Do you wonder what the overall outlook is for the medical device industry this year? Will the job market be stable? Will salaries and other earnings remain consistent? Where will most of the employment opportunities be?
Salary Stats
For starters, Medical device sales jobs continue to be among the most sought-after and highest-paying jobs in the medical sales field. According to MedReps’ 2015 Medical Sales Salary Report, the average annual medical device sales salary was $156,914, with an average base of $76,029. In 2014, those numbers were $158,411 and $77,173, respectively. In 2013, the average medical device sales salary was $150,890 and the average base average was $78,419. The year before that, average salaries were $155,000 and base salaries averaged $80,000.
What these numbers tell us regarding earnings, is that overall, salaries remain consistent. Sure, there may be a little fluctuation here and there and some years may see base salaries reduced from the previous year(s), but typically, commissions and bonuses help to make up the difference.
This also shows that competition due to high numbers of medical device sales jobs combined with a proportionately high number of medical device sales reps haven’t brought salaries down, which is definitely good news for those in the industry who are anxious to either keep their job or find a new opportunity.
The Current Landscape
In a recent MedReps survey entitled Top Medical Device Companies To Work For, it was noted that there are currently more than 6,500 medical device companies in the U.S., and surprisingly, 80% of them have fewer than 50 employees. While this may make it challenging for sales reps to recognize the many top medical device companies, it means the options are still plentiful for those seeking jobs at smaller med device companies and start-ups. Other than perhaps the size of the company, what else are job seekers looking for?
Participants of the Top Medical Device Companies survey also placed a high value on an employer with a strong product line as well as a commitment to research and development. In addition, when it came to corporate culture and employee growth, respondents said the best medical device companies to work for must offer both competitive compensation and a healthy work-life balance. More and more, top medical device companies like Medtronic, Johnson & Johnson, Stryker, and others are taking notice and actually listening to their employees while creating desirable workplaces for them as well as new hires. These has increased overall job satisfaction and that definitely bodes well for the 2016 medical device job market forecast.
Finding Jobs
The ultimate test of an industry’s strength can usually by measured by jobs and naturally, with a healthy industry comes job availability. But where are those jobs? Here are the cities that are currently offering the highest medical device employment opportunities in the country:
Chicago (124 jobs)
Philadelphia (107 jobs)
New York (97 jobs)
Dallas (95 jobs)
Los Angeles (88 jobs)
Boston (86 jobs)
San Francisco (83 jobs)
Minneapolis (82 jobs)
Atlanta (80 jobs)
Houston (77 jobs)
Seattle (73 jobs)
Phoenix (68 jobs)
With factors like a stable job market, consistent earnings, and a satisfied labor force, it’s easy to assume that this year’s outlook for the medical device industry is a bright one. This should help medical device sales reps gain confidence for 2016 and going forward. However, if sales reps become unhappy with their current situation, they should not hesitate to look for a different job in the same area or even relocate to a new location that offers ample opportunities. 2016 looks to be a strong year and sales reps should have plenty of chances to find fulfillment within the medical device industry.
