The growth of MedTech sector in Ireland
Ireland is building a world-class MedTech ecosystem to become the emerging global hub for the research and development of Medical Technology. The MedTech sector in Ireland is exporting €12.6 billion annually to more than 100 countries globally.
The MedTech sector in Ireland
The Irish Medical Technology industry has expanded from a modest 75- company cluster in the early 1990s to a 450-company cluster that employs about 45,000 people (7.5% of workers in Ireland’s manufacturing sector), making it one of the industry’s top worldwide centres (The Irish Times). Ireland employs more MedTech specialists per capita than any other country in Europe as a whole. With yearly exports of €12.6 billion to more than 100 nations worldwide, Ireland is also the second-largest supplier of MedTech goods in Europe (Enterprise Ireland). Ireland is also home to all 10 of the top biopharma and technology firms in the world, in addition to 9 of the top 10 MedTech companies.
In addition, the Irish Medical Technology sector has undergone great development over the last five years, and the global pandemic has brought attention to the sector’s importance. By 2024, the digital health sector is expected to reach more than €300 billion in Ireland, home to around 200 digital health businesses (The Irish Times).
Global companies are making significant investments in the MedTech sector in Ireland. For example, in addition to the 5,000 people presently employed by the firm here, Abbott Ireland has invested a historic $450 million in a greenfield facility in Kilkenny, which will create an additional 1,000 value-added employment. The biggest 3D printing factory of its type worldwide (156,000 square foot), Stryker’s new additive manufacturing plant in Cork opened its doors in August 2022, where it will generate 600 high-tech employment while producing specialist medical items including implants to treat bone-related disorders. At its facility in Galway, Boston Scientific recently launched a new €100 million expansion and 300 new employees.
The MedTech ecosystem in Ireland
The Irish MedTech ecosystem plays a pivotal role in driving the significant growth of the MedTech sector in the region. This success is underpinned by strong collaboration, where a focus on innovation is complemented by a highly interconnected network of leading global MedTech companies, world-class academic research institutions, and top-tier government-funded research organisations.
The Irish government plays a crucial role in financially backing up R&D activities, as according to a research, 70% of Irish MedTech businesses’ involvement in R&D activities is due to government funds. The Disruptive Technologies Innovation Fund (DTIF), which has a €500 million budget, is one of the largest state-sponsored award programmes, encouraging collaboration between small and medium-sized firms and research institutions to create novel goods and technology. Collaborative strategy, such as through fostering close linkages between medical device manufacturers and the academic institutions, are training the workforce of the MedTech future in Ireland.
Furthermore, Ireland’s MedTech R&D sector is characterised by a strong innovation-driven mindset and commitment. This focus on innovation is deeply rooted in the country’s higher education system, with many prestigious universities placing a strong emphasis on healthcare, thereby providing the MedTech industry with significant advancements, highly skilled professionals, and innovative ideas. Notably, 68% of global medical technology FDI companies operate in Ireland, employing 1,229 researchers and investing €181 million (£163 million) annually in research and development. (Irish Advantage).
In addition, Ireland’s strong presence in technology and pharmaceutical industries presents significant opportunities for convergence between MedTech, technology, and these sectors. This synergy is driving innovations in areas such as digital health and combination devices.
The future of MedTech sector in Ireland
According to The Irish MedTech Association’s 2022 report The Global MedTech Hub 2025, it is believed that Ireland can influence the future of healthcare and capture a larger portion of the global industry, which is expected to rise at a CAGR of 5.6% per year and reach revenues of €530 billion by 2024. The four main strategic pillars set by the Irish government to promote this plan are:
- Innovation with impact
- Talent to thrive
- Competitiveness of the ecosystem
- Excellence through collaboration
Micro Systems is proudly attending the coming Medical Technology Ireland Expo and Conference on the 20 – 21 September 2023 at Galway Racecourse, Ireland. This is Europe’s 2nd largest and fastest growing medical device manufacturing show, welcoming more than 1,200 attendees from all over the world. Come visit us at Booth 135 to talk about all things mould tooling and injection moulding – MedTech related!
Contact us today for a trusted, professional medical device manufacturer!
