Zimmer Biomet Holdings makes orthopedic implants and surgical products used in joint replacement surgeries, including hip and knee implants, along with sports medicine and other orthopedic surgical products. Its implants are used in an aging population increasingly requiring joint replacement surgery due to arthritis and other degenerative joint conditions, giving the company a demand base tied to demographic aging trends across developed markets. Zimmer Biomet's products require close collaboration with orthopedic surgeons, who develop preferences for specific implant systems and surgical techniques over years of practice, creating switching costs that favor established orthopedic implant makers over new entrants. The company's revenue is tied to surgical procedure volumes, which can be affected by hospital staffing and capacity constraints, along with the pace of population aging that drives underlying demand for joint replacement surgery.