Tremendous progress has occurred in the development of advanced medical technology in the last 50 years. Medical progress and improvements in the technologies that physicians, nurses and other care-givers use to treat patients allow for improved outcomes, health system savings, and even stimulate the U.S. economy.
The total economic output by the industry in the U.S. amounts to $381 billion annually, including direct and indirect and induced impacts on industry suppliers and other sectors.
The industry is responsible for nearly 2 million jobs in the U.S., including both direct and indirect employment. Medical technology directly accounts for nearly 519,000 U.S. jobs.
MedTech Supports Well-paying Careers and Job Growth
Every $1 billion in advanced medical technology revenue in the U.S. generates an additional $1.69 billion in national economic output, almost 13,000 jobs, and $778 million in personal income.
The Economic Impact of the Medical Technology Industry
This report provides a 2021 statistical update on the contributions of the medical technology industry to national and state economic conditions.
MedTech Grows State Revenues and Economies
Every $4.00 in medtech revenues generates an additional $3.00 in total state revenues.
Every $15.00 in medtech payroll led to an additional $14.00 in total state payroll.
From 2014-19, medtech sales, shipments, and revenues grew by 2.6%, compared to a 2.7% decrease in overall manufacturing sales, shipments, and revenues.
The medical technology industry has a healthy economic future. Medical technology is one of the few manufacturing sectors still expanding in the U.S., and the industry continues to innovate and grow. Patent activity in the medical technology sector increased 15.7 percent from 2010 to 2012, representing the strongest growth in patent activity among 12 leading technology sectors. Medical technology not only creates jobs, but its use helps keep the American workforce healthy.
Between 1980 and 2010, advanced medical technology helped reduce the number of days spent in hospitals by 59 percent.
The use of minimally invasive surgical procedures reduced workplace absenteeism by 53,000 person-years.
The use of key medical technologies in four disease areas (diabetes, colorectal cancer, musculoskeletal disease, and cardiovascular disease) expanded U.S. GDP by $106.2 billion and provided a net annual benefit of $23.6 billion to the economy due to better treatment, reduced disability, and increased productivity.
Overall National Facts
|Direct impact on U.S. jobs||519,000|
|Number of medical technology firms in the U.S||Over 6,500|
|Overall impact on U.S. jobs (direct & indirect)||Nearly 2 million|
|Percentage of medical technology firms with less than 50 employees||More than 80%|
|Total economic output (direct & indirect)||$380 billion annually|
|Average total compensation per worker (including benefits)||$84,000|
|Annual U.S. medtech exports||Over $44 billion|
|Total personal income for U.S. workers (direct & indirect)||Over $113 billion|
|Trade surplus||About 14%|
Jobs by State
Find out how many jobs the medical technology industry supports in each state.
Find Jobs in the MedTech Industry.
AdvaMed members can check out the MedTech Career Center to browse jobs available in your area.