Medical Technology

The Medical Technology market market in Ireland is expected to generate a revenue of US$1.43bn by the year 2024.
Among the various markets within the market, Medical Devices is projected to be the largest, with a market volume of US$1.22bn in the same year.
This market is anticipated to witness a steady annual growth rate of 4.20%, resulting in a market volume of US$1.76bn by 2029.
When compared globally, the United States is projected to generate the highest revenue in the Medical Technology market market, with an estimated amount of US$211.10bn in 2024.
Ireland is emerging as a hub for medical technology innovation, attracting global companies and fostering a thriving ecosystem.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Ireland is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences play a crucial role in the growth of the Medical Technology market in Ireland. Consumers are increasingly seeking advanced medical devices and technologies that can improve patient outcomes and enhance the efficiency of healthcare delivery. This demand is driven by the aging population, which requires more medical interventions and treatments. Additionally, patients are becoming more informed and proactive about their health, leading to a greater demand for wearable devices and remote monitoring solutions. Trends in the market further contribute to the growth of the Medical Technology sector in Ireland. The industry is witnessing a shift towards digital health solutions, including telemedicine, health apps, and electronic medical records. These technologies improve accessibility to healthcare services and allow for more personalized and efficient patient care. Moreover, there is an increasing focus on precision medicine, which tailors medical treatments to individual patients based on their genetic makeup and other factors. This trend is driving the development of innovative diagnostic and therapeutic devices. Local special circumstances also play a role in the growth of the Medical Technology market in Ireland. The country has a strong reputation for innovation and research in the life sciences sector. It is home to several world-class research institutions and has a highly skilled workforce. This favorable environment encourages the establishment of medical technology companies and attracts foreign investment. Additionally, Ireland has a supportive regulatory framework and offers tax incentives for research and development activities, further fostering growth in the sector. Underlying macroeconomic factors contribute to the development of the Medical Technology market in Ireland. The country has a stable and growing economy, which provides a favorable business environment for companies operating in the sector. Moreover, Ireland is part of the European Union, allowing medical technology companies to access a large market of over 500 million people. This provides opportunities for expansion and export growth. In conclusion, the Medical Technology market in Ireland is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for advanced medical devices, digital health solutions, and precision medicine drives innovation and investment in the sector. Ireland's favorable business environment, research capabilities, and access to the European market further contribute to the positive trajectory of the Medical Technology market in the country.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.