Just nine drug developers went public in the US during the first quarter of last year, but with the industry boosted by pandemic response, 32 biopharma companies launched IPOs in Q1 of this year.

Over the last three decades, Ireland has built a robust medical device community serving large multi-national device companies, built on favorable tax policies and a strong manufacturing and engineering base. But now Ireland is trying to incubate a robust start-up community as well, focused on R&D and innovation, hoping to create the next Medtroniic or Covidien rather than simply serving the current ones.

There are some 15 million medical procedures performed worldwide each year using interventional, catheter-based techniques, and that number will grow as the aging population demands less invasive treatments. This revolution has already generated multibillion dollar product markets for the devices used to perform these procedures, but there is another huge, frequently overlooked opportunity: devices for closing the puncture site.

Despite the best intentions and brightest innovation, start-ups haven't been able to tap into the huge potential presented by the vascular closure market. Ten years after the first generation devices made it to market, the original two leaders still dominate despite the limitations of their devices, while many start-ups have come and gone. A long list of new hopefuls believe they have the solution physicians have desired. Now all they have to do is convince the physicians, who, when it comes to vascular closure devices, are slow to recognize clinical data but quick to embrace a device that feels right to them.