The COVID-19 pandemic was especially brutal for the orthopedic device industry. Many of the largest companies in the space saw double-digit percentage declines in revenue in 2020. Health providers delayed or canceled elective procedures to focus on the pandemic, and patients stayed away in droves.
It’s a new year now, though, and vaccines are rolling out. People don’t want to live with a bad knee or hip or back forever. Growth will eventually return for the industry, and orthopedic device companies are positioning themselves to be ready.
Rather than hunkering down during the pandemic, many ortho device companies chose shop for new technologies and major M&A deals. They’re reorganizing and launching new products ranging from surgical robots to smart implants.
Even with some headwinds in the first part of Q1 2021, Stryker — the world’s largest orthopedic device company — has an optimistic outlook for the year.
Read on and discover the latest about the world’s 10 largest orthopedic device companies.
This article originally ran on April 23, 2021. Updated April 27 to include Stryker Q1 2021 results.