Medical Technology

研报英文原文证据摘录

Medical Technology

May 28, 2026 Medical Technology

Introducing our Shoulder Arthroplasty Market Model Following 1Q26MEDICAL Results Ryan Zimmerman

(212) 527-3586 rzimmerman@btig.com

WHAT YOU SHOULD KNOW: We are introducing our Shoulder Arthroplasty market Iseult McMahon

model below, similar to other market models we've published in the past such as Knees (332) 400-5103 imcmahon@btig.com

& Hips (here), Intraocular Lenses (here), and Wound Care (here) among others. As we

spend more time in this corner of the orthopedic world with companies such as Enovis

(ENOV, Buy, $39 PT) and Shoulder Innovations (SI, Buy, $24 PT) we believe investors can

gain incremental insights around trends in the space. Shoulder arthroplasty remainsTECHNOLOGY a strong sub-market of orthopedics with growth in the HSDs relative to areas such

as knees, hips, and spine that grow at more modest rates in the LSD to MSD range.

Coming out of 1Q26, we note that the shoulder arthroplasty market demonstrated

robust, durable demand. The dominant theme is the accelerating role of robotics and

enabling technology as a commercial differentiation tool. Stryker (SYK, Buy, $379 PT) is

gearing up for the full Mako 4 Shoulder launch, Zimmer Biomet (ZBH, Neutral) movedINDUSTRY ROSA Shoulder to full market release and recently picked up a 510(k) clearance for

an advanced version, ENOV began deploying its Arvis platform specifically targeting

shoulder cases and competitive surgeon conversions, and SI is developing a shoulder-

specific micro-robotic solution intended for the ASC.

■ Share is dominated by SYK, ZBH, and ENOV but smaller companies such as SI areREPORT

gaining share: We estimate that SYK, ZBH, and ENOV accounted for ~66% of the US