Joint Replacement Implant Market Size and Share
Market Definition
Implants and instruments to replace or revise failed joints in the knee, hip, shoulder, elbow, wrist, ankle and digits.
April 2025
Mike Evers, Senior Market Analyst
Welcome to our overview of the joint replacement market. This page builds upon and updates our joint replacement chapter in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
The Market at a Glance
Joint replacement growth remained elevated above its historical rate to reach $22.6 billion in sales in 2024.
The segment is the largest in orthopedics, accounting for 37% of the $62 billion global market. While the joint replacement market normalized through the second half of 2024, performance remained strong despite challenging prior-year comps.
Though the market is moving toward its historical growth rate averages, there is a mounting sentiment that joint replacement’s baseline growth could accelerate due to convergent tailwinds.
Exhibit 1: Worldwide Joint Replacement Sales by Type ($millions)
Market Forecast
Joint replacement players continued to realize volume upside through portions of 2024 as backlogged procedures returned to the surgical funnel. However, as the market returns to historical growth rates, joint replacement’s baseline growth could accelerate into the 4% range due to convergent tailwinds.
Exhibit 2: Worldwide Joint Replacement Sales Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 75 public and private companies by segment from 2016 through 2024.
Normalizing Procedure Volumes. Backlogged and deferred procedures drove much of the segment’s upside over the last few years but, according to most companies, volume normalized in late 2024 and early 2025. Knee and hip sales have a CAGR in the low-single-digits over the last decade. However, there’s a growing sentiment among executives in the space that the baseline has risen a bit.
The New Normal. Orthopedics is benefiting from several convergent tailwinds, including aging population demographics, a trend toward younger orthopedic patients, historically low uninsured rates and improved technology and outcomes for surgery. The market’s overall growth rate could undergo a modest but meaningful acceleration in the future.
Hurdles Remain for ASC Capacity. Orthopedic companies are responding to the shift of procedures to outpatient settings by streamlining product portfolios and selling approaches. However, the physical capacity of ASCs has long been a rate limiter for procedures to shift out of the hospital — almost two-thirds of ASCs have four or fewer operation rooms. We expect the procedure shift to remain incremental in the short term.
Sales by Region
Global joint replacement markets largely normalized throughout 2024. Orthopedic executives said the market in the United States was “healthy” or “good but not great” as volume and seasonality started to return to baseline.
Surgical volumes in Europe remained above norms into the second half of 2024 and played a key role in helping large players like Stryker and Johnson & Johnson MedTech elevate their sales. Macroeconomic disruption in the Asia Pacific region exacerbated the impact from volume-based procurement (VBP) price cuts in China.
Exhibit 3: Joint Replacement Sales by Region ($millions)
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $14,555.5 | $13,806.2 | $749.3 | 5.4% |
| OUS | $8,061.8 | $7,667.8 | $394.0 | 5.1% |
| EMEA | $4,492.0 | $4,197.6 | $294.4 | 7% |
| APAC | $2,897.9 | $2,825.4 | $72.5 | 2.6% |
| ROW | $671.9 | $644.8 | $27.1 | 4.2% |
| Total | $22,617.3 | $21,474.0 | $1,143.3 | 5.3% |
Exhibit 4: Joint Replacement Market Share by Region ($millions)
Top Companies
Zimmer Biomet, Stryker, Johnson & Johnson MedTech and Smith+Nephew (the Big Four) dominate the joint replacement market, accounting for nearly 71% of the segment’s global sales.
Each company has annual joint replacement revenues above $1.6 billion, but Smith+Nephew is falling further behind its peers due to ongoing operational issues and exposure in China. Smith+Newphew’s ongoing 12-Point improvement plan produced tangible results by the end of 2024, but the company could face credible challenges from up-and-coming players like Enovis and Medacta.
Exhibit 5: Top 10 Joint Replacement Companies and All Others ($millions)
| Company | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Zimmer Biomet | $5,612.7 | $5,410.6 | $202.2 | 3.7% |
| Stryker | $5,031.2 | $4,611.6 | $419.6 | 9.1% |
| J&J MedTech | $3,677.6 | $3,487.6 | $190.0 | 5.4% |
| Smith+Nephew | $1,656.9 | $1,624.9 | $32.0 | 2% |
| Enovis | $869.4 | $820.5 | $48.9 | 6% |
| Medacta | $564.4 | $484.1 | $80.3 | 16.6% |
| Aesculap | $380.6 | $398.3 | ($17.7) | (4.4%) |
| Exactech | $368.5 | $358.4 | $10.1 | 2.8% |
| MicroPort Orthopedics | $247.9 | $229.9 | $18.0 | 7.9% |
| Waldemar Link | $175.3 | $151.4 | $23.9 | 15.8% |
| All Others | $4,032.8 | $3,896.9 | $136.0 | 3.5% |
| Total | $22,617.3 | $21,474.0 | $1,143.3 | 5.3% |
Exhibit 6: Joint Replacement Market Share by Company ($millions)
Zimmer Biomet retains the top spot in joint replacement, but Stryker once again set the pace for growth due to its Mako platform, improved hip portfolio and leading shoulder business. Johnson & Johnson MedTech fared much better in 2024 than in recent years due, in part, to the international reception of the VEYLS platform.
