Good neighbors: Rising demand in New Jersey and surrounding states has benefited the industry

The five years to 2018 have been a strong period for the Medical Device Manufacturing industry in New Jersey. The industry, which is made up of a small number of companies, has benefited from healthcare trends both in and outside of the state. The industry generates a significant portion of revenue from sales to wholesalers, which sell both in New Jersey and in neighboring states. As a result, the industry benefits when demand for medical devices increases not only in New Jersey, but also in states like Pennsylvania, New York and Delaware. Nationally, over the past five years, total health expenditure has increased at an annualized rate of 3.5%, representing increased demand for healthcare services and, therefore, medical devices...purchase to read more.

Industry Statistics & Market Size
Revenue
$981m
Annual Growth 13-18
1.8%
Forecast Growth 18-23
Profit
Employment
2,433
Businesses
32

Industry Threats & Opportunities

  • New Jersey medical device companies benefit from increased demand both in and outside of the state
  • Additional Insights for the Medical Device Manufacturing in New Jersey Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Medical Device Manufacturing in New Jersey 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 people with private health insurance in New Jersey and Number of adults aged 65 and older in New Jersey in the Medical Device Manufacturing in New Jersey industry impact industry performance..

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    What's in this report

    What is the Medical Device Manufacturing in New Jersey 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
  • Diabetes devices
  • Patient monitoring devices
  • Industry Activities
  • Fabricating medical diagnostic and therapeutic apparatuses
  • Research and development
  • Marketing and distribution
  • 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 people with private health insurance in New Jersey
  • Number of adults aged 65 and older in New Jersey
  • Total health expenditure
  • Federal funding for Medicare and Medicaid
  • Trade-weighted index

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Medical Device Manufacturing in New Jersey Industry Lifecycle vs The Economy

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

  • Key Selling Industries
  • Electrical Equipment Manufacturing
  • Manufacturing

  • Products & Services
  • Other
  • Cardiovascular devices
  • Neuromodulation devices
  • Diabetes devices
  • Irradiation devices
  • Patient monitoring devices
  • Chart: Medical Device Manufacturing in New Jersey Industry Products and Services Segmentation

  • Major Markets
  • Wholesalers
  • Hospitals
  • Physicians
  • Alternative care providers
  • Chart: Major Market Segmentation for the Medical Device Manufacturing in New Jersey Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Medical Device Manufacturing in New Jersey

  • Basis of Competition
    Barriers to Entry
    CR Bard Inc., Johnson & Johnson, Medtronic PLC, General Electric Company, Trinity Medical Devices Inc.,
  • Table: CR Bard Inc. - financial performance
  • Table: Johnson & Johnson - financial performance
  • Table: Medtronic PLC - financial performance
  • Table: General Electric Company - financial performance
  • Table: Trinity Medical Devices Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Medical Device Manufacturing in New Jersey 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 Device Manufacturing in New Jersey Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of people with private health insurance in New Jersey (2009-2023)

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

    The Medical Device Manufacturing in New Jersey industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

    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
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    This report on Medical Device Manufacturing in New Jersey:
    • 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 New Jersey 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 New Jersey, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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