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Innovation Culture in the Life Sciences Sector Enables Growth Despite the Short-term Impact of COVID-19 and Brexit
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The United Kingdom (UK) medical technology (MedTech) market is experiencing a transformational phase. Although it achieved steady growth up to 2019 and was infused with investments as part of the UK Life Sciences Sector Deal, market and regulatory challenges persist. In this research study, Frost & Sullivan analyzes the UK MedTech market landscape including discussion of trends, drivers, and restraints; and a forecast assessment. The study examines historical data on revenue turnover from the Office of Life Sciences and offers a forecast in consideration of several factors including Brexit; COVID-19; and the milestones earmarked in the UK Life Sciences Sector Deal, Life Sciences Recovery Roadmap, and other relevant strategic initiatives.The study also identifies growth opportunities in light of recent market developments and presents an evaluation of the investments outlined by the Life Sciences Sector Deal. It covers the growth environment with specific focus on clusters within the UK MedTech sector. Market segmentation is broken down into two main parts, MedTech core and services and supply, with MedTech core sub-segmented into medical devices, in-vitro diagnostics (IVD), and digital health. Revenue forecasts are provided for each segment. The study period is from 2015 to 2023.Author: Shruthi Parakkal
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