Of the €557m invested in the Irish medtech industry over the last 12 months, around €142m was invested in start-ups or SMEs.
The Irish Medtech Association has highlighted the growth opportunities for the medtech industry in Ireland ahead of Medtech Rising – the Irish medtech conference that is taking place in Galway this week.
The Irish Medtech Association, which is the Ibec group that represents the medtech sector, is joining Enterprise Ireland and IDA Ireland at the event, which features 35 speakers who will share their insights over 15 sessions covering global trends.
Topics will include new business models, innovation and digital health, as well as manufacturing and factories of the future.
Half a billion in investment
Sinead Keogh, director of the Irish Medtech Association, said: “Since the early 1990s, the number of medtech companies here has risen from 40 to more than 450, with nine of the world’s top 10 medtech companies having a base here.
“Over the past 12 months, more than €557m worth of investments by FDI multinationals and funding for start-ups has been publicly announced, with many new jobs added to the Irish economy.
“Ireland is one of the top seven employers of medtech professionals in Europe, as well as the greatest employer of medtech professionals, per capita, with more than 40,000 people working in the sector.”
IDA Ireland’s medtech department manager, Rachel Shelly, added: “Ireland is a gateway to the world’s second biggest medtech market – Europe – which is worth €115bn, and [is] a critical part of the global supply chain network for major multinational medtech companies.
“In an ever-changing global environment, Ireland’s stability, proven track record, access to talent and rich medtech ecosystem means we are a key destination for global and growing medtech companies.”
The role of start-ups
Manager of life sciences at Enterprise Ireland, Deirdre Glenn, noted that 60pc of the medtech companies based in Ireland are homegrown. In addition, four out of five Irish-based medtech businesses are either start-ups or SMEs.
“2019 has been another successful year with medtech start-ups and SMEs in Ireland attracting more than €142m in financing,” Glenn said.
“As the competition for financing intensifies, events like Medtech Rising are vital to help companies with global ambition understand what it takes to stand out to investors and how to turn a good idea into a life-saving technology that’s used in health systems across the world.”
Tomorrow (5 December) during Medtech Rising, the winners of this year’s Irish Medtech Awards will be revealed.