Houston's Healthcare Industry
To identify and understand the market drivers or factors affecting Houston's healthcare industry.
Texas Medical Center (TMC)
One of the major market drivers of Houston's healthcare industry is the Texas Medical Center.
- The Texas Medical Center is the "world's largest concentration of expertise in medical treatment and care, medical research, and medical technology." It "represents one of Houston's major economic drivers and core industries with an estimated regional annual economic impact of $20 billion."
- TMC is the "8th largest business district in the U.S. with 1,345 total acres and $25 billion in GDP."
- It also has "$3 billion in construction projects underway."
- TMC has 61 member institutions that "have been consistently recognized as some of the best hospitals and universities in the nation by U.S. News and World Report."
- Texas Medical Center has "10 million patient visits per year" and 750,000 emergency room visits each year. It also has more than 180,000 surgeries, more than 13,600 total heart surgeries, and more than 106,000 employees.
- TMC announced the creation of TMC3 in April 2018. TMC3 is "a multi-institutional 30-acre research campus that brings together the best institutions in clinical care, research, and industry."
- TMC3, projected to be finished in 2022, will "create nearly 30,000 jobs, and bring $5.2 billion to Houston’s economy."
- Houston, being the "home to the largest medical complex in the world," employs more than 366,000 healthcare workers.
- The "ambulatory health care accounts for 43.6 percent of the sector employment, hospitals for 32.5 percent and social assistance, nursing and residential care for 23.9 percent."
- In 2019, the "average annual wage for the entire industry was $54,337."
- Based on the Texas Medical Board, "18,529 physicians are licensed in the Houston region, 80.0 percent of which are in Harris County alone."
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