Cleveland - The Medical Capital - is home to a vibrant healthcare industry composed of recognized leaders and over 700 companies in medical products, therapeutics, services, clinical care, research and commercialization.
An ever-growing pipeline of funded startup companies demonstrates the vibrant biomedical environment in the region. Regional biomedical companies attract funding from venture capital, private equity, and strategic sources as well as state and federal grant programs. The rich pipeline has drawn the notice of larger strategic firms as shown in the increasing number of company exits in recent years.
Regional biomedical companies attracted over $2 billion in growth capital since 2003; more than $1 billion raised over the past five years:
The strength of Cleveland's biomedical industry can be seen in its clusters:
|Over 55 companies make Cleveland a global leader in medical imaging
||Cleveland is ranked #5 in neurotech healthcare and #6 for neurodevice companies*
|With more than 50 companies, Cleveland has long been a center for orthopedic technologies
||Cleveland provides businesses with the unique access to and collaboration with key cardiovascular leaders
Deriving from these clusters are newer sectors in biomaterials, health IT, biosensors, and regenerative medicine.
*NeuroInsights Industry Report
CRITICAL MASS & TALENT
Access to world-class research, clinical facilities, and personnel has allowed Cleveland's biomedical industry to grow from 300 companies in 2002 to over 700 companies in 2014.
- Medical device companies make up half of the total and include firms such as Philips, Hitachi, Steris, Invacare, Integra, Greatbatch, and GE.
- Biopharmaceutical companies including Ricerca, WIL Laboratories, and Affymetrix are all located in the region.
- Health IT companies such as Hyland Software, Radisphere, and LexiComp complete the picture.
WORLD-CLASS CLINICAL & RESEARCH INSTITUTIONS
Internationally recognized clinical and research institutions provide the platform for Cleveland's biomedical industry. These institutions conduct over $700 million in annual research and are nationally ranked in all medical specialty areas.
||AKRON CHILDREN'S HOSPITAL
Nationally ranked in 24 specialities, including #1 heart and heart surgery for 21 years in a row; #2 in gastroenterology & GI surgery, rheumatology, urology, and nephrology*
|Nationally ranked in 7 specialties, including neonatology, neurology & neurosurgery, and urology*
||CASE WESTERN RESERVE UNIVERSITY
|Nationally ranked in 17 specialties, including cancer, ear, nose and throat, gastroenterology and GI surgery, and orthopedics*
||Nationally, School of Nursing ranked 17th, School of Medicine ranked 24th, and School of Engineering ranked 47th*
These institutions have been awarded over $500 million in targeted funds for innovation in cardiovascular therapies, biomaterials, neurostimulation, medical imaging, and regenerative medicine.
*US News and World Report
To learn more about the Medical Capital, visit www.TheMedicalCapital.com.
To learn more about the Cleveland Plus region, visit www.ClevelandPlusBusiness.com.