Kevin JohnsonStryker is a medical technology (MedTech) corporation based in Kalamazoo, Michigan. Dr. Homer Stryker founded the company in 1941 as the Orthopedic Frame Company. Dr. Stryker developed the Turning Frame mobile hospital bed, allowing doctors to reposition injured patients during medical procedures. The company rebranded to Stryker Corporation in 1964 to reflect its expansion beyond orthopedics.
Stryker has around 51,000 employees and serves over 130 million patients annually. The company sells its products directly to doctors and healthcare facilities in the US and through its subsidiaries, third-party dealers, and distributors in the international markets. [1]
Stryker operates via three business segments: orthopedics, medical and surgical (MedSurg), and neurotechnology. The orthopedics division offers implants for hip and knee joint replacements, trauma, and extremities surgeries. The company’s MedSurg products include surgical instruments, endoscopic systems, and emergency medical equipment.
In May 2023, Stryker raised its full-year profit forecast to reflect increased demand for its surgical devices. However, it faces stiff competition from Abbott Labs, Medtronic, Johnson & Johnson, Smith+Nephew, Siemens Healthineers, BD, Intuitive, GE HealthCare, Philips, and 3M. [2]
Here is an in-depth analysis of Stryker’s top competitors and alternatives:
1. Abbott Laboratories
Year founded: 1888
Headquarter: Chicago, Illinois
Abbott is a global MedTech and generic medicine provider. The company’s latest innovation is FreeStyle Libre 2, a glucose monitoring system. In June 2023, FreeStyle Libre 2 received national reimbursement in France to monitor people with diabetes using insulin. Abbott has around 115,000 employees in over 160 countries.
Abbott is one of the most innovative MedTech companies. The company has several FDA-approved medical devices and diagnostics. In Q2 2023, Abbott received FDA approval for its TactiFlex Ablation Catheter and AVEIR pacemaker system. Abbott is the top competitor for Stryker. [3]
2. Medtronic
Year founded: 1949
Headquarter: Dublin, Ireland
Medtronic is a leading global MedTech company. It started as a medical equipment repair shop and expanded into healthcare technologies and therapies, treating 70 health conditions. As of May 2023, Medtronic had over 95,000 employees in 150 countries.
Medtronic and Stryker were founded by medical tech innovators. Medtronic’s founder, Earl Bakken, invented the battery-powered external pacemaker. Like Stryker, Medtronic raised its profit forecast after recording increased demand for its medical equipment. In Oct 2022, the company spun off its patient monitoring and respiratory interventions business to focus on heart and diabetes devices and is one of the top competitors for Stryker. [4]
3. Johnson & Johnson (J&J)
Year founded: 1886
Headquarter: New Brunswick, New Jersey
Johnson & Johnson (J&J) is a global healthcare corporation specializing in pharmaceuticals, medical gadgets, and consumer products. The company owns DePuy Synthes, which offers orthopedic and neurosurgery devices similar to Stryker. As of January 2023, J&J had 152,700 employees in 60 countries.
DePuy Synthes operates under the J&J Medical Devices segment and competes against Stryker. The company leverages its global network and around 250 subsidiaries to distribute and sell medicines, medical devices, and consumer products globally. In June 2023, DePuy Synthes partnered with GE HealthCare to deliver 3D imaging systems to more US spine surgeons and patients. As a subsidiary of Johnson & Johnson, DePuy Synthes has enough resources to compete with Stryker. [5]
4. Smith & Nephew
Year founded: 1856
Headquarter: London, United Kingdom
Smith & Nephew is a British medical technology company. The firm specializes in soft and hard tissue repair, regeneration, and replacement. As of March 2023, Smith & Nephew had 19,000 employees and operated in over 100 countries.
Smith & Nephew offers innovative orthopedics, sports medicine, and wound management technologies. In March 2023, the company showcased its latest sports medicine procedural innovations in Las Vegas, Nevada. The portfolio includes QUADTRAC for tendons, CAP-FIX for capsular, INTELLIO Tablet, and REGENETEN implant. Smith & Nephew is one of the alternatives to Stryker for sports medicine technologies. [6]
5. Siemens Healthineers
Year founded: 1847
Headquarter: Erlangen, Germany
Siemens Healthineers is a global healthcare solutions and services provider. The company offers in-vitro and in-vivo diagnostics, image-guided therapy, and cancer care. In September 2022, Siemens Healthineers had around 69,500 employees.
