Data highlights ‘thriving’ Irish medtech sector

Dublin-based Neil Keenan and Jane Bourke of Pinsent Masons were commenting after the publication of two new industry papers – a new Medtech Ireland strategy, covering the period 2026-2029, and a report by Enterprise Ireland on Ireland’s life sciences and health tech landscape, which features data from PitchBook.

Commenting in the aftermath of ‘MedTech Rising’, an event held in Galway that was organised by Ireland’s largest business representative organisation IBEC where the new strategy was unveiled, Keenan and Bourke said the vision set out by Medtech Ireland, which is to position Ireland as the leading global destination for medtech advancement, is achievable. Their view is that the latest data demonstrates how the industry is “thriving”.

The Enterprise Ireland report covers sector-wide data and deals for 2024 through to March 2025. The report confirms that Ireland is the number one country in Europe, on a per capita basis, for investment in life sciences and health tech companies. In 2024 alone, there were 89 venture capital deal closed in the sector in Ireland: “the highest number recorded in a decade”. These deals were valued at €491.3 million in total, with Enterprise Ireland involved itself in 60 of those deals.

Enterprise Ireland noted that the data signals how life sciences and health tech companies in Ireland are now accessing capital at different stages of their development.

The development agency said: “In 2024, 46.1% of Ireland’s life sciences and health tech VC dealmaking was in late-stage VC or venture-growth deals, up from 20.8% a decade ago. The momentum behind late-stage and venture-growth deals continued into 2025, constituting seven of the 11 deals closed [by the end of March]. This shift suggests that Ireland is not only producing a high volume of life sciences and health tech startups, but also successfully supporting them through the scale-up phase – where capital requirements are greater, and risk thresholds are higher.”

Enterprise Ireland’s report highlighted the specific strengths of Ireland’s medtech sector, as half of the 100,000 jobs in Ireland linked to life sciences and health tech are in medtech. That figure is unmatched elsewhere in Europe, again, on a per capita basis. Galway, dubbed the Silicon Valley of medtech, is home to more than 100 medtech companies. Enterprise Ireland said Ireland is the second-largest exporter of medtech products in Europe, valued at €16 billion annually, which is 14% of Ireland’s total exports.

The Medtech Ireland strategy provided further insights into the country’s medtech strengths, highlighting that 80% of the world’s stents, 75% of orthopaedic knees globally, a third of all contact lenses, and 25% of injectable devices for diabetics, are manufactured in Ireland.

Medtech Ireland is an umbrella body of IBEC. It emphasised that the continued growth of Ireland’s medtech companies will depend on the enablement of talent, finance and innovation. The organisation called for greater collaboration between public and private research bodies, to support with commercialising the product of research, and said adoption of new technologies will also be vital for companies seeking to remain globally competitive. This needs to be supported by policy and regulation, it said.

“Digital transformation and ethical AI adoption is vital for creating a future-ready medtech ecosystem in Ireland,” Medtech Ireland said. “Progress depends on strategic policy alignment, infrastructure development and a digitally skilled workforce.”

“To lead globally, Ireland must combine regulatory excellence with responsible innovation. This includes strengthening data governance, interoperability, and ethical frameworks for AI and digital devices, ensuring transparency, patient consent, and accountability. SMEs will require targeted support to integrate digital systems, meet compliance requirements, and build digital resilience,” it added.

Neil Keenan, who specialists in corporate law at Pinsent Masons in Dublin, said: “The Enterprise Ireland report along with the Medtech Ireland strategy very clearly set out how Ireland is a world leader in the development of medtech technologies. While Ireland is perceived to be reliant on inward investment, the breadth of technologies being developed by indigenous Irish medtech businesses is truly impressive. Ireland’s entrepreneurial culture, business-friendly legal regime, membership of the EU, close links with North America and its well-educated English-speaking workforce mean that it is an ideal location for medtech businesses looking to quickly scale and attract investment.”

Jane Bourke, an expert in intellectual property law at Pinsent Masons in Dublin, added: “Robust intellectual property strategies, deep regulatory expertise, and strong data governance are vital for medtech businesses entering the market. This includes strict compliance with emerging frameworks such as the EU AI Act, ensuring transparency, accountability, and ethical use of AI-driven technologies. By aligning IP protection with regulatory and data standards, companies can safeguard innovation, mitigate risk, and build trust with patients, partners, and regulators.”