Dr Eoghan Ó Faoláin
Irish Medtech Director
We operate in an interconnected marketplace, subject to global trends. To maintain competitiveness, we need the right policies and supports, such as an ambitious Government-led National Life Sciences Strategy.
Ireland is a global medtech hub, with 500 companies employing over 50,000 people, and €20 billion in exports. This is underpinned by high-performing regional clusters including Dublin, Galway, Cork, Limerick and Waterford.
Dr Eoghan Ó Faoláin, Irish Medtech Director, said, “Our vision is to position Ireland as the leading global destination for medtech. The ‘Irish Medtech Strategy 2026 – 2029: Innovating for Patients, Driving Prosperity’ has been developed with industry leaders and international experts to help us achieve our potential.
Five key trends in medtech
To do this, we need to understand the global context and wider trends
The first is about shifting to prevention and early intervention, as well as patient centricity and personalisation amid health system pressures. Thisis especially true with ageing populations and the rise of chronic diseases. Next is about data and tech integration, including AI-enabled devices and robotics, connected and virtual care models, data as a value driver and digital manufacturing and 3D printing.
Our vision is to position Ireland as the leading global destination for medtech
The third trend is about supply chain resilience amid global shifts in environmental, social and governance. This includes changes in regulatory requirements, sustainable operations, green procurement pressures and alternative sterilisation methods.
The next trend is about market access shifts. With more regulations and greater regulatory burdens, there’s a shift towards value-based procurement and diverging global frameworks. The changing investor landscape also means greater competition for financing.
Finally, there’s also a change in global talent dynamics. There’s a rising demand for technical skills. Recruitment is impacted by greater global mobility, increased cost of living and new approaches to ecosystem collaboration.
Committed to advancing patient care and economic prosperity
Irish Medtech is committed to connecting leaders and delivering on our strategic pillars, which focus on talent to thrive, innovation with impact, enterprise excellence, digital and AI leadership, as well as empowering founders.
By empowering both indigenous start-ups and multinationals to navigate these shifts, we aim to transform patient care while driving economic prosperity.
