Get well soon: Total health expenditure in Illinois is expected to rise, increasing demand for medical devices

The Medical Device Manufacturing industry in Illinois is defined by the operations of two companies: Abbott Laboratories and General Electric Healthcare (GE). These two companies account for more than 80.0% of industry revenue, so when these companies perform well, so does the industry. Over the five years to 2017, total health expenditure in Illinois is expected to rise, increasing demand for medical devices throughout the state. Over the five years to 2022, industry revenue is expected to continue growing steadily. The trends that have driven growth for the majority of the past five years are projected to continue supporting industry revenue...purchase to read more.

Industry Statistics & Market Size
Revenue
$1bn
Annual Growth 12-17
8.9%
Forecast Growth 17-22
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Profit
x.x%lock
Employment
2,780
Businesses
41
Market Share of Companies

Industry Threats & Opportunities

  • Industry revenue is primarily driven by the performance of Abbott Laboratories and General Electric Healthcare
  • Industry performance is largely determined by the operations of Abbott and GE
  • A growing senior population will likely spur demand for healthcare services

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    Industry Report - Industry Investment Chapter

    The industry has a moderately low level of capital intensity; in Illinois, for every $1.00 an average industry company spends on labor, they invest $0.13 into capital improvements. Although the cost of assets can be high for industry operators, not all products can be manufactured on an automated production line. Medical device manufacturers produce a range of products for highly specialized applications, and the development and production of many of these devices requires hands-on work, which keeps industry labor costs high. Skilled specialists are needed to research and develop medical devices, and these employees command salaries well above the manufacturing sector's average wage. Consequently, wages are estimated to account for 19.0% o...purchase to read more.

    Additional Insights for the Medical Device Manufacturing in Illinois Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Medical Device Manufacturing in Illinois Industry are

  • Access to highly skilled workforce
  • Access to the latest technology
  • Establishment of export markets

    • IBISWorld analysts also discuss how external factors such as Number of adults aged 65 and older in Illinois and Number of physician visits in the Medical Device Manufacturing in Illinois industry impact industry performance..

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    What's in this report

    Industry Products

    What is the Medical Device Manufacturing in Illinois Industry?

    This industry includes manufacturers of electromedical and electrotherapeutic apparatuses, such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemakers, hearing aids, electrocardiographs and electromedical endoscopic equipment. The industry also manufactures irradiation apparatuses and tubes for applications such as medical diagnostic, medical therapeutic, industrial, research, scientific evaluation and more.

    Industry Products
  • Cardiovascular devices
  • Irradiation devices
  • Neuromodulation devices
  • Surgical devices
  • Diabetes devices
  • Patient Monitoring
    • Industry Activities
  • Fabricating medical diagnostic and therapeutic apparatus
  • Researching and development
  • Marketing and distribution
    • Table of Contents

    About this Industry

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources

    Industry at a Glance

    Industry Statistics Snapshot
    Industry Structure
    Executive Summary

    Industry Performance

    Executive Summary
    Key External Drivers
  • Number of adults aged 65 and older in Illinois
  • Number of physician visits
  • Federal funding for Medicare and Medicaid
  • Total health expenditure in Illinois

    • Current Performance
  • High concentration
  • Demand drivers
  • Chart: Revenue Growth

    • Industry Outlook
  • Demand drivers
  • Company performance
  • Table: Medical Device Manufacturing in Illinois Industry Revenue Outlook

    • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Medical Device Manufacturing in Illinois Industry Lifecycle vs The Economy

    • Products & Markets

    Supply Chains
    Key Buying Industries
  • Manufacturing
  • Medical Supplies Wholesaling
  • Specialist Doctors
  • Hospitals

    • Key Selling Industries
  • Electrical Equipment Manufacturing
  • Manufacturing

    • Products & Services
  • Cardiovascular devices
  • Irradiation devices
  • Other
  • Patient Monitoring
  • Diabetes devices
  • Surgical devices
  • Neuromodulation devices
  • Chart: Medical Device Manufacturing in Illinois Industry Products and Services Segmentation

    • Major Markets
  • Wholesalers
  • Hospitals and Clinics
  • Doctors and alternative care providers
  • Chart: Major Market Segmentation for the Medical Device Manufacturing in Illinois Industry

    • Business Locations
    Chart: Business Locations by State

    Competitive Landscape

    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesOther
  • Chart: Cost Structure Benchmarking – Sector vs Medical Device Manufacturing in Illinois

    • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Medical Device Manufacturing in Illinois Industry

    • Major Companies

    Abbott Laboratories, GE Healthcare, Hill-Rom Holdings Inc., Endotronix,
  • Table: Abbott Laboratories - financial performance
  • Table: GE Healthcare - financial performance
  • Table: Hill-Rom Holdings Inc. - financial performance
  • Table: Endotronix - financial performance

    • Operating Conditions

    Capital Intensity
  • Chart: Level of Capital Intensity for the Medical Device Manufacturing in Illinois Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

    • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

    • Regulation & Policy
    Industry Assistance

    Key Statistics

    Table: Industry Data for the Medical Device Manufacturing in Illinois Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of adults aged 65 and older in Illinois (2008-2022)

    • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data

    Jargon & Glossary

    3D Bioprinting
  • A process of generating items from biological material, wherein cell function and viability are preserved within the printed item.
    • 510(K)
  • Premarket notification for most devices; named for the section of the law that requires these submissions.
    • Electromedical
  • Electrically operated diagnostic and other medical equipment.
    • Medical Device Reporting
  • Submissions to the Food and Drug Administration when death or serious injury occurs while using a medical device.
    • Neuromodulation
  • The alteration of nerve activity through the delivery of electrical stimulation or chemical agents to targeted sites of the body.
    • What Our Customers Say
    Why buy this report?

    IBISWorld’s industry research report on Medical Device Manufacturing in Illinois provides up-to-date sales and market data, allowing you to identify the product and customer segments driving revenue growth. The report identifies the leading companies in the industry, and offers strategic analysis of the key factors influencing the market. Our data forecasts are accompanied by full analysis to illustrate how the market is responding to dominant and emerging trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Medical Device Manufacturing in Illinois:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Medical Device Manufacturing in Illinois market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Medical Device Manufacturing in Illinois, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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