Orthopedics companies are evolving due to changing healthcare needs and economic pressure. The year 2023 is a turning point for five companies in the levels of medium and small-sized revenues:
1 Accelus
2 Conformis
3 LimaCorporate
4 Orthofix/SeaSpine
5 Treace Medical Concepts
Focus on business development
The suspended combination of Orthofix and SeaSpine will create the ninth-largest company in the orthopedic field. Accelus is the result of the 2021 merger of Integrity Implants and Fusion Robotics.
Evidence-building trials and studies
Many of these companies use experiments and studies to achieve different goals. Conformis has always used studies to prove the importance of fully personalized knee replacements. Treace Medical Concepts is building clinical evidence to improve procedures and better understand the emerging part of the foot and ankle. Orthofix’s spine business recently builds on the growing body of evidence for the M6-C prosthetic disc to fend off competitive challenges from NuVasive, ZimVie, and others.
Product speed cadence
These companies are actively building portfolios in their current areas of strength and adjacent sectors. Tracking public product-related ads from these players since 2019 shows SeaSpine accounts for nearly half of all ads and has more than double the amount of Orthofix. LimaCorporate has focused on bringing digital technology to shoulder replacement surgery, an area that is likely to see an explosion in technology in the coming years.
what we watch
The five orthopedic companies have participated in recent strategic developments that will shape their future successes.
Presence in the restored market and fast-growing segments helped LimaCorporate grow well above the market average for the second year in a row in 2022. The company has prioritized digital planning for shoulder replacement, and cementless knee replacement implants, and expanded market access in the United States.
Orthofix and SeaSpine announced in late 2022 that the two companies intend to merge by “merging equivalents”.
Treace Medical Concepts has a four-year compound annual growth rate of 52%, making the myoma-focused company one of the top growth stories in the orthopedic field.
A small but important segment of the orthopedic surgery market
Even with Orthofix and SeasSpine combined at $700 million in sales for 2022, the companies on this list make up just 2.1% of the $55 billion global orthopedic market.
Although 2023 is unlikely to be the coveted return to normality in the orthopedic market, all five of these companies have opportunities to make meaningful moves this year.
