Ireland’s medical technology sector employs over 27,000 people. It is an important contributor to the Irish economy providing €9.4bn worth of exports annually, creating a large number of well-paid, high-skilled job opportunities.
To put Ireland’s success in this sector into context, the European medical technology market is worth roughly €100 billion and accounts for 31% of the world market. As the 5th largest exporter of MedTech products in Europe, Ireland is undoubtedly a major contributor to the global MedTech industry.
Ireland has developed an excellent reputation as a producer of complex medical technologies. This reputation attracts some of the largest players in the medical technology industry.
Ireland currently hosts 18 of the 25 largest MedTech companies in the world. Companies such as Abbott, Medtronic, Johnson & Johnson, Baxter, Boston Scientific and Stryker all have major operations in Ireland.
But it’s not all FDI led, indigenous companies are also major contributors to the Irish medical device sector. There are over 350 MedTech companies in Ireland and 60% of these are indigenous SMEs – Creganna, Trulife, Vistamed, and Steripack are just a few of the indigenous Irish MedTech companies exporting their products globally.
With all that success comes major investment.
In the last 2 years, medical technology companies invested €652 million in Ireland, and Ireland also secured one-third of all MedTech investment into Europe in 2015. Ireland now develops some of the most sophisticated products in the industry, with particular strengths in high-value manufacturing and R&D.
R&D is growing in importance in the Irish MedTech sector, with half of all MedTech companies in Ireland now having a dedicated R&D function. Medtronic, Cook Medical, Stryker and DePuy Synthes all announced investments in new R&D and Innovation Centres in the last 2 years.
Here is a list of some of the most significant investments in the medical device sector over the last 2 years:
Big investment has resulted in strong job growth all over Ireland in the last 2 years. The type of employment created includes high-value manufacturing, support services and R&D jobs. But the surge in skills demand leads us to a possible supply issue – can Ireland produce an adequate supply of suitably qualified MedTech graduates to meet the increase in high-value MedTech job opportunities?
Collins McNicholas Recruitment & HR Services Group