Report: Device Industry Weathers Bad Economy
A new report recently released by the Advanced Medical Technology Association (AdvaMed) shows the medical technology industry has weathered the poor U.S. economy better than its other manufacturing counterparts.
The report from the device manufacturer trade group shows that while the industry was not immune to the recent global economic downturn, the impact has been less than on other manufacturing industries.
The report, developed by the Lewin Group, shows that:
- Total U.S. manufacturing employment decreased by 4.8%
- Medical technology employment decreased by only 1.1%
- Total U.S. manufacturing payroll decreased 1.4%
- Medical technology payroll decreased only 0.7%
- Total U.S. product sales increased 2.8%
- Medical technology sales increased 3.0%
The study notes that although the patient benefits from medical technology are obvious, less obvious or even considered are the economic benefits of the industry in the communities and states in which they operate.
For example, between 2005 and 2008, the number of workers employed by industry increased 12.5 percent; the payroll increased 11.4 percent; and the total worth of products sold also increased 11.6 percent. In addition, salaries in the medical technology industry are 40% above the national average ($58,000 vs. $42,000).
For more information about the report, click here.