Siemens Healthineers operates through regional subsidiaries and partner companies. The firm owns Varian, which offers cancer care. In February 2023, Siemens Healthineers showcased its innovative medical products at the Arab healthcare trade show. Its booth featured the new ACUSON Juniper ultrasound system and the world’s first photon-counting CT, NAEOTOM Alpha. Siemens Healthineers is an innovative competitor for Stryker. [7]
6. Becton Dickinson (BD)
Year founded: 1897
Headquarter: Franklin Lakes, New Jersey
BD is a multinational MedTech company that offers medical devices, instrument systems, reagents, analytics, and consulting services. Its solutions help enhance safety and efficiency in care delivery by enabling practitioners to detect and treat diseases accurately. As of August 2023, BD had 77,000 employees.
BD provides high-tech medical devices and diagnostics. In 2020, the company recalled some pumps for its Alaris infusion system. This event eroded BD’s reputation and revenue. However, in July 2023, BD’s shares surged again to a record high after the FDA cleared its Alaris infusion system. Becton Dickinson is a worthy competitor for Stryker. [8]
7. Intuitive Surgical
Year founded: 1995
Headquarter: Sunnyvale, California
Intuitive Surgical is an American company that offers robotic medical products. Its solutions improve clinical outcomes through minimally invasive surgery. In December 2022, Intuitive had 12,120 employees.
Intuitive is best known for its Da Vinci Surgical System, which surgeons used to perform over 1.8 million procedures in 2022. The product has delivered over 12 million surgeries since it was developed. Stryker, Medtronic, and J&J have robotic surgery products, but only Intuitive focuses solely on surgical robotics. Intuitive Surgical is the best alternative to Stryker. [9]
8. GE Healthcare
Year founded: 1994
Headquarter: Chicago, Illinois
GE HealthCare is a medical technology company that offers diagnostics and digital products. The company serves over one billion patients yearly. As of January 2021, GE HealthCare had about 51,000 employees in over 160 countries.
GE HealthCare was the MedTech arm of General Electric till January 2023, when General Electric spun off GE HealthCare to create a publicly-traded entity. The company installed over 4 million imaging, ultrasound, patient care solutions, and pharmaceutical diagnostics. GE HealthCare is one of the top competitors for Stryker. [10]
9. Philips Healthcare
Year founded: 1896
Headquarter: Amsterdam, Netherlands
Philips Healthcare is a Dutch health technology company. In December 2022, Philips had around 74,000 employees. However, the company laid off 6,000 workers, or 5% of its workforce, in January 2023.
Philips operates globally through regional branches. In Q2 2023, the company raised its full-year targets after posting a bigger-than-expected jump in quarterly profits. However, the main competitive advantage of Philips is its experience in the industrial technology sector. Philips Healthcare is one of the top competitors for Stryker. [11]
10. 3M Health Care
Year founded: 1902
Headquarter: Maplewood, Minnesota
3M Health Care is a global leader specializing in medical, dental, and orthodontic solutions. In July 2022, 3M spun off its healthcare business to create 3M Health Care. The new standalone 3M Health Care company makes over $8 billion annually. [12]
3M Health Care provides wound care dressings, medical tapes, sterilization products, and specialty surgical devices. In April 2023, the company introduced its new FDA-approved SoluPrep S sterile antiseptic solution used as a preoperative skin preparation product with fast-acting antimicrobial activity. 3M Health Care can now pursue its priorities and make investment decisions as a standalone company. 3M Health Care is the newest competitor for Stryker. [13]
11. Cardinal Health
Year founded: 1971
Headquarter: Dublin, Ohio
Cardinal Health is a global healthcare services provider. On MDO’s MedTech Big 100, Cardinal Health is the eighth-largest medical device company globally. The firm had around 46,500 employees in August 2023. [14]
Cardinal Health distributes pharmaceuticals and medical products to over 30 countries. The company expanded its Florida facility in 2022, doubling its sustainable technologies to 100,000 square feet. In Q4 2023, Cardinal Health launched the new Navista Network to support oncologists and partnered with TrakCel to provide cell and gene therapy software. Cardinal Health is a fast-growing competitor for Stryker. [15]
12. Baxter International
Year founded: 1931
Headquarter: Deerfield, Illinois
Baxter is a multinational healthcare company that offers diagnostics, critical care, kidney care, nutrition, hospital, and surgical products. The company serves millions of patients, caregivers, and healthcare providers. In July 2023, Baxter operated in over 100 countries.
