Abstract
Orthopaedics has fared better than many sectors in the economic downturn.
As confidence returns, it' s time to take stock of the opportunities and
competitive challenges that lay ahead
Growth in the global orthopaedic market is projected to be 5% over the
period 2010-15. By 2015, orthopaedic revenues are expected to total US$46.8
billion compared with US$36.5 billion in 2010 - but which sector is driving
this growth?
The orthopaedic market hasn' t been immune to the economic downturn that has
plagued world economies in recent times.
Some of the smaller companies, particularly those at the cutting edge of the
market, found themselves short of cash and with little in the way of white
knights to help make up the shortfall. Even companies like Abbott have baulked
at the pressures of the industry - choosing to quit the spine industry in 2008
for example. Meanwhile Biomet' s private equity owners must be kicking
themselves over the timing of their billion dollar investment just before the
market downturn.
Now things are slowly changing. Private equity has returned to the industry
and some of those calls for cash are finally getting answered by investors.
It' s also become noticeable that some of these investors are being able to
successfully sell some of their business holdings with their pride relatively
intact. And the reasons why we need these devices are growing evermore present.
The strength of the orthopaedics sector is that the fundamentals remain
strong. It is one of the fastest growing sectors in the industry, thanks to
the impact of an expanding elderly population and the associated steady rise
and diagnosis in musculoskeletal disorders which will keep demand high.
Use this new report to easily answer key business questions such as:
- Which orthopaedic sector is forecast to grow to US$8.3 billion by 2015?
- At the time of publication, there were 19 significant acquisitions in 2011
- who were the buyers, and how will it affect their market position in the
future?
- Which region of the world is expected to achieve a CAGR approaching 10%?
- Which country posted the fastest growth in 2010 for hip and knee
replacement procedures?
- What is the market share of the leading companies?
- Why would those interested in the spine market particularly note the
performance of Alphatec Spine, Anika Therapeutics and Medicrea?
- What strengths does BioMimetic have in the competitive orthobiologics
sector
A complete analysis packed with facts, forecasts and
detailed company evaluations
Mergers & Acquisitions: a return of capital sees activity levels increase
After a quiet 2009, 2010 saw a return to confidence with a number of
substantial acquisitions going through. In March 2010, Baxter International
announced the US$330 million takeover of ApaTech, a UK company specialising in
orthobiologics. Also in March, Alphatec Spine went ahead with a US$127 million
deal to acquire Scient' x, the French spinal devices developer. Towards the end
of the year, Medtronic continued with its aggressive growth strategy and
strengthened its orthobiologics operations by acquiring Osteotech in a US$123
million transaction. If further evidence was needed of changing times, it can
be found in the April 2011 announcement of Johnson & Johnson' s (DePuy) US$21.3
billion takeover of Synthes; the first ‘mega-deal’ since Biomet
was bought out in 2007 and which has consolidated DePuy' s status as the global
leader in orthopaedics.
Spine and Orthobiologics return to favour
M&A activity in the spine and orthobiologics sectors was subdued in 2009/10,
but has returned with vigour in the first half of 2011. Facet Solutions,
Applied Spine Technologies and Impliant were all snapped up for undisclosed
sums between January and May, and activity culminated with an US$89 buy out of
SeaSpine by Integra LifeSciences in May. This deal was, of course, dwarfed by
Stryker' s US$318 million investment in Orthovita in May 2011, which has to
date been the year' s major orthobiologics acquisition.
Joining the US$1 billion club?
Seven companies reported orthopaedic revenues exceeding US$1 billion in 2010.
Together, these seven (Stryker, DePuy, Zimmer, Smith & Nephew, Biomet, Synthes
and Medtronic) accounted for over 80% of the overall orthopaedic market. All
but two have broad orthopaedic portfolios, the exceptions being Synthes and
Medtronic who feature as orthopaedic market leaders by virtue of their
dominance in their own specific niches, namely trauma and spinal. New future
members are most likely to be DJO and Hanger Orthopaedic the specialists in
rehabilitation and bracing services who are both fast approaching the US$1
billion revenue mark.
Table of Contents
INTRODUCTION
THE GLOBAL ORTHOPAEDIC MARKET, 2010-2015
- Global Orthopaedic Market - Key Players in 2010
- Mergers & Acquisitions - Industry Consolidation
GLOBAL MARKET REVIEW
AAP IMPLANTATE
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
ALPHATEC SPINE
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- SCIENT' X TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
AMEDICA
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
ANIKA THERAPEUTICS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
ARTIMPLANT
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
ASCENSION ORTHOPEDICS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
BIOMET
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- SUBSIDIARIES
- KEY FINANCIAL DATA
BIO MIMETIC THERAPEUTICS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
BONESUPPORT
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
CARDO MEDICAL
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
CO.DON
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
CONFORMIS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
CORIN
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
DEPUY
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
DISC MOTION TECHNOLOGIES
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
DJO GLOBAL
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
EXACTECH
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
GLOBUS MEDICAL
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
HANGER ORTHOPEDIC
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
INION
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
INTEGRA LIFESCIENCES
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
K2M
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
KFX MEDICAL
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
KUROS BIOSURGERY
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
LDR HOLDINGS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
LIFE SPINE
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
MAKO SURGICAL
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
MAZOR ROBOTICS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
MEDICREA INTERNATIONAL
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
MEDTRONIC
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
NUVASIVE
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
ORTHOFIX INTERNATIONAL
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
ORTHOVITA
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
PIONEER SURGICAL TECHNOLOGY
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
RTI BIOLOGICS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
SI-BONE
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
SMALL BONE INNOVATIONS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
SMITH & NEPHEW
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
SPINAL ELEMENTS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
SPINAL MOTION
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
SPINE SMITH
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
STANMORE IMPLANTS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
STRYKER
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
SYMMETRY MEDICAL
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
SYNTHES
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
TORNIER
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
TRANS1
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
WRIGHT MEDICAL GROUP
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
X-SPINE SYSTEMS
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY MILESTONES
- AGREEMENTS
- TECHNOLOGIES/PRODUCTS
- KEY FINANCIAL DATA
ZIMMER
- KEY PERSONNEL
- COMPANY OVERVIEW
- KEY COMPETITORS
- KEY MILESTONES
- AGREEMENTS
- R&D MILESTONES
- TECHNOLOGIES/PRODUCTS
- ABBOTT SPINE PRODUCTS
- KEY FINANCIAL DATA
List of companies in this report
- aap Implantate
- Alphatec Spine
- Amedica
- Anika Therapeutics
- Artimplant
- Ascension Orthopedics
- Biomet
- BioMimetic Therapeutics
- BoneSupport
- Cardo Medical
- co.don
- ConforMIS
- Corin
- DePuy
- Disc Motion Technologies
- DJO Global
- Exactech
- Globus Medical
- Hanger Orthopedic
- Inion
- Integra LifeSciences
- K2M
- KFx Medical
- Kuros Biosurgery
- LDR Holdings
- Life Spine
- Mako Surgical
- Mazor Robotics
- Medicrea
- Medtronic
- NuVasive
- Orthofix International
- Orthovita
- Pioneer Surgical Technology
- RTI Biologics
- SI-BONE
- Small Bone Innovations
- Smith & Nephew
- Spinal Elements
- SpinalMotion
- SpineSmith
- Stanmore Implants
- Stryker
- Symmetry Medical
- Synthes
- Tornier
- TranS1
- Wright Medical Group
- X-spine Systems
- Zimmer
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