Ireland targets connected health market worth €15.5bn by 2024
Business News This year, the Irish Medtech Association is putting a spotlight on our innovative start-up community, which continues to attract international attention, and strategic growth markets like connected health, which is expected to be worth an estimated €15.5 billion in sales by 2024.
Ireland is home to nine of the world’s top 10 medtech companies and is a strategic base for the European market, worth €110 billion. The group now wants to make Ireland an international leader in innovative, patient-centred medtech products and solutions to tackle changing health needs.
Patient-centred medtech products and changing needs
Healthcare spending in the Organisation for Economic Co-operation and Development (OECD) grew an estimated 2.5% in 2017. That year saw an increased demand for services with ageing populations and the rise of chronic diseases. Hospitals account for 40% of health spending. Connected health is a way to support better care pathways and empowered patients as well as tackle rising costs.
Leading a healthcare revolution
As we look to the future, we need to help small companies make it big, with medtech start-ups fuelling innovation and the burgeoning connected health scene in Ireland ready to start a healthcare revolution. Ireland is uniquely placed to become a global leader in this exciting space. Not only are we home to top medtech companies, but 10 of the world’s top 10 biopharma and ICT companies also have a base here.
Helping small companies make it big
My top priority for this year is to drive policies and conditions to ensure entrepreneurship can thrive with as many as four out of five medtech businesses here being either start-ups or SMEs, with these businesses acting as the lifeblood of medtech innovation.
Globally, the top 30 medtech companies dominate the medtech market, accounting for 64% of the market with €226 billion in sales. To make Ireland one of the top 10 start-up communities in the world, we’re urging the government to focus on three key areas: create a supportive tax environment, promote better funding avenues, and help develop research talent.
Priorities for growth
Ireland is one of the best places in the world to do business, with a strong and stable business environment along with a rich pool of talent underpinned by dynamic programmes, like Skillsnet.
Now, we must do more to nurture entrepreneurship. We must work with the government to make our capital gains tax more competitive to help entrepreneurs take risks to succeed. We must support relief programmes to encourage investment, as well as ensure access to venture capital and seed funding for early stage start-ups.
With the right business environment, not only will the medtech industry drive growth, but it will also develop new ways to save and transform lives.
Source: Irish Medtech Association Chair and FIRE1 CEO Conor Hanley
Looking forward to connected health in medtech in 2019:
FIRE1 CEO, Conor Hanley, and S3 Connected Health CEO, John O’Brien, have been appointed as Chair and Vice Chair, respectively, of the Irish MedTech Association to share their expertise and help the group capitalise on these exciting growth opportunities.