In the last 50 years there have been significant developments in the production of advanced medical technology. Medical advances and technical innovations that doctors , nurses, and other caregivers use to treat patients allow better outcomes, savings in the healthcare system, and even stimulate the US economy. The advanced medical technology industry is an vital and growing sector in the U.S. economy, generating employment in all 50 states and accounting for a large portion of the nation's GDP In the US, the industry is responsible for approximately 1.9 million workers, including direct and indirect employment. Health technology specifically accounts for nearly 519,000 jobs in the United States.
The U.S. industry's total economic production amounts to $381 billion annually, including direct and indirect, and induced effects on suppliers to manufacturing and other industries.
Each US$ 1bn in advanced medical technology sales produces an additional $1.69bn in domestic economic production, nearly 13,000 jobs, and $778 m in personal income.
In all 50 states the medical technology industry employs men. Minnesota and Utah are top concentration of workers comparatively to medical technology Overall employment — more than three times the national average. Followed by Delaware, Massachusetts and Indiana, with more than twice the national average. The medical technology field has a stable economic future. Medical technology is one of the few still growing manufacturing industries in the U.S. and the industry is continuing to develop and grow. From 2010 to 2012, patent activity in the medical technology sector increased by 15.7%, reflecting the highest growth in patent activity among 12 leading technology sectors. Medical technology not only creates jobs, but its use helps sustain stable American workforce.
Between 1980 and 2010 advanced medical technology led to the reduction of 59 per cent of the number of days spent in hospitals. The implementation of minimally invasive surgical procedures reduced absenteeism in the workforce by 53,000 person-years. Using primary medical techniques in four areas of the disease (diabetes, colorectal cancer, musculoskeletal disease and cardiovascular disease)
U.S. extended GDP of $106.2 billion, with an estimated net income $23.6 billion for the economy, because of better health, decreased disability and growing efficiency.
1. “The Economic Impact of the U.S. Advanced Medical Technology Industry,” Battelle Technology Partnership Practice, March 2012. 2. “The Economic Impact of the U.S. Advanced Medical Technology Industry,” Battelle Technology Partnership Practice, March 2012. 3. “The Economic Impact of the U.S. Advanced Medical Technology Industry,” Battelle Technology Partnership Practice, March 2012. 4. “State Economic Impact of the Medical Technology Industry.” The Lewin Group, Inc., July 7, 2010. 5. Thomson Reuters Intellectual Property & Science business, “State of Innovation Report 2012,” March 27, 2013.
6. A. Epstein, P. Groeneveld, M. Harhay, et al., “Impact of Minimally Invasive Surgery on Medical Spending and Employee Absenteeism,” Journal of the American Medical Association Surgery magazine, published online March 20, 2013, www.jamasurg.com.
7. A. Chatterjee, J. King, S. Kubendran, R. DeVol. “Healthy Savings: Medical Technology and the Economic Burden of Disease.” Milken Institute, July 2014.