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Key Things to Learn About the State of the Medtech States
Chris Newmarker
May 6, 2015
2 Min Read
.svg?width=850&auto=webp&quality=95&format=jpg&disable=upscale "Key Things to Learn About the State of the Medtech States")
Minnesota now has more medtech jobs than Massachusetts, but the Bay State still remains a strong hub.
Chris Newmarker
Massachusetts is slipping when it comes to number of medtech jobs. That was one of a number of enlightening statistics in a new report that KPMG has produced for MASSMedic.
The report was released as part of the new Massachusetts Medtech Week that involves the holding of both the MassMEDIC Conference and BIOMEDeviceBoston on May 6 to 7 at the Boston Convention Center. (A similar Minnesota Medtech Week is taking place in Minnesota this November.)
Here some key takeaways from the report:
Massachusetts lost medtech jobs faster than the rest of the country. From 2008 to 2012, overall national Medical Device industry employment decreased by 3%; it fell by 5% in Massachusetts. The result is that Massachusetts dropped from second to third place for number of medtech jobs, behind California and Minnesota. It is also worth noting that New York and Indiana replaced Pennsylvania and Florida in the top five states.
Exports are up. They grew at a compound annual growth rate of 4.5% between 2008 and 2014, reaching $44 billion in 2014. The top five medical device exporting states are California ($15.6 billion), Texas ($5.27 billion), Massachusetts ($5.12 billion), Tennessee ($5.07 billion), and Indiana ($3.62 billion).
Massachusetts is still a top place for invention. It remains third in the country for medtech patents and second for number of 510(k) approvals.
Find out more about how medtech labs and incubators in Massachusetts and New York are drawing investors to help spread their health solutions around the globe.
Refresh your medical device industry knowledge at MD&M East in New York City, June 9-11, 2015. |
Chris Newmarker is senior editor of Qmed and MPMN. Follow him on Twitter at @newmarker.
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