The Medtech Job Demand Report 2024

Amidst the progress and innovation happening in Medtech, its been a challenging year for the ecosystem including multi-round layoffs, corporate restructurings and dismal job growth, with Medtech open job listings on LinkedIn[1] down 70% on average through the first half of 2024 in all of the major US hubs.?

But in the past 90 days, new job postings have increased by 50% or more in nearly all regions (orange in the chart below). The states of Florida and Texas had the highest increase in open job listings (70%+), with Greater San Francisco at 64%, Los Angeles at 60%, and Boston and Chicago at a 50% increase.

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There are also signs that job growth may be accelerating. Noted on the same chart, in blue, are new job listings for the most recent seven days, as a percentage (data as of Nov 8, 2024). What this means is that on average, 30% of current open Medtech jobs (on Nov 8, 2024) were posted in the just the previous week.

This is all good news, however, it's still far below typical for the industry sector[2]. ?The total open full time job listings on LinkedIn, classified as “medical equipment manufacturing” as of November 6, 2024 stood at only 20,351, and this is still around half of normal numbers, as compared to averages from 1999-2023.

For more perspective, after considering the recent 90-day surge, from a total open Medtech jobs standpoint, we’re now just getting back to the formerly lowest numbers seen during the peak of pandemic uncertainty. During this time, greater Boston job postings dipped into the 2000s- the lowest sustained period of job listings seen in Medtech since 2008. Greater Boston is now up to 2400 job listings. In May of this year, Greater Boston's openings were at just 650.

The current breakdown of open listings by major region since May of this year can be seen in the chart below. May 2024 is the first time job growth turned upwards for Medtech since Q3/Q4 2023. (May in Orange),? (Late Aug-September Averages in Green) and (Nov in Blue).

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It's clear the job numbers are rising. It remains to be seen, however, if this is an end of year push, or a trend that will continue to build into the coming year.

I plan to compile updates again in December and January to help determine if the momentum is taking hold.????????????????????????????????????????? ?

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Notes about the data and this article-

An understanding of Medtech job demand and trends are integral to Agile Search Inc. in performing its mission to build unstoppable teams, and as the company's president (and current only full-time employee) I've always kept close tabs on these numbers. In May of this year, however, I noted a sustained, seemingly historic low and decided to make it a special project to track open listings on a near weekly basis across all US major Medtech hubs.

The open job listing numbers used as reference data are derived from publicly available searches on LinkedIn. The data is not intended to be all inclusive, of all jobs in Medtech. The data does not include other job listing forums like: C-level roles posted on C-level job sites, other job boards outside of LinkedIn, larger company career listings, and the jobs that are hired for, but not ever posted. Even though this data is not all inclusive, as the number one professional career platform and job listings advertising company in the world, I believe LinkedIn data sampling represent the market dynamics quite well.

Anyone is welcome to contact me for more insight into the data.

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Cheers,

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[1] Data obtained for open, full time, job listings on LinkedIn; includes all companies classifying as Medical Equipment Manufacturers.

[2] For the purposes of this article, industry sector, ‘Medtech’, refers to traditional Medtech, Digital Health and Diagnostics companies that classify as medical equipment manufacturers.