20 Future Irish HealthTech and MedTech Leaders

Nelson Advisors
2 hours ago
16 min read

The Republic of Ireland has established a formidable global position within the medical technology and digital health sectors, characterised by a unique synthesis of indigenous entrepreneurial agility and high-density multinational presence.

As of 2025, the sector generates approximately €16 Billion in annual exports, representing 14% of the nation’s total export economy. With over 700 life sciences and health technology firms, more than 400 of which are homegrown, Ireland has successfully leveraged its academic research infrastructure and favourable venture capital environment to become the largest employer of MedTech professionals per capita in Europe.

In 2024, the ecosystem reached a decade-high record in venture capital investment, securing €491.3 million across 89 deals, even as global life sciences funding experienced a dramatic contraction. This resilience is largely attributed to the maturing profile of the cluster, where late-stage and venture-growth deals now constitute 46% of total volume, reflecting a shift from speculative early-stage ventures to clinically validated, scalable platforms.

This report analyses the twenty leaders and organisations at the vanguard of this evolution, examining the technological mechanisms, leadership backgrounds and market dynamics that define the next wave of Irish healthcare innovation.

The Macro-Economic Foundations and Institutional Catalysts

The trajectory of Irish MedTech leadership is inextricably linked to the state-supported infrastructure that de-risks innovation. The Disruptive Technologies Innovation Fund (DTIF), a €500 million vehicle administered by Enterprise Ireland, has been a critical engine for collaborative research, having awarded €298 million to 68 projects in the health and wellbeing sector to date.

Investment and Deal Flow Maturity (2014-2025)

The maturation of the Irish MedTech ecosystem is evidenced by the surging deal values and the increasing involvement of international Tier-1 investors. The following table delineates the capital flow and the pivot toward growth-stage financing.

Metric	2014 Baseline	2024 Peak Performance	2025 Projected Outlook
Total VC Investment	€117.9 Million	€491.3 Million	Record Late-Stage Megadeals
Total Deal Count	47 Deals	89 Deals	Sustained High Activity
Late-Stage Volume %	23%	46%	Increasing Institutional Focus
Key Sector Driver	Early MedTech Prototypes	AI & Interventional Platforms	Integrated Home-Based Care

This structural shift indicates that Ireland has moved beyond being a manufacturing hub for multinationals to becoming a primary source of intellectual property and clinical breakthroughs. The density of expertise in Galway, Dublin, and Cork has created a self-sustaining cycle where successful founders (e.g., those from Crospon or BiancaMed) reinvest their social and financial capital into the next generation of "spin-outs".

1. Conor Hanley (CEO, FIRE1): Redefining Chronic Disease Management

Conor Hanley represents the archetype of the sophisticated Irish MedTech executive, combining deep technical training with international commercial experience. Hanley holds a PhD in Chemical Engineering and an MBA from INSEAD, having previously led BiancaMed through its acquisition by ResMed in 2011. As the CEO of FIRE1 (Foundry Innovation and Research 1), he oversees a Dublin-headquartered company that has secured one of the largest health tech rounds in Europe, a $120 Million late-stage financing in early 2025.

The mechanism of FIRE1’s Norm™ system addresses the "proxy problem" in heart failure. Most current monitoring solutions rely on pressure proxies or indirect symptoms. In contrast, the Norm™ system utilises a sensor implanted in the inferior vena cava (IVC) to monitor fluid volume directly. The IVC is a highly compliant vessel and its diameter changes sensitively in response to small volume shifts that precede acute heart failure events.

By measuring these dynamics, the system enables physician-directed self-management, allowing patients to adjust their own treatment at home and avoid hospitalisations that can cost the healthcare system upwards of $30,000 per visit. Under Hanley’s leadership, FIRE1 has received FDA Breakthrough Device Designation and is progressing toward a 2029 FDA approval target, a timeline supported by robust data from pivotal clinical trials.

2. Wayne Allen (CEO, Perfuze): Advancing the "First Pass" Gold Standard in Stroke

Wayne Allen, CEO and co-founder of Galway-based Perfuze, leads a team that addresses the time-critical nature of ischemic stroke. Allen and co-founder Liam Mullins brought over 35 years of combined experience to the venture, identifying that less than 50% of current stroke patients achieve positive clinical outcomes due to the complexity of clot removal.

