UK MEDICAL DEVICES MARKET

INTRODUCTION

One of the biggest in Europe is the UK's market for medical equipment. Several worldwide manufacturers with a sizable market presence coexist with numerous small-scale medical device enterprises in the domestic device manufacturing sector.

In the UK, several big US corporations have subsidiaries. The UK's manufacturers are particularly strong in orthopedics, but they are also strong in imaging, diagnostic, and cardiovascular devices.

Since the majority of domestically produced goods are exported to other markets, the medical device industry is dominated by imports. The industry, as well as the regulatory framework, are open to unique and innovative technologies due to the ongoing demand for imported goods.

Products, services, and solutions utilised in medicine are designed to prolong and improve human life.

We are surrounded by medical technology from the moment you are born, from pregnancy tests to ultrasound scans. When we were younger and scratched our knees, we wore a plaster; when our vision became blurry, we bought glasses.

Diagnostics and medical equipment aid medical experts in restoring your health as soon as possible while you are ill.

If we require surgery, medical technology will make sure we receive the care we need in a safe and minimally invasive manner; if  blood vessels become blocked, stents can help clear the way; if we are gravely ill, an MRI scan can find the cause; and if we need monitoring, digital health tools can check our vital signs.

UK MEDICAL DEVICES MARKET SIZE AND FORECAST

The UK Medical Devices market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.

MARKET DYNAMICS

By tightening the regulation of medical devices, the UK's Medicines and Healthcare products Regulatory Agency (MHRA) has unveiled new initiatives to increase patient safety. The MHRA had the chance to enhance the country's regulation of medical devices and in vitro diagnostic medical devices (IVDs) when the UK left the European Union (EU).

The new regulations call for assuring the public and patients of the effectiveness and safety of the riskiest medical devices, including those that need implanting. In order to better safeguard consumers and offer greater guarantee of safety and performance, they also entail improving systems that are already available on the market.

The MHRA also intends to resolve gaps and lessen observed inequities in the creation and application of medical devices.

The in vitro diagnostics devices, diagnostic imaging devices, cardiology devices, ophthalmology devices, orthopedic devices, and other devices are included in the device types that make up the medical device technology market. Due to the increased rates and prevalence of CVD in the area, the cardiology devices category among them maintains a sizable market share.

This industry's crucial HealthTech sector, which includes medical equipment, diagnostics, and digital technology, is represented in the UK by ABHI, a Trade Association with more than 330 members.

In an effort to improve Northern Ireland's health and prosperity, the Association of British HealthTech Industries (ABHI) and the Health Innovation Research Alliance Northern Ireland (HIRANI) have signed a Memorandum of Understanding.

The Northern Ireland HealthTech Leaders' Forum, an alliance of health technology leaders, will be established as a result of the partnership. The forum's mission is to strengthen Northern Ireland's ties to the UK and the global HealthTech sector and to forge closer ties with the operational NHS in order to hasten the adoption and spread of HealthTech.

NEW PRODUCT LAUNCH IN UK MEDICAL DEVICES MARKET

TridAnt, a revolutionary coating technology for medical devices introduced by UK-based BioInteractions, represents a paradigm leap in infection control and defence against a wide spectrum of pathogens.

TridAnt combines active and passive elements to produce an antimicrobial coating for medical devices and implants that is non-leaching, efficient, secure, and long-lasting.

According to the World Health Organization, healthcare-associated infections (HCAI), particularly those brought on by microorganisms resistant to antibiotics, are the most common adverse event in any healthcare system, regardless of the resources at hand.

The latest in antimicrobial technology is non-leaching, making it fully safe to use in any environment and even for body implants. Unlike earlier technologies, its active components have a lower risk for harming human cells because they target microorganisms (prokaryotic cells).

It is the first known medical device technology to kill both enveloped and non-enveloped viruses as well as gram-positive and gram-negative bacteria, preventing the formation of biofilms for long periods of time of up to 365 days (as well as safe to protect skin for up to 48 hours) without any discernible loss in efficacy.

COVID-19  IMPACT ON UK MEDICAL DEVICES MARKET

Every business, from the biological sciences to entertainment, has been completely upended by the abrupt emergence of a once-in-a-lifetime global health crisis. The effects on medtech have been tremendous.

Up until 2020, the sector was growing steadily, but the pandemic has sped up the development and acceptance of medical technologies dramatically. This has, in turn, completely changed how healthcare is delivered in the UK and elsewhere.

Innovation and disruption frequently coexist in the STEM fields. In fact, the medtech sector has been at the forefront of the fight against COVID, with businesses utilizing cutting-edge technologies like Big Data, artificial intelligence (AI), and the Internet of Things (IoT) to better understand how the pandemic has developed and to consolidate essential medical supply chains.

Examples of notable innovations by medtech companies in response to the COVID problem include:

• Babylon Health: This medical technology business created the Coronavirus Care Assistant app to help doctors monitor patient symptoms.
• accuRx: This text messaging tool created a video consultation platform in just one weekend that is currently utilized by more than 7,000 GP practices and 15% of all NHS Trusts (messaging over 30 million patients in the process).
• Blue Prism: NHS Trusts are now able to satisfy previously unheard-of operational and staffing demands because of this software company's cloud-based Digital Workforce automation initiative.

The UK situation may have been much worse if not for the invention of medtech businesses.Despite the fact that businesses in the medical device sector are focusing their strategies on post-COVID growth, the industry is still recovering.

COMPANY PROFILE

• Philips
• Stryker
• Siemens Healthineers
• Becton Dickinson & Company
• Cardinal Health

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. What is the average cost per  UK Medical Devices market  right now and how will it change in next 5-6 years? 
2. Average cost to set up a Medical Devices market  in UK?
3. How many UK Medical Devices market  are manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally? 
5. Cost breakup of a  UK Medical Devices market  and key vendor selection criteria
6. Where is the UK Medical Devices market  manufactured? What is the average margin per equipment?
7. Market share of UK Medical Devices market  manufacturers and their upcoming products
8. The most important planned  UK Medical Devices market  in next 2 years
9. Details on network of major UK Medical Devices market  and pricing plans
10. Cost advantage for OEMs who manufacture UK Medical Devices market  in-house
11. 5 key predictions for next 5 years in UK Medical Devices market
12. Average B-2-B UK Medical Devices market price in all segments
13. Latest trends in UK Medical Devices market, by every market segment
14. The market size (both volume and value) of UK Medical Devices market in 2022-2027 and every year in between?
15. Global production breakup of UK Medical Devices market, by suppliers and their OEM relationship