Navigating Ireland's Emerging SMEs in the Medical Device Sector

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Navigating Ireland's Emerging SMEs in the Medical Device Sector

Ireland's medical technology (MedTech) sector is buzzing with innovation, thanks in large part to its thriving community of small and medium-sized enterprises (SMEs). With over 450+ innovation-driven companies, SMEs make up a staggering 80% of the sector, injecting fresh ideas and agility into the healthcare landscape.

Ireland's MedTech journey has been impressive, characterised by a phenomenal rise in recent years. Between 2016 and 2021, the sector enjoyed an average annual growth of 4.8%, highlighting its unwavering momentum. 2023 saw a remarkable €1.31 billion turnover, highlighting its economic significance and impact.

According to The Irish MedTech Association's 2022 report, "The Global MedTech Hub 2025," Ireland has the potential to lead the way, capturing a significant slice of the global industry estimated to reach a whopping €530 billion by 2024. But how will this ambition translate into reality?

The Irish government has a clear roadmap with four strategic pillars:

Innovation with impact: Fostering groundbreaking research and development, ensuring modern technologies address real-world healthcare challenges.

Talent to thrive: Equipping the workforce with the skills and knowledge needed to fuel innovation and translate it into tangible solutions.

Competitiveness of the ecosystem: Building a supportive infrastructure that attracts investment, facilitates collaboration, and removes barriers to growth.

Excellence through collaboration: Nurturing strong partnerships between academia, industry, and government to accelerate progress and maximise impact.

Ireland's Rising Stars: Meet the Leading Irish MedTech SMEs Shaping the Future

Local SMEs in Ireland are giving larger, more established STEM giants a run for their money, challenging their dominance with innovative approaches and competitive strategies.

Explore the stories of these emerging stars, highlighting why they lead innovation, their award recognitions, and the roles they typically recruit for.

Deciphex: Operates in the rapidly evolving field of digital pathology and AI-powered diagnostics. This sector holds immense potential to reshape healthcare, promising faster, more accurate diagnoses and personalised treatment plans.

Deciphex shows all the signs of a company set for success in the future. Their dedication to a transformative field, coupled with impressive 3.9 million Euro Series B funding, highlights investor confidence in their innovative solutions and growth trajectory. They also won Medtech Company of the Year award in 2023, proof of their impactful AI-powered diagnostics platform.

Deciphex boasts a team of 70+ talented individuals, fueled by impressive 88% revenue growth over the past year. Their dedicated team, along with strategic partnerships with industry leaders like Novartis and Seroba Life Sciences, highlights the confidence in Deciphex's vision for the future of MedTech.

The expansion of their revolutionary rapid diagnostics opens doors for exciting career opportunities in fields like biochemical engineering, data science, and clinical research.

Luma Vision: Forget your average MedTech company. Luma Vision is an innovation powerhouse, completely reinventing the future of cardiac care with AI-powered imaging technology. Founded in 2017, this Irish SME has already attracted top talent in software development, machine learning, and medical imaging, fueled by a staggering $22 million in funding.

Their latest round of funding welcomed new investors, an undisclosed multinational strategic investor, Atlantic Bridge Growth Fund, and Bayern Kapital. Existing investors, EQT Lifesciences, ABV Uni Fund, and imec.xpand, also reaffirmed their confidence in the company. This latest boost adds to prestigious grants previously awarded by the Irish government's Disruptive Technologies Innovation Fund ($6 million) and the European Union's EIC Accelerator ($3 million).

What sets Luma Vision apart is their flagship product – VERAFEYE™. This revolutionary all-in-one platform integrates 4D imaging and navigation with data-driven software applications, specifically designed for cardiologists. VERAFEYE™ is a proprietary catheter sensor combined with advanced digital imaging and deep learning paints a high-resolution, 360-degree picture of the beating heart and surrounding anatomy, offering unprecedented clarity.

With a dedicated team of 50+ their goal is to revolutionise cardiac care, improving outcomes for patients worldwide. No wonder they are attracting significant investment and rapidly expanding their team.

MedScan3D: Galway-based MedScan3D is utilising 3D printing to improve healthcare. Founded in 2019 by Jacqui O'Connor (a win for Women in STEM!) and James Wall. MedScan3D are experts in the creation of highly accurate patient specific 3D anatomical models. They develop clinically relevant models and place real anatomy in the hands of healthcare professionals and research engineers.

Despite its small size (between 2-10 employees), MedScan3D has made BIG waves in the industry. Their dedication to innovation was recognised with the Excellence in Innovation Award at the 2022 Galway Chamber Awards. Additionally, the company has attracted investments from both the Irish government and private entities.

Though they are a small yet thriving company - their founders are excited to connect with bright minds to help develop and improve their technology. They have a variety of roles available, from biomedical engineers to 3D printing technicians and software developers.

They offer the opportunity to join a pioneering company at the leading edge of the 3D printing industry. The company culture is strong and supportive, and the work itself is both challenging and rewarding. Additionally, MedScan3D's location in Galway, a vibrant and friendly city, adds to the overall appeal of working there.

Vivasure Medical Ltd.: Vivasure Medical, a team of 11-50 medical device professionals, is at the forefront of minimally invasive vessel closure solutions. Their bioabsorbable implant technologies, primarily focused on cardiology, interventional radiology, and vascular surgery are used for minimally invasive vessel closure.

Vivasure Medical has raised €22m to help fund the clinical development and regulatory approval of its percutaneous vessel closure technology. The company has built a device called PerQseal®, which pitches as the first sutureless and fully absorbable synthetic implant for large-bore arterial vessel punctures. Fountain Healthcare Partners, Orchestra BioMed, LSP Health Economics Fund, Panakès Partners, and Evonik Venture Capital, existing investors, continued their support in this funding round, motivated by promising early clinical progress observed in leading heart centers participating in ongoing studies for the PerQseal+ product.

Their team encompasses support engineers, manufacturing engineers, R&D engineers, Quality Assurance, and NPD engineers. The company's youthful and innovative nature fosters a dynamic and exciting work environment. Additionally, their emphasis on research collaborations and continuous improvement suggests a culture of knowledge sharing and mutual learning, appealing to those who value teamwork and professional development.

Aerogen: Nestled in Galway, Ireland, Aerogen is a breath of fresh air in the world of respiratory healthcare. For over 25 years, their unwavering dedication to medical technology has touched the lives of over 16 million patients(abut the population of New York) in 75 countries.

Aerogen’s culture champions ambition and integrity, their "We Care" promise has seen their workforce grow to 500 employees in the past five years. This dedication has been recognised with prestigious awards like Medical Technology Company of the Year in 2020 and Technology Exporter of the Year in 2014 and Technology Exporter of the Year at the Asia Business Matters Awards in 2022, solidifying their position as a leader in the field.

In terms of demand, Aerogen offers a range of career opportunities in various fields such as engineering, research and development, manufacturing, sales, and marketing. With a focus on continuous improvement, Aerogen boasts a culture of collaboration, creativity, and excellence.

Aerogen represents the best of Irish innovation, entrepreneurship, and healthcare excellence. The company's success story is a testament to Ireland's vibrant MedTech ecosystem and its ability to produce pioneering companies that drive positive change in healthcare on a global scale.

What is next for our Irish MedTech SMEs?

These local players bring new perspectives into healthcare, creating an environment for groundbreaking advancements and transformative solutions internationally.

For those inspired by the successes of companies like Deciphex, Luma Vision, MedScan3D, Vivasure Medical Ltd, and Aerogen, accept our invitation to explore champions companies like these who are on your doorstep.