This year, $ 51.3 billion (£ 38.1 billion) was invested in global health technology, 280% more than in 2016.
The COVID-19 pandemic has catalyzed investments in an already growing health technology sector, with new funding highs for companies using technology to improve research, delivery, payment and consumption of health care.
The US leads the world with $ 31.9 billion (£ 23.7 billion) in venture capital investments this year, with China in second place with $ 4.1 billion (£ 3 billion) and the UK in second place with 3.8 billion USD (2.8 billion pounds) is just behind.
The figures come from the London advertising agency London & Partners and the database management company Dealroom.
THE BIGGER TREND
The largest increase was seen in the UK, where investments in health technology increased 9 times (with US investments increased 3.4 times).
In Europe, London has been the leading hub for health tech investment for the past five years, with investments growing 11.1 times faster than the Bay Area, New York and Boston.
The UK research centers of London, Oxford and Cambridge form a “golden triangle” in which 508 health technology startups will have increasing interest from venture capitalists between 2016 and 2021. The majority (408) of these companies are based in London, with a total value of USD 21.3 billion (£ 15.8 billion), the largest in Europe.
Enterprise technology is not the only sector that is increasingly being invested in. The fastest growing subsector in London is remote surveillance and wearables, which has grossed $ 345 million (£ 256.4 million) so far this year, up from $ 17 million (£ 12.6 million) in 2016. To Other fast growing health tech subsectors in London include drug development with AI, home testing startups and digital health insurance.
ON THE RECORD
Laura Citron, CEO of London & Partners, said: “These results show that the UK and US are leading innovators in this sector and that technology hubs such as London, the Bay Area and New York are key partners to work with.
“The UK’s Golden Triangle is home to world-class life sciences and medicine universities, an extensive research and development landscape, and dedicated funding and government support. These factors make London, Oxford and Cambridge a world leader in innovation for life sciences and health technology. “
