Top-Tier U.S. States for Medtech
- California. Yes, there are significant challenges for California-based companies such as the high cost of doing business there, but the medtech industry there generates nearly $60 billion for the state's economy—significantly more than any other state. While the Silicon Valley area is an innovation hub for medical technology, the biggest number of firms are based in Southern California. Not coincidentally, MD&M West, one of the biggest medical device tradeshows, is held in Anaheim. Despite the large number of medtech firms based there, some companies in the state are considering moving for more business-friendly environments.
- Massachusetts. The state is home to one of the densest medical device clusters on the planet. The state's life science industry makes an important contribution to its economy, and receives ample government support.
- Minnesota. With 10,000 lakes and 300,000 life science employees, the state is home to a world-class medical device industry and the Mayo Clinic, which is the largest integrated medical center in the world. Major firms such as Medtronic are also based there.
- Indiana. When it comes to orthopedic devices, there is no place quite like the city of Warsaw, which bills itself as "The Orthopedic Capital of the World." And for good reason: the orthopedic industry alone generates billions of dollars in revenue for the state.
Rounding out the Top Ten (in no particular order):
- Ohio. The Cleveland area is emerging as a nationally recognized medical device hub.
- Florida. The state has a business-friendly environment and a skilled workforce.
- North Carolina. The research triangle in the Raleigh-Durham, NC area gives the state a unique advantage when it comes to material science breakthroughs in medicine.
- Texas. The Lone Star State is famed for its business-friendly environment and strong tech industry. The medtech industry there is also gaining in strength, and convincing firms from states like California to relocate there.
- Georgia. The medical device industry in the state is quickly growing and is receiving support from the Georgia Department of Economic Development.
- Michigan. The state is sharpening its focus on the medtech industry following the decline of the automotive sector.
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by Nancy Crotti on September 18, 2014
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