{"id":58983,"date":"2023-09-19T14:03:28","date_gmt":"2023-09-19T18:03:28","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics\/"},"modified":"2026-06-08T08:29:24","modified_gmt":"2026-06-08T12:29:24","slug":"sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2","status":"publish","type":"insights","link":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/","title":{"rendered":"Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Livingstone is pleased to share a comprehensive report on the U.S. orthopedics sector, which ranks among the most active sub-sectors in healthcare services in terms of the number of M&amp;A transactions and represents a priority sector for investment among private equity investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key Themes and Observations:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Large, high-growth sector with $250+ billion of direct spend on musculoskeletal (\u201cMSK\u201d) care each year.<\/li>\n\n\n\n<li>Demand for care is resilient and non-cyclical, with visits and spending increasing each year historically, even during past economic downturns.<\/li>\n\n\n\n<li>The confluence of demographic trends and macro tailwinds is fueling an increase in the demand for care and contributing to a forecasted supply-demand imbalance that is driving a true need for more efficient platform models.<\/li>\n\n\n\n<li>Multiple levers to drive platform growth both organically (e.g., investing in ancillary services, de novo ASCs, provider recruitment, hospital partnerships, etc.) and through add-on acquisitions.<\/li>\n\n\n\n<li>While there are nearly 20 private equity-backed platforms today, the orthopedics sector remains highly fragmented, with platforms accounting for less than 5% of the ~30,000 board-certified orthopedic surgeons, which suggests there is a significant runway for additional platform investments and add-on acquisitions.<\/li>\n\n\n\n<li>Overall, M&amp;A activity in U.S. healthcare services has remained robust and less impacted by the broader macroeconomic and debt capital market conditions, especially in the lower middle market.\n<ul class=\"wp-block-list\">\n<li>Rolling LTM M&amp;A transaction activity within orthopedics and across physician practice management (\u201cPPM\u201d) more broadly has increased each quarter. It has set new high-water marks in each of the past two years.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>The early vintage platform investments in orthopedics have all experienced strong growth. They are expected to pursue exit transactions within the next 12 months, which is a good barometer of successful partnerships between physicians and investors.<\/li>\n\n\n\n<li>Private equity, as an asset class, has a near-record amount of \u201cdry powder\u201d and continues to seek both new platform investments and add-on acquisitions for existing portfolio companies.\n<ul class=\"wp-block-list\">\n<li>High-quality assets that are performing financially are garnering strong interest from both financial sponsors and strategic acquirers in today\u2019s market.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Livingstone is one of the most active and experienced advisors in the MSK sector and physician-owned companies. It remains an opportune time for independent physician practices to explore potential M&amp;A transaction alternatives.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you are interested in learning more or starting a strategic dialogue with Livingstone about opportunities in orthopedics, please contact <a href=\"mailto:weldzius@livingstonepartners.com\" target=\"_blank\" rel=\"noopener\" data-link-type=\"email\">Eric Weldzius<\/a> or another senior member of the healthcare coverage team.<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":46217,"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2752],"tags":[],"sector":[],"service":[],"class_list":["post-58983","insights","type-insights","status-publish","has-post-thumbnail","hentry","category-thought-leadership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics - Livingstone Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics - Livingstone Partners\" \/>\n<meta property=\"og:url\" content=\"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Livingstone Partners\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-08T12:29:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/ortho-update-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"550\" \/>\n\t<meta property=\"og:image:height\" content=\"335\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Geschatte leestijd\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/insights\\\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\\\/\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/insights\\\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\\\/\",\"name\":\"Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics - Livingstone Partners\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/insights\\\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/insights\\\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/ortho-update-1.jpg\",\"datePublished\":\"2023-09-19T18:03:28+00:00\",\"dateModified\":\"2026-06-08T12:29:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/insights\\\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\\\/#breadcrumb\"},\"inLanguage\":\"nl-NL\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/insights\\\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"nl-NL\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/insights\\\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\\\/#primaryimage\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/ortho-update-1.jpg\",\"contentUrl\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/ortho-update-1.jpg\",\"width\":550,\"height\":335},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/insights\\\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/#website\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/\",\"name\":\"Livingstone Partners\",\"description\":\"Deals Done Right.\",\"publisher\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"nl-NL\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/#organization\",\"name\":\"Livingstone Partners\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"nl-NL\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/logo_livingstone.svg\",\"contentUrl\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/logo_livingstone.svg\",\"caption\":\"Livingstone Partners\"},\"image\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/nl\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics - Livingstone Partners","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/","og_locale":"nl_NL","og_type":"article","og_title":"Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics - Livingstone Partners","og_url":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/","og_site_name":"Livingstone Partners","article_modified_time":"2026-06-08T12:29:24+00:00","og_image":[{"width":550,"height":335,"url":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/ortho-update-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Geschatte leestijd":"2 minuten"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/","url":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/","name":"Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics - Livingstone Partners","isPartOf":{"@id":"https:\/\/livingstonepartners.com\/nl\/#website"},"primaryImageOfPage":{"@id":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/#primaryimage"},"image":{"@id":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/#primaryimage"},"thumbnailUrl":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/ortho-update-1.jpg","datePublished":"2023-09-19T18:03:28+00:00","dateModified":"2026-06-08T12:29:24+00:00","breadcrumb":{"@id":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/#breadcrumb"},"inLanguage":"nl-NL","potentialAction":[{"@type":"ReadAction","target":["https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/"]}]},{"@type":"ImageObject","inLanguage":"nl-NL","@id":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/#primaryimage","url":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/ortho-update-1.jpg","contentUrl":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/ortho-update-1.jpg","width":550,"height":335},{"@type":"BreadcrumbList","@id":"https:\/\/livingstonepartners.com\/nl\/insights\/sector-update-exploring-the-evolving-competitive-landscape-and-emerging-opportunities-for-investment-in-orthopedics-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Homepage","item":"https:\/\/livingstonepartners.com\/nl\/"},{"@type":"ListItem","position":2,"name":"Sector Update: Exploring the Evolving Competitive Landscape and Emerging Opportunities for Investment in Orthopedics"}]},{"@type":"WebSite","@id":"https:\/\/livingstonepartners.com\/nl\/#website","url":"https:\/\/livingstonepartners.com\/nl\/","name":"Livingstone Partners","description":"Deals Done Right.","publisher":{"@id":"https:\/\/livingstonepartners.com\/nl\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/livingstonepartners.com\/nl\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"nl-NL"},{"@type":"Organization","@id":"https:\/\/livingstonepartners.com\/nl\/#organization","name":"Livingstone Partners","url":"https:\/\/livingstonepartners.com\/nl\/","logo":{"@type":"ImageObject","inLanguage":"nl-NL","@id":"https:\/\/livingstonepartners.com\/nl\/#\/schema\/logo\/image\/","url":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/logo_livingstone.svg","contentUrl":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/logo_livingstone.svg","caption":"Livingstone Partners"},"image":{"@id":"https:\/\/livingstonepartners.com\/nl\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/insights\/58983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/insights"}],"about":[{"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/types\/insights"}],"author":[{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/users\/3"}],"version-history":[{"count":1,"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/insights\/58983\/revisions"}],"predecessor-version":[{"id":62370,"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/insights\/58983\/revisions\/62370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/media\/46217"}],"wp:attachment":[{"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/media?parent=58983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/categories?post=58983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/tags?post=58983"},{"taxonomy":"sector","embeddable":true,"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/sector?post=58983"},{"taxonomy":"service","embeddable":true,"href":"https:\/\/livingstonepartners.com\/nl\/wp-json\/wp\/v2\/service?post=58983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}