In this article, we will look at the 15 most advanced countries in biomedical engineering. You can also see the 10 Best Biotech Penny Stocks to Buy Now.
The biotechnology global market size was estimated at $1.38 trillion in 2023 and is expected to reach around $4.25 trillion by 2033 while growing at a CAGR of 11.8%. North America led the market with a 37.79% revenue share in 2023 owing to the strong R&D initiatives and high healthcare expenses. Meanwhile, the Asia-Pacific region is anticipated to grow at the fastest rate, with a CAGR of over 12.7% during the forecast period, due to improved healthcare infrastructure and supportive government regulations.
The bio-pharmacy segment, which captured 41.73% of the revenue share in 2023, is a major driver due to the increasing demand for medicines and drugs. Additionally, tissue engineering and regeneration technologies, which dominated the market by technology with a 19.26% share, are expanding tremendously in different healthcare domains.
In 2023 alone, the FDA approved 53 new drugs, with over 60% originating from biotech firms. The adoption of CRISPR technology for gene editing and the development of monoclonal antibodies for targeted therapies have only confirmed the sector’s potential. Additionally, the integration of artificial intelligence (AI) in biotechnology is speeding up research and development processes in the industry.
However, despite these developments, the biotechnology industry is facing some challenges. According to the EY Biotechnology Report 2024, there is a mixed landscape where only companies with strong clinical data or nearly marketed assets can attract high investments. In 2023, venture capital funding for biotech startups dropped by 28%.
Before getting into biomedical engineering as a profession and its developments around the world, let’s look at the key players in the biotech market.
Amgen Inc (NASDAQ:AMGN) reported nearly $26 billion in revenue in 2022 which is attributed largely to its diverse portfolio of treatments. Amgen Inc (NASDAQ:AMGN)’s flagship products, including the osteoporosis drug Prolia and the cholesterol-lowering Repatha, have collectively brought in billions.
One of Amgen Inc (NASDAQ:AMGN)’s major victories was the development and marketing of sotorasib, branded as Lumakras, which targets the KRAS G12C mutation in lung cancer. Since its launch in 2021, Lumakras has provided major benefits to patients like Don Crosslin, despite its high toxicity and $20,000 monthly cost. In 2023, Lumakras generated nearly $200 million in US sales.
On the other hand, Moderna Inc (NASDAQ:MRNA) has received $176 million in federal funding to develop mRNA vaccines against the H5N1 bird flu virus. This funding will support the late-stage development of an mRNA-based vaccine designed to fight the highly contagious H5N1 influenza virus, which has been causing alarm as it spreads among animals and occasionally infects humans.
Since 2023, Moderna Inc (NASDAQ:MRNA) has been conducting early-stage clinical trials for mRNA pandemic flu vaccines to target the H5 and H7 strains known for their potential to become highly virulent. Results from these trials are expected in 2024 and will guide the late-stage development of the vaccine. The newly formed Rapid Response Partnership Vehicle (RRPV) is funding Moderna Inc (NASDAQ:MRNA)’s project along with other initiatives to address emerging infectious diseases and biological threats.
Apart from the developed countries, some developing economies like India have been at the forefront of research and innovation in biomedical engineering. For example, according to the Scimago Institution Ranking, there are 120 top biomedical engineering research institutions in India. However, since salaries in India are relatively far less than the ones offered in developed countries, India didn’t make it to our list of the most advanced countries in biomedical engineering.
When looking for biomedical engineering jobs abroad, professionals can find roles in the research, development, and implementation of medical devices, prosthetics, and diagnostic equipment. Countries with strong healthcare sectors, such as the USA, Germany, and Singapore, often have a high demand for biomedical engineers.
Also see 15 Most Profitable Biotechnology Companies in the World and 20 Biggest Publicly Traded Biotech Companies.
A biomedical engineer studying data from an ERK1/2 inhibitor experiment.
Our Methodology
To identify the most advanced countries in biomedical engineering, we utilized the Scimago Institution Rankings with a focus on research and innovation output and also analyzed the average salaries of biomedical engineers globally. We selected the top 25 countries with the highest number of leading institutions in biomedical engineering and the top 30 countries with the highest average salaries for biomedical engineers. Each country was then ranked within these two categories, with a rank of 1 representing the highest number of top institutions and the highest average salary, respectively.
The rationale for using the metric of high average salaries was that it gave us countries with thriving biomedical-engineering markets, which indirectly shows these countries are not only advancing technologically in the field, they’re also likely attracting talent from across the world.
