Why a Career as a Biomedical Engineer Should be Considered from a Financial Perspective?

A biomedical engineer has the primary responsibility of coming up with medical solutions using existing and new biological innovations for the purpose of improving the overall quality of care that patients receive. As such, employment opportunities and salaries alike are on the rise.

Fields of Work

The expertise of biomedical engineers is needed in many different medical fields. The basis of their education is in medicine and biology, but these individuals are often called upon to assist with things such as developing new drugs or drug therapies, creating new, more user-friendly software for existing technologies like CT and x-ray machines, and even building models that will help others learn more about the way that the brain or heart works. There are also many sub-specialties within this field, ranging from clinical engineering and systems physiology to orthopedic surgery.

Employment by Industry

There are biomedical engineering jobs in many different industries, as well. According to the Bureau of Labor Statistics, or BLS, the highest concentration, which is 4,830 employees or 1.7% of all biomedical engineers, works in medical equipment and supplies manufacturing. However, these individuals also enjoy high levels of employment in scientific research and development services; pharmaceutical and medicine manufacturing; colleges, universities and professional schools; and even general medical and surgical hospitals.

Salary Information

According to the same source, the average salary for biomedical engineers as of May 2012 was $86,960. The highest paying industry is scientific research and development where employees enjoy an average annual salary of $94,150. In the lowest paying industry, which is in colleges and universities, these individuals still earned an average of $63,440 annually. Of course, the amount that these individuals can earn per year also depends upon other factors such as location, employer, education and experience.

Salary and Employment by Location

Biomedical engineers living in Colorado earned the highest salaries in the country in 2012 at an average of $104,550 annually. This is closely followed by those working in Minnesota and California who earn an average annual income of $103,440 and $101,570 respectively. However, the highest concentration of biomedical engineers works in California, Texas and Massachusetts, though the salaries in these locations are somewhat smaller.

Job Outlook

Employment of biomedical engineers is expected to climb some 27% between 2012 and 2022 according to the BLS, but because this is such a highly specialized field, this is the equivalent to the addition of only 5,200 jobs during the 10-year timeframe. This increase will be driven primarily by the aging baby-boomer generation and the increased public awareness of medical advances. It is also expected that since new technologies will continue to be developed throughout the years, new fields and subspecialties will open up, too. Finally, since many of the engineers that are currently employed will be reaching retirement age, a good number of jobs will be up for grabs.

If you are interested in working with doctors, surgeons and medical device manufacturers to improve the overall quality of human life, then biomedical engineer jobs may be right for you. These individuals enjoy incredible job security, fairly predictable working hours and above-average salaries.

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