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Introducing 5 MedTech & HealthTech Businesses to Watch in 2024

Updated: Apr 18

Although medtech companies are emerging throughout the UK, a high concentration is found in London (236) and the South East (160), with 126 in the East. A total of 243 medtech companies have spun out from academic institutions, primarily located in the South East (44) and London (40). 

Notably, the North West and Scotland each boast 28 medtech academic spinouts. Oxford, Imperial College London, University College London, and Cambridge host most of these spinout companies.

While accelerator attendance is prevalent in London (106), 37 companies are in the East and 34 in the South East, demonstrating a strong preference for England's capital city.

Diversity in the medtech industry lags slightly behind the rest of the UK, with only 16.2% of companies having female founders compared to the UK's average of 19.6%. A staggering 72.7% of companies have all-male founding teams, compared to the 57.3% UK-wide average.

MedTech Investment & Growth

Since 2005, the medtech industry has witnessed 2,239 fundraisings totalling £4.72 billion. Most of these investments (87.7%) were made to seed or venture-stage companies, indicating a keen interest in medtech startups. Top funders in the sector include SyndicateRoom, Oxford Technology, and Scottish Venture Fund.

The growing demand for medtech, specifically digital health solutions from investors and healthcare providers, isn't new. Between 2014 and 2019, investment in medtech increased by £477 million. The pandemic, however, exposed the urgency in accelerating these investments—between 2020 and 2022, medtech investment rose by a remarkable 96%.

As a rapidly expanding industry, active medtech companies have surged by 204% over the past decade, with year-on-year growth recorded since 2005. Stay tuned as we reveal the top 5 MedTech businesses to watch in 2024.

As the medtech industry continues to expand, we have identified the top 5 MedTech businesses that warrant your attention in 2024:

Parasym |

Parasym has developed an innovative neuromodulation device for the treatment of multiple conditions. Their device uses non-invasive, targeted stimulation to activate the parasympathetic nervous system, enhancing the body's natural healing mechanisms and offering a practical, drug-free alternative to conventional therapies.

Neurent Medical |

Neurent Medical specializes in creating innovative medical devices and treatment solutions for in-office procedures, predominantly focusing on ear, nose, and throat (ENT) conditions. Their minimally invasive approach enables patients to benefit from reduced downtime and lower healthcare costs.

Causaly |

Causaly is a biomedical research discovery tool using advanced machine learning algorithms to analyse sizeable scientific literature. Its platform facilitates rapid evidence-based decision-making and helps researchers uncover new connections and causality relationships in biomedical data that traditional research methods might otherwise miss. By speeding up the discovery process, Causaly accelerates scientific advancements and assists researchers in developing new therapies, diagnostics, and medical devices.

GetHarley |

GetHarley is a skincare telehealth platform striving to democratise expert dermatological care access through a digital-first approach. GetHarley enables everyone to receive personalised, professional skincare advice and treatment plans by connecting users with board-certified dermatologists, nutritionists, and aestheticians. Following a virtual consultation, users can purchase a customised product selection to achieve their skincare goals. GetHarley's platform represents the future of dermatological care in an era of increased telehealth adoption.

Osler Diagnostics |

Osler Diagnostics is developing point-of-care diagnostic technologies that deliver rapid and accurate results. Their platform is designed to facilitate diagnosis, monitoring, and patient management across a wide range of medical fields, from primary care to emergency medicine, ultimately improving patient outcomes.

These innovative MedTech businesses offer unique contributions to advancing healthcare in their respective fields. As the industry continues to develop, these companies, among many others, will play a pivotal role in reshaping healthcare and delivering more effective, efficient and personalised care to patients worldwide. Keep an eye on these promising MedTech businesses as we move forward into 2024 and beyond.

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