The outlook for the medical technology industry, both globally and in Ireland, is extremely positive. Here’s why:
- 50% of MedTech companies engage in research & development.
- Engineering skills are in strong demand; process engineers, automation engineers, lean six sigma engineers, validation engineers, quality engineers, NPD engineers, and polymer engineers are all sought after.
- The MedTech industry has a strong regional presence with an excellent geographic spread.
- Government support for the industry includes the creation of Springboard courses to retrain professionals with new skills, a national programme to increase STEM course applications, and Science Foundation Ireland funding support for several research & development centres.
- There is a very strong pool of indigenous senior and executive talent within the industry, both in Ireland and globally of Irish expats.
- The industry alone employs over 32,000 people and has €12.6 billion worth of exports annually.
- Ireland host 18 of the 25 largest MedTech companies in the world.
- Salaries and benefits are competitive and have largely remained stable over the last 12 months. There is some upward pressure on niche engineering and science skills that are in demand.
- The fastest-growing subsectors of the industry are in-vitro diagnostics, connected health, and combination devices.
- The future talent pool looks strong; educational trends show an increase in STEM graduates over the last 10 years as well as greater enrolment in engineering and other STEM courses. Level 8 engineering and technology first preference applications have increased by 26%, while science applications have increased dramatically by 78%.
Collins McNicholas expects the sector to continue to grow over the next few years due to increased demand for medical device products globally. Ireland’s competitive cost base, strong talent supply and track record in the industry provide a positive outlook for the future of MedTech in the country.
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