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Ireland can capitalize on global medtech market worth $522bn

Ireland can capitalize on the opportunities being presented by a global medtech market worth $522bn according to the Irish Medtech Association, the Ibec group that represents the sector.
Speaking ahead of Medtech Rising: The Irish Medtech CEO Conference and Awards, 6-7 December in Galway, Acting Irish Medtech Association Director Eoghan Ó Faoláin said: “The global medtech sector is evolving not just technologically, with R&D spend to grow 3.7% to $33.5 billion, but also through new business strategies with 5.1% growth forecast, for 2022. For example, the value of mergers and acquisitions grew 178% globally and were worth $49 billion in the first half of the year.

“The substance behind the Irish business model, which Ibec has been unrelenting champion of, has helped make the medtech economy competitive and attractive to set-up and grow businesses. This is encapsulated by the 450 medtech companies here, including 9 of the world’s top 10 medtech companies having a base in Ireland. The Irish medtech cluster is built on a foundation of strategic collaboration with events like Medtech Rising bringing key players together.

“Now a key area of focus according 80% of business leaders surveyed is to make Ireland a location of choice for global commercial capabilities, with a third of FDI multinationals already planning to expand or introduce commercial operations in Ireland.

“Medtech Rising offers incomparable access to global CEOs like Boston Scientific’s Mike Mahoney to an audience of 500 senior business leaders in Ireland, whose vision for Boston Scientific is a great example of how targeting strategic growth in higher margin, faster growing markets can reap significant benefits.”

Enterprise Ireland Director Lifescience and Food Commercialisation and Manager, Lifesciences Sector Deirdre Glenn said: “Ireland ranks in the top five of global hubs for medtech, stemming from its uniquely collaborative ecosystem made up of multinationals, start-up companies, university researchers and R&D centres. While we are attracting and retaining the world’s leading medtech companies in Ireland, we are also growing our own talent base and export potential.

“Through innovation supports like our Agile Innovation Fund, which aims to improve the efficiency of developing new products and services, Enterprise Ireland is focused on driving the global ambition of medtech companies, providing new generation healthcare solutions and improving patient outcomes worldwide.”

IDA Ireland Head of Life Sciences, Engineering and Industrial Technology Division Michael Lohan said: “Not only is Ireland the number one destination for FDI, it’s also number one for investment incentives. But that’s not enough to ensure we remain one of the top five global medtech hubs. While our international reach helps to attract businesses into the country, events like Medtech Rising help them get the information on the latest trends and meet the right people to grow their businesses to increase their share of the $522 billion global medtech market.”

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