Healthcare startups in Catalonia resume growth and achieve 347 million euros of investment in 2024
The Catalan entrepreneurial ecosystem has managed to stabilize after raising 347 million euros in the last year, 55% more than the previous period and the second-best result in its history. This growth positions the health sector as the third-largest source of wealth in Catalonia, according to the BioRegion 2024 Report presented by Biocat.
In 2024, the biomedical sector in Catalonia reached a turnover of close to 45 billion euros, driven by more than 1,500 companies and 93 research centers, including hospitals and universities. According to the latest BioRegion Report, this figure represents 7.6% of Catalan GDP, an impact that is also reflected in the turnover of private companies, which generated 25.493 billion euros that same year.
This strong economic performance translates into employment, with the pharmaceutical industry, biotechnology companies, medical technologies, digital health, professional services and consulting, summing up 75,300 workers in the territory. The province of Barcelona concentrates most of the activity and economic impact, where 94% of all companies and entities in the sector have their headquarters.
In 2024, Catalan startups and scaleups achieved their second-best result since records began, with a growth of 55% compared to 2023, a particularly difficult year due to the shortage of financing. The caution of the financial markets and the reduction of available capital, caused by global geopolitical and economic instability, limited large investment operations and made it difficult to attract international capital to the Catalan ecosystem.
Attracting foreign investment is also one of the sector’s main goals for the coming years. The pharmaceutical company AstraZeneca is about to open a new European R&D hub, with an investment of 1.3 billion euros and which is expected to create some 2,000 jobs. Its arrival in the Catalan capital represents a major boost and the general manager of Biocat, Robert Fabregat, believes that the multinational “can have a snowball effect” for other companies.
Similarly, projects such as the new Hipra innovation campus in Aiguaviva, the creation of Almirall’s “The Hive” hub, Qiagen’s global infection centre in Esplugues, the inauguration of the new B. Braun complex and the expansion of the Bayer hub reflect the growth and commitment to innovation in the sector.
As a novelty, the report has included an analysis dedicated to SMEs. Small and medium-sized companies in Catalonia represent 90% of the total life sciences and health sector and contribute 20% to the total turnover of the industry. In terms of their activity, the main therapeutic areas are the nervous system (14%), oncology (13%), cardiovascular system (11%), mental health (11%) and dermatology (11%).
INBRAIN Neuroelectronics raises 46.2 million euros in the second-largest investment in the sector
Venture capital operations accounted for 80% of the investment received in 2024, with a total of €277.9 million distributed in 38 financing rounds. In this context, 75% of the capital raised included the participation of international venture capital firms. The BioRegion Report confirms the trends in global markets, highlighting in particular the investment in medical technology (€176 million), biotechnology (€143 million) and digital health (€24 million).
The biomedical company INBRAIN Neuroelectronics, specialised in the development and commercialisation of graphene-based neural interfaces and intelligent neuromodulation systems for the treatment of neurological diseases, closed a financing round of 46.2 million euros last year. This operation became the second highest in the region, only surpassed by Impress (€110 million) and followed by Huera (€40 million).
Based in the Barcelona Science Park, INBRAIN Neuroelectronics ended 2024 with a €3 million investment agreement with Avançsa, a public entity fully owned by the Generalitat de Catalunya and attached to the Department of Business and Employment.
On the other hand, although venture capital remains the main source of financing, public funding obtained through competitive grants is also notable, reaching 55 million euros over the past year.
The third edition of the Barcelona Health Innovation Week kicks off
The President of the Generalitat de Catalunya, Salvador Illa, and the regional ministers for Health, Olga Pané, and for Research and Universities, Núria Montserrat, participated in the event. In this 2023 edition, the publication and public presentation have had the support of Alira Health, AstraZeneca, Johnson&Johnson, Menarini, Roche, Amgen, Almirall, Esteve, Grifols, Pfizer and Sanofi, and the collaboration of ACCIÓ, CataloniaBio & HealthTech, Farmaindustria and Fenin.
The presentation of the Report of the BioRegion of Catalonia was the opening event of the Barcelona Health Innovation Week, which is also being organised by Biocat from 17 to 21 February. This third edition aims to highlight the best of innovation in health, science, technology and entrepreneurship within the ecosystem of life sciences and health in Catalonia.
Over 30 activities will take place throughout the week, including round tables, workshops, guided tours and seminars. The main topics will include digital transformation in health, the promotion of entrepreneurship and advances in medical technologies, among others.
The Barcelona Health Innovation Week has established itself as an essential meeting point for leaders, professionals and entities in the sector, promoting innovation and the impact of the BioRegion of Catalonia at a global level.