Perfuze’s innovation lies in its Millipede88 Aspiration Catheter, which features a patented corrugated design. This engineering allows the "superbore" catheter to navigate the tortuous neurovascular anatomy without collapsing or losing its aspiration force at the clot face. In the MARRS (Millipede Aspiration for Revascularization in Stroke Study) pivotal trial, the device achieved a remarkable 77% First Pass Effect (FPE) for M1 occlusions.

This is scientifically significant because the "first pass" is the primary predictor of positive patient recovery; every additional pass increases the risk of vessel damage and distal embolisation. With €22 million in Series A funding and recent FDA 510(k) clearance, Allen has positioned Perfuze for a limited market release in the US, supported by high-profile investors like EQT Life Sciences and Seroba.

3. Dr. Lucy O'Keeffe (CEO, CroíValve): Targeting the "Forgotten" Tricuspid Valve

Dr. Lucy O’Keeffe is at the forefront of the structural heart revolution. As CEO of CroíValve, she leads a firm dedicated to treating tricuspid regurgitation, a condition where the heart's tricuspid valve fails to close properly, leading to backward blood flow and progressive heart failure. O’Keeffe, who holds a PhD in Biomedical Engineering and previously led R&D programs at Medtronic, has navigated CroíValve through the complex transition from concept to clinical stage.

The DUO System developed by CroíValve is a minimally invasive coaptation heart valve device that repairs the tricuspid valve without surgery. This is critical for the vast majority of tricuspid patients who are currently considered too high-risk for open-heart procedures. The company is currently spearheading a €5.9 Million DTIF project to develop a solution suitable for over 90% of patients with this condition. O’Keeffe has strategically maintained a dual presence, with R&D and operations in Ireland and clinical/regulatory functions in the US, targeting a market opportunity estimated at over €3 Billion.

4. Jason Mowles (CEO, CergenX): The Convergence of AI and Neonatal Neurotechnology

Jason Mowles transitioned from a senior career in banking and digital transformation to lead CergenX, a University College Cork (UCC) spin-out. Founded in 2021, CergenX leverages AI to solve a profound problem in neonatal care: the early detection of brain injury in newborns. Approximately five in every 1,000 babies suffer from some form of brain abnormality at birth, yet these injuries often remain undetected until developmental delays manifest years later.

CergenX’s Wave device utilizes a vast databank of neonatal EEG signals, significantly different from adult brainwaves, to train algorithms that can perform a non-invasive screening in under 15 minutes. This technology democratizes neonatal neuro-assessment, as it does not require a resident neurologist to interpret the data.

In 2025, Mowles oversaw the company’s receipt of FDA Breakthrough Device Designation and its acceptance into the TAP program, significant milestones for the company’s entry into the US and European markets. Under his leadership, the firm secured €6.7 Million from the DTIF, highlighting the strategic value of AI-driven diagnostics in the paediatric space.

5 & 6. John and Caroline O'Dea (Leaders, Palliare): Safety in the Modern Operating Room

The husband and wife team of John and Caroline O’Dea are seasoned leaders within the Galway cluster. Having previously founded Crospon and sold it to Medtronic for $45 Million in 2017, they launched Palliare in 2018 as a spin-out focused on surgical safety. John O’Dea, a PhD in Electronics Engineering and past President of Engineers Ireland, serves as Group CEO, while Caroline O’Dea manages the Irish operations.

Palliare’s flagship innovation, the EVA15 insufflator, addresses the hazardous buildup of surgical smoke during laparoscopic and robotic procedures.

Surgical smoke contains aerosolized biological matter and chemical byproducts that pose long-term health risks to medical staff. The EVA15 system combines continuous pressure insufflation with integrated smoke evacuation, ensuring a clear visual field for surgeons and a safer environment for the team. Palliare was crowned Emerging Medtech Company of the Year at the 2025 Irish Medtech Awards, a recognition of its turnover doubling annually since 2022 and its successful US market launch.

7. Dr. Elizabeth McGloughlin (Co-Founder, Tympany Medical): Revolutionizing ENT Imaging

Dr. Elizabeth (Liz) McGloughlin embodies the transition from clinical practice to high-tech entrepreneurship. A former doctor in anaesthesia and critical care, she identified a workflow bottleneck during her BioInnovate fellowship: surgeons must frequently remove and clean endoscopes during procedures, disrupting their focus and extending surgery times.

