Orthopedic Market Size and Share
April 2025
Mike Evers, Senior Market Analyst
Welcome to our overview of the orthopedic market. This page and the Segment Reports build upon our work in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
The Market at a Glance
The orthopedic market grew 5% in 2024 to $61.9 billion worldwide.
The market was relatively stable, with a robust demand for surgical procedures. We foresee convergent tailwinds like aging populations and improving technology pushing the orthopedic market’s overall growth rate into the 4% range in the coming years.
Orthopedic Sales by Product Segment
The orthopedic market saw strength across its product segments in 2024. However, joint replacement and trauma overperformed relative to recent historical growth rates.
Joint replacement’s years-long recovery from the pandemic carried some momentum in 2024 and could elevate demand into 2025. Meanwhile, a renewed focus on core trauma brought a fresh wave of innovation to the market, which helped offset choppiness in the foot and ankle space.
Exhibit 1: Worldwide Orthopedic Sales by Product Segment ($millions)
| Segment | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $22,617.3 | $21,474.0 | $1,143.3 | 5.3% |
| Knees | $10,637.3 | $10,097.6 | $539.8 | 5.3% |
| Hips | $8,745.8 | $8,369.0 | $376.8 | 4.5% |
| Extremities | $3,234.2 | $3,007.5 | $226.7 | 7.5% |
| Spine | $10,786.9 | $10,412.6 | $374.3 | 3.6% |
| Trauma | $9,070.1 | $8,532.4 | $537.7 | 6.3% |
| Sports Medicine | $7,162.8 | $6,775.6 | $387.2 | 5.7% |
| Orthobiologics | $5,681.8 | $5,500.3 | $181.5 | 3.3% |
| Enabling Technology | $1,422.0 | $1,307.0 | $115.1 | 8.8% |
| Other | $5,197.5 | $5,002.4 | $195.1 | 3.9% |
| Total | $61,938.5 | $59,004.3 | $2,934.2 | 5% |
Market Forecast
While the market saw robust demand in 2024, procedure volumes and seasonality further normalized. We estimate that 2024 worldwide orthopedic sales totaled just under $62 billion, up 5% compared to the year prior.
We expect further normalization in 2025. However, when the market does ultimately settle, it could do so at an overall growth rate near 4%, a meaningful bump compared to its pre-pandemic average of around 3.5% annual growth.
Exhibit 2: Worldwide Orthopedic Sales by Year ($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.
Multiple convergent tailwinds could elevate the orthopedic market’s growth rate in the near term.
Multiple convergent tailwinds could elevate the orthopedic market’s growth rate modestly but meaningfully in the near term.
Beneficial Patient Demographics. The global population over the age of 65 is expanding rapidly and is staying active for longer. Additionally, patients are entering the orthopedic care funnel younger than they had in the past.
Historically Low Uninsured Rates. According to the U.S. Department of Health and Human Services, the national uninsured rate reached an all-time low of 7.7% during 2023. As the potential patient population increases in the U.S., more people now have access to orthopedic care.
Improving Technology and Outcomes. Technologies like robotics, increased access to orthopedic ASCs and more flexibility due to remote work make patients more likely to undergo procedures. Improved patient confidence in successful outcomes could further elevate the largest orthopedic segments.
Unknown Impact of Trump’s Tariffs. In April 2025, President Trump announced extensive, multi-layered tariffs on several countries with significant orthopedic revenue or manufacturing, including the EU, China, Japan, Switzerland and Malaysia. On a cost of goods basis, most orthopedic players have only modest or minimal exposure. But the resulting economic uncertainty might impact the willingness of patients to undergo surgery, given the more elective nature of most orthopedic procedures.
Sales by Region
Markets largely normalized across the globe in 2024, with a few geographies remaining above average as surgeons worked through procedure backlogs that remained from the pandemic.
While the largest orthopedic companies see significant global growth opportunities, China will remain a headwind in 2025 and likely beyond. We expect another round of VBP tenders on sports medicine products in 2025, and foreign companies have struggled to realize an upside in off-tender implant volumes, with most of it going to domestic Chinese companies.
