Industry Deep Dive Research: Digital Health & Medical Technology

The report aims to:

• Examine the current landscape, global competitiveness, and growth potential of the Scottish Digital Health and MedTech sectors.
• Provide actionable insights for industry stakeholders, policymakers, and potential collaborators.
• Foster innovation, address challenges, and maximize international opportunities 

The report employs a mixed-method approach, including:

• Quantitative data analysis: Market trends, company turnover, employment metrics, and funding sources.
• Qualitative insights: Interviews with key stakeholders, including Scottish companies, innovation hubs, and policymakers.
• Landscape mapping: Categorizing and geographically mapping companies and innovation organizations in Scotland’s Digital Health and MedTech ecosystem.

• Global Trends: The global Digital Health market is projected to grow from $233.5 billion in 2022 to over $940 billion by 2032, and the MedTech market from $518.46 billion in 2023 to $886.80 billion by 2032.
• Key Trends in Digital Health: Telehealth, AI integration, wearables, data analytics, and consumerization of healthcare.
• Key Trends in MedTech: Early diagnosis, minimally invasive technologies, advanced diagnostics, smart medical devices, and emerging therapeutic areas.
• Scottish Landscape: Scotland has 268 companies in the Digital Health and MedTech sectors, primarily SMEs, contributing significantly to the economy. The central belt of Scotland, particularly Glasgow and Edinburgh, hosts most companies.
• Challenges: Fragmented healthcare infrastructure, prolonged NHS engagement timelines, regulatory challenges, market entry difficulties, complex innovation support ecosystem, funding accessibility issues, and talent and skills gaps.

• Improve Visibility and Accessibility of Innovation Support: Consolidate and update information on funding, events, and expertise specific to Digital Health and MedTech.
• Expand and Diversify Funding Opportunities: Introduce development grants and scaling support mechanisms, particularly for MedTech companies.
• Foster Collaboration Through Targeted Initiatives: Encourage sector-specific networking events, hackathons, and grand challenge competitions.
• Support International Market Expansion: Enhance export advice, financial assistance, and market entry support for high-potential markets.
• Clarify Skills Gaps and Shortages: Conduct a comprehensive study to understand current and future skills demands and training provisions.