Next, we calculated the average rank for each country by combining its rank in research and innovation with its rank in average salary. This provided us with an average composite score. In cases where countries had identical average ranks, the country with the higher rank in research and innovation was ranked higher. The list is presented in ascending order (from low to high rank).
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15. Singapore
Research and Innovation Rank: 15
Average Salary Rank: 13
Overall Rank: 14
According to the Scimago Institution Ranking, there are 18 top biomedical engineering institutions in Singapore. The average salary of a biomedical engineer in the country is $78,773.
14. Spain
Research and Innovation Rank: 9
Average Salary Rank: 19
Overall Rank: 14
The University of Barcelona is one of the best universities to study biomedical engineering in Spain. The average salary of a biomedical engineer in Spain is $63,558. There are 65 innovative biomedical engineering institutions in the country, according to the Scimago rankings.
13. Japan
Research and Innovation Rank: 7
Average Salary Rank: 20
Overall Rank: 13.5
Japan is highly advanced in biomedical engineering, particularly in radiology and imaging technologies. They pioneered X-ray technology in 1896 and have continuously innovated, such as developing the first upright 320-channel CT machine in 2017. Nature notes that Japan leads in AI integration for diagnostic imaging, supported by a national database with over 500 million images. They are global leaders in particle beam therapy for cancer treatment and have made important contributions to neuroscience through magnetic resonance studies.
12. Netherlands
Research and Innovation Rank: 14
Average Salary Rank: 12
Overall Rank: 13
With an average salary of $79,485, the Netherlands is one of the countries that pay biomedical engineers the most. The country is home to leading institutions like the University of Twente and Delft University of Technology, which excel in areas such as medical robotics, imaging, and tissue engineering.
11. Italy
Research and Innovation Rank: 8
Average Salary Rank: 17
Overall Rank: 12.5
The average salary of a biomedical engineer in Italy is $63,923. The University of Rome III and the Polytechnic University of Milan are two major institutions that offer the best degree courses in biomedical engineering in Italy.
10. China
Research and Innovation Rank: 1
Average Salary Rank: 24
Overall Rank: 12.5
China is the leader in innovation and research in the domain of biomedical engineering as there are around 505 top institutions in Scimago’s list of highest-ranked biomedical engineering institutions. The average salary of a biomedical engineer in China is $44,560.
9. Denmark
Research and Innovation Rank: 20
Average Salary Rank: 4
Overall Rank: 12
Denmark is a global leader in biomedical engineering which is particularly advancing in quantum sensing technology for early disease detection. With a grant of DKK 150 million (around $29 million) from the Novo Nordisk Foundation, the Copenhagen Center for Biomedical Quantum Sensing has been established. This center is a collaboration between the University of Copenhagen, the Technical University of Denmark, and the University of Texas at Austin and has a focus on developing highly sensitive sensors to enable the detection of faint biological signals from the nerves, heart, or brain. Given the strong work ethic in Denmark along with an emphasis on work-life balance, Denmark is one of the best countries for a biomedical engineering job.
8. United Kingdom
Research and Innovation Rank: 6
Average Salary Rank: 18
Overall Rank: 12
Owing to the high salaries in London, it is also one of the best cities for biomedical engineers. According to the Scimago Institution Ranking, there are 80 top-ranking biomedical engineering institutions in the UK. The average salary of a biomedical engineer in the UK is $63,848.
7. Belgium
Research and Innovation Rank: 17
Average Salary Rank: 6
Overall Rank: 11.5
Belgium is a leader in biomedical engineering with an incredible biotech sector with over 300 companies. It is Europe’s second-largest biotech hub which is famous for developments in pharmaceuticals, diagnostics, and medical technology.
6. France
Research and Innovation Rank: 5
Average Salary Rank: 16
Overall Rank: 10.5
France is the hub of biomedical engineering jobs in Europe. We say this because, in 2021, President Macron revealed a €7.5 billion ($8.09 billion) plan to position France as a global leader in healthcare innovation by 2030. From 2020 to 2022, health-tech firms in France increased from 2,050 to 2,640. Importantly, the proportion of companies with international subsidiaries increased to 25%, and 56% of medical-tech firms now have market-ready products. Paris, accounting for 44% of France’s research output in 2021, remains a central hub.
5. Canada
Research and Innovation Rank: 10
Average Salary Rank: 9
Overall Rank: 9.5
In Canada, biomedical engineers typically earn an average salary of $84,177 per year. This occupation generally requires a university degree, whether a bachelor’s, master’s, or doctorate. Canada is one of the countries with a high demand for biomedical engineers.