Tympany Medical, based in Galway, developed the Solascope, a variable-angle, self-cleaning endoscope specifically designed for ENT (ear, nose, and throat) procedures. By utilising "chip-on-tip" CMOS sensors, the Solascope allows for high-resolution imaging and real-time angle adjustment without withdrawing the device. McGloughlin, recognised as a finalist for the 2025 European Prize for Women Innovators, has expanded the team to include experts in optical physics and miniaturised electronics, securing over €3.5 Million in seed funding to advance toward FDA certification.

8. Donal O'Shea (CEO, Deciphex): Scaling Digital Pathology Globally

Donal O’Shea, the CEO and founder of Deciphex, is transforming the traditionally analog field of histopathology. Based in Dublin, Deciphex addresses the global shortage of pathologists by offering the Diagnexia platform, which connects hospitals to a network of over 250 subspecialty pathologists. This allows for rapid diagnostics and the reduction of surgical backlogs that have plagued healthcare systems post-pandemic.

Under O’Shea’s guidance, Deciphex has grown to over 220 employees and raised €15 million in venture debt in late 2025 to accelerate its US expansion. The company’s secondary focus involves AI-driven clinical medication safety systems, which use diagnostic decision-support tools to identify risks in colorectal screening. Deciphex won the Collaboration in Medtech Award at the 2025 Irish Medtech Awards, underscoring its success in integrating AI into the clinical workflow across multiple international markets.

9. Dr. Alison Liddy (CEO, Relevium Medical): Disrupting the Osteoarthritis Market

Dr. Alison Liddy leads Relevium Medical, a University of Galway spin-out that targets the "hidden disability" of knee osteoarthritis (OA). Liddy, who holds a PhD in Biochemical Engineering and previously worked at Boston Scientific and Roche, developed RM-010, an injectable gel-based therapeutic.

The technological insight behind RM-010 is the controlled release of capsaicin. While capsaicin is a powerful pain blocker, its raw application causes intense burning. Relevium’s delivery system gradually releases the compound into the knee joint at concentrations below the threshold for burning pain but high enough to achieve nerve ablation for up to six months.

This offers a superior alternative to steroids, which can advance joint disease, and hyaluronic acid, which often lacks efficacy. Liddy secured €4.6 Million in DTIF funding in 2024 and is currently raising a €10 Million Series A to fund clinical trials, positioning the company to capture a share of a market opportunity estimated at $7.7 Billion.

10. Tom Fitzmaurice (CEO, LaNua Medical): Modernizing Embolization Procedures

Tom Fitzmaurice, a former Vice President at Medtronic, is the CEO of LaNua Medical, a NovaUCD spin-out founded in 2024. LaNua addresses the risks associated with embolisation, a procedure where blood flow is intentionally blocked to treat tumours or bleeding. Traditional embolisation can carry risks of reflux, where the blocking agent travels to non-target areas.

LaNua’s flagship device, ECORE™, is an umbrella-shaped occlusive barrier that is deployed deep within blood vessels to form a precise barrier. Fitzmaurice led the company to win the 2024 Enterprise Ireland Big Ideas competition and secured a €6 million seed round. The company is currently collaborating with Integer Holdings to clinically validate ECORE™ across a wide range of vessel sizes, aiming to reduce hospital costs and procedure times for interventional radiologists.

11. Judi O'Malley (CEO, Spiorad Medical): Closing the Gap in Cardiovascular Access

Judi O’Malley, CEO and co-founder of Spiorad Medical, brings extensive clinical and commercial expertise to the cardiovascular field. A former vascular physiologist with the HSE and a sales manager for multinationals like Medtronic and Abbott, she identified a critical unmet need for efficient large-bore vascular closure devices.

Spiorad’s focus is on the safety of procedures such as TAVI (Transcatheter Aortic Valve Implantation), which require large incisions in the femoral artery. O’Malley founded Spiorad alongside interventional cardiologist Dr. Samer Arnous to create devices that make closure easier for physicians and safer for patients. In 2025, the company secured a €1.7 million DTIF award, allowing it to accelerate the development of advanced cardiovascular support solutions. Spiorad’s presence in the University of Galway’s Business Innovation Centre highlights the strong regional support for female-led MedTech ventures.

