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.

Medical Technology – An investment or a cost?

  • Minimally invasive surgeries often mean lower costs and fewer lost days at work for patients.
  • Fatalities from heart disease have been cut by more than half over the last three decades with the help of therapies such as angioplasty and stenting that reopen blocked arteries.
  • Advances in wound care technology help decrease the incidence of amputation and reduce length of hospital stays.
  • Total knee replacement surgery delivers significant lifetime savings per patient, due to improved earnings and fewer missed days of work.
  • The Pap smear diagnostic test has led to a sustained reduction in cervical cancer incidence and mortality globally.
  • Cataract surgery with intraocular lens technology improves vision and quality of life.
  • Advances in blood collection technology ensure safer blood for patients and simpler procedures for donors.

Medical technology should be seen as an investment rather than a cost. If we live longer, healthier and more productive lives – thanks in part to state-of-the art medical interventions – technologies should be viewed as cost-effective. That is what we mean by value.

Source: McKinsey, AdvaMed, MedTech Europe

Key Facts

  • 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.