Medical Technology - United Kingdom

United Kingdom

The projected revenue in the Medical Technology market market in the United Kingdom is expected to reach €18.91bn in 2024.
Among the various markets within the market, Medical Devices is the largest, with a projected market volume of €17.23bn in 2024.
Looking ahead, the revenue is anticipated to demonstrate an annual growth rate of 6.67% (CAGR 2024-2029), resulting in a market volume of €26.11bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to €194.70bn in 2024.
The United Kingdom is at the forefront of medical technology innovation, with a strong focus on developing advanced healthcare solutions for patient care.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in United Kingdom is experiencing significant growth and development.

Customer preferences: Customers in the United Kingdom are increasingly demanding innovative medical technologies that can improve patient outcomes and enhance the efficiency of healthcare delivery. They are looking for advanced medical devices and equipment that are user-friendly, cost-effective, and provide accurate diagnosis and treatment options. Additionally, there is a growing interest in digital health solutions and telemedicine services, as patients seek more convenient and accessible healthcare options.

Trends in the market: One of the key trends in the Medical Technology market in the United Kingdom is the adoption of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML algorithms are being used to analyze large amounts of medical data, enabling healthcare professionals to make more accurate and personalized treatment decisions. This trend is driving the development of AI-powered medical devices and software applications, which are being used in various areas such as diagnostics, surgical procedures, and patient monitoring. Another trend in the market is the increasing focus on remote patient monitoring and telehealth solutions. With the rise of digital health technologies, patients can now monitor their health conditions from the comfort of their homes, reducing the need for frequent hospital visits. This trend has been accelerated by the COVID-19 pandemic, as healthcare providers look for ways to minimize in-person interactions and ensure continuity of care. Telemedicine services are also becoming more popular, allowing patients to consult with healthcare professionals remotely, saving time and improving access to healthcare services.

Local special circumstances: The National Health Service (NHS) plays a crucial role in shaping the Medical Technology market in the United Kingdom. As one of the largest healthcare systems in the world, the NHS has a strong influence on the adoption and reimbursement of medical technologies. The NHS is actively investing in digital health solutions and innovative medical technologies to improve patient care and reduce healthcare costs. This creates a favorable environment for medical technology companies to introduce their products and services to the market.

Underlying macroeconomic factors: The United Kingdom has a well-developed healthcare infrastructure and a strong emphasis on research and development in the medical field. The country has a highly skilled workforce and a favorable regulatory environment, which encourages innovation and attracts investment in the Medical Technology sector. Additionally, the aging population in the United Kingdom is driving the demand for medical technologies that can address age-related health conditions and improve the quality of life for older adults. This demographic trend is expected to continue in the coming years, further fueling the growth of the Medical Technology market in the United Kingdom.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.