absorbed by Colfax) with 27.7%, Globus Medical with 21.4%, and Stryker with 19.2%. On the other hand, M&A activity in the sector was not explosive—any acquisitions were bolt-ons to reinforce portfolios rather than creating new divisions. Zimmer Biomet opted for the opposite strategy, shedding its spine and dental businesses and creating ZimVie—who should appear on next year’s list.
Speaking of new additions, the number 10 spot in this year’s report belonged to Orthofix (last appearing in the 2012 report), a maker of spinal, orthopedic, bone growth, and motion preservation products since 1980. The company posted 14.2% revenue growth in its latest fiscal year, a promising start into a hopefully long tenure back in the Top 10.
Leadership changes also shook up some of the elite orthopedic firms: Smith+Nephew’s Roland Digglemann left by mutual agreement in April, and ex-Siemens Healthineers executive Deepak Nath took the reins. Globus' five-year leader Dave Demski announced he was leaving for other opportunities this past April as well, succeeded by Globus exec Daniel Scavilla. The trifecta this April was completed via Össur, whose 26-year leader (over half the company’s life) Jon Sigurdsson retired and was replaced by CFO Sveinn Sölvason.
We hope you enjoy reading this year’s Top 10 report.
Editors’ note: As you read our report, please take note that while the companies are ranked according to sales reported for their most recent fiscal year, some may include non-device sales within a division, such as combination products, drug delivery, software, or device-related services. Not all companies explicitly break out the device portion of total revenues. We consulted numerous public documents and contacted company officials as needed to arrive at the best estimates.
Top 10 Orthopedic Device Companies
1. Stryker
$17.10 Billion
2. DePuy Synthes
$8.58 Billion
3. Zimmer Biomet
$7.83 Billion
4. Smith+Nephew
$5.21 Billion
5. Medtronic
$4.46 Billion
6. enovis
$1.43 Billion
7. NuVasive
$1.13 Billion
8. Globus Medical
$958 Million
9. Össur
$719 Million
10. Orthofix
$464 Million
In fact, eight of the Top 10 celebrated double-digit revenue gains. Leading the pack were Enovis (reminted from DJO last year after it was absorbed by Colfax) with 27.7%, Globus Medical with 21.4%, and Stryker with 19.2%. On the other hand, M&A activity in the sector was not explosive—any acquisitions were bolt-ons to reinforce portfolios rather than creating new divisions. Zimmer Biomet opted for the opposite strategy, shedding its spine and dental businesses and creating ZimVie—who should appear on next year’s list.
Speaking of new additions, the number 10 spot in this year’s report belonged to Orthofix (last appearing in the 2012 report), a maker of spinal, orthopedic, bone growth, and motion preservation products since 1980. The company posted 14.2% revenue growth in its latest fiscal year, a promising start into a hopefully long tenure back in the Top 10.
Leadership changes also shook up some of the elite orthopedic firms: Smith+Nephew’s Roland Digglemann left by mutual agreement in April, and ex-Siemens Healthineers executive Deepak Nath took the reins. Globus' five-year leader Dave Demski announced he was leaving for other opportunities this past April as well, succeeded by Globus exec Daniel Scavilla. The trifecta this April was completed via Össur, whose 26-year leader (over half the company’s life) Jon Sigurdsson retired and was replaced by CFO Sveinn Sölvason.
We hope you enjoy reading this year’s Top 10 report.
Editors’ note: As you read our report, please take note that while the companies are ranked according to sales reported for their most recent fiscal year, some may include non-device sales within a division, such as combination products, drug delivery, software, or device-related services. Not all companies explicitly break out the device portion of total revenues. We consulted numerous public documents and contacted company officials as needed to arrive at the best estimates.
Top 10 Orthopedic Device Companies
1. Stryker
$17.10 Billion
2. DePuy Synthes
$8.58 Billion
3. Zimmer Biomet
$7.83 Billion
4. Smith+Nephew
$5.21 Billion
5. Medtronic
$4.46 Billion
6. enovis
$1.43 Billion
7. NuVasive
$1.13 Billion
8. Globus Medical
$958 Million
9. Össur
$719 Million
10. Orthofix
$464 Million
