Facts and Figures Re: Medical Devices
▪ 125 million Americans have 1 or more chronic conditions (e.g. congestive heart failure, diabetes.) Chronic diseases account for 75% of all health care expenditures. Source: Burrill & Company, 2006
▪ The medical device market in the United States should be approximately $86 billion by the end of 2006 (close to $220 billion worldwide), with a 10% annual growth rate expected for the coming year. Source: AdvaMed 2006
▪ The market for coatings and surface-treatment processes used on medical devices will reach more than $5.31 billion by 2010. The 12.4% annual growth rate will be fueled by explosive growth in high-value combination products. Source: Medical Device Coatings Report, BCC Research, April 2006
▪ During period of 2001-1006, California companies - $23.9 billion of increased market value creation, followed by Indiana at $22.9 billion, and Massachusetts at $20.7 billion. Source: Medical Device Industry Market Capitalization Report, 2001–2006
▪ The medical devices and equipment industry employs more than 411,400 workers, accounting for nearly one third of all US bioscience jobs. Source: Medical Product Outsourcing 2006
▪ Pennsylvania and New York included in Top 5 US states for Medical Device Employment - The thriving medical device industry in Massachusetts is the East Coast equivalent of the San Francisco Bay Area. Source: US Bureau of Labor Statistics, 2005
▪ The spinal devices segment (of the marketplace), with a striking growth rate of 20 to 25 percent annually, leads the orthopedic market. Extensive research on bone growth factors and fusion biologics has been integral to emerging technologies for the spine market. Source: Frost & Sullivan’s Emerging Technologies for the Spine Market (Technical Insights), published September 2006
▪ The medical device industry in Canada has approximately $5 billion in sales, with 50% of those sales in Ontario and 25% occurring in Quebec. Source: www.medec.org, 2007
Ok, the market is huge and growing -- why not invent a new device? What are you waiting for!!
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