A new government report shows that digital health companies in the UK generated a turnover of over £1 billion in 2016.
The annual report on medical technology and biopharmaceutical sectors in the UK highlighted that digital health is the second highest sector of the life science industry. In total there are 427 digital health companies employing 9,600 employees across the UK.
Of the £1 billion turnover, London, Yorkshire and the Humber and the South-East of England generated £0.7 billion of the total amount. The report states that the digital health sector is ‘one of only 13 segments in the life science industry with a turnover over £1 billion’ and is the ‘fifth largest in the core med tech sector’.
The report only includes companies where more than 20% of their economic activity focuses on digital health.
The global market for digital health is expected to grow to £43 billion by 2018, almost double that of its 2014 £23 billion value.
The report also establishes the UK’s place as a global hub in the life sciences industry and shows strong turnover for the medtech and biopharmaceutical sectors at over £63 billion.