News | Radiology Business | July 29, 2021

Medtech jobs pay 49% higher than the average across all industries, with every five medtech jobs creating an additional seven jobs 

Medtech jobs pay 49% higher than the average across all industries, with every five medtech jobs creating an additional seven jobs

Getty Images


July 29, 2021 — New data released today by the Advanced Medical Technology Association (AdvaMed) found that the medical technology (medtech) industry created more, better-paying jobs than the manufacturing sector overall. AdvaMed commissioned the new economic research report by Macro Policy Advisors to study the industry’s jobs footprint and economic impact on states, and the results were overwhelmingly positive for Americans.

The report determined that:

  • Medtech directly employed 397,000 people, at an average annual salary of $88,096—49% higher than the average across all industries and 18% higher than the corresponding premium of all manufacturing jobs.
  • Every 5 medtech industry jobs creates an additional 7 jobs.
  • Between 2014-19, medtech employment grew by 4.1%, compared to a 3.3% increase in overall manufacturing employment.
  • Of the nearly 15,000 medtech establishments, 94% were small businesses that employed fewer than 100 employees.

Economists also found that medtech is responsible for the creation of nearly 2 million jobs in the U.S. economy.

“The COVID-19 pandemic was a stark reminder of how critical medtech is to protecting patients and improving quality of life. This new data demonstrates that the industry creates not only lifesaving medical breakthroughs but also economic benefits to workers and state governments,” said Scott Whitaker, President and CEO of AdvaMed. “Thanks to medtech, patients spend fewer days in the hospital and live longer, better-quality lives, while workers in the industry earn higher salaries than most industries. These benefits should remain top of mind for policymakers exploring changes to the law that would affect our industry.”

Medtech revenues had multiplier effects on state revenues and state payroll. The report found that every $1.00 in medtech revenues generates roughly an additional $0.74 in total state revenues, while every $1.00 in medtech payroll led to an additional $0.94 in total state payroll. These economic benefits are particularly important to states experiencing reduced tax revenues caused by lockdowns during the coronavirus pandemic. For example:

  • Medtech in California resulted in more than $32 million in state revenue and nearly $7 million toward state payroll, indirectly generating more than $56 million in state revenues and more than $13 million toward state payroll. 
  • Medtech in Minnesota led to $8 million in revenues, resulting in $13.8 million in indirect revenues, and $1.9 million in state payroll taxes, which generated $3 million in payroll taxes across the state. 
  • New York’s medtech industry created $5.2 million in revenues, which resulted in $8.3 million in state revenues, and more than $1.1 million in state payroll taxes directly—leading to a total effect of $2 million in state payroll taxes.

The report was produced by Macro Policy Advisors—an independent nonprofit organization that partners with private think tanks, academic institutions and policy advocacy organizations to develop unbiased investigations and reasoned responses to the macroeconomic policy concerns of today.  

For more information: www.advamed.org


Related Content

News | PACS

November 28, 2022 — At this week’s Radiological Society of North America (RSNA) annual meeting (November 27 – December 1 ...

Time November 28, 2022
arrow
News | RSNA

November 28, 2022 — Adam E. Flanders, M.D., FSIIM, a prolific mentor, author and pioneer for digital learning, was ...

Time November 28, 2022
arrow
News | Artificial Intelligence

November 28, 2022 — Carestream Health will demonstrate the value and impact of artificial intelligence (AI) in radiology ...

Time November 28, 2022
arrow
News | Electronic Medical Records (EMR)

November 28, 2022 — CareCloud, Inc., a leader in healthcare technology solutions for medical practices and health ...

Time November 28, 2022
arrow
News | Artificial Intelligence

November 28, 2022 — Flywheel, a leading data management platform for biomedical research and collaboration, is creating ...

Time November 28, 2022
arrow
News | RSNA | By Christine Book

November 27, 2022 — Among dozens of technical exhibit visits, informative discussions, and captivating Plenary Session ...

Time November 27, 2022
arrow
News | RSNA

Nov. 27, 2022 — ClariPi Inc. has announced that its ClariCT.AI software will be released on Siemens Healthineers’ ...

Time November 27, 2022
arrow
News | RSNA

November 27, 2022— Royal Philips, a global leader in health technology, today announces its portfolio of smart ...

Time November 27, 2022
arrow
News | Breast Imaging

November 25, 2022 — Hologic, Inc. will exhibit its extensive portfolio of breast and skeletal health products at the ...

Time November 25, 2022
arrow
News | RSNA

November 23, 2022 — With the aim of cultivating global partnerships and improving health equity, access, safety and ...

Time November 23, 2022
arrow
Subscribe Now