Medtech’s economic impact

Departments - Medical Infographic

AdvaMed, The Advanced Medical Technology Association’s 2021 statistical update, looks at the medical technology industry’s (MTI) contribution to national and state economic conditions.

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October 7, 2021

ART ELEMENTS: ADOBE STOCK

$148.7 BILLION

Medical technology industry (MTI) revenues (2019) sales, value of shipments, or revenue ($1,000s)

27.4% Surgical & medical instrument manufacturing

23.3% Electromedical apparatus manufacturing

23.3% Surgical appliance & supplies manufacturing

9.3% In-vitro diagnostic substance manufacturing

5.7% Irradiation apparatus manufacturing

4.5% Ophthalmic goods manufacturing

3.5% Dental laboratories

3.1% Dental equipment & supplies manufacturing

Top 5 states in terms of total medical technology revenue (2017) California, Minnesota, Massachusetts, Pennsylvania, Indiana

LABOR

397,349 people employed

$88,096 annual wage, on average

49% higher than the average across all industries, higher than a corresponding premium of 18% for all manufacturing jobs

Top 5 states in terms of total medical technology employment California, Minnesota, Florida, Indiana, New York

GROWTH RATES

Between 2014 and 2019, total medical technology

  • Employment grew by 4.1%, compared to a 3.3% increase in overall manufacturing employment
  • Sales, shipments, revenues grew by 2.6%, compared to a 2.7% decrease in overall manufacturing sales, shipments, revenues
  • Annual revenues, payroll have remained steady throughout the past decade, adjusted for inflation

INDIRECT EFFECTS

On average, in a given state:$1.00 in MTI revenues added $0.74 in total state revenues

  • 1 MTI job added 1.42 non-MTI jobs
  • $1.00 in MTI payroll added $0.94 in total state payroll

Source: “The Economic Impact of the Medical Technology Industry” – https://www.advamed.org/member-center/resource-library/the-economic-impact-of-the-medical-technology-industry