The value of UK health tech startups at the end of 2024 reached £32bn, according to new research.
Startups in the sector pulled in a combined £27.4bn in funding, with the average amount raised per company being £9.6m, as revealed by research from Beauhurst and the Startup Coalition.
The HealthTech Index from the Startup Coalition examined the top 1,000 British startups in the sector, considered to be one of the fastest-growing in the country.
Firms in the index, which included fields such as AI health analytics, biotechnology and diagnostics, pulled in £865m in grant funding last year and employed almost 30,000 people in the UK.
Among the subsectors, biopharmaceuticals was found to be the most valuable and populous, with 276 companies collectively raising £11.9bn up to the end of 2024.
Momentum in the subsector has continued in 2025 which saw a £333.5m Series A round for the recently launched Ozempic challenger Verdiva Bio.
The findings also noted a positive success rate, with 168 firms in the index having exited compared with 61 that shut down.
Just over a fifth of startups in the index had at least one woman founder, compared to 16% of funded startups across all sectors in the country, revealed last year by Female Foundry.
The Startup Coalition lauded the success of the sector, arguing it should be positioned by policy leaders as an essential industry for future economic success.
The group called for reforms to NHS procurement to allow better access to new technologies and greater support for university spinouts in health tech.
“Health tech is already one of the UK’s great strengths,” said Startup Coalition executive director Dom Hallas.
“The Index is just the start of a new programme of work here at the Startup Coalition, to crack through the policy issues that matter most to HealthTech startups – fixing NHS procurement so startups can actually sell to the system, making public sector accelerators fit for purpose, unlocking spinouts, and so much more.”
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