Ireland Achieves Record €491M in Medtech Venture Investments

Ireland has reached a significant milestone in the life sciences and health tech sectors by securing a record €491.3 million in venture capital investments in 2024. This achievement, outlined in a report by Enterprise Ireland and PitchBook, encompasses 89 deals, marking the country’s most successful year in this space. Notably, Enterprise Ireland has emerged as the world’s most active investor in these sectors, participating in 60 of the transactions and playing a crucial role in propelling Ireland’s performance.

As global venture activity in life sciences and health tech remains lower than the record levels seen in 2021, Ireland’s growth stands out. The report highlights that late-stage and venture-growth deals now account for 46 percent of total volume, a striking increase compared to just 22 percent in 2014. This trend indicates a maturation of Ireland’s start-up ecosystem, with more companies advancing from the start-up phase to scale-up.

One prominent player in this landscape is FIRE1, a Dublin-based medtech firm that secured €115 million in late-stage financing in 2025, one of the largest health tech funding rounds in Europe. This success aligns with the ongoing support for technological innovation from both Enterprise Ireland and the Irish government.

The recent Medtech Rising 2025 conference in Galway further showcased Ireland’s commitment to fostering connections between high-potential start-ups and investors, exploring themes such as the nation’s role in advancing smarter healthcare solutions and responding to geopolitical challenges. Notable speakers at the event included John Power, CEO of Aerogen, Danny McCoy, CEO of Ibec, Rachel Shelley, global head of life sciences and food at IDA, and John Babbitt, global medtech leader at EY. Additionally, Tom Cusack, global head of industrial and life sciences at Enterprise Ireland, participated in a panel discussing the country’s medtech strategy within a dynamic global context.

The life sciences and health tech sector is integral to Ireland’s economy, employing over 100,000 individuals and generating €16 billion in annual medtech exports, which represents 14 percent of the nation’s total exports. Ireland’s strong ties with the United States and the European Union, combined with a robust manufacturing infrastructure, have attracted numerous multinational companies to set up operations in the country. Currently, Ireland hosts 700 life sciences and health tech firms, including over 400 home-grown enterprises and nine of the world’s top ten medtech multinationals.

Galway, often referred to as the Silicon Valley of medtech, is home to more than 100 medtech companies, including global leaders such as Medtronic and Boston Scientific. From a per capita perspective, Ireland continues to excel, having recorded the highest life sciences and health tech deal count in Europe last year, with 1.7 deals per 100,000 people.

For decades, Enterprise Ireland, alongside the government, has championed technological innovation, offering support to emerging researchers and businesses through various funding, training initiatives, and mentorship programmes. A prime example is the Disruptive Technologies Innovation Fund (DTIF), a €500 million initiative designed to support innovative, challenge-based research and development projects. To date, the fund has allocated €298 million to 68 health and well-being projects.

In a period when global funding for life sciences and health tech has contracted, Ireland is demonstrating resilience and growth. The report affirms that the nation’s ecosystem is thriving and poised for an enhanced role in global leadership within the sector.

For further insights, the full report titled “Ireland’s Life Sciences & Health Tech Landscape” is available for download on the Enterprise Ireland website.