The European Union’s Medical Device Regulation (MDR) remains a significant expense and regulatory hurdle for companies opting to stay in that market. While there are signs that MDR may undergo some changes and become more reasonable, regulatory consultants we heard from continue to caution clients about entering the EU market right now.
Smaller European and Asian companies have targeted North and South America for growth opportunities. Companies believe they can find meaningful revenue in these regions but face complexities when finding quality distributors and competing with orthopedics’ largest players.
Exhibit 3: Orthopedic Sales by Region ($millions)
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $41,604.9 | $39,581.1 | $2,023.8 | 5.1% |
| OUS | $20,333.6 | $19,423.2 | $910.4 | 4.7% |
| EMEA | $11,426.3 | $10,744.2 | $682.1 | 6.3% |
| APAC | $6,830.5 | $6,698.1 | $132.4 | 2% |
| ROW | $2,076.8 | $1,980.9 | $95.9 | 4.8% |
| Total | $61,938.5 | $59,004.3 | $2,934.2 | 5% |
Exhibit 4: Orthopedic Market Share by Region ($millions)
Top Companies
The orthopedic market has more than 1,000 active companies, which we categorize into five tiers based on global annual revenue:
- Over $1 billion
- Between $400 million and $999 million
- Between $200 million and $399 million
- Between $100 million and $199 million
- All other companies below $100 million
Our estimates show the top eight largest companies account for 68% of all global orthopedic sales, while the top 50 largest companies account for 85% of total sales.
Consolidation remains a significant force in the market. While acquisitions have become more infrequent in the post-pandemic era, some of them are massive strategic deals that change the market’s landscape.
Exhibit 5: Orthopedic Market Share by Company Tier ($millions)
The eight companies with over $1 billion in annual orthopedic revenue make up more than two-thirds of the global market and totaled $42 billion in orthopedic sales in 2024.
The top four companies in this group dominate the joint replacement market. Meanwhile, Medtronic saw its closest competitor, Globus Medical, leap forward with its NuVasive merger. Enovis joined this tier in 2024 after it acquired LimaCorporate.
Exhibit 6: Orthopedic Sales for Top-Tier Players ($millions)
| Company | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Stryker | $10,891.7 | $10,020.5 | $871.3 | 8.7% |
| J&J MedTech | $9,158.0 | $8,941.6 | $216.4 | 2.4% |
| Zimmer Biomet | $7,678.4 | $7,394.3 | $284.1 | 3.8% |
| Smith+Nephew | $3,918.8 | $3,747.6 | $171.2 | 4.6% |
| Medtronic | $3,430.7 | $3,276.2 | $154.5 | 4.7% |
| Arthrex | $3,125.8 | $2,990.7 | $135.1 | 4.5% |
| Globus Medical | $2,519.4 | $2,395.8 | $123.5 | 5.2% |
| Enovis | $1,065.7 | $984.4 | $81.3 | 8.3% |
| Subtotal | $41,788.6 | $39,751.2 | $2,037.4 | 5.1% |
| Market Total | $61,938.5 | $59,004.3 | $2,934.2 | 5% |
Joint Replacement Upside. Joint replacement ran hot the last two years, but it is worth remembering that most players in this space didn’t attain their 2019 sales levels again until sometime in 2023. In some cases, they never got back to those levels. New technologies and strong patient demand could keep growth rates elevated in 2025.
Changing Competitive Dynamics. The winning formula in spine is scale plus technology. Few companies have the resources required to compete with the largest spine players. As technology becomes more ingrained in orthopedic surgeries, the disparity will grow and potentially force smaller players out of the market.
Self-Inflicted Wounds. Zimmer Biomet contended with ERP integration issues in late 2024, while Smith+Nephew remains focused on its 12-point improvement plan amid calls from investors for the company to divest its recon franchises.
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.
