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Ireland could capitalize on $522bn global medtech market

Written by Robert McHugh, on 6th Dec 2017. Posted in Ireland

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Ireland can capitalize on the opportunities being presented by a global medtech market worth $522bn according to the Irish Medtech Association, the Ibec group that represents the sector.

This is ahead of the The Irish Medtech CEO Conference and Awards which takes place 6-7 December in Galway.

The Irish Medtech Association say the global medtech sector is evolving not just technologically, with R&D spend to grow 3.7% to $33.5 billion, but also through new business strategies with 5.1% growth forecast, for 2022. For example, the value of mergers and acquisitions grew 178% globally and were worth $49 billion in the first half of the year.

The association believes that the substance behind the Irish business model has helped make the medtech economy competitive and attractive to set-up and grow businesses. They say this is encapsulated by the 450 medtech companies here, including 9 of the world’s top 10 medtech companies having a base in Ireland. The Irish medtech cluster is built on a foundation of strategic collaboration with events like Medtech Rising bringing key players together, according to the Irish Medtech Association.

Speaking this week, Enterprise Ireland Director Lifescience and Food Commercialisation and Manager, Lifesciences Sector Deirdre Glenn said, "Ireland ranks in the top five of global hubs for medtech, stemming from its uniquely collaborative ecosystem made up of multinationals, start-up companies, university researchers and R&D centres. While we are attracting and retaining the world’s leading medtech companies in Ireland, we are also growing our own talent base and export potential."

Source: www.businessworld.ie

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