The Value of Medical Technology
Medical technology companies create lifesaving and life changing innovations. These medical devices and diagnostics allow people to live longer, healthier and more productive lives. Over the past 30 years, medical advancements have helped extend life expectancies in both developed and developing countries across the globe. Medical innovations have helped significantly reduce fatalities from heart disease, stroke and cancer.
These advancements also yield savings across the health care system by replacing more expensive procedures, reducing hospital stays and allowing people to return to work more quickly. Between 1980 and 2010 in the U.S. alone, innovative medical technologies helped reduce the duration of hospital stays by 59 percent.
The medical technology industry is fuelled by small businesses and entrepreneurs, providing high quality jobs and economic growth in communities both large and small. Our industry is responsible for hundreds of thousands of jobs across Asia Pacific and nearly US$ 90 billion in annual sales.
Source: McKinsey, AdvaMed, MedTech Europe
- Our innovations help patients worldwide live longer, healthier and more productive lives.
- We improve the efficiency of health care systems through earlier disease detection and more effective treatments that reduce the economic burden of disease and the cost of care.
- We drive economic growth by creating high-paying manufacturing jobs across all major markets in Asia Pacific and through net exports to other countries around the world.
- The market for our products is highly competitive, which drives further innovation and helps keep our products affordable.