Medical Equipment (NAICS Code 3391)
An EDA funded 2010 study by SRI International entitled Recommended Target Sectors for the Tampa Bay Region, found that the medical instrument & supplies manufacturing field had $89.4 billion in U.S. revenues in 2010, driven by strong growth in the surgical and medical instruments, appliances, and supplies segment. Globally, medical device revenues in 2008 were estimated at $336 billion, and the market is dominated by U.S.-based companies.
Relative to the global pharmaceutical market, the medical device market is half the size, but is experiencing faster growth and poses lower risks than the pharmaceutical industry because of significantly shorter development times and lower regulatory approval risk. Other industry drivers include physician demand for improved diagnostics and imaging for guidance on patient disease status and disease management. Also, the convergence of the medical device and drug industries has resulted in the development of products such as drug-eluting stents and glucose monitoring systems incorporated into insulin pumps.
The medical instruments and devices niche already has a very strong critical mass in the region, with exceptionally high employment concentrations for a number of core activities. While this niche is a mature industry with a high degree of competition, many of the larger firms nationally have locations in the region, such as Baxter International, Cardinal Health, GE Medical Systems Technology, Linvatec (ConMed), Arthrex, and Smith & Nephew. The region is also home to a proportionately large number of small, niche firms in the medical instruments and device sector, manufacturing a wide range of products including orthopedic devices and surgical equipment, medical simulation equipment, ease of living/mobility aids and optical devices.