12. Brian Shields (CEO, Neurent Medical): Neurostimulation for Chronic Rhinitis

Brian Shields is the CEO and founder of Neurent Medical, a Galway-based company that has developed a breakthrough treatment for chronic rhinitis. Shields, a former management consultant and BioInnovate fellow, led the company through several financing rounds to bring its Neuromark™ product to the US market.

Chronic rhinitis is characterised by an overactive autonomic nervous system in the nasal cavity. Neurent’s technology uses a handheld probe to apply targeted neurostimulation, disrupting the nerves that cause persistent nasal discharge and congestion. In early 2026, Neurent closed an oversubscribed €62.5 Million Series C round led by MVM Partners. Shields has been instrumental in building an international team and establishing a strategic partnership with Northwell Health, ensuring that Irish-developed neuro-clinical solutions have a clear commercialisation pathway in the US.

13. Aaron Hannon (CEO, Luminate Medical): Enabling In-Home Cancer Care

Aaron Hannon, co-founder and CEO of Luminate Medical, represents the new generation of Irish leaders focused on patient-centered "at-home" care. Co-founding the company at 19 with Dr. Barbara Oliveira and Professor Martin O’Halloran, Hannon has developed a mission to deliver every cancer treatment in the patient’s home.

Luminate’s wearable medical devices mitigate the side effects of chemotherapy, such as hair loss and peripheral neuropathy. The company raised $15 Million in a Series A round in late 2024 to advance its first-in-patient clinical trials. Hannon’s leadership has been recognised by several awards, including the 2022 EIT Health Catapult Audience Choice Award, and the company has expanded from its initial trio of founders to a team of 14 as it prepares for large-scale US trials.

14. Aidan Crawley (CEO, Amber Therapeutics): Precision Neuromodulation for Bladder Control

Aidan Crawley is the CEO and co-founder of Amber Therapeutics, a company developing bioelectrical therapies for peripheral nervous system disorders. Crawley founded the company while serving as an Entrepreneur-in-Residence at Oxford Science Enterprises, partnering with world-class scientists to address the problem of urinary incontinence.

Amber’s Picostim™ system is the first fully implantable, closed-loop neuromodulation therapy for mixed urinary incontinence. By targeting the pudendal nerve, the system can both sense physiological responses and provide dynamic stimulation to restore natural bladder function. Crawley, whose background includes a career at Goldman Sachs and the growth-stage US firm Addepar, has led the company through successful AURA-2 and AURA-3 studies. In 2025, Amber established a headquarters within a validated manufacturing facility to execute its US-European pivotal trial at scale.

15. Grace O'Donnell (CEO, Phyxiom): Digital Transformation of Respiratory Care

Grace O’Donnell, CEO and co-founder of Phyxiom, leads a digital health spin-out from RCSI that targets the mismanagement of asthma and COPD. Co-founded with Professor Richard Costello, Phyxiom leverages a decade of clinical research and patented algorithms to provide a device-independent analytics platform.

The Phyxiom platform integrates data from smart inhalers and spirometry devices, providing physicians with an intelligent decision-support system. This supports more accurate diagnoses and ensures that patients adhere to medication protocols, potentially saving payers up to $13.5 Billion annually in the US alone. O’Donnell and her team completed a seed funding round in mid-2025 and are currently live across 13 HSE asthma clinics, with expansion plans for the UK in 2026 and the US in 2027.

16. Seamus Fahey (CEO, ICS Medical Devices): Leading the Irish CDMO Surge

Seamus Fahey is the CEO and founder of ICS Medical Devices, a contract design and manufacturing organization (CDMO) that has become a vital partner for global start-ups. Fahey, with 27 years of experience including a senior role at Creganna Medical, established ICS in 2019 to provide world-class catheter solutions.

ICS Medical Devices has grown rapidly, opening a new facility in Galway and announcing the creation of 72 new jobs in 2025 to support its international expansion into Asia and the Middle East. The company’s success reflects the broader trend in Ireland where technical expertise in catheter manufacturing is being commercialized as a high-value service. ICS was a finalist for Emerging Medtech Company of the Year and Medtech Partner/Supplier of the Year at the 2025 Irish Medtech Awards.

