Ireland Defies Global VC Slump with Record €491M Lifesciences & Health Tech VC Investment

Irish lifesciences and health tech companies set a new decade-high record in 2024 raising €491.3 million across 89 VC deals, including 80 deals for Enterprise Ireland-backed firms — according to a new report, powered by PitchBook data.

While global lifesciences and health tech venture activity remains sharply below 2021 peaks, Ireland delivered its strongest year ever and saw late-stage and venture-growth deals surge to 46% of total volume – more than double the proportion recorded in 2014. This maturing ecosystem continued into 2025 with FIRE1’s $120 million late-stage megadeal, one of the largest health tech rounds in Europe this year.

Enterprise Ireland emerged as the world’s most active lifesciences and health tech investor in 2024, participating in 60 deals and playing a pivotal role in driving the country’s record performance.

Key highlights from the report:

•    Ireland hosts over 700 lifesciences and health tech firms, including over 400 home-grown companies alongside 9 of the world’s top 10 medtech multinationals.

•    The sector employs more than 100,000 people and generates €16 billion in annual medtech exports – 14% of Ireland’s total exports.

•    In addition, €298 million from the €500 million Disruptive Technologies Innovation Fund has already been awarded to 68 health and wellbeing projects.

Cepta Duffy, Head of Lifesciences & Health Tech at Enterprise Ireland, commented: “At a time when global lifesciences and health tech funding has contracted dramatically, Ireland has produced a very strong performance and continues to attract large-scale growth capital from investors in Ireland and internationally. This report confirms our ecosystem is not just resilient – it is thriving and maturing, ready for its next phase of global leadership.”

The full report, Ireland’s Lifesciences & Health Tech Landscape, is available to download here.

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