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Global medtech market to be worth €475bn by 2018

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Global medtech market to be worth €475bn by 2018

Global medtech market to be worth €475bn by 2018
August 22
09:00 2017

Ireland must seize the opportunities being created by the continued growth in the global medtech market, expected to be worth €475 billion next year. That will be the key message from more than 30 leading medtech professionals, including CEOs, Fortune 500 business leaders and international experts, at “Medtech Rising: The Irish Medtech CEO Conference taking place on 6 and 7 December. The conference is jointly hosted by the Irish Medtech Association, the Ibec group that represents the sector, Enterprise Ireland and IDA Ireland.

Irish Medtech Association Director Sinead Keogh said: “Ireland is a gateway to the €110 billion European medtech market. Our medtech sector is world class, with 9 of the top 10 companies having a base here. Business leaders in Ireland continue to be ambitious for the future with 7 out 10 respondents of our recent Irish Medtech Sentiment Survey stating that they expect their company’s profitability to increase. The survey also revealed more than 8 out of 10 expect to grow their customer base. These results, as well as new business models and investment strategies are amongst the major themes that we will explored at Medtech Rising on the 6th and 7th of December.

“Despite the positive results of the survey, challenges to the sector remain. During the conference, Ibec CEO Danny McCoy will outline practical solutions to assist businesses facing uncertainty generated by Brexit. With almost one in three medtech business leaders stating that they expect Brexit to have a negative impact on their business, it is imperative that businesses are sufficiently aware of the risks posed and have the necessary tools to respond and adapt.”

Enterprise Ireland Director, Lifescience & Food Commercialisation and Manager, Lifesciences Sector Deirdre Glenn said: “While Ireland has become internationally known as a location of choice for top overseas companies, we’re also strong in growing indigenous companies which account for as much as 60% of Ireland’s medtech cluster. It’s fantastic to have some of these business founders and CEOs sharing their tips for success at the CEO Conference. The Irish global medtech hub is known for its ability to collaborate in order to drive growth and innovation. Medtech Rising is a unique event which brings the whole ecosystem together and provides an incomparable opportunity to network with 500 medtech professionals attending.” 

IDA Ireland Head of Medical Technologies Michael Lohan said: “While the global medtech market is seeing 4% growth annually* there is now an opportunity to build on this, with mega trends like ageing populations and personal healthcare increasing demand for medical technology and improving care for people. This is supported by technological advancement and innovations which will be explored during ‘Medtech Rising: The Irish Medtech CEO Conference’ with speakers exploring clinical-industry collaboration, disruption and the internet of medical things. With more than 30 speakers across 9 sessions and two days Medtech Rising is an unmissable event for medtech professionals bringing a global conference to Ireland.”

The following Fortune 500 business leaders will present at Medtech Rising, with more to be announced in the coming weeks: 
· Abbott Director Global Head of Innovation & External Collaboration, Brian O’Neill
· BD Diabetes Care EMEA Head of Market Access & Pricing, Richard Charter 
· Boston Scientific CEO, Michael J Mahoney 
· Boston Scientific VP Operations and Chair of Irish Medtech Association, Connor Russell 
· Johnson & Johnson Senior Director New Ventures & Transactions Medical Devices, Mirren Mandalia
· Optum Analytics President (a division of United Health Group’s OptumInsigh), Virginia McFerran
· Stryker Neuro Spine ENT and Navigation Vice President of Research and Development and Vice Chair of the Irish Medtech Association, David Tallon
· Zimmer-Biomet President, EMEA, Dr Katarzyna Mazur Hofsaess

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