|Shares Out. (in M):||203||P/E||0||0|
|Market Cap (in $M):||24,123||P/FCF||0||0|
|Net Debt (in $M):||11,093||EBIT||0||0|
Over the past decade, the orthopedic implant market has gone through a period of consolidation, and now four companies control over 90% of the market: Zimmer Biotech (ZBH), Stryker (SYK), DePuy (Johnson & Johnson), and Smith & Nephew.
Demographic trends around the world are favorable for orthopedic implants. The world population 65 years and older is expected to grow 3%-plus over the next decade and reach almost 12% of the population by 2030 versus just 7.6% in 2010. Meanwhile, rising obesity levels, particularly in the US, will lead to higher utilization of orthopedic implants. Long-term sustainable growth will be driven by an aging population, growth in emerging markets, obesity, proven clinical benefits, new material technologies, advances in surgical techniques, and more active lifestyles.