Companies Between $400 Million and $999 Million
The nine companies in this tier generated $5.2 billion in 2024 sales, or just over 8% of the total market. While this tier still features powerful growth companies like Medacta and ATEC, it saw Enovis graduate up to the top tier.
Orthofix Finds Synergies. The company had a tumultuous few years, predating even the pandemic. Following a merger with SeaSpine and a nearly wholesale leadership change, Orthofix turned in a strong 2024 and looks poised to build on that success in 2025. Improving synergy between products and a largely untapped U.S. orthopedics opportunity will boost company growth.
Aesculap Shifts U.S. Presence. The company stopped selling its knee and hip implants in the U.S. in April and pulled its spine portfolio in September. Parent company B. Braun also sold its global orthobiologics business to Octane Medical Group. Aesculap said its growth in EMEA and Latin American countries in 2024 was partially due to its orthopedic business.
Medacta’s Steady Execution. The company once again outperformed the markets where it competes, growing in the mid-teens for 2024. Knee and shoulder replacement sales were especially strong for Medacta, and the company is expanding its presence in the sports medicine segment.
ATEC Poised for Significant Growth. Over the last few years, the company racked up impressive CAGR numbers: 40% total revenue, 19% surgeon adoption, 25% procedure volume and 10% revenue per procedure. ATEC is bullish on its prospects given the ongoing disruption of the spine market.
Companies Between $200 Million and $399 Million
The ten companies in this tier make up a little more than 4% of the orthopedic market and generated revenue totaling $2.7 billion in 2024. Several companies in this tier are growing quickly but face questions about their next phase.
Investors Purchase Exactech. The company voluntarily initiated recalls on its knee, hip and ankle replacement products between 2021 and 2023 due to defective packaging. The supply chain catastrophe and subsequent lawsuits bankrupted Exactech’s parent company and forced Exactech into a comprehensive restructuring support and asset purchase agreement with a group of its existing investors. While Exactech has continued a strong cadence of product launches, we’ll be watching its performance under new leadership.
Foot and Ankle Market Tightens. While Paragon 28 and Treace Medical remain among the fastest-growing companies in the market, both faced new pressures in 2024. The foot and ankle space is now more competitive and features some of the biggest companies in the industry. Paragon 28 restructured and cut costs in 2024 on its way to being acquired by Zimmer Biomet, while Treace Medical tries to break out of its narrow focus on bunion and midfoot procedures.
Corin Well Suited to Meet Modern Demands. As the joint replacement market moves toward outpatient settings and younger patients, Corin believes its Apollo robotic-assisted platform is ready to meet those demands by being efficient and easy to integrate into surgical workflows. Through the Corin Registry, the company has one of the largest data sets in orthopedics to inform decision-making.
Companies Between $100 Million and $199 Million
The 18 companies in this revenue tier generated a combined $2.7 billion in sales in 2024, comprising 4.3% of the market.
OrthoPediatrics Racing to Market Dominance. While the market’s top players pay less attention to pediatric orthopedics, one company is quickly amassing share. OrthoPediatrics has quietly developed into one of the more acquisitive companies in the industry and has positioned itself to control up to 50% of the pediatric trauma and deformity market in the next few years.
Anika Therapeutics to Focus on Regenerative. The company acquired Arthrosurface and Parcus Medical before the pandemic but could never find real traction with those legacy products. Anika divested those assets to fully put its weight behind its expertise with hyaluronic acid-based products.
Xtant on Road to Organic Growth. The company remade itself in recent years with a series of acquisitions from RTI Surgical and Surgalign. Xtant reported over 28% growth in 2024 and expects another year of double-digit growth in 2025, doubling company sales since 2021.
Further Reading
Thanks for visiting! Need more insight into the orthopedic market? Questions and comments are always welcome. You can reach me by email. The posts below feature some of the biggest developments and trends in orthopedics that we’re watching.
January 30, 2025
,
Mike Evers
March 17, 2025
,
Carolyn LaWell
Our overview of the $62 billion orthopedic market includes up-to-date information on forecasted growth, the top companies and industry-driving trends.