Baxter provides medical products, digital health solutions, and therapies. The MedTech giant seeks to spin off its kidney care global business to create Vantive. In Q2 2023, the FDA awarded premarket approval to Baxter for its PERCLOT powder. Baxter is one of the best alternatives to Stryker. [16]
13. Zimmer Biomet
Year founded: 1927
Headquarter: Warsaw, Indiana
Zimmer Biomet is a public medical device company. It provides a comprehensive portfolio designed to maximize mobility and improve health. As of August 2023, the company operated in 25 countries and sold products in over 100 markets globally.
Zimmer Biomet offers innovative products and integrated digital and robotic technologies. Its solutions leverage data, data analytics, and artificial intelligence. In Q1 2023, Zimmer Biomet acquired Embody, Inc. The company received FDA 510k clearance for its ActivBraid, which expanded Embody’s portfolio. Zimmer Biomet is an innovative Stryker competitor. [17]
14. Boston Scientific Corporation
Year founded: 1979
Headquarter: Marlborough, Massachusetts
Boston Scientific is a MedTech company that offers medical devices for specialty treatments. The company operates through three segments: Rhythm Management, Cardiovascular, and MedSurg. In January 2023, Boston Scientific had over 41,000 employees.
Boston Scientific and Stryker compete in the medical and surgical (MedSurg) sector. In Q2 2023, Boston Scientific received FDA approval for its Vercise Neural Navigator 5 Software. The company also got FDA 510(k) clearance for the OverStitch NXT and EMBOLD Soft. These products will increase Boston Scientific’s competitive advantage over Stryker. [18]
15. Danaher Corporation
Year founded: 1984
Headquarter: Washington, DC
Danaher is a Fortune 500 science and technology innovator. It is a diversified conglomerate with over 20 companies. In July 2023, Danaher had around 81,000 employees.
The main competitive advantage of Danaher is its comprehensive portfolio, which covers several sectors. The company manufactures and sells medical, industrial, and commercial products. In August 2023, Danaher acquired Abcam for $24/share. Around 750,000 researchers use Abcam’s antibodies, reagents, biomarkers, and assays for drug discovery, life sciences, and diagnostics. This acquisition increases Danaher’s competitive advantage over Stryker. [19]
16. Terumo
Year founded: 1921
Headquarter: Shibuya City, Tokyo, Japan
Terumo is a world leader in medical technology. The company started as a thermometer manufacturer and expanded its business portfolio to support the entire healthcare sector. As of May 2023, Terumo had over 28,000 employees.
Terumo provides innovative medical solutions in over 160 countries. In May 2023, Terumo announced plans to construct a new manufacturing facility in Yamanashi, Japan. The plant will support the company’s CDMO and peritoneal dialysis business ventures. Terumo is one of the top competitors for Stryker. [20]
17. B. Braun Group
Year founded: 1839
Headquarter: Melsungen, Germany
B. Braun offers medical and pharmaceutical devices. The group has 64,000 employees in 64 countries and operates through regional entities, including B. Braun Medical Inc., B. Braun Interventional Systems, CAPS, and Aesculap. In June 2023, Rockwell Medical and B. Braun partnered on a three-year co-promotion deal. [21]
B. Braun is a world leader in infusion therapy and medical products. In September 2023, the company received FDA 510(k) clearance for its AQUAbase nX reverse osmosis system. This device provides high-quality water for dialysis patients without using chemicals. B. Braun is one of the top competitors for Stryker. [22]
18. Fresenius
Year founded: 1912
Headquarter: Bad Homburg, Germany
Fresenius is a German healthcare company. It is the world’s leading product and service provider for individuals with renal diseases. In June 2023, Fresenius had 124,295 employees.
Fresenius provides kidney dialysis services through a global network of outpatient dialysis centers. In June 2023, the company treated 344,086 patients in 4,050 dialysis clinics worldwide. Fresenius is one of the top competitors for Stryker. [23]
19. Olympus Corp
Year founded: 1919
Headquarter: Shinjuku City, Tokyo, Japan
Olympus is a global MedTech company specializing in optics and reprography products. The company works with healthcare professionals to provide best-in-class solutions. As of 2022, Olympus controlled about 70% of the global endoscope market share.
