Ireland exports €20bn in medtech annually. The indigenous cohort within that cluster is now building
international commercial presence, with Asia and the Gulf emerging as priority corridors.
Ireland’s medtech sector generates approximately €20 billion in annual exports, makes Ireland the second-largest medtech exporter in Europe, and employs 50,000 people directly – the largest medtech workforce per capita on the continent. Nine of the world’s top ten medtech companies operate here. Less discussed, but increasingly significant, is the indigenous cohort: over 400 Irish-founded medtech businesses, approximately 80% of which are SMEs, operating within one of the world’s most concentrated and capable medical device ecosystems.
The Middle East corridor is opening concretely. Aerogen, Ireland’s largest indigenous medtech company, formally opened its Riyadh office in 2026 as part of a €300 million, decade-long investment commitment to the MENA market. ICS Medical Devices, a Galway-based CDMO specialising in catheter manufacturing, announced 72 new jobs in 2025 to support international expansion into Asia and the Middle East. These are not isolated examples – they are indicators of a broader strategic shift within the indigenous medtech community toward markets beyond the US and Europe.
These companies are now internationalising with growing momentum. Ireland’s medtech reached a decade-high record in venture capital investment in 2024, securing €491.3 million across 89 deals. Enterprise Ireland – whose mandate centres explicitly on the indigenous sector – is directing capital and market access support toward companies scaling internationally. The Irish Medtech Strategy 2026–2029, developed by IBEC, frames international expansion as a core strategic objective alongside AI integration and supply chain resilience.
The 15% US tariff on EU medical devices introduced in 2026, which applies €1.2 billion in additional costs to Irish medtech exports, is accelerating the geographic diversification of both commercial relationships and manufacturing footprint. Companies that were US-centric in their export strategy are now actively evaluating Asia-Pacific and Gulf entry as a structural response, not a contingency.
Ireland’s indigenous medtech cluster is at an internationalisation inflection point. The destinations that engage with it now – as a partner in that expansion, not merely as a recipient of Irish exports – will build relationships that translate into investment decisions over the next three to five years.
Nueconomy tracks internationalisation signals from Ireland’s indigenous medtech sector through CUE.
If you are a destination market or investment promotion agency looking to build an Irish medtech outbound investment pipeline, we can help you identify the right companies and the right moment to engage.
hello@nueconomy.co · thenueconomy.com
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