Market & Industry MedtecLIVE 2024

Driving innovation and growth: Enterprise Ireland and the MedTech industry

Ireland is one of the largest medtech hubs in the world - thanks in part to Enterprise Ireland, the government agency that promotes the growth and development of local companies. In 2023, MedtecLIVE was a platform for establishing contacts with the "Emerald Isle".

Ireland's reputation in the global market is strengthening, thanks in no small part to the work of Enterprise Ireland. The enterprise and trade promotion agency supports Irish industry with the aim of accelerating sustainable solutions and increasing prosperity across the island.

The focus is on sectors with growth and innovation potential, such as the medical technology sector. The support extends to both established companies and export-oriented start-ups in order to promote regional development and the diversification of exports - important pillars of economic recovery and growth in Ireland.

Successful strategy

Enterprise Ireland invests in over 150 start-ups every year, making it one of the largest investors in the world according to research institute Pitchbook. The agency accompanies young companies from conception to implementation and supports them in increasing their productivity, digital transformation and innovation capacity. Sustainability has become a focal point of the start-up strategy.

Enterprise Ireland has helped to successfully position Ireland as a global hub for medtech. Thanks to the combination of indigenous start-ups, multinational companies and academic research institutions, Ireland is now home to some leading medtech companies.

Start-ups in the medtech or wider life sciences sector account for a quarter of Enterprise Ireland's portfolio. They contribute significantly to job creation outside Dublin and generate 4 billion euros in annual turnover.

Global cooperation

International collaboration spans the globe and includes partnerships with institutions and hospital groups in the United Arab Emirates and the United States. Domestically, strategic collaborations lead to initiatives such as the Health Innovation Hub Ireland, which enables start-ups to work with the healthcare sector to develop prototypes and provide solutions to healthcare problems.

Model for other countries

Enterprise Ireland's activities have led to tangible results. The Irish MedTech industry has proven resilient despite global challenges such as the COVID-19 pandemic and has been able to expand its customer base, export more and create more jobs.

The organization's approach offers an exciting model for how countries can foster innovation and prosperity through strategic public-private partnerships, targeted investment and cultivating a culture of innovation.