The UK medical technology industry has experienced steady growth in recent years, making it one of the largest sectors in Europe. With over 100,000 employees and a contribution to the country’s economy, the industry is estimated to be valued at around 27 billion by 2027.
MedTech UK Life Sciences Labour Market Trends
INTRODUCTION
The UK medical technology industry has experienced steady growth in recent years, making it one of the largest sectors in Europe. With over 100,000 employees and a contribution to the country’s economy, the industry is estimated to be valued at around 27 billion by 2027.
One of the key themes of the UK’s Life Sciences Vision is to support the NHS in testing, purchasing, and spreading innovative technologies more effectively. This allows cutting-edge science and innovations to be widely embedded across the NHS and rapidly adopted worldwide. The demand for cell and gene therapies has also contributed to the growth of the industry, with the cluster centered around Stevenage becoming the largest in Europe and the third largest globally. However, the past year has been challenging for the life sciences industry, including medical technology. Data shows a 5% decline in MedTech vacancies in the UK compared to the previous year. Despite this, deal activity in the sector has increased, with surgical robotics, cancer care, and neurostimulation receiving significant venture capital deals. While it is believed that MedTech funding hit its lowest point in the first quarter of the year, it is expected to remain moderately below 2022 levels for the full year. Despite these challenges, there is an overall increasing share of science jobs within the MedTech sector. By the end of the year, it is projected that these jobs will make up 21% of all jobs in the sector, compared to 14% in 2022. This highlights the growing importance of scientific roles in driving innovation and growth within the industry. With approximately 30 million people living with long-term health conditions in the UK, there is a high demand for medical devices. As healthcare systems continue to search for innovative solutions to address diseases and medical conditions, the MedTech industry is undergoing dynamic growth. The UK’s strong commercial health sector, ranking first in life sciences Foreign Direct Investment projects among European countries, further supports this.
Yvette Cleland - CEO | Cpl UK
CONTENTS Overview
Page 03 Page 04 Page 05 Page 06 Page 07
Overview When analysing trends in Med Tech, we see there has been a slight dip in vacancies, of 5.9%. Equally, one significant trend to highlight is the increasing share of scientific jobs within the Med Tech sector. In 2023, scientific jobs are projected to represent a 21.2% share of all vacancies, marking a notable improvement compared to the 14.2% share recorded in 2022. This shift reflects the growing importance of scientific expertise in the industry. Similarly, looking at the long-term perspective, 2023 is set to witness a substantial 27.9% increase in vacancies compared to 2019, indicating steady and robust growth in scientific positions over the years. Analyzing quarterly data, it’s interesting to note that Q1 2023 has emerged as the strongest quarter year- to-date, with 397 scientific job vacancies in the Med Devices Sector. This figure is remarkably similar to the peak quarter of 2022, Q4, which recorded 405 scientific job openings. On the flip side, Q3 2023 has seen the lowest quarterly numbers since Q1 2022, suggesting some seasonal fluctuations in hiring patterns. Delving into monthly totals for 2023, all months in Q1 boasted over 100 job openings, with January leading the way at 136 vacancies. Notably, the most substantial month-on-month change occurred in August, with a remarkable 55.6% increase in scientific job postings, underscoring the industry’s dynamic nature. In conclusion, while there may be a slight dip in annual scientific job vacancies, the overall outlook remains positive, with steady growth and an increasing share of scientific positions within the Med Tech sector. As quantitative tightening stabilises and the corporate finance market picks up, we expect this to translate also into greater levels of vacancies next year. Regional Breakdown Skills in Demand Top Companies About Cpl Life Sciences | Vacancysoft
03
Annual Totals
Scientific Vacancies, Med Devices, UK, 2021-23*
1,500
1,000
500
2021
2022
2023*
Source: Vacancysoft Analytics
Scientific Vacancies, Med Devices, UK, 2021-23 Jan-Sep Quarterly Totals
500
400
300
200
100
Source: Vacancysoft Analytics
2023* - Estimation
04
Regional Breakdown
04
Regional Breakdown Scientific Vacancies, Med Devices, UK, 2021-23* Est
Regional Breakdown, by Share Scientific Vacancies, Med Devices, UK, 2021-23*
100%
7.3% 7.1% 4.7% 4.1%
5.9%
South
9.2%
8.8% 6.2% 5.5%
250
500
750
1,000
7.5%
75%
7.2%
North
8.1%
13.3%
13.9%
17.6%
Greater London
57.9%
50%
Midlands
54.7%
49%
Wales
25%
Northern Ireland
Scotland
50
100
150
200
250
2021
2022
2023* Est
South North Greater London
Midlands Wales N. Ireland
Scotland
2022
2023* Est
2021
Source: Vacancysoft Analytics
Source: Vacancysoft Analytics
Fig. 03
Fig. 04
2023* - Estimation
2023* - Estimation
The landscape of scientific job opportunities in the Med Tech sector is undergoing notable shifts across various regions in 2023. Like in other industries, there has been a move of jobs from the southern regions to the north. With that, here’s a comprehensive breakdown of the latest trends and talking points: Historically, the South region has been the most productive, and this trend continues in 2023. However, there’s a projected -20.3% decrease compared to previous years. Looking ahead, the concentration of jobs in the south is noteworthy, and the overlap between the golden triangle in pharmaceuticals and the associated job flow in med tech is interesting to see. Equally, there has been a nationwide rebalancing. The North and Midlands regions are expected to see positive changes. The North anticipates a remarkable 24.7% increase in annual totals, with approximately 231 scientific job vacancies. Similarly, the Midlands region is estimated to experience a 10.3% year-on-
year increase.
