Top 10 Medtech Companies in the UK

Top 10 Medtech Companies in the UK | 2024

Sarah Cheesman, Updated: 15 February 2024

Table of Contents

The COVID-19 pandemic sharply highlighted the importance of technology in the medical industry and the vital role it plays globally. And this renewed interest in medtech hasn’t waned. Just last year, the Department of Health and Social Care announced its inaugural medical technology strategy—demonstrating the government’s commitment to levelling up the UK medtech scene.

In this article, we explore the medical technology sector and rank the UK’s top 10 medtech companies, based on the amount of equity investment they’ve raised to date—focusing on companies that raised the investment between 1 June 2020 and 31 January 2024.

What is medtech?

Medtech—short for medical technology—companies develop and implement technologies aimed at improving the medical sector’s efficiency and capabilities. It encompasses any products which help to prevent, diagnose, monitor, or treat health conditions. In recent years, the term has come to refer specifically to modern and innovative technologies used to enhance patient experiences and outcomes. Its current uses range from robotic surgery to artificial organs.

The UK’s medtech sector reflects a continuous evolution driven by technological advancements and a commitment to improving healthcare outcomes. The roots of the industry trace back to the mid-20th century when innovative medical technologies gained prominence. Over the years, the UK has been at the forefront of pioneering developments, from the advent of medical imaging technologies to the rise of digital health solutions.

Government initiatives, such as the one mentioned above, alongside strategic investments within the sector, have played a pivotal role in fostering a dynamic ecosystem for medtech innovation. It has witnessed significant growth, bolstered by collaborations with academic institutions, industry and healthcare providers to drive further research and development.

The landscape continues to thrive, with a focus on cutting-edge solutions, regulatory excellence, and a vision for shaping the future of healthcare through technological innovation.

Is medtech the same as healthtech?

It’s important to distinguish medtech from healthtech (as they are, surprisingly, quite different). A helpful definition of healthtech is: ‘technology (databases, apps, mobiles, wearables) to improve the delivery, payment, and/or consumption of care, with the ability to increase the development and commercialisation of medicinal products.’

Whilst healthtech focuses on improving at-home healthcare, medtech is focused on changing the medical device industry. Medtech also generally requires more regulatory approval than healthtech.

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A comment on the UK healthtech market in 2024

While this article focuses on medtech, it’s worth raising attention to the current state of the healthtech market, as the two are often reviewed in tandem. Healthtech investments broke records in the first three quarters of 2022 across the USA, EU and UK, reaching values of $23b. In the UK, investment has grown from £345m in 2016 to £3.13b in 2021, growing nearly 800%, and seven of the UK’s unicorn companies operate in the healthtech sector.

In June 2022, the Department of Health and Social Care shared their policy paper for their plan for digital health and social care. The paper outlines how advances made during the Covid-19 pandemic, such as over 28m people having the NHS App, will help push forward the digitisation of the UK’s healthcare industry. Digitisation will include cloud-based records, robotic process automation, the use of machine learning and algorithms in decision making, and digital self-help, diagnostics and therapies.

A key part of the paper involves adoption of proven tech, and investors know this: between 2016 and 2021, only the US has had more healthtech companies receive funding than the UK, with the UK being referred to as the Silicon Valley of Europe’s healthcare sector.

Government funding has also accelerated growth in the healthtech sector as of late. In 2020, the UK Government provided £32m (across six initiatives) as part of their roadmap to ensure the country remains at the forefront of life sciences research and development. Funding was awarded to ventures including InlightenUs, Edinburgh Napier University’s hearing aid project COG-MHEAR, Heriot-Watt University’s laser solution firm u-care, and a Non-Invasive Single Neuron Electrical Monitoring project led by Imperial College London.

Trends in the UK’s medtech sector

While there are medtech companies springing up across the whole of the UK, there is a particular concentration in the south, specifically London (236) and the South East (160). The East is just behind this at 126.

There are a total of 243 medtech companies that have spun out from academic institutions. These companies are also focused in the south of the UK, with the South East at 44 and London at 40. The North West and Scotland also boast 28 medtech academic spinouts each. The majority of medtech spinouts are from the University of Oxford (32), followed by Imperial College London (23), and University College London and the University of Cambridge (both 14).

Accelerator attendance is concentrated in London, with 106 companies, followed by 37 in the East and 34 in the South East, showing a vast preference for these businesses to set up in England’s capital city.

When it comes to diversity, medtech is slightly behind the rest of the UK average (19.6%), with just 16.2% of companies having female founders. 72.7% have an all-male founding team (compared to 57.3% for the whole of the UK).

