SmartTRAK highlights companies to watch as they continue their double-digit growth train with multiple catalysts for expansion in 2024.
Overall, the US Spine Market had a remarkable year in 2023 with the completion of the Globus/NuVasive (GMED) merger creating a new #2 in Spine, displacing the incumbent DePuy Synthes (JNJ). SmartTRAK estimates the US Spine Hardware Market grew ~5.5% in 2023. However, many pure-play spine companies exceeded industry growth with exceptional, double-digit growth rates in 2023, while others approached the $100MM revenue milestone. In this article, SmartTRAK highlights five pure-play spine companies to watch and the catalysts driving their expansion in 2024.
Continued Double-Digit Growth in 2024
SmartTRAK expects three spine companies to see continued double-digit growth in 2024, particularly based on competitive moats developing and the ability to execute in their respective purviews, They are:
- Alphatec Spine: Expanding Its Competitive Moat in Lateral Procedures
- Alphatec has grown double digits yearly over the last five years. ATEC is now the #1 pure-play Spine Market leader and #5 in the overall Spine Market. These market share gains can be attributed to ... (read more)
- SI-Bone: Competition Will Test the SI Fusion Market Leader in 2024
- SI-Bone has grown double digits over the past three years. SIBN is the market leader in minimally invasive spine (MIS) SI Fusion with over 55% market share in the SI Fusion Market and more than ... (read more)
- Centinel Spine: Fastest Growing Spine Company in 2023
- In 2023, Centinel Spine was the fastest-growing spine company in one of the fastest-growing areas in spine, motion preservation. Centinel Spine reported record worldwide total disc replacement (TDR) revenue of nearly ... (read more)
Companies Closing in on $100MM in 2024
Both Spinal Elements and Xtant Medical came close to reaching the $100MM revenue mark in 2023 and SmartTRAK expects both to reach that lofty milestone in 2024.
- Spinal Elements: Focus on MIS Innovation, the Aging Spine and ASCs
- Spinal Elements was just shy of $100MM in revenues in 2023. The company is focused on some of the fastest-growing trends in spine including ... (read more)
- Xtant Medical: Integrated Hardware, Biologics and More Acquisitions
- Xtant Medical (XTNT) is also closing in on the $100MM revenue mark, growing +54.5% over 2022. XTNT had an exciting year of acquisition activity, including ... (read more)
To download the complete "Spine Market Movers to Watch in 2024" article by SmartTRAK's Kris Jacques, please just click the button below.
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