Irish medtech sets its sights on €530 billion global market

September 13, 2019

The Irish Medtech Association, the Ibec group that represents the sector, today launched Medtech Rising: The CEO Conference 2019, jointly hosted with Enterprise Ireland and IDA Ireland, which puts a focus on delivering better health outcomes with digital health solutions, innovation in surgery and attracting R&D investment, and how to make Ireland a location of choice for manufacturing of the future. 
Director of Ibec Medtech & Engineering sectors,  Sinead Keogh said: “Medtech continues to perform well with growth of 5.6% (CAGR) forecast to 2024 with sales expected to reach €530 billion by 2024. One of the key growth areas is digital health with sales of €15.7 billion forecast. This 5.9%  global medtech growth is underscored by strategic partnerships driving success, with innovative technologies developed by manufacturers with expertise from clinicians, manufacturing partners like TE Medical collaborating with companies from prototyping to commercialisation, and digital health partnerships marking a shift from developing products to health solutions that support better patient pathways.

“With global healthcare spending is expected to increase from €6.9 trillion to €9 trillion between 2018-2022, Ireland is uniquely positioned to become a global leader in digital health with the world’s leading medtech, tech and biopharma companies having a base here. Digital health can help relieve some of the pressures on the health system and is already making a difference in patient’s lives by helping to tackle the rise of chronic diseases, notably diabetes and cardiovascular disease. 

“With 4.5% growth in global medtech R&D spend, the industry is constantly investing in innovation and Ireland is playing a growing role in attracting new investments and developing new life changing technologies. Patient and health professional experience will determine technology adoption and success. At Medtech Rising 2019 we’ll get the physician perspective on these trends from key opinion leaders such as Jim Hollingshead, President, Sleep Business - ResMed, Amazon Chief Medical Officer and Cardiologist Maulik Majmudar and Medtronic VP & General Manager Care Management Services & Non-Intensive Diabetes Therapies Sheri Dodd.

Irish Medtech Association Chair and FIRE1 CEO Conor Hanley said: “Medtech startups are drivers of innovation which develop new technologies to address major unmet patient needs. Irish medtech startups have raised more than €178m in finance over the past two years to bring these technologies to market and patients. It’s our ambition to take Ireland global medtech hub to the next level by making it one of the top 10 global startup communities. That’s why we’re delighted to have Johnson & Johnson Corporate VP Venture Investment Jeanne Bolger and Fresenius Medical Global Head of Mergers & Acquisitions Wolfgang Hofmann join us to share their insights on international trends in investments and what they’re looking for in disruptive technologies.

“Medtech Rising 2019 will not only offer insights on investment strategies, it’s also an opportunity for the Irish Medtech Association to set-out why there’s now an opportunity for the Government to grow this dynamic sector by introducing policies that help startups compete for talent with share options, attract VC investment and build better international relationships, as well as promote serial entrepreneurship with a more competitive CGT rate.”

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Enterprise Ireland, IDA Ireland and the Irish Medtech Association would like to thank sponsors, Platinum Sponsors KPMG and Advant Medical; Gold Sponsors, Bemis Healthcare Packaging Europe, Teleflex, VistaMed Freudenberg Medical, Kuehne + Nagel, and SteriPack Contract Manufacturing; as well as Silver Sponsors, Creganna Medical part of TE Connectivity, Hanna Moore + Curley, and the Irish Medtech Skillnet.