MEDICAL TECHNOLOGY SPOTLIGHT (SelectUSA)
The United States remains the largest medical device market in the world: $156 billion (40 percent of the global medical device market in 2017). By 2023, it is expected to grow to $208 billion. U.S. exports of medical devices in key product categories identified by the Department of Commerce exceeded $43 billion in 2018. The medical technology industry (commonly referred to as medical devices) consists of articles, instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health purpose. Typically, the purpose of a medical device is not achieved by pharmacological, immunological, or metabolic means.
The industry includes almost 2 million jobs in the United States, including both direct and indirect employment. Medical technology directly accounts for well over 300,000 of these jobs. More than 80 percent of medical device companies in the United States consist of fewer than 50 employees, and many (notably start-up companies) have little or no sales revenue. U.S. medical dev...