Medtech investment

Our records show that the medtech industry has had 2,239 fundraisings associated with it since 2005, equating to £4.72b. 87.7% of these investments were made to companies at the seed or venture stage of evolution, showing there is a keen interest in medtech startups. Some of the top funders within this sector include SyndicateRoom, Oxford Technology, and Scottish Venture Fund.

The increasing interest in medtech, specifically in digital health tools from investors and healthcare providers alike is nothing new. According to our data, investment in medtech increased by £477m from 2014 to 2019. But the pandemic highlighted the need to speed up this process—investment in medtech has increased by 96% from 2020 to 2022.

Medtech is also a rapidly growing industry with the number of active companies growing by 204% over the last 10 years. The number of active medtechs has also grown year by year since 2005.

The UK’s top medtech and healthtech startup and scaleup companies in 2024



Year founded: 2008
Location: Oxford
Funds raised: £75.4m

OrganOx has developed a medical device that maintains human livers for transplants during transport and storage by providing blood flow, oxygen, nutrients, and temperature within physiological parameters. They are a University of Oxford spinout founded in 2008.

To date, the company has secured £74.5m in fundraising. The most recent was in July 2023 for £25.1m to develop and commercialise its organ preservation and transportation devices, construct new manufacturing facilities, make new hires and begin post-market clinical evaluations.

It has also received £2.85m in grant funding, through FP7 and Biomedical Catalyst – Late Stage (managed by Innovate UK). The company made the BusinessCloud MedTech 50 high-growth list in 2022.



Year founded: 2018
Location: Oxford
Funds raised: £80.4m

Spinning out of the University of Oxford in 2018, Refeyn developed technology that makes measuring and imaging molecular mass more easily accessible. Refeyn technology has applications in sample characterisation, as well as analysing protein oligomerisation, bimolecular interactions, and macromolecular assemblies.

Refeyn raised its first equity round in August 2018, receiving £700k from Oxford Science Enterprises, Oxford Technology, and the University of Oxford Innovation Fund. Since then, it has raised four further rounds, with the latest closing for £58.1m in April 2022. This latest round takes Refyn’s post-money valuation to £197m. It has also received grants worth £187k.



Year founded: 2008
Location: Newcastle upon Tyne
Funds raised: £81.2m

QuantuMDx develops molecular diagnostic medical devices. Among its products is the Q-POC SARS-CoV-2 Flu A/B RSV Assay, the provider of rapid, 35-minute PCR tests during the COVID-19 pandemic.

The story of QuantuMDx’s growth is an interesting one. It acquired the Welsh company NorthGene in early 2013. Since then, QuantuMDx has achieved a 20% scaleup and featured in the BusinessCloud MedTech 50 high-growth list, which recognises innovative technology used in the medical sector, in 2021.

In the past five years, the company has raised £81.2m over 13 equity rounds and has received £19.8m across seven grants. Investors in QuantuMDx include Future Fund, 3B Future Health Fund, Helsinn Investment Fund S.A, University of Newcastle, and Vita Spring.



Year founded: 2015
Location: London
Funds raised: £81.4m

Automata has developed robotic devices and an associated online platform designed to automate laboratory processes, specialising in genomics and cell line development. They have attended a number of accelerators, including Entrepreneur First, Upscale, and the Mayor’s International Business Programme. They have also featured on two high-growth lists, namely 100 SmartTech Innovators and HolonIQ Health Tech.

So far, the company has raised £81.4m through six rounds of fundraising. The most recent was in October 2023 for £31.3m, aimed at enhancing its lab automation offering, expanding internationally, and increasing the size of the team. This investment saw their valuation rise to £67.8m. They have also raised £240k through one grant.


Owlstone Medical

Year founded: 2016
Location: South Cambridgeshire
Funds raised: £88.9m

Owlstone Medical has developed a range of new products which use ‘breath biopsy’ to look for early indications of a range of diseases including respiratory, liver, cardiovascular, and cancer.

Founded in 2016, this genomics company is a spinout of Owlstone, a precision medicine company based in Connecticut, USA. Since then, Owlstone Medical has raised a total of £88.9m across five equity rounds. The company kicked off its first equity round in January 2017, where it raised £9.30m to fund the commercial launch of its product.

Further equity rounds enabled the company to grow its product portfolio, build out its technology platform, and commercialise its diagnostic tests. Investors in the company include Horizons Ventures, Foxconn Technology Group (Hon Hai), Aviva Ventures, and Ventura Capital.



