Medical Devices - Ireland | Statista Market Forecast

In 2024, the projected revenue in the Medical Devices market market in Ireland is set to reach US$1.22bn.
Among the various markets in this market, Cardiology_Devices holds the largest share with a projected market volume of US$164.30m in the same year.
Looking ahead, the market is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of 4.51%.
This growth trajectory would result in a market volume of US$1.52bn by 2029.
In a global context, it is worth noting that the United States will generate the highest revenue, amounting to US$181.00bn in 2024.
Ireland's medical device market is thriving, with a strong focus on innovation and a supportive regulatory environment.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. 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, Siemens Healthineers.

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

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Ireland has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Devices market in Ireland have been shifting towards more advanced and innovative products. Customers are increasingly seeking medical devices that offer improved functionality, enhanced patient comfort, and better treatment outcomes. This has led to a growing demand for technologically advanced devices such as minimally invasive surgical instruments, remote monitoring devices, and personalized healthcare solutions. Additionally, customers are also placing a strong emphasis on the quality and safety of medical devices, further driving the demand for products that meet stringent regulatory standards. Trends in the market indicate a growing focus on research and development (R&D) in the Medical Devices sector in Ireland. Companies are investing heavily in R&D activities to develop innovative products and technologies that address unmet medical needs. This trend is supported by the presence of a strong research infrastructure and collaboration between industry, academia, and healthcare institutions. The increasing adoption of digital health technologies and the integration of artificial intelligence and machine learning algorithms in medical devices are also key trends shaping the market. Local special circumstances in Ireland contribute to the development of the Medical Devices market. The country has a favorable business environment and a well-established healthcare system, which attracts both domestic and international companies to invest in the market. The presence of a skilled workforce and a supportive regulatory framework further facilitate the growth of the industry. Additionally, Ireland's membership in the European Union provides companies with access to a large market and regulatory harmonization, allowing for easier market entry and expansion. Underlying macroeconomic factors also play a significant role in the development of the Medical Devices market in Ireland. The country's strong economic growth, favorable tax policies, and government support for innovation and research create a conducive environment for investment in the sector. Furthermore, the increasing prevalence of chronic diseases, an aging population, and the rising healthcare expenditure contribute to the demand for medical devices in Ireland. Overall, the Medical Devices market in Ireland is witnessing growth due to customer preferences for advanced and innovative products, trends such as increased R&D and the adoption of digital health technologies, local special circumstances including a favorable business environment and a supportive regulatory framework, and underlying macroeconomic factors such as economic growth and demographic changes. These factors collectively contribute to the positive development of the market in Ireland.

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.