--- title: "Orthopedic Devices Industry: Companies" description: "16 SEC filers are classified under the Standard Industrial Classification code that describes the orthopedic devices industry." canonical: https://www.getswoopr.com/stocks/industries/health-care/orthopedic-devices/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Orthopedic Devices Industry ## Direct Answer 16 SEC filers are classified under the Standard Industrial Classification code that describes the orthopedic devices industry, and their latest annual reports show $37.5 billion of combined revenue and a median operating margin of -0.5%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Orthopedic device makers produce joint replacements, spine implants, trauma plates and sports medicine products used in surgery. Procedure volumes and reimbursement set demand, and surgeon preference and robotic platforms drive share. The first numbers to compare across companies here are procedure volume growth, organic growth by joint and spine and gross margin. ## Key Industry Metrics - **Procedure volume growth**: Change in the number of joint and spine surgeries. Because implants are used per case, volume growth drives sales. - **Organic growth by joint and spine**: Sales growth excluding acquisitions and currency, by category. It shows where share is gained, such as knees or spine. - **Gross margin**: Share of sales left after cost to make implants and instruments. Pricing pressure from hospitals can reduce it. - **Robotic system placements**: Number of surgical robots placed with hospitals. Placements tie surgeons to a company's implants, so they can lead implant share gains. - **Pricing**: Average prices received for implants. Hospitals negotiate hard, so price changes offset or add to volume growth. ## Primary Macro Drivers - **Aging population**: Joint wear and spinal conditions increase with age, so aging supports procedure volume growth for implants. - **Elective surgery volumes**: Joint replacements and other non-urgent surgeries are scheduled, so patient decisions and capacity set volumes more than emergencies do. - **Outpatient shift**: As more joint surgery moves to outpatient centers, buyers focus on price and supply, which affects pricing and the mix of products. - **Reimbursement and hospital pricing**: Hospital payment and supply contracts set what suppliers earn per implant, which moves pricing and gross margin. ## Major Risks - **Hospital pricing pressure**: Hospitals and buying groups press for lower prices on implants, which reduces revenue per procedure; watch pricing and organic growth. - **Competition**: Surgeons can switch brands, especially with robotic platforms and new designs; watch robotic placements and share by joint and spine. - **Recalls and litigation**: Implant failures can lead to recalls and large legal claims; watch recall notices, legal proceedings and reserves. - **Reimbursement changes**: Lower payment for procedures can slow volume or push surgeries to lower-cost sites; watch payment proposals and procedure volume growth. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Mixed | | Capital Intensity | Medium | | Regulatory Intensity | High | | Industry Maturity | Mature | | Geographic Importance | U.S. / Global | ## Orthopedic Devices Filers in the SEC Record 16 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3842. Their latest fiscal years end between 2025 and 2026, and together they reported $37.5 billion of revenue. Median revenue growth over the prior year was 7.2%. Median operating margin was -0.5% and median net margin 7.9%. Median total liabilities were 42% of total assets, and 10 of 16 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Intuitive Surgical Inc](https://www.getswoopr.com/stocks/companies/intuitive-surgical/) | $10.1 billion | 20.5% | 29.3% | 28.4% | FY 2025 | | [Zimmer Biomet Holdings, Inc.](https://www.getswoopr.com/stocks/companies/zimmer-biomet/) | $8.2 billion | 7.2% | 13.3% | 8.6% | FY 2025 | | [Edwards Lifesciences Corp](https://www.getswoopr.com/stocks/companies/edwards-lifesciences/) | $6.1 billion | 11.5% | 20.8% | 17.7% | FY 2025 | | [Steris Plc](https://www.getswoopr.com/stocks/companies/steris/) | $5.9 billion | 8.7% | 18.6% | 13.2% | FY 2026 | | [Align Technology Inc](https://www.getswoopr.com/stocks/companies/align-technology/) | $4.0 billion | 0.9% | 13.5% | 10.2% | FY 2025 | | [Msa Safety Inc](https://www.getswoopr.com/stocks/companies/msa-safety-incorporated/) | $1.9 billion | 3.7% | 19.8% | 14.9% | FY 2025 | | [Cadre Holdings, Inc.](https://www.getswoopr.com/stocks/companies/cadre-holdings-inc/) | $610 million | 7.5% | 11.0% | 7.2% | FY 2025 | | [Inogen Inc](https://www.getswoopr.com/stocks/companies/inogen-inc/) | $349 million | 3.9% | -8.7% | 6.5% | FY 2025 | The 8 largest of 16 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Orthopedic Devices guide describes how the industry earns money, what to measure and what can go wrong. 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Key performance indicators for the Orthopedic Devices industry include: Procedure volume growth, Organic growth by joint and spine, Gross margin, Robotic system placements, Pricing. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Orthopedic Devices industry? The Orthopedic Devices industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important. What are the biggest risks in the Orthopedic Devices industry? The primary risks for Orthopedic Devices companies include: Hospital pricing pressure, Competition, Recalls and litigation, Reimbursement changes. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).