Global Market Opportunities
Global Market Alignment and International Potential
MedTech is one of the fastest-evolving and most globally connected technology sectors, driven by ageing populations, rising chronic disease, workforce pressures and rapid advances in digital technology. Globally, the medical technology market is projected to reach almost $887bn by 2032, while the digital health market is expected to grow even faster, reaching $940bn, reflecting the increasing convergence of devices, software and data-driven healthcare.
Projected global medical device market by 2032
Projected global digital health market by 2032
European share of medtech market
of European medtech companies are SMEs
MedTech in a European Context
Europe plays a significant role in this global landscape. With a market value of approximately €170bn, Europe is the second-largest medtech market in the world, accounting for 26.4% of global market share.
The sector is characterised by innovation intensity and a strong SME base: more than 38,000 medtech companies operate across Europe, with 90% employing fewer than 50 people. In 2024 alone, medical technology was the fourth highest sector for patent applications at the European Patent Office, with over 15,700 filings, highlighting sustained R&D activity and commercial potential.
Explore Glasgow's MedTech Cluster at glasgow.dealroom.co
Glasgow has always been seen as a pioneer in the MedTech Space.
Dr Stuart Hannah - CEO, Microplate Dx
MedTech global market share
Glasgow companies remain well positioned to engage internationally, leveraging proximity to Europe alongside access to global export routes.
Export Potential
For Glasgow City Region’s MedTech companies, this presents a significant opportunity. The structure of the European market closely mirrors Glasgow’s own cluster profile: SME-led, research-intensive and driven by university spinouts.
Typical product lifecycles of 18–24 months and average R&D investment of around 8% of revenues favour regions that can support rapid iteration, clinical validation and early evidence generation - areas where Glasgow has clear strengths. Scotland’s global share of the MedTech and digital health markets remains modest but it is recognised internationally for innovation capability. With £30m of UK Government funding made available from the Local Innovation Partnerships Fund (LIPF), this represents an important opportunity for Glasgow City Region to maximise its MedTech innovation ambitions.
For Glasgow-based companies, the opportunity lies in leveraging the region’s clinical environments, research strength and validation infrastructure to build technologies that are globally relevant, export-ready and aligned with the fastest-growing segments of the market.
