Enterprise Ireland emerged as the world’s most active life sciences and health tech investor in 2024, participating in 60 deals and playing a pivotal role in driving the country’s performance.
While global life sciences and health tech venture activity remains below 2021 peaks, Ireland delivered its strongest year yet.
The sector saw late-stage and venture-growth deals rise to 46pc of total volume – more than double the proportion recorded in 2014.
This points to a maturing of Ireland’s start-up ecosystem with more companies transitioning from start-up to scale-up phase.
One major player was Dublin-based medtech firm FIRE1, which secured €115m late-stage financing in 2025 – one of Europe’s largest health tech rounds.
Enterprise Ireland and the Government have championed technological innovation
The Medtech Rising 2025 conference in Galway last week included a showcase connecting high-potential start-ups to investors and industry figures.
Overall, the conference explored Ireland’s role in building smarter healthcare and the Irish sector’s response to geopolitics, among other timely issues.
Speakers included Aerogen CEO John Power, Ibec CEO Danny McCoy, IDA global head of life sciences and food Rachel Shelley and EY global medtech Leader John Babbitt.
Tom Cusack, global head of industrial and life sciences at Enterprise Ireland, joined a panel discussion on Ireland’s medtech strategy in a dynamic global context.
Life sciences and health tech firms are in Ireland’s DNA. Today, the sector employs more than 100,000 people and generates €16bn in medtech exports annually – 14pc of Ireland’s total exports.
Our strong ties with the US and EU, along with robust manufacturing infrastructure, have attracted multinationals to establish operations here.
Today, Ireland is home to 700 life sciences and health tech firms, including over 400 home-grown companies, and nine of the world’s top 10 medtech multinationals.
Known as the Silicon Valley of medtech, Galway is home to more than 100 medtech firms, including global giants Medtronic and Boston Scientific.
From a population-adjusted perspective, Ireland is ahead of the game again. Last year, we had the highest life sciences/health deal count per capita in Europe, with 1.7 deals being made for every 100,000 people.
For decades now, Enterprise Ireland and the Government have championed technological innovation and supported up-and-coming researchers and businesses, through funding, training initiatives and mentorship programmes.
One example is the Disruptive Technologies Innovation Fund (DTIF), a €500m fund that supports cutting-edge, challenge-based R&D projects. To date, the fund has already awarded €298m to 68 health and well-being projects.
Moreover, technology centres (CeADAR, Cúram and Irish Manufacturing Research) and innovation programmes (DigiBio and BioInnovate) have been pivotable in helping to foster the sector’s growth.
At a time when global life sciences and health tech funding has contracted, Ireland has excelled. The report confirms that our ecosystem is not just resilient, it is thriving – and ready for its next phase of global leadership.
You can download a copy of Ireland’s Life Sciences & Health Tech Landscape from the Enterprise Ireland website enterprise-ireland.com/en/ireland-lifesciences-and-health-tech-landscape.
Cepta Duffy is head of life sciences and health tech at Enterprise Ireland