The Irish medtech sector has come a long way since the first medtech awards were held nearly 10 years ago. It has positioned itself as a global leader for the industry, with 18 of the world’s top 25 medtech companies operating here.

This week, many of those companies will battle it out at the Irish Medtech Excellence Awards, which are set to take place in the Clontarf Castle Hotel on Thursday.

Boston Scientific, Abbott Diagnostics Longford, The Tech Group and Stryker have been shortlisted for medtech company of the year, while AventaMed, Incereb and SurgaColl have been shortlisted for emerging medtech company.

Dublin City University's biomedical diagnostics institute; University of Limerick's department of mechanical, aeronautical and biomedical engineering; and University College Cork's BioDesign are shortlisted for the academic contribution to medtech award. Sinead Keogh, director of the Irish Medical Devices Association, said 75 per cent of replacement joints for knees and 80 per cent of the world's stents for arteries and veins are being manufactured by medtech companies in Ireland.

“Not only are these companies growing their business with over 2,000 jobs in Ireland announced in the sector since the beginning of 2014, but they are also driving innovations in medtech to save and improve patient lives.”

She said the finalists for this year exemplify how Ireland’s medtech sector became the highest employer in Europe, per capita, and why medical technology developed here is exported to more than 100 countries.

IDA Ireland head of medical technologies Michael Lohan said more than €652 million in investment has been announced across the country since 2014. "The awards are a great occasion for the industry, as it brings together multinationals and SMEs by recognising their strategic long-term vision, the quality of their products as well as innovations which ensure better patient care."