Medtronic, plc MDT recently completed the acquisition of titanium spine interbody implant and surface technology company, Titan Spine. The deal’s closure was announced back in May 2019 and is expected to fortify the company’s position in the field of procedural solutions for spine surgery.Financial terms of the deal were kept under wraps.Titan Spine currently leads the category of surface-enhanced titanium interbody implants with its unique nanoLOCK platform. Notably, interbody implants are parts that can be inserted between the vertebrae during spinal fusion surgery. This helps relieving pressure on the nerves and holding the vertebrae in place while fusion occurs.According to Medtronic, the implant material and shape plays a pivotal role in the bone growth process during fusions and currently, titanium interbody devices witness buoyant demand in the spine surgery market.Medtronic expects this purchase to be strategic for its portfolio as Titan Spine’s surface-enhanced titanium implants when combined with Medtronic’s comprehensive biologics portfolio can improve patient outcomes in spinal procedures.Financial Impact of the PactThe buyout is expected to be inconsequential to Medtronic's fiscal 2020 adjusted earnings per share. However, it is estimated to meet Medtronic's long-term financial metrics for acquisitions.Market Potential in Spine SpacePer a Mordor Intelligence report, the global Spinal Surgery Devices market is projected to reach a value worth $16.6 billion by 2021 at a 5% CAGR from 2016 onward. Taking such abundant prospects into account, we believe, the company’s latest development is a strategic fit.Medtronic’s Advancement in Spine ArmIn a bid to grow in the field of robotics spine surgery, Medtronic earlier bought Mazor Robotics, an Israel-based robotic surgical guidance systems company, for a consideration of $1.64 billion. Per Medtronic, this consolidation is a calculated move in favor of the company's brisk spine surgery business.The buyout has combined Medtronic's market-leading spine implants, navigation and intra-operative imaging technology with the acquired company's robotic-assisted surgery (RAS) systems. Following the conclusion of this takeover, Medtronic launched the Mazor X Stealth Edition robotics guidance platform in January and has already received a positive feedback for this integration of best-in-class robotics and navigation capability.Share Price PerformanceOver the past year, shares of Medtronic have outperformed its industry. The stock has gained 14.1% compared with the industry’s 9.5% rise. Zacks Rank & Key PicksMedtronic currently carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the broader medical space are DENTSPLY SIRONA XRAY, Penumbra PEN and CONMED Corporation CNMD, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.DENTSPLY’s long-term earnings growth rate is expected to be 11.5%.Penumbra’s long-term earnings growth rate is projected at 21.5%.CONMED’s long-term earnings growth rate is estimated at 13.3%.This Could Be the Fastest Way to Grow Wealth in 2019Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.Click here to see these breakthrough stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Penumbra, Inc. (PEN): Free Stock Analysis Report Medtronic PLC (MDT): Free Stock Analysis Report CONMED Corporation (CNMD): Free Stock Analysis Report DENTSPLY SIRONA Inc. (XRAY): Free Stock Analysis Report To read this article on Zacks.com click here.