Medtronic has long dominated the spine market, leading the way with its global reach and extensive portfolio. But recent results suggest that its leadership is no longer assured. Globus Medical, a smaller yet fast-growing rival, has emerged as an aggressive and ambitious competitor—especially following its acquisition of NuVasive—and is now clearly aiming to challenge Medtronic’s top spot. The company is closing in, running almost side by side with the sector’s heavyweight.The two companies released their latest earnings just days apart — Globus on August 7 and Medtronic on August 19 — and the comparison is striking. (quarters don’t align perfectly: Medtronic follows a fiscal year ending in April, while Globus reports on a calendar year ending in December).
Imagine two Formula 1 cars sprinting down the final straight: Medtronic still in front, but Globus closing fast, its front wing nearly brushing the leader’s rear tires. That’s what the numbers look like.
Medtronic: Still in Front, But by Inches
In the first quarter of its 2026 fiscal year, Medtronic’s Cranial & Spinal Technologies (CST) division reported revenues of $1.21 billion, up 5.5% from a year earlier. Not all of that comes from spine, but we estimate it represents roughly 60% of CST sales, or about $727 million from spine. The figure underscores Medtronic’s scale advantage. Yet the growth rate — hovering in the mid-single digits — suggests steady performance rather than acceleration.
Globus: The Challenger Gathers Speed
Globus Medical, by contrast, reported $745 million in sales for the second quarter of 2025 — almost all of it tied to spine. That puts Globus fractionally ahead of Medtronic’s estimated spine revenues. More importantly, it came with an impressive 18.4% year-over-year jump.Its U.S. spine business alone grew nearly 6% (7.4% on a day-adjusted basis), while international markets and product launches added further momentum. Investors took notice: Globus shares jumped 11% after the announcement.
A Race Down to the Wire
Taken together, the results show two competitors now virtually neck-and-neck. Medtronic still leads in reputation, reach, and breadth of portfolio, but Globus has momentum firmly on its side. Both are now generating about three-quarters of a billion dollars in quarterly spine sales — a dead heat by any measure.
For a market long defined by Medtronic’s dominance, this shift is hard to ignore. The rivalry increasingly resembles a Formula 1 finish: Medtronic holding the inside line, but Globus pulling level and searching for an opening to overtake.
The Outlook
The battle for spine leadership will not be decided in a single quarter. Medtronic retains the advantage of scale, an established installed base, and decades of clinical credibility. But Globus, growing at more than three times Medtronic’s pace, has become a genuine contender. What once looked like a one-horse race is now shaping into a duel. And for surgeons, patients, and investors watching from the stands, it promises to be one of the most compelling contests in medtech over the years ahead. Stay tuned—we’ll be bringing you updates up close and firsthand!
###