Sinead Keogh
Ibec Head of Sectors and Irish Medtech Association Director
The pandemic has highlighted the medtech industry’s role in improving lives and Ireland has stood out as one of the top five producers of COVID-19 related goods.
Ireland’s global medtech industry spans 450 business, with nine of the world’s top 10 medtech companies having a base here. This is complimented by a strong base of homegrown companies ranging from disruptive start-ups to multinationals, the industry employs 42,000 people overall, making Ireland the largest employer of medtech professionals, per capita, in Europe.
A survey of senior business leaders conducted during the development of our new 2025 strategy revealed Ireland’s attractiveness is thanks to our skilled resources and experience; proven track record of delivery; industry leadership and global influence; ecosystem competitiveness and installed base.
The outbreak of the global COVID-19 pandemic sent shockwaves through the medtech industry. However, confidence is now on the rise.
Global medtech game changers
The outbreak of the global COVID-19 pandemic sent shockwaves through the medtech industry. However, confidence is now on the rise. To usher in a future success, the Irish Medtech Association has identified five game changers:
- Ageing demographics and rising demands are increasing healthcare costs. New business models are emerging to offer value-based care that promotes outcomes.
- Smart devices are empowering consumers to take greater control of their wellbeing and data accessibility is supporting more personalised and preventative care.
- Sectors are coming together with medtech, tech and biopharma to develop and deliver the latest health technologies.
- New business models are evolving in response to greater stakeholder collaboration to compete better.
- The global competitiveness landscape is being reframed in the face of tax reform, as well as changing political and economic relationships between leading economies.
Future strategy for Irish medtech
Our vision is for Ireland to be strongly positioned as a global leader in innovative patient-centred medical technology solutions, helping to set the future global healthcare agenda, with a proven ecosystem that is a major contributor to the economy.
To achieve this, we’ve identified four strategic pillars – innovation with impact, talent to thrive, competitiveness of our ecosystem and excellence through collaboration.
Operating within an ecosystem of collaboration among medtech, academics, educational institutions, investors, government and stakeholders, we are set to build on this success and take a greater share of the rapidly growing global medtech market. It is forecast to grow 5.6% (CAGR) annually with sales expected to reach over €530 billion by 2023.