A recent report from commercial real estate brokerage JLL shows Orange County’s medical technology market is “especially thriving.”
“Orange County’s proximity to major medical centers, strong venture capital presence, diverse talent pool and supportive business environment make it an attractive location for medtech companies,” the JLL report said.
“The region also offers opportunities for early adoption and pilot testing of innovative healthcare technologies.”
JLL published a report on the hottest medical device hubs for biopharma, medtech and biomanufacturing.
The report was highlighted at an Oct. 25 Medical Innovation Forum, hosted by local business accelerator Octane OC, that gave investors an opportunity to learn about the newest technology being developed locally.
“The JLL report is significant as it places Orange County in the top position among medtech innovation hubs,” said Octane CEO Bill Carpou.
“Looking at all the different data points that went into that ranking, it demonstrates our leadership as a county on job creation, talent development, access to capital and expertise, and the full connected ecosystem to develop these early-stage ideas.”
Lot of Dry Powder
JLL mentioned Orange County as part of a study on the life sciences industry and real estate perspective.
Its No. 1 takeaway is that top venture capital firms focused on life sciences have raised record amounts of dry powder, “which amounts to a matter of ‘when’ and not ‘if” these funds will be deployed.”
JLL said its analysis has “uncovered markets that show strength.”
It noted that Orange County ranked No. 4 in medtech manufacturing employment, with 28,953, only a couple hundred jobs below the San Francisco Bay Area. The Greater Boston area led the list with 40,433 jobs.
Orange County also ranked No. 4 in 2018-2022 for total healthcare devices and supplies venture capital funding, with $1.05 billion, more than twice the amount of Salt Lake City. The San Francisco Bay Area topped this list by far, with $17.5 billion invested during that four-year span.
JLL said Orange County is a “hotbed of innovation” in the medtech sector.
“Biopharma, artificial intelligence, aerospace, agtech, foodtech and cleantech industries foster cross-pollination of ideas and drive innovation,” it said.
The report pointed to notable companies like Edwards Lifesciences, Medtronic and Boston Scientific. It said the county has “esteemed” academic institutions such as University of California, Irvine, Chapman University and California State University, Fullerton.
Octane as well as UCI’s Beall Applied Innovation and the CEO Leadership Alliance of Orange County have all helped spur the growth of the local medtech industry, according to Doug Wilson, who co-founded the latter group.
“The report signals Orange County is gaining ground in innovation jobs and is the place to be if you want to build a great medtech company,” Wilson said.
“We have the potential to become the top medtech hub in the world and we can grow local talent to fill many of the jobs which will raise all boats for Orange County.”