Medical Device Industry Statistics Roundup – 2022

We’ve gathered some of the most interesting and insightful medical device manufacturing statistics from the past year to help you see the state of the industry today and make predictions about tomorrow.

Isaac
December 2, 2022
med tech, medical device

The medical technology and device manufacturing industry makes tremendous advancements year over year. While this is great for the millions of people who benefit from the life-saving products that result from this advancement, it can make predicting trends and anticipating the future of the industry challenging.

By looking at some of the most relevant (and interesting) statistics of the past year, we can gain some insights about the industry going forward.

Top 10 medical device companies by revenue in 2022

The largest companies in any industry are going to have a significant impact on the direction of the industry as a whole. The following medical device companies are the power players to keep an eye on in 2023 and beyond (earnings results are based on 2021 revenue reports).

State of the industry statistics

The following statistics can give us an idea of the medical device industry’s current health and present some insights into future growth.

The global medical device market is expected to grow to $603.5B by 2023 and to $671.5B by 2027

(Precedence Research)

12 of the 20 largest medical device manufacturing companies have experienced negative growth at least one year in the past seven

(Evaluate)

The medical technology sector raised an all-time high of $9.9B in venture capital funding in 2021

(Evaluate)

North America represents a 39% share of the entire global medical device market

(Precedence Research)

There are 908 medical device manufacturing companies operating in the US

(IBIS World)

Employment statistics

Employment statistics are great indicators of industry stability and market influence.

The medical technology industry directly or indirectly creates about 2 million jobs in the US

(Brandon Gaille)

Employment in the medical device manufacturing sector in the US grew 2.2% in 2022

(IBIS World)

The average job in the medical device manufacturing industry in the US pays about 15% more than the national median

(International Trade Administration)

73% of the companies currently active in the medical device industry have fewer than 20 employees

(International Trade Administration)

Every 5 jobs in the medical technology industry creates an additional 7 jobs

(Advanced Medical Technology Association)

Supply chain and deliverability statistics

Supply chain management and product delivery have been top of mind for medical device manufacturing executives in 2022.

Supply chain costs account for 40% of the expenses in the medical device market

(Mckinsey)

75% of the medical device industry respondents believe that having better supply chain management is a concern for the market

(AT Kearny)

40% of domestic American medical technology production is exported each year

(Seligman)

The in-full, on-time delivery rate for medical device manufacturers is 93%

(AT Kearny)

The average American spends $400 a year per medical device they use

(Inbound Logistics)

Research and development statistics

Innovation is one of the key components of success in the medical device manufacturing industry.

Companies in the medical device industry spend approximately 7% of their annual revenue on research and development projects

(Select USA)

Large medical device companies’ research and development spending grew more than $1.1 billion — or 5.1% — to $23.4 billion during their most recent fiscal years

(Medical Design & Outsourcing)

Medical device manufacturing companies increased their research and development investment by 17.5% year-over-year

(Medical Design & Outsourcing)

Quality control and regulatory statistics

The importance of quality control and regulation in medical device manufacture can’t be overstated.

Regulatory inspections in the medical device industry are increasing at a rate of approximately 300%

(Supply Chain Drive)

Adverse quality events (recalls, warranty claims, lawsuits) cost the medical device industry between $2.5B and $5B per year on average

(IQS)

Submitting for a premarket approval can cost 10x more than the expense of submitting a 510(k) notification in the US for new medical devices

Medical Device Industry Statistics Roundup – 2022