BMI Industry View : Ireland represents a small, but advanced medical device market , which wa s valued at a n estimated EUR 603.9mn ( USD 797.2 mn ) in 2013. In US dollar terms, t he market contracted between 2008 and 201 3 , but returned to growth in 2013 and is forecas t to grow at a CAGR of 2.2 % in US dollars, to reach USD 888.3 mn in 2018. Ireland has a strong medical device manufacturing sector, and is an attractive location for US and other firms to use as a European base.
Headline Industry Forecasts
Ireland's medical device market is the smallest of the 15 key markets analysed in the WE region, accounting for 1.3% of the total value. The Irish market was valued at an estimated USD797.2mn in 2013, representing an 8.2% increase on 2012 in dollar terms. The market is forecast to grow at a CAGR of 2.2% in US dollars to reach USD888.3mn in 2018.
Medical device imports stood at USDUSD1.622.8mn in 2013, up from USD1,550.1mn in 2012. The running annual total reached USD1,951.2mn in the 12 months to October 2014, representing y-o-y growth of 24.5%. Patient aids and consumables are the largest product areas in terms of imports and these categories are subject to a high level of re-exporting.
Ireland is one of the world's leading exporters of medical devices due to the presence of a large number of US multinationals, which use the country as a European manufacturing base . Medical device exports grew from USD7.8bn in 2008 to USD9.8bn in 2013, representing a CAGR of 4.7%. Exports totalled USD10,292.1mn in the 12 months to October 2014, a y-o-y increase of 7.6%.
Domestic medical device manufacturing is dominated by US multinationals, which produce mainly for export. There is very little locally owned manufacturing of finished products, apart from a number of small high-tech companies many of which are connected to Irish universities and/or receive government funding. Domestic output is estimated to exceed USD9.0bn with particular strengths in...