Medical technology (medical devices) consists mainly of instruments, articles, apparatus and machines to be used in medical treatment. Medical devices are used particularly in the prevention, diagnosis and treatment of illness and disease as well as for identifying, assessing, restoring, rectifying or altering a structure or function of the body for reasons of health and well-being.
The medical device market in the United States (US) is quantified at almost $156 billion and, according to 2017 research, constitutes nearly 40% of the global medical device market. Continuing the upward trajectory, a growth of almost $203 billion is expected by 2023. According to the US Department of Commerce, the export market in the US for medical devices exceeded $43 billion in 2018.
Due to the success of this market, the US employs almost 2 million people, both directly and indirectly, across the sector. Interestingly, though more than 80% of medical companies in the US consist of less than 50 employees (which include start-ups with almost no revenue), they are highly-regarded globally because of their advances and innovations in the sector.
Revenues derived in the US medical industry are most often positively utilised for continuing research and development, product innovation and commitment to the progression and improvement of existing technologies.
In this market in the US, there is collaboration with other industries such as microelectronics, telecommunications, instrumentation, biotechnology and software development, leading to much needed advancements in technology like neuro-stimulators, stent technologies, biomarkers, robotic assistance and implantable electronic devices.
To date, the success of the medical device industry in the US can be measured by the growth in life expectancy of the global population. For this reason, it is imperative that research and development continues in the medical technology sector, both in the US and world-wide. It has a direct positive correlation with improving lives.
At Burke Lawyers our medical lawyers have the expertise and experience to assist you both in Australia and the United States. Contact us today on +61 3 9822 8588 or email our team here.