Doctor's orders: Industry revenue to grow with increases in aging population, physician visits, and healthcare

The Medical Instrument and Supply Manufacturing industry in Illinois, a state which houses activity from industry players such as Abbot Laboratories, has experienced a decline in revenue over the past five years, in line with general industry trends, and has been affected by the appreciating United States dollar and competition from imports. Nonetheless, the industry has benefited from Illinois' aging population and the growing number of people with private health insurance, both of which have increased over the period. These increases are projected to continue through to 2022, and, in conjunction with growth in research and development expenditure and continued mergers and acquisitions, are expected to cause revenue to experience growth over the next five years...read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 12-17
-3.0%
Forecast Growth 17-22
Profit
Employment
7,761
Businesses
695
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Industry Threats & Opportunities

  • Industry has benefited from Illinois’ growing aging population
  • Mergers and acquisitions have not slowed down the number of new entrants into the market
  • Healthcare providers are expected to demand more industry products
  • Industry Report - Industry Investment Chapter

    Operators in the Medical Instrument and Supply Manufacturing industry have moderate fixed capital expenses, though wage costs account for 21.8% of revenue. For every dollar spent on wages, $0.09 is spent on capital equipment. The industry produces an assorted range of products for highly specialized applications. Not all products can be manufactured on an automated production line; skilled specialists are needed to create many medical instruments, and these employees command salaries well above the manufacturing sector average wage.Depreciation expense represents 1.9% of revenue. The larger operators within the industry frequently acquire small operators to broaden their range of products and markets, which raises capital expense. The...purchase to read more.

    Additional Insights for the Medical Instrument & Supply Manufacturing in Illinois Industry

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

  • Having contacts within key markets
  • Economies of scale
  • Undertaking technical research and development
  • IBISWorld analysts also discuss how external factors such as Number of adults aged 65 and older in Illinois and Number of people with private health insurance in Illinois in the Medical Instrument & Supply Manufacturing in Illinois industry impact industry performance..

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    What is the Medical Instrument & Supply Manufacturing in Illinois Industry?

    This industry primarily researches, develops and produces nonelectronic medical, surgical, dental and veterinary instruments and apparatus, such as syringes, anesthesia apparatus, blood transfusion equipment, catheters, surgical clamps and medical thermometers. The industry does not manufacture electromedical and electrotherapeutic apparatus, X-ray apparatus, nonmedical thermometers or ophthalmic goods (such as contact lenses and eyeglasses).

    Industry Products
  • Surgical appliances and supplies
  • Dental laboratory equipment
  • Dental equipment and supplies
  • Surgical and medical instruments
  • Industry Activities
  • Designing, developing and medical and surgical instruments and supplies
  • Designing, developing and dental instruments and supplies
  • Designing, developing and veterinary instruments and supplies
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of adults aged 65 and older in Illinois
  • Number of people with private health insurance in Illinois
  • Number of physician visits
  • Research and development expenditure

  • Current Performance
  • Startups and innovations
  • Input costs
  • Chart: Revenue Growth

  • Industry Outlook
  • Innovation
  • Job growth
  • Table: Medical Instrument & Supply Manufacturing in Illinois Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • Medical Supplies Wholesaling
  • Veterinary Services
  • Primary Care Doctors
  • Specialist Doctors
  • Dentists
  • Hospitals
  • Natural Disaster & Emergency Relief Services

  • Key Selling Industries
  • Cotton Farming
  • Glass Product Manufacturing
  • Hose & Belt Manufacturing
  • Plastic Pipe & Parts Manufacturing
  • Rubber Product Manufacturing

  • Products & Services
  • Dental equipment and supplies
  • Surgical appliances and supplies
  • Surgical and medical instruments
  • Dental laboratory equipment
  • Chart: Medical Instrument & Supply Manufacturing in Illinois Industry Products and Services Segmentation

  • Major Markets
  • Hospitals
  • Distributors
  • Third-party providers
  • Chart: Major Market Segmentation for the Medical Instrument & Supply Manufacturing in Illinois Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesWagesResearch and development
  • Chart: Cost Structure Benchmarking – Sector vs Medical Instrument & Supply Manufacturing in Illinois

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

  • Abbott LaboratoriesAbbVie Inc.Baxter InternationalMedline IndustriesPfizer
  • Table: Abbott Laboratories - financial performance
  • Table: AbbVie Inc. - financial performance
  • Table: Baxter International - financial performance
  • Table: Medline Industries - financial performance
  • Table: Pfizer - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Medical Instrument & Supply 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
    Table: Industry Data for the Medical Instrument & Supply Manufacturing in Illinois Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • No. of people with private health insurance in Illinois (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Clinical Research
  • The study of a device in human subjects with the intent to discover potential beneficial effects or determine its safety and efficacy.
  • Intravenous (Iv) Equipment
  • Equipment used to access the veins
  • Orthopedics
  • The field of medicine dealing with bones and muscles
  • Wholesale Bypass
  • A popular trend within retail and manufacturing industries where producers supply goods directly to stores, eliminating the middleman.
  • Why buy this report?

    IBISWorld’s industry research report on Medical Instrument & Supply 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 Instrument & Supply 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 Instrument & Supply 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 Instrument & Supply 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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