Enovis’ acquisition and integration of LimaCorporate pushed it over the $1 billion mark in orthopedic sales, with nearly $900 million of that coming from joint replacement. Medacta, on the other hand, once again easily beat market growth rates without the benefit of inorganic contributions. If Smith+Nephew doesn’t get back on track soon, it could lose its place among the top-tier joint replacement players.
Aesculap pulled its knee and hip portfolios from the U.S. market in 2024 but noted the product lines contributed to meaningful growth in Europe and Latin America.
Important Developments in the Joint Replacement Market
Could More Options Drive Tech Adoption? When we spoke to THINK Surgical CEO Stuart Simpson, he wanted the large device companies to see THINK Surgical as a partner rather than the competition. The top players are starting to get on board, judging from Zimmer Biomet’s recent distribution agreement with THINK Surgical. It is part of a larger strategy shift at Zimmer Biomet that’s aimed at adding breadth to its enabling tech portfolio, as it plans to launch multiple new ROSA applications and recently acquired OrthoGrid for its navigation technology. Further, THINK Surgical has partnerships with eight medium and small knee replacement players to integrate their implants with TMINI, the company’s agnostic robotic system.
Significant International Growth. Increasing adoption of enabling technology outside the United States is driving significant joint replacement revenue for the top global players. Stryker called Mako the tip of the spear for its international sales, while Johnson & Johnson MedTech’s VELYS system is in 20 markets. The system’s international success helped the company turn around its knee franchise, which lagged its peers in growth. Since the start of 2023, Johnson & Johnson MedTech’s international knee sales have averaged double-digit growth.
Volume to Remain Robust into 2025. Overall, medtech volumes normalized in 2024, but the knee and hip markets maintained their upward trajectories. Stryker said surgeons’ schedules indicate the joint market is a mid-single-digit grower, with volumes elevated compared to the pre-pandemic period. The company believes the tailwind could last into 2025.
Further Reading
Thanks for visiting! Need more insight into the joint replacement market? Questions and comments are always welcome. You can reach me by email. Until then, I’ve selected a few posts that give insight into our thinking on the joint replacement market.
March 17, 2025
,
Carolyn LaWell
Our overview of the $22.6 billion joint replacement market includes up-to-date information on forecasted growth, the top companies and industry-driving trends.
Market Definition
Implants and instruments to replace or revise failed joints in the knee, hip, shoulder, elbow, wrist, ankle and digits.
April 2025
Mike Evers, Senior Market Analyst
Welcome to our overview of the joint replacement market. This page builds upon and updates our joint replacement chapter in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
The Market at a Glance
Joint replacement growth remained elevated above its historical rate to reach $22.6 billion in sales in 2024.
The segment is the largest in orthopedics, accounting for 37% of the $62 billion global market. While the joint replacement market normalized through the second half of 2024, performance remained strong despite challenging prior-year comps.
Though the market is moving toward its historical growth rate averages, there is a mounting sentiment that joint replacement’s baseline growth could accelerate due to convergent tailwinds.
Exhibit 1: Worldwide Joint Replacement Sales by Type ($millions)
Market Forecast
Joint replacement players continued to realize volume upside through portions of 2024 as backlogged procedures returned to the surgical funnel. However, as the market returns to historical growth rates, joint replacement’s baseline growth could accelerate into the 4% range due to convergent tailwinds.
Exhibit 2: Worldwide Joint Replacement Sales Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 75 public and private companies by segment from 2016 through 2024.
Normalizing Procedure Volumes. Backlogged and deferred procedures drove much of the segment’s upside over the last few years but, according to most companies, volume normalized in late 2024 and early 2025. Knee and hip sales have a CAGR in the low-single-digits over the last decade. However, there’s a growing sentiment among executives in the space that the baseline has risen a bit.
The New Normal. Orthopedics is benefiting from several convergent tailwinds, including aging population demographics, a trend toward younger orthopedic patients, historically low uninsured rates and improved technology and outcomes for surgery. The market’s overall growth rate could undergo a modest but meaningful acceleration in the future.
Hurdles Remain for ASC Capacity. Orthopedic companies are responding to the shift of procedures to outpatient settings by streamlining product portfolios and selling approaches. However, the physical capacity of ASCs has long been a rate limiter for procedures to shift out of the hospital — almost two-thirds of ASCs have four or fewer operation rooms. We expect the procedure shift to remain incremental in the short term.
Sales by Region
Global joint replacement markets largely normalized throughout 2024. Orthopedic executives said the market in the United States was “healthy” or “good but not great” as volume and seasonality started to return to baseline.
Surgical volumes in Europe remained above norms into the second half of 2024 and played a key role in helping large players like Stryker and Johnson & Johnson MedTech elevate their sales. Macroeconomic disruption in the Asia Pacific region exacerbated the impact from volume-based procurement (VBP) price cuts in China.
