The report outlines the medical technology sector’s unique position as a viable means of addressing the UK’s future healthcare challenges through innovation, design and manufacturing. High tech industries associated with the £15bn life sciences sector will play a key role in building a stronger UK economy.
Comprising the highest number of medical technology companies, the West Midlands also commands the highest proportion of companies developing technologies for assisted living, according to MedilinkWM’s CEO, Tony Davis. He commented that this is paramount given the challenges presented by an ageing population - not least for the NHS.
The UK medical technology industry consists of 2,771 companies, generating £10.6bn of turnover and employing 52,000 people in mostly small to medium size enterprises. The industry is predicted to witness global growth of around 10% over the next five to six years.
The report also finds the West Midlands performing well in another life sciences sector - medical biotechnology. Despite representing a small share of the market, the West Midlands has the highest proportion of medical biotechnology companies turning over in excess of £1m, showing its companies are thriving on sizeable contracts and projects.
Supported by the regional development agency, Advantage West Midlands, MedilinkWM delivers a range of services to the active West Midlands Medical Technology Cluster and is poised to take full advantage of opportunities for economic growth.
For further information, visit http://www.medilinkwm.co.uk