10 spine device companies to watch in 2024

Spinal Tech

Spine devicemakers took important steps forward in innovation in 2023, and many are gearing up for exciting plans in the months ahead.

Here are 10 spine device companies to watch in 2024 in alphabetical order:

Accelus (Palm Beach Gardens, Fla.): In January, Accelus earned a $20 million debt facility that will help support the company's focus on its Adaptive Geometry for th FlareHawk interbody fusion system. The company also offloaded its Remi spine robot in a sale in 2023.

Alphatec (Carlsbad, Calif.): Alphatec has a new spine robot under its belt after acquiring the navigation system from Fusion Robotics, a subsidiary of Accelus. The acquisition valued the robot at $55 million. Alphatec also partnered with Aclarion, a company focused on back pain diagnostics.

Augmedics (Chicago): Augmedics' augmented reality spine headset, Xvision, continues to gain traction. In 2023, the company landed $82.5 million in series D financing and marked its 4,000th U.S. case with Xvision. Augmedics also acquired Surgalign's digital health assets which includes Holo Surgical, Surgalign's AR and artificial intelligence spine system.

Globus Medical (Audubon, Pa.): Globus Medical merged with NuVasive in September and is entering its first full year as a combined company. The merger is still in a transitional period with NuVasive laying off staff. But CEO Dan Scavilla expects Globus Medical to stay on top in the spine industry. Globus Medical saw significant revenue growth in 2023, and it plans to make its push into joint replacements with a total knee replacement robot later in 2024.

Johnson & Johnson — DePuy Synthes (West Chester, Pa.): DePuy Synthes is restructuring its orthopedic segments. The plan focuses on sports medicine and shoulder reconstruction, but the company also laid off some staff under DePuy Spine. DePuy Synthes inked a spine partnership with GE HealthCare for 3D spine imaging and earned FDA clearance for the TriALTIS spine system.

Kleiner Device Labs (Incline Village, Nev.): Kleiner Device Labs has seen progress with its KG2 Surge flow-thru interbody system in 2023. The first 50 cases were completed by August, and later in October the device earned a U.S. patent.

Medtronic (Dublin, Ireland): And in February Medtronic named its first chief sustainability officer. The new leader, Raman Venkatesh, will lead the development and execution of Medtronic's environmental sustainability strategy. In 2023 16 Medtronic devices earned FDA approval, including several spine and orthopedic products. In an effort to reduce spending, Medtronic in April laid off some staff.

Orthofix (Lewisville, Texas): Orthofix merged with SeaSpine in January 2023. The company is also entering 2024 with a new CEO at the helm — Massimo Calafiore. Orthofix also had several notable spine product launches including the WaveForm L Interbody system, OsteoCove advance bioactive synthetic graft and WaveForm A Interbody device.

Stryker (Kalamazoo, Mich.): Stryker finished 2023 with fourth quarter and full-year revenue gains. While it's known for its Mako knee replacement robot, Stryker is aiming to push in the spine robot. The company aims to launch its spine robot in the middle of 2024.

Xtant Medical (Belgrade, Mont.): Xtant Medical bolstered its portfolio in 2023 after acquiring the now bankrupt Surgalign's hardware and biologics businesses in an auction. Xtant Medical has a wide portfolio of spinal implants and biologics for orthopedics, according to its website.

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