The UK is the third largest medical devices market in Europe and the sixth largest in the world. Over 50,000 people are employed in the sector which is worth an estimated £16 billion. The country has a prominent manufacturing presence, most notably in the orthopaedic, diagnostics, cardiovascular and imaging verticals. Over 80% of the 3000+ UK medical device companies are classified as SMEs.
The EU is the UK’s largest export market for medical devices. Every year, European member states receive around £2 billion worth of medical device products from the UK. The UK also relies heavily on the EU for its own medical devices supply, as more than half of the £5b billion imported medical technology is attributed directly to EU member states.
In past years medical device manufacturers made their own devices. High cost of doing this led to supply and manufacturing processes becoming outsourced. As the evolution of the industry continued many medical device companies looked for a ‘one-stop-shop’ for their supply and manufacturing needs. This puts pressure on supply chain partners to design, develop, and produce next-generation products and components.
The GTMA has engaged with the UK-based medical tier manufacturers to identify medical supply chain opportunities, we have been building up intelligence on over 500 UK-based manufacturers across medical and pharmaceutical. We have over 100 member companies in our Cluster with a declared interest in the medical sector, several work opportunities have been identified to our members over the past 18 months. Cross-sector technology transfer particularly from the aerospace and automotive sector will be a critical skill set in the move to reshoring and supplying the NHS. The GTMA are seeking relationships with device and equipment manufacturers to channel enquiries through to our members. This strategy has met with some significant successes, and we will continue to improve penetration of this sector.