With more than 2.7 million people living with limb loss or limb difference in the United States and another 28 million at risk of amputation surgery, the need for prosthetics is rapidly rising in the US and beyond. By , you can expect that the number of amputees in the US will nearly double.
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Further, the global orthotics and prosthetics market stood at USD 6.6 billion in . Additionally, it may flourish at a compound annual growth (CAGR) of 4.3% from to .
The driving force behind the booming global market are:
The rising medical cases of road accidents and sports injuries
The growing number of diabetes-related amputations
Prominent Seven Prosthetics Companies In USA
The prosthetics and orthotics market comprises a combination of numerous international and local players. However, some US-based companies are making their mark more than ever on the global stage. Take a look at the leading prosthetics companies USA has to offer.
1. Zimmer Biomet
Zimmer Biomet has a headquarter in Warsaw, Indiana, the US. With a revenue of over $6.9 billion and an employee base of about 19,500 people, Zimmer Biomet is among the top companies offering prosthetic products catering to issues with bones, artificial limbs, and joints.
The company operates in more than 25 nations worldwide and markets products in more than 100 countries. It sells its products through direct sales channels and distributors in the Americas, Europe, Asia-Pacific, the Middle East, and Africa.
2. Fillauer
Based in the US, Fillauer creates innovative designs, manufactures, and customizes prosthetics and orthotics products for local and global markets. The company aims to take the evolution, design, and technology of orthotic and prosthetic products to the next level, focusing on empowering patients to improve body movement and functionality. It claims to manufacture over products for individuals of all ages, including pediatrics and adults.
Immensely popular for its prosthetic suspension lock system in the global market, the company provides prosthetics under two main varieties-
Upper-extremity prosthetics
Lower-extremity prosthetics
3. Hanger Inc.
Hanger Clinic is another market leader in the prosthetic products domain. It delivers the best possible orthotic and prosthetic solutions to patients via its centers in 900 locations across the country. The company aims to create bespoke prosthetic solutions for people, including futuristic prostheses, cranial helmets, braces, and other related devices created to increase mobility and body functions.
Hanger Inc. claims to help 1 million patients annually and has a strong base of 5,600 employees. Its product and service segment collected overall net revenues of $177.2 million, an increase of $7.6 million, demonstrating a 4.5% growth rate.
4. Mobius Bionics
Mobius Bionics is a prosthetics and medical device manufacturing enterprise focusing on bringing the latest and advanced medical technologies to the market.
With its cutting-edge prosthetic arm, named LUKE arm, the company is helping people with upper-limb amputation. It is one of the top companies fuelled by years of research-driven product development, bringing helpful products catering to people&#;s needs and market demand.
Headquartered in the USA, Mobius Bionics has emerged as a key player and holds a strong position in the Robotics Prosthetic market.
5. Ohio Willow Wood
If you are looking for more details, kindly visit prosthetic manufacturing companies.
Ohio Willow Wood produces, configures, and distributes prosthetics solutions for amputation surgeries. They aim to deliver prosthetic products that are comfortable and functional for every patient, aiming to help individuals with limb loss to stay active throughout their lives.
The company deals with several products, such as raised vacuums, suspensions, thermoplastic elastomer liners, feet products, modular elements, and other prosthetic products worldwide. Headquartered in Ohio, United States, it has a network of over 20 global distribution partners with a yearly revenue of $42 million.
6. Esper Bionics
Esper Bionics offers AI-based orthopedic prosthetics and neurology products. The top two products the company aims to bring to patients are a bionic self-learning hand prosthesis and an easy-to-wear brain-computer interface. Esper Bionics also develops a cloud-based software solution that compartmentalizes the control and function of these wearables.
It also ventures into the development of mechatronics, wearable electronics, and biological implant applications. Though the company is relatively new in the prosthetics market, it has shown tremendous growth prospects in recent years.
7. ToughWare Prosthetics
One of the top US prosthetic companies has presented to the world is ToughWare Prosthetics. The company aims to provide cutting-edge and affordable prosthetic gear for amputees. The company designs and manufactures products combining innovative engineering and exciting advancement of polymer resins with trailblazing manufacturing processes.
Located in Colorado, the company caters to the global need for prosthetic devices that enable people to live without restrictions.
Selecting the best prosthetic companies in USA is not an easy task. Marketers promoting their products should consider financial strength, history, growth prospects, and other key determinants.
While the individual revenue contribution of these prosthetic companies USA might be low, their overall market impact is considerable. All these companies get sales of millions and are growing consistently over the years using innovative technologies to help amputees.
Hence, check out the details of these top US prosthetic companies and make a business move to align with them accordingly.
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Stryker (NYSE: SYK) and Zimmer Biomet (NYSE: ZBH) both upped their guidance during recent earnings calls, a sign that orthopedic procedures are bouncing back from the COVID-19 pandemic.
GlobalData predicted earlier this year that the recovery will lift the ortho devices market to nearly $50 billion this year. The question is whether companies can continue the momentum. Stryker and ZB are betting on innovation, building arrays of products and services around their surgical robotics systems and surgical planning and digital health tools.
During Zimmer Biomet&#;s second-quarter earnings call, CEO Bryan Hanson noted that ZB has 40 planned product launches between this year and the end of , the majority in 4%-plus growth markets.
Stryker meanwhile seeks to harness data collection and analysis to help surgeons personalize procedures for individual patients to improve outcomes, according to Robert Cohen, president of Stryker&#;s Digital, Robotics and Enabling Technologies organization.
Listening to Cohen one can sense urgency to innovate at the world&#;s largest ortho device company.
&#;It doesn&#;t matter how big Stryker is. It doesn&#;t matter how long Stryker has been around. A slow company will fail,&#; Cohen said earlier this year.
Here are the world&#;s 10 largest orthopedic device companies, ranked by ortho business revenue pulled from their most recent annual reports:
*As of the writing of this article in mid-August, NuVasive and Globus Medical planned to merge during Q3 .
Here are the available growth projections for the companies:
Watch out for more Medtech Big 100 data posting soon on our sister site Medical Design & Outsourcing.
And here are our rankings of the largest orthopedic device companies.
For more information, please visit prosthetic limb manufacturers.