The 2021 Top 10 Orthopedic Device Companies

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The coronavirus pandemic took quite a toll on the orthopedic industry in 2020. Not only did the market contract by roughly 10 percent (GlobalData estimates), its players suffered significant revenue shortfalls due to the mass postponement/cancellation of elective surgeries last spring. The resulting caseload dearth hammered corporate finances; seven of the top 10 orthopedic companies, in fact, reported losses for the year—Zimmer Biomet and DePuy Synthes both lost about 12 percent in sales, Smith+Nephew’s proceeds were down 11 percent, and NuVasive’s revenue was 10 percent below its previous year’s level. To compensate for the losses, some firms reorganized their businesses: Zimmer Biomet spun out its Spine and Dental businesses into a new company (as yet unnamed), and Integra Lifesciences sold its Extremity Orthopaedics business to Smith+Nephew, which is aiming to expand its footprint in one of the fastest-growing market sectors.

Interestingly, amid the divestments was a healthy amount of M&A. Stryker Corp. matched Smith+Nephew’s extremities investment by (finally) closing its $5.4 billion deal for Wright Medical Group N.V. last fall. Free from the weight of its Spine and Dental businesses, Zimmer Biomet purchased three companies (a sternal closure device manufacturer, an O.R. solutions provider, and an arthroscopy firm); Medtronic plc acquired Medicrea, an AI-enabled spinal surgery company; DJO bought a therapeutic laser technology firm and took the STAR total ankle replacement system and some finger joint replacement products off Stryker’s hands; and Globus Medical acquired Synoste, a company that produced implants for minimally invasive bone lengthening treatments. Indeed, M&A was alive and well in 2020.

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
$14.35 Billion

2. DePuy Synthes
$7.76 Billion

3. Zimmer Biomet
$7.03 Billion

4. Smith & Nephew
$4.56 Billion

5. Medtronic
$4.29 Billion

6. DJO
$1.12 Billion

7. NuVasive
$1.05 Billion

8. Globus Medical
$789 Million

9. Össur
$630 Million

10. Integra LifeSciences
$477 Million