Top data points on the state of medtech innovation in the southeastern U.S.
In his opening remarks to the audience at the SEMDA 2016 Conference in Nashville, executive director Jason Rupp outlined the common characteristics of health medtech ecosystems and highlighted data points stakeholders need to affect. The most important elements to a robust medtech innovation community? Technology, funding, workforce and infrastructure.
The southeast is strong in technology and workforce thanks to a healthy collection of academic and research institutions. There also appears to be sufficient infrastructure network of supporting organizations to make the southeast a desirable location for young medtech companies and their investors.
However, the disparate geography of innovation centers and fluctuations in funding appear to be preventing medtech innovation in the southeast from accelerating further. Here are a few highlights.
- Total venture investment in SE medtech peaked at $624 million in 2013 before falling to $329 million in 2014 and rebounding to $441 million in 2015. (Source: EvaluateMedtech, May 2016)
- In 2015, investment in cardiology led by a wide margin (thanks to Humacyte’s $150M B Round), followed by endoscopy and orthopaedics. (Source: EvaluateMedtech, May 2016)
- The states with the highest job growth in medtech from 2007 – 2012 were North Carolina (20%, 1,500) and Tennessee (20%, 1,237). Georgia and South Carolina both had 421 over the same period. (Source: 2014 Battelle Report)
- Medical device patents generated by SE states grew every year from 2008 to 2014 before falling in 2015. (Source: US PTO)
- The number of venture deals in SE medtech companies has fallen in the past three years, while the average size of the deals increased significantly in 2015. (Source: EvaluateMedtech, May 2016)
- View Jason’s full, data-filled presentation deck below, and don’t forget to follow SEMDA on LinkedIn & Twitter. Join the conversation with the hashtag #SEMDA16.