Exhibit 3: Joint Replacement Sales by Region ($millions)
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $14,555.5 | $13,806.2 | $749.3 | 5.4% |
| OUS | $8,061.8 | $7,667.8 | $394.0 | 5.1% |
| EMEA | $4,492.0 | $4,197.6 | $294.4 | 7% |
| APAC | $2,897.9 | $2,825.4 | $72.5 | 2.6% |
| ROW | $671.9 | $644.8 | $27.1 | 4.2% |
| Total | $22,617.3 | $21,474.0 | $1,143.3 | 5.3% |
Exhibit 4: Joint Replacement Market Share by Region ($millions)
Top Companies
Zimmer Biomet, Stryker, Johnson & Johnson MedTech and Smith+Nephew (the Big Four) dominate the joint replacement market, accounting for nearly 71% of the segment’s global sales.
Each company has annual joint replacement revenues above $1.6 billion, but Smith+Nephew is falling further behind its peers due to ongoing operational issues and exposure in China. Smith+Newphew’s ongoing 12-Point improvement plan produced tangible results by the end of 2024, but the company could face credible challenges from up-and-coming players like Enovis and Medacta.
Exhibit 5: Top 10 Joint Replacement Companies and All Others ($millions)
| Company | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Zimmer Biomet | $5,612.7 | $5,410.6 | $202.2 | 3.7% |
| Stryker | $5,031.2 | $4,611.6 | $419.6 | 9.1% |
| J&J MedTech | $3,677.6 | $3,487.6 | $190.0 | 5.4% |
| Smith+Nephew | $1,656.9 | $1,624.9 | $32.0 | 2% |
| Enovis | $869.4 | $820.5 | $48.9 | 6% |
| Medacta | $564.4 | $484.1 | $80.3 | 16.6% |
| Aesculap | $380.6 | $398.3 | ($17.7) | (4.4%) |
| Exactech | $368.5 | $358.4 | $10.1 | 2.8% |
| MicroPort Orthopedics | $247.9 | $229.9 | $18.0 | 7.9% |
| Waldemar Link | $175.3 | $151.4 | $23.9 | 15.8% |
| All Others | $4,032.8 | $3,896.9 | $136.0 | 3.5% |
| Total | $22,617.3 | $21,474.0 | $1,143.3 | 5.3% |
Exhibit 6: Joint Replacement Market Share by Company ($millions)
Zimmer Biomet retains the top spot in joint replacement, but Stryker once again set the pace for growth due to its Mako platform, improved hip portfolio and leading shoulder business. Johnson & Johnson MedTech fared much better in 2024 than in recent years due, in part, to the international reception of the VEYLS platform.
Enovis’ acquisition and integration of LimaCorporate pushed it over the $1 billion mark in orthopedic sales, with nearly $900 million of that coming from joint replacement. Medacta, on the other hand, once again easily beat market growth rates without the benefit of inorganic contributions. If Smith+Nephew doesn’t get back on track soon, it could lose its place among the top-tier joint replacement players.
Aesculap pulled its knee and hip portfolios from the U.S. market in 2024 but noted the product lines contributed to meaningful growth in Europe and Latin America.
Important Developments in the Joint Replacement Market
Could More Options Drive Tech Adoption? When we spoke to THINK Surgical CEO Stuart Simpson, he wanted the large device companies to see THINK Surgical as a partner rather than the competition. The top players are starting to get on board, judging from Zimmer Biomet’s recent distribution agreement with THINK Surgical. It is part of a larger strategy shift at Zimmer Biomet that’s aimed at adding breadth to its enabling tech portfolio, as it plans to launch multiple new ROSA applications and recently acquired OrthoGrid for its navigation technology. Further, THINK Surgical has partnerships with eight medium and small knee replacement players to integrate their implants with TMINI, the company’s agnostic robotic system.
Significant International Growth. Increasing adoption of enabling technology outside the United States is driving significant joint replacement revenue for the top global players. Stryker called Mako the tip of the spear for its international sales, while Johnson & Johnson MedTech’s VELYS system is in 20 markets. The system’s international success helped the company turn around its knee franchise, which lagged its peers in growth. Since the start of 2023, Johnson & Johnson MedTech’s international knee sales have averaged double-digit growth.
Volume to Remain Robust into 2025. Overall, medtech volumes normalized in 2024, but the knee and hip markets maintained their upward trajectories. Stryker said surgeons’ schedules indicate the joint market is a mid-single-digit grower, with volumes elevated compared to the pre-pandemic period. The company believes the tailwind could last into 2025.
Further Reading
Thanks for visiting! Need more insight into the joint replacement market? Questions and comments are always welcome. You can reach me by email. Until then, I’ve selected a few posts that give insight into our thinking on the joint replacement market.
March 17, 2025
,
Carolyn LaWell
You are out of free articles for this month
Subscribe as a Guest for $0 and unlock a total of 5 articles per month.
You are out of five articles for this month
Subscribe as an Executive Member for access to unlimited articles, THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT and more.