Both Scotland and London are set to witness slight decreases in scientific job vacancies in 2023, with -12.6% for London and a more significant -35.0% for Scotland. Northern Ireland stands out with a substantial 145.3% year-on-year change, signalling a significant uplift in scientific job opportunities in the region. The share of scientific jobs across regions is also evolving. While the South region held the majority share in 2022 with 57.9%, it’s projected to decrease to 49% in 2023. In contrast, the North region is expected to see an increase in share, rising from 13.3% to 17.6%. Additionally, the Wales region may witness growth, increasing its share from 5.5% to 7.1%. London, on the other hand, is expected to maintain a steady share, resembling 2022 values, and remaining above 8%.
05
Skills in Demand
05
Skills in Demand: Top Professions Professional NON - Scientific Vacancies, Med Devices, UK, 2021-23*
Skills in Demand: Top Roles Scientific Vacancies, Med Devices, UK, 2021-23*
Laboratory
IT Professional
1,000
2,000
3,000
4,000
Quality Assurance
Sales
Reg Affairs
Engineer
Project Management
Marketer / PR
R&D
Procurement / Supply Chain
Quality Control
Accountant
Commercial Support & BD
HR Professional
100
200
300
500
1,000
1,500
2022
2022
2023* Est
2023* Est
2021
2021
Source: Vacancysoft Analytics
Source: Vacancysoft Analytics
Fig. 07
Fig. 08
As the Med Tech sector continues its rapid evolution, the demand for specific skills is undergoing significant changes. IT has been the driving force in the sector, with 46.6% of job vacancies in 2022, totaling 3924. However, a substantial 66.7% decrease is expected in 2023, marking the most significant negative change among top professions. Sales professionals held a 17.1% share of vacancies in 2022, peaking at 1441 jobs. In 2023, the demand for sales skills is expected to increase, with an estimated 23.3% share, signalling the industry’s focus on expanding market reach. Accountants are among the least affected, with values in 2023 largely consistent with 2022. Approximately 317 accountant positions are expected, highlighting the ongoing need for financial expertise in the sector. The engineering profession is poised to see the second most substantial decrease among the top professions, with a 30.2% decline in 2023, reflecting shifting priorities within the Med Tech industry.
Laboratory roles are expected to lead in 2023, holding a 14.5% share of vacancies. However, a -15.6% year-on-year change indicates some fluctuations in demand for these positions. Quality assurance roles, despite having the highest total, are projected to see a decrease in their share of vacancies, dropping to 8.1% with a -23.8% year-on- year change. Project management roles are set to experience a substantial increase of 136.2% in 2023, reflecting a growing emphasis on efficient project execution. Regulatory affairs roles are expected to see a 6.1% increase in demand, while R&D roles are projected to grow by 9.9%, showcasing the importance of research and compliance functions. Commercial support and business development roles could be the most affected, with a -30.7% decrease in 2023, emphasizing a shift in strategy or market dynamics.
