Real-Time Industrial Classifications

UK MedTech Industry

Understand the UK’s emerging MedTech industry and the companies shaping the future of healthcare and pharma with our unbeatable real-time sector data and trends.

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What is MedTech?

MedTech or Medical Technology is a term used to describe the development and deployment of medical devices, products, services and solutions within the healthcare system.

MedTech is a broad and growing industry, with innovative technology being developed across a wide range of applications such as treatment, diagnosis and care. Today MedTech companies and start-ups are working to help save and improve people’s live through new methods and technologies, with the UK investing more in artificial intelligence (AI), robotics, extended reality (XR) and photonics.

MedTech sector summary

Key information you should know about the MedTech sector from our AI-driven platform of over 5 million companies:

MedTech has turnover of £27.24bn, meaning it is our 32nd largest RTIC, and our 23rd fastest growing sector.
The MedTech sector has not received additional investor attention in recent years and the amount of venture capital funding is not increasing as fast as our other emerging economy sectors.
On average the roles advertised in this sector are 5.14% higher than the UK’s average salary.

1,510

COMPANIES CONSIDERED

£27.2bn

TOTAL TURNOVER

102,716

TOTAL EMPLOYEES

£3.5bn

TOTAL INVESTMENT FUNDING

£362.6m

TOTAL INNOVATE UK GRANT FUNDING

10.1%

AVERAGE COMPANY GROWTH PER YEAR

MedTech verticals

Our MedTech RTIC is made up of 7 individual industry verticals, including verticals such as Advanced Materials, Artificial Intelligence, Imaging. You can find out more about the verticals by buying a report, visualising the sector on our platform, or by downloading the data.

Sector Code Description Records
RTIC0058 MedTech 1479 companies
Companies developing or deploying medical devices and medical technologies.

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- MedTech: Advanced Materials
  Companies providing and/or using advanced materials in the development of new medical devices
  
  184 companies
- MedTech: Artificial Intelligence
  Companies applying artificial intelligent products to medical devices
  
  590 companies
- MedTech: Extended Reality
  Companies using virtual reality, augmented reality and/or mixed reality as aid in medical environments
  
  59 companies
- MedTech: Imaging
  Companies developing new imaging medical devices
  
  299 companies
- MedTech: Monitoring Technologies
  Companies producing technologies to enable telehealth and remote monitoring
  
  151 companies
- MedTech: Photonics
  Companies applying photonics technology to the development of medical devices
  
  211 companies
- MedTech: Robotics
  Companies applying robotics and automation technologies to medical devices
  
  189 companies

MedTech industry growth

We estimate that the UK MedTech sector could be worth approximately £44.1bn by 2027, based on the compound annual growth rate (CAGR) of 10.1%. Below you can see the five year turnover forecast for the RTIC from 2023 to 2027.

Get your free MedTech report

Dig deeper into the UK’s MedTech industry with our free 2022 RTIC report, which includes:

– Summary of RTIC data & industry performance
– Overview of key verticals
– Geographic analysis & breakdown
– Key insights & trends

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Real-Time Industrial Classifications (RTICs)

At The Data City we’re mapping the emerging economy through accurate and reliable real-time data. We’ve produced Real-Time Industrial Classifications (RTICs) for some of the UK’s fastest growing sectors, across over 350 industry verticals, including MedTech.

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