How many medical device companies have fewer than 500 employees?

The statistic that about 98% of medical device companies have fewer than 500 employees reflects the structure of the medical device industry, which is characterized primarily by small to mid-sized enterprises. The industry is driven by innovation and specialization, often with startups focusing on niche markets and specific technologies.

These smaller companies are typically agile, enabling them to respond quickly to changes in technology and market demands. They often rely on a smaller workforce to maintain low overhead costs while fostering a creative environment that encourages the development of new medical technologies.

In contrast, larger companies tend to dominate in terms of sales volume and excess infrastructure, which is not as common among medical device companies. As a result, most of these firms remain relatively small, underscoring the significance of small businesses within the overall landscape of the medical device sector. This understanding of company demographics is critical for students studying biomedical engineering, as it provides insight into career opportunities and the dynamics of the industry.