Known as the “land of a hundred thousand welcomes,” Ireland is emerging as a thriving new home for the medical technology industry. Centrally located between the Americas and Europe, Ireland bridges these two longstanding titans of the industry, and provides a prime harbor for many of the world’s foremost up and coming medtech companies. As Ireland steps onto the world stage of business, it is emerging as a leader in innovative patient-centered medical technology. The country’s policy, location and a flush of burgeoning medtech businesses offer a fertile ground for a vast number of medical startups. In this new era of development, Ireland is moving to make strong policy moves and economic actions to support continued growth in the field of innovative medical technologies.
Ireland’s medtech sector is the highest per capita employer in Europe, and is shining as the fastest growing economy in Europe. Ireland alone produces substantial amounts of the worlds injectable devices, in acute hospitals worldwide, contact lenses, global stents and orthopedic knee production. In 2018 the the global medtech industry is expected to hit €475 billion. Discover this In light of this exponential growth, many leading international VC’s are moving to support high technology medical companies. According to Dr. Sinead Koegh, director of the Irish Medical Device Association, Ireland’s strength in IT offers a unique opportunity for new product development, and many companies are flocking to capitalize on the region’s robust technical industry.
As of today, there are over 350 medtech companies operating in Ireland. According to Christopher M. Coburn, from Cleveland Clinic, “There are few places in the world that feature such a combination of innovation, clinical delivery, academic centers, productions, applied research and risk capital packed into such tight proximity.” It’s a medtech developer’s dream.
Ireland is playing host to the next generation of the economic giant that is medtech. With the eminent policies, innovators, and convergent technology in place, Ireland has laid the foundation to become the next seat of the industry as it rises into a new era of innovation and capitalization. Databean is excited to be part of this next generation medtech hub, now having an office in Dublin, Ireland.