April 2025
Mike Evers, Senior Market Analyst
Welcome to our overview of the orthopedic market. This page and the Segment Reports build upon our work in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
The Market at a Glance
The orthopedic market grew 5% in 2024 to $61.9 billion worldwide.
The market was relatively stable, with a robust demand for surgical procedures. We foresee convergent tailwinds like aging populations and improving technology pushing the orthopedic market’s overall growth rate into the 4% range in the coming years.
Orthopedic Sales by Product Segment
The orthopedic market saw strength across its product segments in 2024. However, joint replacement and trauma overperformed relative to recent historical growth rates.
Joint replacement’s years-long recovery from the pandemic carried some momentum in 2024 and could elevate demand into 2025. Meanwhile, a renewed focus on core trauma brought a fresh wave of innovation to the market, which helped offset choppiness in the foot and ankle space.
Exhibit 1: Worldwide Orthopedic Sales by Product Segment ($millions)
| Segment | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $22,617.3 | $21,474.0 | $1,143.3 | 5.3% |
| Knees | $10,637.3 | $10,097.6 | $539.8 | 5.3% |
| Hips | $8,745.8 | $8,369.0 | $376.8 | 4.5% |
| Extremities | $3,234.2 | $3,007.5 | $226.7 | 7.5% |
| Spine | $10,786.9 | $10,412.6 | $374.3 | 3.6% |
| Trauma | $9,070.1 | $8,532.4 | $537.7 | 6.3% |
| Sports Medicine | $7,162.8 | $6,775.6 | $387.2 | 5.7% |
| Orthobiologics | $5,681.8 | $5,500.3 | $181.5 | 3.3% |
| Enabling Technology | $1,422.0 | $1,307.0 | $115.1 | 8.8% |
| Other | $5,197.5 | $5,002.4 | $195.1 | 3.9% |
| Total | $61,938.5 | $59,004.3 | $2,934.2 | 5% |
Market Forecast
While the market saw robust demand in 2024, procedure volumes and seasonality further normalized. We estimate that 2024 worldwide orthopedic sales totaled just under $62 billion, up 5% compared to the year prior.
We expect further normalization in 2025. However, when the market does ultimately settle, it could do so at an overall growth rate near 4%, a meaningful bump compared to its pre-pandemic average of around 3.5% annual growth.
Exhibit 2: Worldwide Orthopedic Sales by Year ($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.
Multiple convergent tailwinds could elevate the orthopedic market’s growth rate in the near term.
Multiple convergent tailwinds could elevate the orthopedic market’s growth rate modestly but meaningfully in the near term.
Beneficial Patient Demographics. The global population over the age of 65 is expanding rapidly and is staying active for longer. Additionally, patients are entering the orthopedic care funnel younger than they had in the past.
Historically Low Uninsured Rates. According to the U.S. Department of Health and Human Services, the national uninsured rate reached an all-time low of 7.7% during 2023. As the potential patient population increases in the U.S., more people now have access to orthopedic care.
Improving Technology and Outcomes. Technologies like robotics, increased access to orthopedic ASCs and more flexibility due to remote work make patients more likely to undergo procedures. Improved patient confidence in successful outcomes could further elevate the largest orthopedic segments.
Unknown Impact of Trump’s Tariffs. In April 2025, President Trump announced extensive, multi-layered tariffs on several countries with significant orthopedic revenue or manufacturing, including the EU, China, Japan, Switzerland and Malaysia. On a cost of goods basis, most orthopedic players have only modest or minimal exposure. But the resulting economic uncertainty might impact the willingness of patients to undergo surgery, given the more elective nature of most orthopedic procedures.
Sales by Region
Markets largely normalized across the globe in 2024, with a few geographies remaining above average as surgeons worked through procedure backlogs that remained from the pandemic.
