The 2019 State of Massachusetts MedTech Report
The Massachusetts medtech industry remains a vital cog to the health of the Commonwealth’s economy. Nearly one in four exports from Massachusetts is a medical device, making the state number one in the nation in share of exports of medical devices as a percentage of total exports, ahead of California, Illinois, Minnesota and Florida. In addition, the state is home to hundreds of medtech companies and tens of thousands of workers. In this report, commissioned by MassMEDIC and prepared by Grant Thornton, you will find the current state of the Massachusetts medtech ecosystem for 2019.
Key Findings in the Massachusetts MedTech Industry Report:
- Exports: Nearly one in four exports in Massachusetts is a medical device. This is the fourth year in a row that Massachusetts ranks first for total medical device exports by percentage (23 percent) of total state exports with a value of $6.13B.
- Talent recruitment: Massachusetts ranks highest in wages for medtech, as compared to California, Minnesota, Florida and Texas. In 2018,the average Massachusetts medtech wage was $121,909.
- PMAs/510(k)s: When adjusting for state GDP, Massachusetts leads California with twice as many PMAs. Although nationally 510(k) clearances are trending downward, again when adjusted for state GDP, Massachusetts leads by a large margin.
- Venture Capital Investment: Biotech continues to get the lion’s share of VC funding. Massachusetts and California VC funding is virtually equal, when adjusted for GDP.
- NIH Funding in the State: Massachusetts hospitals received $2.89 Billion in NIH funding in 2018.