Enterprise Ireland today unveiled its “Lifesciences & Health Tech Landscape” report outlining recent growth in the country.
The report centers around Ireland’s position within the medtech industry as Europe’s second-largest exporter of medtech products. It values its exports at €16 billion ($18.6 billion) annually, representing 14% of the country’s total exports.
According to Enterprise Ireland, the country includes more than 700 life sciences and healthtech companies, including more than 400 homegrown Irish businesses. Global giants also have established presences in Ireland, including nine of the world’s top 10 medtech companies, the report says.
Over the course of the past couple of years alone, a wide array of medtech companies have continued to expand their footprints in Ireland. That includes manufacturing expansions and enhancements from Abbott, GE HealthCare, Dexcom, Cook Medical and Neurent Medical. It also includes a new training center model for Stryker and new delivery services from Medtronic, which is run operationally out of Minnesota but officially headquartered in Galway. Johnson & Johnson MedTech last month expanded its neurovascular R&D footprint in Galway, too.
IDA Ireland, the foreign investment arm for the Irish government, and Enterprise Ireland, the Irish government’s enterprise development agency, both recently shared the government’s view on medtech’s growth in the country in interviews with MassDevice.
More from the Enterprise Ireland report
The report outlines the country’s pro-business environment, manufacturing infrastructure and connection with the U.S. and European markets. It also singles out Galway as the country’s “premier health tech hub.” With Medtronic and Boston Scientific having presences there, along with existing Irish companies like Aerogen, Innovative Catheter Solutions and Neurent, Galway has become the center of Ireland’s medtech ecosystem.
Additional boosts to the ecosystem include government support and programs, plus R&D driven by Irish universities. Enterprise Ireland says programs like BioInnovate are modeled after Stanford’s Biodesign program to foster needs-driven startups. The country also has its Disruptive Technologies Innovation Fund (DTIF). A recent example of the $580.1 million (€500 million) fund supporting an Irish company came in August with funding for CardiacBooster.
DTIF has awarded $345.9 million (€298 million) to 68 projects in the health and wellbeing sector to date.
The report says that Ireland set a new benchmark in 2024 with 89 closed venture capital deals in life sciences and healthtech. Enterprise Ireland took part in 60 investments, making it the “most active life sciences and healthtech investor in Ireland and globally,” the report states.
The country set decade-high record in 2024, raising $570.2 million (€491.3 million) across those 89 VC deals, including 80 deals for Enterprise Ireland-backed firms.
On a per capita basis, the country remains No. 1 in Europe for investment in life sciences and healthtech companies. The sector now employs more than 60,000 people in Ireland, with medtech accounting for 50,000 jobs. That ranks Ireland as Europe’s largest medtech employer per capita.
“At a time when global life sciences and health tech funding has contracted dramatically, Ireland has produced a stellar performance and continues to attract large-scale growth capital from international investors,” said Cepta Duffy, head of Life Sciences & Health Tech at Enterprise Ireland. “This report confirms our ecosystem is not just resilient – it is thriving and ready for its next phase of global leadership.”