06
Top Companies
05
Top 20 Organizations Scientist 22 vs 23 *Est, Med Devices, UK
When analysing the Med Tech sector for leading companies, we see the following: Dexcom has been a prominent player in the Med Tech sector, with 107 vacancies in the first nine months of 2023. However, a -15.1% decrease is expected in the coming year, reflecting potential adjustments in their workforce strategy. ConvaTec stands out with a remarkable 230% year-on-year change, signalling significant growth in scientific job opportunities. This suggests a strong commitment to expanding their scientific workforce. Despite a strong showing in 2022 with 173 job openings, Thermo Fisher Scientific is projected to experience a -63.0% year-on-year change, with vacancies falling below 100. Steris Corp is expected to undergo a substantial 56.3% increase in scientific job opportunities in 2023. Leica is expected to experience a notable 115.4% year-on-year change in 2023, reflecting a significant surge in demand for scientific roles within the company. Stryker, according to the forecast, could see a remarkable 142.4% increase in scientific vacancies by the end of 2023. This suggests a strategic focus on scientific talent acquisition. Noteworthy is that 10 out of the top 20 companies are expected to increase their scientific job vacancies in 2023. This trend highlights the volatile nature of the sector at the moment, in that certain companies are surging, whilst others are cutting back. Looking ahead, what will be interesting is to see how companies change their recruitment as liquidity improves as corporate finance starts again. The Med Tech sector is heavily reliant on investment, due to the intensive capital requirements. That being throttled has slowed down hiring, so as it starts again, it will be interesting to see the next grouping of companies as they surge.
YoY%
Organization
2022 2023*
-15.1%
Dexcom
143
168
230.7%
ConvaTec
83
25
31.2%
Avantor
81
62
-63.0%
Thermo Fisher Scientific
64
173
-6.5%
Nanopore
63
67
-12.6%
PerkinElmer
51
58
56.3%
Steris Corp
45
29
11.1%
40
Certara
36
7.7%
28
26
Sartorius
115.4%
28
13
Leica
56.9%
27
17
Owlstone Medical
142.4%
27
11
Stryker
-39.7%
25
42
Smith & Nephew
111.1%
25
12
GE Healthcare
-6.7%
19
20
Ortho Clinical Diagnostics
133.3%
19
8
Boston Scientific
-36.2%
15
23
Cooper Companies
-11.1%
13
15
Waters
-86.7%
4
30
BD
-87.3%
3
21
Pall
Source: Vacancysoft Analytics
Fig. 09
2023* - Estimation
Cpl Life Sciences have an international presence, recruiting across Europe, supplying Pharmaceutical, Biotechnology and Clinical Services industries with the talent they require for success.
Cpl UK is a group of specialist talent businesses which service the Science, Technology, Engineering, Mathematics (STEM), Professional Services and Healthcare sectors across the UK. Together we form the UK footprint for Cpl Resources Plc which is one of the largest staffing companies in Europe. As a group
we’ve been powering businesses by providing transformational talent solutions for over 30 years and have been listed on the London Stock Exchange since 1999.
Our mission is to be the UK’s best transformational talent partner across all our core markets and add meaningful value to lives of our clients, candidates and colleagues.
What we do: Our Service Capabilities across all European Countries include: ∙ Contingency permanent recruitment ∙ Contract recruitment – freelance and PAYE via Cpl UK
∙ Search and selection permanent recruitment ∙ Specialist ‘project-based’ interims via Cpl UK ∙ FSP outsourced teams across Europe ∙ European Salary Survey to determine the salary and benefits for each sector of the UK Life Science industry.
For more information or to speak to one of our team please contact us on +44118 959 4990 or email UK@CPL.COM
Reading Office The BrickWorks, 35-43 Greyfriars Road, Reading, RG1 1NP
London Office Peninsular House 30-36 Monument Street, London EC3R 8LJ
Vacancysoft is the UK’s leading provider of labour market data and analytics. We provide high-grade lead generation, client intelligence and market analysis solutions for Britain’s top recruitment industry firms and others.
Vacancysoft’s products helps firms to optimise their businesses. Established in 2006, we have thousands of clients worldwide, ranging from FTSE-listed businesses to industry specialists.
How we gather data The data contained within this report is gathered solely and specifically from the career centres of company websites, not job boards.
Before publication, job postings are de-duplicated and verified as unique. Every vacancy is assigned up to 20 data points through Vacancysoft’s proprietary algorithm, which is double-checked for validity by a data quality control team.
The data showcased here is available within the Vacancy Analytics platform, where users can create and customise their own reports. To find out more please contact a member of the team or email support@vacancysoft.com.
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