The Medical Technology sector has witnessed considerable change as a consequence of shifting attitudes, new technologies and digitisation. By 2050, the world’s population over 65 is expected to triple, and the costs of treating chronic diseases will reach an estimated US$47 trillion. Innovation across the healthcare value chain and the digitalisation of products and services for Meditech suppliers is becoming an increasing necessity in delivering more personalised and cost-effective care. This has profound implications for the sector.
Worcestershire City Council wanted to understand the size and scope of their Meditech sector and identify key areas of potential growth and development. The changing context for the sector was assessed as well as key barriers to growth. Within a short timeframe, Kada produced a detailed report summarising the sector, based on data analysis and interviews with key players in the sector.
The report highlights some local companies with Meditech specialisms as well as the support infrastructure and assets around the sector. The sector is quantified in business, employment and productivity (GVA) terms, and compared to other Worcestershire Local Enterprise Partnership (LEP) priority sectors and other LEPs. The study looks in more depth at niches and comparator areas. The client was provided with a MediTech database so it could engage and work with companies in the future. Looking at global good practice, we assessed how other areas promoted and boosted their medical technology sector. Following an implementation workshop with key players, we developed a workable action plan so the client team could support the growth of the sector.
We identified some notable examples of really successful Worcestershire based companies with strong international customer bases and supply chains. Whilst it certainly has some very interesting medical niches, Worcestershire lacks the gravitas of a traditional industrial MediTech cluster. That said, in economic terms it can match other local niches like agri-tech and cyber, so we worked with the client to consider what pragmatic actions might be taken to support firms with potential in this important and growing sector. These actions covered inward investment and promotion, better exploitation of UK wide national resources and cross sectoral networking events. They also included supply chain development, cyber development and R&D opportunities. Finally, we considered measures to attract young people into the sector
Karl Dalgleish (Study Director, Kada Research).
Want to understand a sector better? Think you have a sector or cluster with untapped potential and opportunity? Need help in developing some clear actions to support sectoral growth? Speak to Karl Dalgleish (firstname.lastname@example.org).