MedTech

Medical Technology (MedTech) provides products, services and solutions used widely in healthcare facilities supporting diagnosis, care and treatment. From blood pressure monitors, to pacemakers, to dialysis machines, medical technology can support professionals and patients to prevent and manage disease and monitor a multitude of healthcare conditions.

Over 37,000 medical technology companies exist in Europe, employing more than 880,000 people. 90% of MedTech companies are SMEs employing less than 50 people and most companies are based in Germany, Italy, France, Switzerland, Spain and Ireland.

The European Medical Device market is the second largest globally and has an estimated value of €160 billion. The market is growing at a rate of at least 2% per year, with in vitro diagnostics (IVD) (e.g., Pregnancy tests, COVID-19 tests, Glucometers), and cardiovascular health witnessing some of the fastest growth. With rapid advances in digital technologies, algorithms and AI, workers with these skills are particularly valued for their expertise competencies which add a competitive advantages to companies supporting their growth.

Regulatory and legal skills are some of the most in-demand skills in the sector, as the IVD and Medical Devices (MD) Regulations are complex. At European and national policy level, public authorities do not have sufficient highly skilled human resources to fully implement the Medical Devices Regulation at European or national level. Expertise in market access and skills supporting the integration of advanced medical technologies into healthcare systems (e.g, Germany’s Krankehausreform (hospital reform)) are also needed.

References:
Insights Citeline, Ey.com, MedTech Europe

Pharmaceutical & BiomanufacturingDigital Health Medical Supplies

Boosting Resilience, Innovation and Growth in the Health Industry through Skills Development.

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