OPPORTUNITY
Michigan's rich heritage in manufacturing and pharmaceuticals has created an environment in which the medical device industry is thriving. This fast-growing industry offers strong potential for Michigan-based auto suppliers looking to diversify into new manufacturing sectors.
With 448 facilities, Michigan ranks fourth in the Midwest in the number of medical device establishments, according to the West Michigan Medical Device Consortium.
Nationwide, more than 8,000 medical device makers comprise a market estimated at $97 billion. Growth areas include orthopedics, cardiovascular, obesity, home health care, and drug delivery devices, such as stents and pumps. The contract medical device manufacturing segment, an $18 billion market in 2007, is expected to grow to $32 billion by 2011. Factors driving medical device industry growth include an aging population and longer life expectancy, increased expectations from patients, and innovations in nanotechnology, wireless communications and sensing technologies.
NEXT STEPS
Before embarking on any diversification strategy, it is important to learn more about supplying to the medical device industry or contract manufacturing to determine if your company's capabilities match demand. Mapping your capabilities and competencies to the needs of the market, identifying the supply partners and business model options and the investment required are crucial to a successful strategy.
The first step is education. To learn more about the medical device industry, consult the following resources. If you would like to pursue this opportunity, please email your contact information and any additional questions or information that may be helpful in providing assistance to diversification@michigan.org.
ADDITIONAL RESOURCES
The Michigan Economic Development CorporationSM (MEDC)
The MEDC offers one-stop business assistance to best match businesses' needs with Michigan's opportunities.
MichiganAdvantage.org
Michigan Life Sciences Pipeline
The Michigan Life Sciences Pipeline works to create a network of life sciences researchers, entrepreneurs and service providers throughout Michigan. As the operator of the pipeline, CJPS Enterprises coordinates commercialization of healthcare products and services, assists start-up companies and helps larger businesses diversify into the healthcare industry.
michiganpipeline.com
West Michigan Medical Device Consortium (WMMDC)
The WMMDC focuses on product innovation, business collaboration, advancement of lean manufacturing technologies, business attraction to the region and development of channels to market. Services to members include market research, focused discussion with key OEMS, training, events, networking and co-marketing of regional competency.
wmmdc.org