While the largest orthopedic companies see significant global growth opportunities, China will remain a headwind in 2025 and likely beyond. We expect another round of VBP tenders on sports medicine products in 2025, and foreign companies have struggled to realize an upside in off-tender implant volumes, with most of it going to domestic Chinese companies.
The European Union’s Medical Device Regulation (MDR) remains a significant expense and regulatory hurdle for companies opting to stay in that market. While there are signs that MDR may undergo some changes and become more reasonable, regulatory consultants we heard from continue to caution clients about entering the EU market right now.
Smaller European and Asian companies have targeted North and South America for growth opportunities. Companies believe they can find meaningful revenue in these regions but face complexities when finding quality distributors and competing with orthopedics’ largest players.
Exhibit 3: Orthopedic Sales by Region ($millions)
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $41,604.9 | $39,581.1 | $2,023.8 | 5.1% |
| OUS | $20,333.6 | $19,423.2 | $910.4 | 4.7% |
| EMEA | $11,426.3 | $10,744.2 | $682.1 | 6.3% |
| APAC | $6,830.5 | $6,698.1 | $132.4 | 2% |
| ROW | $2,076.8 | $1,980.9 | $95.9 | 4.8% |
| Total | $61,938.5 | $59,004.3 | $2,934.2 | 5% |
Exhibit 4: Orthopedic Market Share by Region ($millions)
Top Companies
The orthopedic market has more than 1,000 active companies, which we categorize into five tiers based on global annual revenue:
- Over $1 billion
- Between $400 million and $999 million
- Between $200 million and $399 million
- Between $100 million and $199 million
- All other companies below $100 million
Our estimates show the top eight largest companies account for 68% of all global orthopedic sales, while the top 50 largest companies account for 85% of total sales.
Consolidation remains a significant force in the market. While acquisitions have become more infrequent in the post-pandemic era, some of them are massive strategic deals that change the market’s landscape.
Exhibit 5: Orthopedic Market Share by Company Tier ($millions)
The eight companies with over $1 billion in annual orthopedic revenue make up more than two-thirds of the global market and totaled $42 billion in orthopedic sales in 2024.
The top four companies in this group dominate the joint replacement market. Meanwhile, Medtronic saw its closest competitor, Globus Medical, leap forward with its NuVasive merger. Enovis joined this tier in 2024 after it acquired LimaCorporate.
Exhibit 6: Orthopedic Sales for Top-Tier Players ($millions)
| Company | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Stryker | $10,891.7 | $10,020.5 | $871.3 | 8.7% |
| J&J MedTech | $9,158.0 | $8,941.6 | $216.4 | 2.4% |
| Zimmer Biomet | $7,678.4 | $7,394.3 | $284.1 | 3.8% |
| Smith+Nephew | $3,918.8 | $3,747.6 | $171.2 | 4.6% |
| Medtronic | $3,430.7 | $3,276.2 | $154.5 | 4.7% |
| Arthrex | $3,125.8 | $2,990.7 | $135.1 | 4.5% |
| Globus Medical | $2,519.4 | $2,395.8 | $123.5 | 5.2% |
| Enovis | $1,065.7 | $984.4 | $81.3 | 8.3% |
| Subtotal | $41,788.6 | $39,751.2 | $2,037.4 | 5.1% |
| Market Total | $61,938.5 | $59,004.3 | $2,934.2 | 5% |
Joint Replacement Upside. Joint replacement ran hot the last two years, but it is worth remembering that most players in this space didn’t attain their 2019 sales levels again until sometime in 2023. In some cases, they never got back to those levels. New technologies and strong patient demand could keep growth rates elevated in 2025.
Changing Competitive Dynamics. The winning formula in spine is scale plus technology. Few companies have the resources required to compete with the largest spine players. As technology becomes more ingrained in orthopedic surgeries, the disparity will grow and potentially force smaller players out of the market.
Self-Inflicted Wounds. Zimmer Biomet contended with ERP integration issues in late 2024, while Smith+Nephew remains focused on its 12-point improvement plan amid calls from investors for the company to divest its recon franchises.
