For people with the right mix of education, skills, and ambition, medical sales jobs should remain plentiful in the coming years. Most expert projections call for the healthcare industry in general, including medical sales, to continue the rapid growth of the past decade.
Part of this trend is driven by an aging population that is living longer and making more use of medical services, according to the U.S. Bureau of Labor Statistics (BLS). This includes medical devices for hip and knee replacements, cardiological procedures, and much more. This demographic reality has helped make a medical device sales career an attractive choice for professional sales reps.
Medical device sales is challenging, but beyond the monetary reward is the satisfaction of helping people live healthier lives.
Growth in the Medical Sales Industry
A report from Precedence Research shows the incredible growth rate expected in the medical sales market. In 2021, the global medical devices market was valued at $550 billion. It’s expected to reach $850 billion by 2030, with a compound annual growth rate of 5.5 percent between 2022 to 2030.
And while the U.S. Bureau of Labor Statistics (BLS), considered the most reliable source of career-related information in the U.S., does not specifically track medical sales rep jobs, it does project more jobs will be added in healthcare than any other industry by 2030. The BLS expects 16 percent growth in the number of jobs between 2020 and 2030. That translates into 2.6 million new jobs. Healthcare is now the top employer among all U.S. industries.
Salary Growth Continues in Medical Sales Field
In addition to providing personally rewarding experiences, medical sales jobs also offer strong financial rewards. A testament to the value of medical sales reps is the fact that medical sales salaries increased in 2020 during the height of the COVID-19 pandemic. That growth continued in 2021, according to the latest Medical Sales Salary Report from MedReps, with overall salaries increasing 2.64 percent.
The report provides details that show not only the opportunity to make a significant salary but also the opportunities in medical device sales for women and people of color. Key findings in the report include:
- A 2021 median base salary of $95,000, up $5,000 from 2020
- A 2021 average base salary of $104,649, up 4.7 percent
- A 2021 average total salary of $172,527, up 2.64 percent
The average salary for women in medical sales increased by 14 percent. Women also hold 23 percent of manager or director-level jobs, increasing by 17 percent from 2020.
The Importance of Medical Device Sales
Those who work in medical device sales play a key role in healthcare, bridging the gap between the creators and manufacturers of medical devices and the healthcare practitioners who use them. By bringing the latest device technology to the attention of hospital administrators, surgeons, and other clinicians, medical sales reps are a key part of a system that ultimately leads to better patient outcomes.
IQVIA, a global provider of technology solutions and clinical research services to the life sciences industry, writes that the profession draws those with a gift for sales and a desire to make a difference. They note that 90 percent of people value meaningful work over pay, adding that medical sales involve cultivating long-standing relationships with healthcare leaders and practitioners, “all with the goal of improving patient care.”
They add that products sold by medical devices sales reps “could prolong a patient’s life by years – or drastically improve the quality of life for a person with a chronic disease. For many sales representatives, that’s a key reason for working in the industry.”
Learn Medical Device Sales
Against this backdrop of encouraging current data and future projections, an increasing number of people want to learn how to get into the medical device sales industry. Medical Sales College offers experienced faculty and an evolving curriculum that keeps up with the latest innovations in medical technology. The school can take those without medical sales experience and prepare them for success.
The institute also has a high percent placement rate of graduates in jobs. Those considering a medical sales rep job can see the list of placed graduates working with some of the top companies in the world.
