Healthcare innovation
In 2020, global healthtech venture funding soared to a record US$14 billion, almost doubling the previous year’s figures. This surge, driven largely by the pandemic, has accelerated virtual care and innovation in healthcare technologies, including AI, big data, and cloud computing.
The UK and Saudi Arabia are both at the forefront of this healthtech investment wave. While challenges persist in aligning electronic health provision visions, collaborative efforts are growing. Saudi entities have invested heavily in UK healthtech startups highlighting the deepening healthcare sector partnership between the two countries.
Saudi Market
Saudi Arabia is making significant strides in healthtech, dedicating 17.7% of its national budget to healthcare, aligning with its 2030 vision. The Kingdom’s recent launch of the Middle East’s first Virtual Hospital, offering over 30 telemedicine services, reflects its commitment to smart health technologies.
This rapid digitalisation, bolstered by institutions like the Neom Research Centre at King Abdullah University for Science & Technology and the emergence of over 150 healthtech startups, is fostering extensive international collaboration and creating new opportunities.
UK Market
The UK’s healthtech sector reached an all-time high in 2020, with venture capital investments totalling US$2.33 billion, accounting for 12% of the nation’s tech investments. Ranking as the third best funded healthtech market globally, the UK boasts over 3000 SMEs and is a hub for cutting-edge research in digital healthcare, genomics, and biotech.
The London-Oxford-Cambridge triangle, responsible for 65% of the UK’s and 25% of Europe’s healthtech investments, cementing the UK’s position as a leader in healthtech innovation.
Healthtech EVENTS
- 25 June 2024
- London
The ABHI KSA event in partnership with the Saudi British Joint Business Council (SBJBC) and hosted by Covington & Burling LLP is an opportunity to hear healthcare leaders from Saudi Arabia and the UK talk about the development and ambition of Saudi Arabia’s healthcare ecosystem.
- 30 April - 1 May 2024
- Olympia London
Innovation Zero, the UK’s largest sustainability conference, returned to London Olympia for it’s second edition, alongside its new co-located event, Infrastructure Zero.
We were delighted to host a panel session in the sidelines, looking at UK Saudi collaboration in academia and early stage funding.
- 29 - 31 January 2024
- Riyadh
We led our second fintech delegation to Riyadh between 29 – 31 January 2024. This was among the largest delegations in the sector to visit a Middle East company and featured visits to regulators, financial institutions, and key ecosystem stakeholders.
