Healthy Growth: Healthcare And Medical Devices Industry Locations

By Nora Caley
From the July/August 2023 Issue

By any measure, healthcare is huge. Goods and services related to diagnosing, treating, and preventing disease will always be in demand. While telehealth exploded during the pandemic, delivering healthcare is still a mostly in-person business that needs a physical presence in every region. As a result, communities are attracting healthcare systems and health-related businesses by showcasing local skilled workforces, advanced infrastructure, and even the well-being and active lifestyles of residents.

Healthcare is a massive employer. The U.S. Bureau of Labor Statistics (employment by major industry sector) reported that there were more than 20.08 million jobs in healthcare and social assistance in 2021, up from 17.01 million jobs in 2011. The BLS estimates that in 2031 there will be nearly 22.7 million healthcare jobs.

Revenues are also large. According to IBISWorld (Hospitals in the US – Industry Data, Trends, Stats | IBISWorld), hospital revenue rose at a CAGR of 2.6% over the past five years, to a total of $1.4 trillion. The report points to the aging population’s expanding medical needs, broader access to public and private insurance, and rising incomes as factors that sustain the industry.

There are also many hospitals. The American Hospital Association reported in its 2021 AHA Annual Survey that there were 6,129 hospitals in the U.S., and 919,649 total staffed beds in all U.S. hospitals. One way that hospitals compete is to herald their innovative technology, including the newest medical devices. According to the Advanced Medical Technology Association, or AdvaMed, the U.S. is the largest medical device market in the world, comprising over 40% of the global medtech market.

Here are some locations that are successfully attracting healthcare systems and medical device companies.

GRAND JUNCTION, CO: PRIME DESTINATION

The Grand Junction area’s strategic location in the heart of western Colorado positions it as a prime destination for healthcare and medical device businesses. Its proximity to major cities like Denver and Salt Lake City offers excellent connectivity via major highways, railways, and an airport with direct flights to major regional hubs. This advantageous location enables businesses to efficiently serve a broad customer base while quickly accessing supply chains, clients, and markets across the region.

Grand Junction boasts a thriving healthcare ecosystem that supports the growth and success of businesses in the industry. The city is home to renowned healthcare institutions and hospitals, including Intermountain Health St. Mary’s Medical Center, Community Hospital, Family Health West, and the Grand Junction Veterans Affairs Medical Center, which provide exceptional healthcare services and foster collaboration and innovation. The presence of these institutions not only attracts top medical talent but also offers ample opportunities for research partnerships, clinical trials, and product development collaborations, providing businesses with a competitive edge.

The Grand Junction area is known for its highly skilled workforce, making it an ideal location for healthcare and medical device businesses. The city is home to Colorado Mesa University, which offers specialized programs in healthcare-related fields, ensuring a steady supply of talented graduates. The region is also Colorado’s only ACT Certified Work Ready Community.

Additionally, the region attracts professionals seeking a high quality of life thanks to its natural beauty, outdoor recreational opportunities, and affordable cost of living. This combination of a skilled workforce and a desirable living environment makes the Grand Junction area an attractive destination for businesses looking to recruit and retain top talent.

Colorado’s Grand Junction: Where Business Meets Adventure

The Grand Junction area is the largest metropolitan area in western Colorado, with the amenities and infrastructure companies need to operate globally. Situated halfway between Denver and Salt Lake City, the Grand Junction area is easily accessible by air, rail, highway, and WiFi. Read more…

The region’s business-friendly environment is a significant advantage for healthcare and medical device companies. The city provides various incentives to encourage business growth and development, such as tax benefits through its seven federally designated Opportunity Zones and state programs such as the Rural Jump Start Program.

Furthermore, local organizations, like the Grand Junction Economic Partnership, offer comprehensive support services, including site selection assistance, workforce development support, and access to state and local resources. These resources enable businesses to navigate the expansion or relocation process smoothly and maximize their chances of success in the Greater Grand Junction region.

As the healthcare and medical devices industry continues to evolve, businesses must carefully consider their expansion or relocation projects. Grand Junction’s strategic location, thriving healthcare ecosystem, skilled workforce, and supportive business environment make it an ideal destination for companies seeking growth and success in this dynamic industry. Businesses can embrace the possibilities and unlock potential in Colorado’s Grand Junction area.

Visit www.gjep.org for more information about Grand Junction, CO.

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