19 Facts About the MedTech Industry in Ireland
Ireland is a key part of the global MedTech industry in research and development as well as in manufacturing. Products designed and manufactured here are used by medical professionals, patients, and consumers all over the world.
To get a better understanding of the size, importance, and nature of the MedTech industry in Ireland, here are 19 key facts.
Companies and Employment
1. There are over 450 MedTech companies in Ireland
2. 60 percent of MedTech companies in Ireland are indigenous
3. Nine of the top 10 MedTech companies in the world have an Irish base
4. 18 of the top 25 MedTech companies in the world have an Irish base
5. Many multinational MedTech companies operate more than one facility in Ireland
6. 70 percent of MedTech companies in Ireland are engaged in research and development
7. The MedTech industry employs more than 38,000 people in Ireland
8. Dublin is only one region of the country that has a significant MedTech industry presence. Other regions include Galway, Sligo and the North West, Limerick, and Cork.
Products and Exports
9. MedTech industry exports from Ireland are worth over €12.6 billion a year
10. The MedTech industry in Ireland exports to more than 100 countries
11. Exports from the MedTech industry account for eight percent of Ireland’s total exports
12. Ireland is Europe’s second largest exporter of MedTech products
13. 50 percent of ventilators used in the world’s hospitals come from Ireland
14. One-third of the world’s contact lenses come from Ireland
15. 30 million diabetics use injectable devices made in Ireland
Education and Skills
16. The MedTech industry is strongly supported by Ireland’s education sector, ensuring the industry has the skills it needs
17. The MedTech industry is strongly supported by the Irish Government. This includes running initiatives that encourage young people to go into STEM careers as well as encouraging those already in the workforce to upskill.
18. Applications to study science degrees have increased by 78 percent in the last 10 years
19. Applications to study engineering and technology degrees have increased by 26 percent in the last 10 years
The 19 facts above are all impressive, but the industry in Ireland continues to push forward with new product developments and investment in new research and manufacturing facilities. These new investments are being made by both indigenous and multinational companies.
The services sector is also growing and becoming stronger. This involves companies that provide support services to MedTech manufacturers. In fact, many of these companies are now leaders in their field and now provide support services to the MedTech industry worldwide.
New technologies are changing the industry, however, as are new EU regulations due to come into force in the next couple of years. Ireland will remain at the forefront of the MedTech sector throughout these changes and will continue to play its part in improving health outcomes and quality of life for people all over the world.