Ireland is currently at the forefront of global life sciences and health tech innovation and investment, according to a new report from Enterprise Ireland.

The PitchBook Enterprise Ireland Lifesciences and Health Tech Report notes Ireland is now the second-largest exporter of medtech products in Europe, with exports valued at €16 billion annually – representing 14 per cent of the country’s total exports.

According to the report, Ireland has over 700 life sciences and health tech companies – with more than 400 homegrown Irish companies and a “broad multinational presence” in Ireland, including the world’s top 10 biopharma companies, 9 of the world’s top 10 medtech companies and the world’s top 10 tech companies.

“Ireland’s life sciences and health tech sector has achieved remarkable international success, cementing its status as a global leader in advancing medicine, improving patient outcomes and driving efficiencies in healthcare worldwide,” the report said.

“Furthermore, the country’s leadership in digital health and AI-driven healthcare is revolutionising personalised care and data-driven decision-making. 

“By combining cutting-edge R & D, a robust export economy and a commitment to global health challenges, Ireland continues to shape the future of healthcare on an international stage.”

In a market snapshot, the report said Ireland’s life sciences and health tech sector “emerged as a standout performer in global venture capital (VC) funding, demonstrating resilience and growth when global health tech deal activity experienced a slowdown.”

It goes on to note that in 2024, Enterprise Ireland’s portfolio of life sciences and health tech companies closed 80 VC deals, “making 2024 the most active year for Enterprise Ireland-backed companies in a decade”.

“These deals accounted for €491.3 million in total capital invested that year – a figure that outpaced the record highs of 2018 and 2021, signaling robust investor confidence in the country’s life sciences and health tech ecosystem,” according to the report.

In a message included in the report, Enterprise Ireland department manager, lifesciences & health tech, Cepta Duffy said Ireland’s lifesciences and health tech sector was emerging as a “global powerhouse,” with Irish companies attracting substantial investment and innovations aimed at tackling “the world’s most pressing healthcare challenges.”

As an example, Ms Duffy pointed to med tech company FIRE1 securing a €103.6 million late-stage deal, which she said was “a testament to Ireland’s ability to nurture scalable health tech solutions, particularly in connected medical devices.”

“This follows a stellar 2024, where the sector closed 89 VC deals totalling €491.3 million, with Enterprise Ireland involved in 60 investments – the highest globally. 

“This investment surge underscores our unwavering commitment to fostering groundbreaking firms that are redefining healthcare delivery worldwide,” Ms Duffy said.