The 2023 Top 10 Orthopedic Device Companies

Fiscal year 2022 was a year of plateau for the orthopedic industry that’s struggled to right itself against the lengthy headwinds of the COVID-19 pandemic. Of the top 10, only four companies posted increases last year.

Four had flat sales, and the remaining two posted losses. Only one company rose above the rest to post double-digit revenue increases—a sharp contrast to last year, where eight of the ten orthopedic giants netted double-digit revenue growth. (To find out where each company stood, read on!)

Undoubtedly, the most sensational headline—though technically not under fiscal year 2022's purview—was the proposed marriage of top 10 mainstays Globus Medical and NuVasive. The $3.1 billion merger deal was first revealed this past February, though the first merger meeting occurred in late September 2021, over seven weeks before Reuters had leaked word of it. As it stands, the acquisition deal is potentially being challenged by the FTC. Beyond that, in an industry normally rife with M&A activity, fiscal year 2022 didn’t experience many medium-to-large deals. Stryker began its FY22 with a $3 billion purchase of Vocera Communications, adding a digital care coordination and communication platform to its diverse portfolio. DePuy Synthes brought in CUPTIMIZE hip-spine analysis and CrossRoad Extremity Systems early in the year as well. Enovis was the most active last year with three: surgical planning firm 360 Med Care, bracing company Outcome-Based Technologies, and reconstructive surgery enabling tech organization Insight Medical Systems.

Refinement was more apparent in the orthopedic elite. New entrant ZimVie—formerly Zimmer Biomet’s spine and dental businesses—took its first steps as a standalone company last March. Enovis also completed its separation from Colfax Corp. a month later.

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 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.


1. Stryker
$18.45 Billion

2. DePuy Synthes
$8.59 Billion

3. Zimmer Biomet
$6.94 Billion

4. Smith+Nephew
$5.21 Billion

5. Medtronic
$4.45 Billion

6. Enovis
$1.56 Billion

7. NuVasive
$1.20 Billion

8. Globus Medical
$1.02 Billion

9. ZimVie
$914 Million

10. Össur
$719 Million