Healthcare giant Johnson & Johnson and device manufacturer Synthes have announced a $21.3 billion merger that both companies say will provide consumers with unparalleled access to their orthopedic technologies and expertise.

J&J's DePuy division develops instruments and equipment for joint reconstructions, spinal care and sports medicine procedures. Synthes has made its mark developing implants, power tools and instruments for trauma, spine and cranio-maxillofacial surgeries.

The companies hope combining their orthopedic resources will put them in position to address the needs of an aging patient population that wants to remain active and the nation's obesity epidemic that has increased the prevalence of joint disease.

"Orthopedics is a large and growing $37 billion global market and represents an important growth driver for Johnson & Johnson," says J&J Chairman and CEO Bill Weldon. "Synthes is widely respected for its innovative high-quality products, world-class R&D capabilities, its commitment to education, the highest standards of service and extensive global footprint."

The companies say the merger should be finalized sometime in the first half of 2012.

Daniel Cook