The UK HealthTech sector has the potential to generate 50,000 new skilled jobs and double its £13bn economic contribution, according to a new report from the Association of British HealthTech Industries (ABHI) and Imperial College London.
This ambitious growth can be unlocked through targeted policy measures and strategic support. The report, launched this week at Imperial’s Centre for Sectoral Economic Performance, was commissioned by Lord Sainsbury’s Gatsby Foundation and emphasises HealthTech's crucial role in driving economic growth and improving NHS efficiency.
The publication outlines bold policy recommendations, including tax incentives, regulatory reforms, and deeper collaboration with the NHS to accelerate the adoption of cutting-edge technologies across medical devices, diagnostics, and digital health. It proposes specific policies with short, medium, and long-term benefits that, if fully supported, could drive greater efficiency and innovation in NHS healthcare delivery while solidifying the UK’s position as a global leader in HealthTech innovation.
Forecasting significant sector growth, the report projects a 50% increase in R&D spending and the creation of 50,000 new skilled jobs over the next five years, with the potential to double the sector’s Gross Value Added (GVA) within the next decade.
In his foreword, Professor the Lord Darzi of Denham stated: “The Independent Investigation of the NHS also revealed the remarkable opportunities that revitalising the NHS will bring. The HealthTech industry will be pivotal in realising this potential. The strategy in this report provides a pragmatic, achievable route to harness the value of the HealthTech sector. Individually, these policies will drive innovation; together, they will create a HealthTech sector that will be the lifeblood of a rejuvenated NHS, delivering health, wealth, and growth for generations.”
The report also emphasises the sector's potential to not only enhance healthcare delivery but also contribute to the UK’s Net Zero targets through sustainable innovation and manufacturing. By fostering public-private partnerships and expanding global export programmes, the UK can cement its position as a leader in the international HealthTech market.
The report: Health, wealth and growth: A sector strategy to transform the economic and societal benefits of UK HealthTech can be accessed here.