17. Martina Skelly (CEO, Yellow Schedule): AI for Patient Flow Efficiency

Martina Skelly is the co-founder and CEO of Yellow Schedule, one of the primary winners of the HIHI.AI 2025 call. Her company’s Triage Link system uses AI to automate the clinical triage process, improving patient flow and reducing bottlenecks in hospital outpatient departments.

Skelly’s leadership represents the application of AI to operational healthcare challenges. By ensuring solutions are "trustworthy and human-centered," Yellow Schedule aligns with the Irish national AI strategy. The pilot programs facilitated by Health Innovation Hub Ireland will allow Skelly to clinically validate the efficiency gains and patient experience improvements generated by her AI-powered triage platform.

18. Andrew Glass (CEO, Vivasure Medical): Pioneering Large-Bore Vascular Closure

Andrew Glass has led Vivasure Medical through one of the most successful exits in recent Irish MedTech history. As CEO, he oversaw the development of PerQseal Elite, a fully absorbable, suture-less vascular closure device. In January 2026, Vivasure was acquired by Haemonetics for €185 million, a testament to the company’s progress in advancing large-hole closure technology.

The technology behind Vivasure uses a synthetic polymer implant to provide high-integrity closure for the large-bore arterial incisions required in structural heart and endovascular procedures. Glass, who brought a background in international MedTech leadership to the firm, has noted that joining Haemonetics provides the global scale necessary to make PerQseal Elite available to physicians and patients worldwide.

19. Brian Thornes (CEO, X-Bolt Orthopedics): Surgical Innovation in Fragile Bone

Dr. Brian Thornes, an orthopedic surgeon and founder of X-Bolt Orthopedics, has developed a revolutionary solution for hip fracture fixation in elderly patients. Thornes, also the inventor of the TightRope® treatment for ankles, founded X-Bolt to address the clinical failure of traditional lag screws in osteoporotic (fragile) bone.

X-Bolt’s expanding technology provides a stronger anchor in the femoral head than traditional screws, significantly reducing reoperation rates. The Pro-X1 trochanteric nailing system received FDA clearance in 2023 and launched commercially in the US in 2024. Thornes’ ability to translate a "lightbulb moment" (observing domestic wall anchors in his apartment) into a patented medical device highlights the role of clinical observation in driving MedTech innovation.

20. Susan Treacy (CEO, HealthTech Ireland): Strategic Leadership and Policy Advocacy

Susan Treacy, while not a startup founder, is arguably the most influential leader shaping the future of Irish HealthTech.Since becoming CEO of HealthTech Ireland in 2021, she has led the organization through a period of strategic transformation, including the delivery of a Memorandum of Understanding with the HSE.

Treacy serves as the only industry representative on the HSE AI Implementation Group and participates in HIQA working groups on AI and Health Technology Assessment (HTA).

She was named Winner of the Women in STEM Award in the Health Technology category at the 2025 Business Post Awards. Her role is vital in ensuring that industry perspectives are embedded in national health strategy, providing the policy framework that allows innovators like Mowles and O’Donnell to scale their technologies within the Irish and international markets.

Structural Analysis of Leadership Origins

The twenty leaders analyzed in this report do not exist in isolation; their success is a product of the "Innovation with Impact" strategic pillar of the Irish government. The following table summarises the origins and developmental support for these leaders.

Origins of the Future Leaders

Leader	Organization	Origin/Incubator	Key Funding/Support
Conor Hanley	FIRE1	The Foundry (Silicon Valley)	$120M Megadeal
Lucy O'Keeffe	CroíValve	Medtronic Alumna	€5.9M DTIF Award
Jason Mowles	CergenX	UCC / INFANT Centre	€6.7M DTIF Award
Liz McGloughlin	Tympany Medical	BioInnovate Ireland	€3.5M Seed Round
Alison Liddy	Relevium Medical	University of Galway	€4.6M DTIF Award
Brian Shields	Neurent Medical	BioInnovate Ireland	€62.5M Series C
Aidan Crawley	Amber Therapeutics	Oxford Science Enterprises	US Pivotal Trial Support
Tom Fitzmaurice	LaNua Medical	NovaUCD	€6M Seed Funding

The Role of BioInnovate Ireland

BioInnovate Ireland, founded by the late Ian Quinn and currently led by Professor Martin O’Halloran, is the single most influential program for training this new cohort of leaders. Affiliated with Stanford Biodesign, the program has trained 159 fellows to date, with approximately half progressing to lead their own startups. As of 2025, BioInnovate startups have generated €84 Million in wages and supported 1,460 jobs in Ireland, creating a Gross Value Added (GVA) of €277 Million. The program focuses on solving real-world clinical challenges through a 10-month intensive bootcamp and hospital immersion process.