Olympus offers solutions for early detection, diagnosis, and minimally invasive treatments. In July 2023, Disability: IN recognized Olympus as one of the Best Places to Work for People with Disabilities. Olympus Corporation is one of the best alternatives to Stryker for optics and reprography products. [24]
20. Roche Group
Year founded: 1896
Headquarter: Basel, Switzerland
Roche is a global pharmaceutical and diagnostics provider. The Roche Diagnostics segment offers medical devices and instruments. In 2022, Roche had nearly 104,000 employees.
Roche and Stryker offer medical devices, but Roche also provides antiretroviral and cancer medicines. In Jul 2023, Roche and Alnylam partnered to co-commercialize Zilebesiran for treating hypertension. Roche is a worthy alternative to Stryker. [25]
References & more information
- Stryker Corporation (2023, Aug 3). Stryker reports second quarter 2023 operating results. Globe Newswire
- Reuters Staff (2023, May 1). Stryker lifts profit forecast on robust demand for devices. Reuters
- Abbott (2023, Jul 20). Abbott Reports Second-Quarter 2023 Results. PRNewswire
- Satija, B. (2023, Aug 22). Medtronic raises profit forecast as surgeries return to pre-pandemic levels. Reuters
- Newmarker, C. (2023, Jun 21). GE Healthcare and DePuy Synthes are partnering in spine surgery. Mass Device
- Smith & Nephew plc (2023, Mar 8). Smith+Nephew highlight procedural innovations in Sports Medicine during the AAOS 2023 Annual Meeting. PRNewswire
- Siemens Healthineers (2023, Feb 1). Siemens Healthineers showcases the latest breakthroughs in healthcare to overcome the world’s most threatening diseases at Arab Health 2023. Zawya
- Reuters Staff (2023, Jul 25). Becton Dickinson shares hit record high after US FDA clears return of drug infusion system. Reuters
- Carchidi, A. (2023, Jun 12). Where Will Intuitive Surgical Be in 10 Years? The Motley Fool
- Ford, O. (2023, Jan 4). The Spin Is Complete! GE Healthcare Is a Standalone Company. MDDI Online
- Reuters Staff (2023, Jul 24). Philips slightly raised its 2023 outlook after the second-quarter core profit beat. CNBC
- Park, A. (2022, Jul 26). 3M to peel off $8B healthcare business into a standalone public company. Fierce Biotech
- 3M (2023, Apr 3). 3M Health Care introduces the new 3M SoluPrep S Sterile Antiseptic Solution, an optimized skin prep product for presurgical applications. PRNewswire
- Hammerand, J. (2023, Apr 18). How MedTech giant Cardinal Health is prioritizing sustainability. Medical Design & Outsourcing
- Cardinal Health (2023, Aug 15). Cardinal Health Reports Fourth Quarter and Full Year Results for Fiscal Year 2023. PRNewswire
- Baxter International Inc. (2023, Jul 27). Baxter Reports Second-Quarter 2023 Results. Baxter.com
- Zimmer Biomet Holdings, Inc. (2023, Aug 1). Zimmer Biomet Announces Second Quarter 2023 Financial Results. PRNewswire
- Boston Scientific Corporation (2023, Jul 27). Boston Scientific announces results for the Second Quarter 2023. PRNewswire
- Abcam plc (2023, Aug 18). Danaher to acquire Abcam for $24.00 per Share. Abcam.com
- Terumo Corporation (2023, May 15). Terumo to Construct a New Manufacturing Facility at its Kofu Factory for the Medical Care Solutions Company. Terumo.com
- Rockwell Medical, Inc. (2023, Jul 29). Rockwell Medical Announces 3-Year Co-Promotional Collaboration with B. Braun Medical. Business Wire
- Braun Medical Inc. (2023, Sep 18). B. Braun Receives FDA Clearance for AQUAbase nX Reverse Osmosis System. PR Newswire
- Fresenius Medical Care Holdings, Inc. (2023, Aug 2). Fresenius Medical Care successfully executes a strategic plan and narrows the guidance range. PRNewswire
- Olympus (2023, Jul 19). Olympus Named to Disability:IN’s 2023 Disability Equality Index. PRNewswire
- Reuters Staff (2023, Jul 24). Roche entered a partnership with Alnylam for hypertension therapy. Reuters
- Featured Image by Martha Dominguez de Gouveia
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