Quarterly Economic Review Highlights Region’s Biomedical Industry Growth
As highlighted in Team NEO’s most recent Quarterly Economic Review (QER), Northeast Ohio’s biomedical industry is vibrant and growing. The region’s biomedical sector, which includes medical device manufacturing, pharmaceuticals and therapeutics, and research and development, is a $5.6 billion industry with more than 700 companies. The report examines the region’s biomedical industry growth since 2000, noting that the industry has grown 59% from 2000 – 2016.
As the region enhances its reputation as a biomedical hub, it is progressively attracting the attention of venture capitalists, making it a prime location for biomedical start-ups. In fact, since 2003, more than 400 biomedical start-ups have cumulatively raised $2.3 billion in private capital. What is more, the region has tallied 61 exits since 2002. A few notable exits include CardioInsight to Medtronic, Explorys to IBM, and EnvisionRX to Rite Aid. Given the region’s innumerable biomedical assets, exits like these are possible as start-ups are able to grow and thrive in our region. As the below graphs illustrate, Northeast Ohio’s biomedical start-ups continue to see increased investment as the region’s biomedical industry matures.
Investments in Biomedical Start-Ups Continue to Increase
To learn more about Northeast Ohio’s biomedical strengths and why companies should consider our region to grow their businesses, please follow the links below.