Medical Equipment & Supplies Manufacturing
A thriving Hub for Sports Medicine
As the epicenter of the national paralympic movement, Colorado Springs presents unique opportunities for emerging industries, such as sports medicine, prosthetics, and orthotics, to transcend the sporting arena and enable the city to create a niche in specialty healthcare, medical services and supplies as well as equipment manufacturing for the sports industry.
Industry Overview and Potential
Colorado Springs’ Medical Equipment and Supplies Manufacturing industry is made up of 34 establishments that support the local market. The industry employs 1,121 people at an average wage of $69,469 and these jobs are projected to grow by 6.6% in the next five years.
The Medical Equipment and supplies Manufacturing includes the following subsectors:
Surgical and medical instruments comprise of anesthesia apparatuses, orthopedic instruments, optical diagnostic apparatuses, blood transfusion devices, syringes, hypodermic needles, and catheters.
Surgical appliances and supplies: Include artificial joints and limbs, stents, orthopedic appliances, surgical dressings, disposable surgical drapes, hydrotherapy appliances, surgical kits, rubber medical and surgical gloves, and wheelchairs.
Dental equipment and supplies: Include equipment, instruments, and supplies used by dentists, dental hygienists, and laboratories. Specific products include dental hand instruments, plaster, drills, amalgams, cements, sterilizers, and dental chairs.
The city is home to five military bases and great outdoor venues such as the U.S. Olympic & Paralympic Training Center, which create a natural habitat for a thriving sports medicine industry. The city has well-established infrastructure, lower utility rates, relatively lower tax rates, and a strong labor pool which makes Colorado Springs ideal for investment.
The city’s proximity to multiple airports provides access to large cities and international destinations, fostering trade between the city and major domestic and international markets. Additionally, Colorado Springs enjoys strong regional support and existing industrial buildings that can house small to medium-sized companies, allowing room for growth.
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Colorado Springs Competitive Advantage
Colorado Springs has strong medical Equipment and Supplies industry clusters, with a higher concentration than the national and state average. In 2021, the sector contributed $0.2 billion to the city’s economy and held a 0.5% industry share of the city’s total GDP representing 0.3% of the national GDP.
The Medical Equipment and supplies sector has an existing labor pool of 108,578 and is expected to grow by 2.9% in the next 5 years, with projected double-digit growth in key occupations including dental lab technicians, industrial engineers, and medical appliance technicians.
The city’s reputation for a highly skilled talent pipeline, transferable talent from related industries, and significantly lower wages are some of the pull factors that influence major investors including InnovaFlex Foundry, DePuy Synthes, and UCHealth, to expand into the Pikes Peak region.
Colorado Springs institutions of higher learning are some of the best in the nation and churn out a highly skilled workforce for the industry. The University of Colorado, Colorado Springs offers technical programs in sports medicine, equipping students with diverse skills to support design and technical service contractors. The Hybl Sports Medicine and Performance Center serve as a location for cutting-edge sports medicine and sports performance research as well as clinical, testing, and counseling services for elite athletes.
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Investment Potential in Sports Equipment and Manufacturing
Colorado Springs holds a competitive advantage in key areas including Surgical Appliances and Supplies Manufacturing and Offices of Other Health Practitioners, and a higher concentration of industry employment compared to the national average.
Employment in Sports Medicine, Prosthetics, and Orthotics is projected to grow exponentially with physical therapists, athletic trainers, orthotists, and prosthetists jobs estimated to increase by 17% between 2021 to 2031, much faster than the average of all occupations.
The city’s establishments of independent health practitioners are highly specialized, performing well above Colorado and the U.S. average. This segment employs over 6,000 people with an average wage of $46,570. The Surgical Appliances and Supplies Manufacturing sector also ranks highly employing 928 workers at an average wage of $69, 572.
This forecast is demonstrative of the city’s underlying potential in such specialty areas as sports equipment and manufacturing.