Technological Trajectories and Second-Order Insights

A second-order analysis of the Irish MedTech landscape reveals a significant shift away from hardware-only devices toward integrated platforms that combine mechanics, optics, and AI.

The Shift Toward Software-as-a-Medical-Device (SaMD)

Firms like CergenX and Phyxiom are leading a transition where the primary value resides in the algorithm rather than the sensor. This requires a fundamental shift in regulatory strategy, moving away from 510(k) clearances for physical devices toward "Breakthrough Designations" for AI software. The implication for future leaders is a need for dual expertise in both clinical medicine and data science, a combination exemplified by Jason Mowles’ transition from banking to neonatal neurotechnology.

The Proximity of Multinationals and Spin-Outs

The presence of nine of the world's top ten MedTech multinationals in Ireland (e.g., Medtronic, Boston Scientific, Stryker) provides a "training ground" for future entrepreneurs. Leaders like Lucy O’Keeffe (Medtronic), Tom Fitzmaurice (Medtronic), and Seamus Fahey (Creganna) utilize their "MNC pedigree" to build startups that are designed for acquisition from day one. This created a "ripple effect" where the exit of one company (Crospon, Vivasure) immediately fuels the creation of several more through the recycling of leadership talent.

The Democratisation of Complex Diagnostics

AI is being used to move complex assessments from the specialist clinic to the bedside or home. CergenX’s ability to screen for brain injury without a neurologist and Phyxiom’s remote asthma monitoring represent a broader trend of "de-skilling" diagnostic interpretation, thereby increasing access and lowering costs. This is particularly relevant in the US market, where hospital-based care is increasingly being replaced by home-based management models.

Conclusions and Future Outlook

The Irish MedTech and HealthTech landscape from 2024 to 2026 is defined by a level of maturity that allows for sustained global impact. The combination of seasoned serial entrepreneurs (The O'Deas, Thornes, Hanley) and a structured innovation pipeline (BioInnovate, CÚRAM, NovaUCD) ensures that Irish firms are no longer merely manufacturing components but are defining global clinical standards.

The strategic focus on AI-driven diagnostics, minimally invasive structural heart repairs, and bioelectrical therapeutics aligns perfectly with global healthcare trends toward efficiency, safety, and personalized care.

Furthermore, the massive influx of late-stage capital and the formalization of US clinical pathways through partnerships with health systems like Northwell Health provide the necessary "runway" for these firms to reach commercial maturity. As Ireland continues to punch above its weight in the global sector, these twenty leaders will likely remain at the center of the most significant healthcare acquisitions and clinical breakthroughs for the remainder of the decade.

Nelson Advisors > European MedTech and HealthTech Investment Banking

Nelson Advisors specialise in Mergers and Acquisitions, Partnerships and Investments for Digital Health, HealthTech, Health IT, Consumer HealthTech, Healthcare Cybersecurity, Healthcare AI companies. www.nelsonadvisors.co.uk

Nelson Advisors regularly publish Thought Leadership articles covering market insights, trends, analysis & predictions @ https://www.healthcare.digital

Nelson Advisors publish Europe’s leading HealthTech and MedTech M&A Newsletter every week, subscribe today! https://lnkd.in/e5hTp_xb

Nelson Advisors pride ourselves on our DNA as ‘Founders advising Founders.’ We partner with entrepreneurs, boards and investors to maximise shareholder value and investment returns. www.nelsonadvisors.co.uk

#NelsonAdvisors #HealthTech #DigitalHealth #HealthIT #Cybersecurity #HealthcareAI #ConsumerHealthTech #Mergers #Acquisitions #Partnerships #Growth #Strategy #NHS #UK #Europe #USA #VentureCapital #PrivateEquity #Founders #SeriesA #SeriesB #Founders #SellSide #TechAssets #Fundraising #BuildBuyPartner #GoToMarket #PharmaTech #BioTech #Genomics #MedTech