Healthcare is a key component of the Greater Phoenix economy, representing nearly 220,000 jobs and two of the top 10 private employers in the region.

Health Technology in Greater Phoenix

NOTE: This report was published in 2017 and the data on this page is reflective of that.

 

An Emerging Opportunity

Healthcare is a key component of the Greater Phoenix economy, representing nearly 220,000 jobs and two of the top 10 private employers in the region. As a major metropolitan area with access to a large population, the region is an ideal place for large healthcare institutions to set up operations that serve the public. However, the healthcare industry in the United States is at a critical point in its evolution. As healthcare costs grow, consumers and regulators are pushing for better outcomes. The upcoming transition to value-based care empowers patients as they require more control over their health. Health technology can provide the tools to increase the quality of care that patients receive. In order to capitalize on these trends, the region must invest in technology development, entrepreneurship and a talented workforce. By tackling some of the challenges that keep new and existing firms from growing in the region, Greater Phoenix can become a leader in innovative health technology, changing the way business is done while also making the world healthier.

KEY FINDINGS

 

GLOBAL HEALTHCARE TRENDS

An aging population and rising healthcare costs have spurred new models of patient care, including value-based and outcomes-driven care. Healthcare payers still control the pace of innovation in the industry, but consumer access is growing as patients demand more autonomy over their health.

TECHNOLOGY OPPORTUNITIES

Value-based care and other healthcare trends are sparking new innovations in the industry, particularly around health IT, wearables and patient data analytics. The growth in data spurred by these innovations will place an added emphasis on cybersecurity efforts to protect patient information.

Regional Recommendations

 

#1

Enhance the system for licensing and commercialization of health technology research, expanding the collaboration between universities, entrepreneurs and healthcare providers.

#2

Build a mentorship program for new health tech entrepreneurs, ensuring that successful business leaders remain connected to the ecosystem and provide needed expertise regarding the healthcare industry.

#3

Leverage healthcare assets in the region to grow health technology capital, increasing investments from corporate development arms of existing firms and using established innovators to evaluate new technologies for potential angel investment and venture capital funding.

#4

Produce and attract a quality technical workforce in order to help healthcare technology companies grow and scale in the Greater Phoenix region.

219K

Employees in Healthcare

84%

Since 2001 healthcare employment in Greater Phoenix has grown 84% compared to 34% nationally

2.7K

Employees and 161% growth in Medical Devices

25K

Employees and 92% growth in Information Technology

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