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.
Companies Between $400 Million and $999 Million
The nine companies in this tier generated $5.2 billion in 2024 sales, or just over 8% of the total market. While this tier still features powerful growth companies like Medacta and ATEC, it saw Enovis graduate up to the top tier.
Orthofix Finds Synergies. The company had a tumultuous few years, predating even the pandemic. Following a merger with SeaSpine and a nearly wholesale leadership change, Orthofix turned in a strong 2024 and looks poised to build on that success in 2025. Improving synergy between products and a largely untapped U.S. orthopedics opportunity will boost company growth.
Aesculap Shifts U.S. Presence. The company stopped selling its knee and hip implants in the U.S. in April and pulled its spine portfolio in September. Parent company B. Braun also sold its global orthobiologics business to Octane Medical Group. Aesculap said its growth in EMEA and Latin American countries in 2024 was partially due to its orthopedic business.
Medacta’s Steady Execution. The company once again outperformed the markets where it competes, growing in the mid-teens for 2024. Knee and shoulder replacement sales were especially strong for Medacta, and the company is expanding its presence in the sports medicine segment.
ATEC Poised for Significant Growth. Over the last few years, the company racked up impressive CAGR numbers: 40% total revenue, 19% surgeon adoption, 25% procedure volume and 10% revenue per procedure. ATEC is bullish on its prospects given the ongoing disruption of the spine market.
Companies Between $200 Million and $399 Million
The ten companies in this tier make up a little more than 4% of the orthopedic market and generated revenue totaling $2.7 billion in 2024. Several companies in this tier are growing quickly but face questions about their next phase.
Investors Purchase Exactech. The company voluntarily initiated recalls on its knee, hip and ankle replacement products between 2021 and 2023 due to defective packaging. The supply chain catastrophe and subsequent lawsuits bankrupted Exactech’s parent company and forced Exactech into a comprehensive restructuring support and asset purchase agreement with a group of its existing investors. While Exactech has continued a strong cadence of product launches, we’ll be watching its performance under new leadership.
Foot and Ankle Market Tightens. While Paragon 28 and Treace Medical remain among the fastest-growing companies in the market, both faced new pressures in 2024. The foot and ankle space is now more competitive and features some of the biggest companies in the industry. Paragon 28 restructured and cut costs in 2024 on its way to being acquired by Zimmer Biomet, while Treace Medical tries to break out of its narrow focus on bunion and midfoot procedures.
Corin Well Suited to Meet Modern Demands. As the joint replacement market moves toward outpatient settings and younger patients, Corin believes its Apollo robotic-assisted platform is ready to meet those demands by being efficient and easy to integrate into surgical workflows. Through the Corin Registry, the company has one of the largest data sets in orthopedics to inform decision-making.
Companies Between $100 Million and $199 Million
The 18 companies in this revenue tier generated a combined $2.7 billion in sales in 2024, comprising 4.3% of the market.
OrthoPediatrics Racing to Market Dominance. While the market’s top players pay less attention to pediatric orthopedics, one company is quickly amassing share. OrthoPediatrics has quietly developed into one of the more acquisitive companies in the industry and has positioned itself to control up to 50% of the pediatric trauma and deformity market in the next few years.
Anika Therapeutics to Focus on Regenerative. The company acquired Arthrosurface and Parcus Medical before the pandemic but could never find real traction with those legacy products. Anika divested those assets to fully put its weight behind its expertise with hyaluronic acid-based products.
Xtant on Road to Organic Growth. The company remade itself in recent years with a series of acquisitions from RTI Surgical and Surgalign. Xtant reported over 28% growth in 2024 and expects another year of double-digit growth in 2025, doubling company sales since 2021.
Further Reading
Thanks for visiting! Need more insight into the orthopedic market? Questions and comments are always welcome. You can reach me by email. The posts below feature some of the biggest developments and trends in orthopedics that we’re watching.
January 30, 2025
,
Mike Evers
March 17, 2025
,
Carolyn LaWell
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