Medical technology is a booming industry in the UK. The constantly changing demand for sophisticated devices across all areas of medicine, but particularly in diagnostics, orthopaedics and single-use technology, combined with a high level of expertise and skilled workers in the UK mean business is good and the future is bright for suppliers to this industry. Small and medium sized companies are leading the way in providing specialist, high quality devices and components essential for medical innovation.
How Medical Technology is changing
Across many industries in the UK, with retail and banking leading the way, the ‘digital revolution’ is in full swing. The world of medical technology is quickly being swept up in these changes, as the potential this technology has for helping patients becomes apparent. The Financial Times predicts that the worldwide market for medical services provided through a mobile communications device (mHealth) will grow at an annual rate of 31% from 2014 to 2020 and reach a value of around $45billion. Predictions are that the UK will net roughly 5% of this. Wearable devices and mobile phone apps are driving this growth and are increasingly used in wellness, prevention, diagnostic and monitoring services.
Why the UK Medical Technology Industry is Booming
The expansion of mHealth is a worldwide phenomenon but the UK is doing particularly well in the development of new medical technology. Worth around £6.7billion, the UK is the third largest medical technology market in Europe, according to UK government research. They attribute much of the success of this industry to the close working relationship between the nearly 3,700 companies (98% of which are small and medium sized) working in this sector and the NHS, the sector’s biggest customer in the UK. A large number of organisations are already working in the UK to create collaborations between researchers, scientists, engineers, designers and NHS clinicians to improve patient care and this has led to many vital technological breakthroughs. As the UK has always had a reputation for excellence in electronics manufacturing, high quality suppliers of the most sophisticated components are available to bring these innovations to life.
The Future of Medical Technology in the UK
According to the UK government, the fastest growing areas in the medical technology field are medical imaging, in vitro diagnostics and drug delivery. Additionally, work is already being conducted on a range of digital medical devices, including a wearable device that could detect dementia or depression by monitoring changes in behaviour, an app that can advise patients on the best course of action to take when provided with information on their medical problems, and one company, who specialise in artificial intelligence, is working with the NHS already to improve care co-ordination.
At MPE Electronics, we provide the high quality and reliable printed circuit board assemblies suitable for use in new medical technology. Contact us here or call 01825 764822 to find out how we can help you in this growing industry.