The 2024 Top 10 Orthopedic Device Companies

The orthopedic elite celebrated a banner year in fiscal 2023; no company in the top 10 list reported revenue loss. The reason cited by most was the long-heralded return of elective surgery pacing, after the pandemic caused a dearth in those procedures.

Stryker sits atop the list once again thanks to double-digit revenue gains. The company maintained its upward trend thanks to its usual strategy of steady new product introductions and bolt-on acquisitions—last year, Stryker grabbed both Cerus Endovascular and SERF SAS to bolster its neurovascular and hip portfolios.The dealmaker with the deepest pockets for M&A last year was Enovis, which began a €800 million transaction for Italian orthopedics and traumatology firm LimaCorporate in September.

The firms with the most revenue growth owed success to their marriages of equals. Globus Medical added NuVasive into its lineup and scored a 53.3% revenue increase thanks to the addition of NuVasive’s minimally invasive spine surgery and enabling technology products. Orthofix welcomed SeaSpine aboard and hoisted its sails...sales...62% higher, which regained it entry back into the top 10. (Unfortunately, some of its executives were tossed overboard less than a year after the merger was completed.)

Other movement among the top 10’s C-suite was sunnier. J&J MedTech executive VP and worldwide chairman Ashley McEvoy left the company after a 27-year tenure to chase other opportunities, handing the reins to 30-year J&J employee Tim Schmid. Zimmer Biomet’s top exec Bryan Hanson departed to lead 3M spinoff Solventum, and COO Ivan Tornos was ushered into the corner office.

Joining the list for the first time is Arthrex, landing in the sixth spot with a Forbes-estimated $3.2 billion of revenue. Although the company is privately-held and doesn't publicly report financials, the ODT editors felt it a disservice not to include the sports medicine giant.

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 and/or non-orthopedic sales within a division, such as 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.