Year founded: 2012
Location: Oxford
Funds raised: £94.7m

Perspectum is another University of Oxford spinout on our list. This company develops advanced imaging technologies to help doctors provide better, more personalised care. Its proprietary technology provides in-depth imaging that can extract biomarkers more intuitively. This allows better diagnoses and faster interventional care.

This startup has raised £94.7m over 10 rounds so far, as well as receiving a whopping 15 grants valued at a total of £6.18m. Its most recent equity round took place in March 2023, seeing investment from Blue Venture Fund, British Patient Capital, HealthQuest Capital, and OppenheimerFunds. This investment saw their valuation rise to £170m. The company received its most recent grant in September 2020 from Innovate UK for the purpose of integrating whole genome sequencing into care for patients with liver tumours.



Year founded: 2012
Location: Saffron Walden
Funds raised: £108m

Biomodal researches and develops genome sequencing technology. The company is a spinout from the University of Cambridge and was founded in 2012. So far, they have seen an impressive £108m in equity fundraising, most recently in November 2021. This was for £74.2m, aimed at commercialising its property genetic and epigenetic sequencing technology, with contributions from Ahren Innovation Capital, Google Ventures, New Science Ventures, Sequoia Capital, Temasek, and Third Point Ventures.

They have also raised £878k through one round of grant funding in January 2020 from Horizon2020.


Osler Diagnostics

Year founded: 2016
Location: Oxford
Funds raised: £144m

Osler Diagnostics is a 2016 academic spinout from the University of Oxford that has developed a handheld device (the Osler Origin) that provides a range of diagnostic tests for pharmacies, hospitals, and GPs. The healthcare device is portable and can test for a range of disease biomarkers.

Osler Diagnostics has raised £144m over four equity rounds, with its last round accounting for just over half this amount (£73.8m), and closing in November 2022. The company has also secured an impressive £2.12m over six grants—five from Innovate UK and one from the Defence and Security Accelerator (DASA), managed by the Ministry of Defence. Investors in the company include Oxford Science Enterprises, Lansdowne Partners, and M&G Investments.



Year founded: 2008
Location: Stratford-on-Avon
Funds raised: £246m

Quanta, also known as Quanta Diagnosis Technologies, has developed a flexible kidney care device: the SC+ hemodialysis system. The product is portable, making it suitable for at-home use and is FDA-cleared for use in chronic and acute care settings.

This medical devices company has raised £246m from equity investment to date. In its last round in June 2021, Quanta raised £176m for the purpose of research and development, specifically to launch a study focused on in-house uses of its devices. Investors in the company include American funds Ancora, BlackRock, Orlando Health, and Sands Capital. Quanta also has numerous repeat investors, including Swiss fund b-to-v Partners (Brain-to-Ventures), Irish fund Seroba Life Sciences Fund, and German fund Wellington Partners. The company also received a government grant worth £1.85m in 2015 from the Call 14 i14i Product Development Award.


CMR Surgical

Year founded: 2014
Location: South Cambridgeshire
Funds raised: £838m

CMR Surgical has developed surgical robotics to transform surgery for good. Its flagship product is Versius, a robot that helps surgical teams with accuracy and dexterity. In November 2022, CMR Surgical announced that 100 Versius systems have been installed globally. The surgical robot has now been used in speciality procedures in gynaecology, colorectal surgery, and urology, among others.

Since its incorporation, CMR Surgical has featured in eight high-growth lists, the most recent being the HolonIQ Health Tech list in 2023. To date, it has raised £838m over six equity rounds, receiving investment from multiple funds such as Switzerland-based LGT Capital Partners and ABB Technology Ventures (ATV), and UK-based Cambridge Innovation Capital (CIC) and RPMI Railpen: Private Markets.

The future of medtech companies in the UK

The future of medtech companies in the UK holds immense promise as advancements in technology redefine the landscape of healthcare. With a commitment to innovation, UK-based medtech firms are poised to lead the charge in developing groundbreaking solutions that address complex medical challenges. Emerging technologies such as artificial intelligence, robotics, and wearable devices are expected to play a pivotal role in shaping the future of healthcare delivery.

Collaborations between medtech companies, research institutions, and healthcare providers will likely accelerate the development and adoption of cutting-edge technologies, improving patient outcomes and healthcare efficiency. Additionally, a supportive regulatory environment and a focus from the government on data-driven solutions position the UK as a hub for further innovation. The integration of digital health platforms, personalised medicine, and remote patient monitoring heralds a transformative era, where medtech companies in the UK are set to revolutionise the way healthcare is accessed and delivered.

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