The global market for healthcare will increase by a third every year to reach £37bn by 2020, according to PricewaterhouseCooper (PwC).

New technology in healthcare is gaining an increasing amount of attention – and, as a result, finance – because of the digitalisation that continues to reshape the world that we live in.

Recently, Cambridge Cognition, a developer of cognitive testing technology, began working with research firm, Ctrl Group, in order to create wearable devices that could detect early signs of dementia and depression.

This comes just weeks after another London company, DeepMind, announced that it has begun working with the NHS to improve care co-ordination using new technology.

Of the £37bn global value, the UK will be accountable for around 5 per cent (£2bn) and it has already begun to embrace this with the launch of the Digital Health London scheme that was launched by ex-Mayor of London, Boris Johnson, back in March, to create 50,000 jobs in the sector.

Speaking of the technological buzz in the sector, chief strategy officer at TrialReach, a London company that is developing an online platform to help drug companies recruit patients for trials, said:

“The digital health scene in the UK feels like the [San Francisco] Bay Area two to three years ago, just as it was starting to explode.”