While most sectors of the economy experienced a slowdown or decline during the recession, research shows that the medical technology industry fared better than most and continues to be a major contributor to U.S. economic health. In fact, the industry has emerged as one of the strongest drivers of the rebound. While challenges remain for the med tech field, technological and business advances paint a promising future.
The recession had a smaller effect on medical technology companies than on the general economy, with overall manufacturing employment falling 4.8 percent between 2007 and 2008, while med tech employment decreased only 1.1 percent. Moreover, manufacturing payrolls fell 1.4 percent while med tech payrolls dropped 0.7 percent, and U.S. product sales increased 2.8 percent while med tech sales grew 3 percent.
“This report paints an impressive picture of an industry that is a world leader in medical technology and a key economic engine for America in terms of job growth, payroll and sales,” Stephen J. Ubl, president and CEO of AdvaMed, said in an announcement of the findings. “However, our world leadership cannot be guaranteed in the future. It is essential that regulatory and payment policies support innovation while ensuring public health and safety and moving us toward a more efficient and quality-driven health care system.”
Read more of this industry market trend on ThomasNet:
Vital Signs of the Medical Technology Industry
