The UK medical technology industry has experienced steady growth in recent years, making it one of the largest sectors in Europe. With over 100,000 employees and a contribution to the country’s economy, the industry is estimated to be valued at around 27 billion by 2027.
One of the key themes of the UK’s Life Sciences Vision is to support the NHS in testing, purchasing, and spreading innovative technologies more effectively. This allows cutting-edge science and innovations to be widely embedded across the NHS and rapidly adopted worldwide. The demand for cell and gene therapies has also contributed to the growth of the industry, with the cluster centered around Stevenage becoming the largest in Europe and the third largest globally.
However, the past year has been challenging for the life sciences industry, including medical technology. Data shows a 5% decline in MedTech vacancies in the UK compared to the previous year. Despite this, deal activity in the sector has increased, with surgical robotics, cancer care, and neurostimulation receiving significant venture capital deals. While it is believed that MedTech funding hit its lowest point in the first quarter of the year, it is expected to remain moderately below 2022 levels for the full year.
Despite these challenges, there is an overall increasing share of science jobs within the MedTech sector. By the end of the year, it is projected that these jobs will make up 21% of all jobs in the sector, compared to 14% in 2022. This highlights the growing importance of scientific roles in driving innovation and growth within the industry.
With approximately 30 million people living with long-term health conditions in the UK, there is a high demand for medical devices. As healthcare systems continue to search for innovative solutions to address diseases and medical conditions, the MedTech industry is undergoing dynamic growth. The UK’s strong commercial health sector, ranking first in life sciences Foreign Direct Investment projects among European countries, further supports this.
Yvette Cleland - CEO | Cpl Life Sciences
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