Catalonia hits record investment in health startups and scaleups and consolidates BioRegion as leading European hub for research and industry
The life sciences and healthcare sector in Catalonia —the BioRegion of Catalonia— is strengthening its position as the main driver of innovation and competitiveness in Spain and as one of the most dynamic ecosystems in Europe. The 2025 BioRegion of Catalonia Report, prepared by Biocat, shows sustained growth in key health innovation indicators, with an all-time record of €517 million invested in health startups and scaleups, as well as clinical and scientific activity that puts Catalonia in a position of international leadership.
Catalonia’s health innovation ecosystem has 1,650 companies (up 8.3% from the previous year) and 94 research institutions, and is consolidating its macroeconomic weight: it accounts for 7.6% of the Catalan GDP and is the third largest economic activity in Catalonia in terms of GVA and employment.
At the same time, indicators regarding business activity and impact continue to trend upward: the sector hit a new high of €48.691 billion in turnover and now exceeds 306,000 jobs (7.3% of the employed population), with the vast majority of companies being SMEs (90%), mostly located in Barcelona (93.4%), despite a gradually emerging decentralization.
“The health innovation ecosystem in Catalonia continues advancing in its maturity phase: it is attracting more private and competitive investment, accelerating the clinical pipeline and strengthening its leadership in science and clinical research. The challenge now is to continue scaling up so that these advances translate into more innovation adopted in the healthcare system and a greater impact for patients and society,” highlighted Biocat CEO Robert Fabregat.
Record investment in startups and scaleups: venture capital continues driving growth and grants reach a historic high
In 2025, investment in health startups and scaleups hit an unprecedented milestone of €517 million (up 43% from 2024 and 7% from the previous peak in 2022). Venture capital (VC) remains the main driver, accounting for €327.6 million. Although the number of operations was the lowest in recent years, investment was concentrated in large rounds, with the top five accounting for 47% of the total. Notable deals included SpliceBio (€118 million), DeepUll (€50 million) and Qida (€37 million). This investment momentum has accompanied an expanding entrepreneurial fabric, with 464 active startups and 168 spinoffs created since 2016.
Plus, competitive public funding also played a key role in surpassing the €500 million mark and reaching an all-time high: €124.3 million in grants, mainly European funds. Venture debt followed with €31 million, and the stock market contributed €30 million. Crowdequity shrunk to €3.8 million, the lowest figure since 2018.
2025 confirmed the decisive role of international investment: 82% of the venture capital raised involved international investors, who participated in all the major operations. This growth can be explained by co-investment operations involving national and international venture capital firms, with the former playing a key role in attracting foreign capital.
By subsectors, investment in biotech regained its leadership in 2025 with €347 million, driven by the SpliceBio megaround that made up 68% of the total for the year. Between 2021 and 2025, biotech saw a cumulative €998 million, which is 54% of investment in the three segments. Meanwhile, medtech fell to €92 million and digital health rebounded to €71 million, despite still being the smallest subsector.
Exports, foreign investment and talent strengthen the industrial fabric
Catalonia is once again ranked first in Spain in exports of healthcare products, with €9.165 billion (45.7% of the Spanish total), primarily to Switzerland, Germany, France and the United States, maintaining strong momentum in the sector’s foreign trade.
Despite a decline in 2025, foreign direct investment totaled €2.382 billion and generated 5,567 new jobs between 2021 and 2025, significantly influenced by AstraZeneca’s strategic commitment in 2023 and 2024. As a result, Catalonia maintains its leadership in Spain, with a strong share of investments focused on R&D.
This strength is bolstered by human capital. In Catalonia, 26,000 students graduate each year with degrees in fields of science and there are more than 18,000 research professionals in the region, attracting more than 30 health-related technology hubs in recent years, with the corresponding impact on job creation.
Leadership in research of excellence
Catalonia has reasserted its leadership in attracting competitive European funding: the region participated in 297 Horizon projects in the life sciences and healthcare (2020–2024) and ranks first in Europe in projects per million inhabitants and second in funding per million inhabitants. In terms of ERC grants, which are the continent’s most prestigious, Catalonia has secured 64 projects and remains among the top European regions per capita.
In terms of scientific output, Catalonia produced 54,521 publications in the life sciences and healthcare (2020–2024), making up nearly 35% of the Spanish total, and particularly stands out in quality with 1,791 Highly Cited Papers (HCP) and ranking first in Europe in percentage of high-impact articles (ratio of HCP to total publications).
In 2025, Catalan centers took part in 5,768 active clinical trials, representing 92% of Spain’s total activity. This ranks the region fourth in Europe (behind France, Italy and Spain) and seventh in the world, moving up one position from 2024, with annual growth above the national average. By therapeutic areas, oncology remains the main driver of Catalan clinical research, followed by the immune system and respiratory system.
Regarding the molecule portfolio, the Catalan ecosystem includes 71 assets in clinical development (51 molecules and 20 advanced therapies), nearly twice as many as in 2020, showing significant clinical maturity with a substantial share in Phase II and Phase III. Activity is concentrated in key therapeutic areas like oncology, the central nervous system (CNS) and dermatology.
The 2025 Report also highlights other indicators that reinforce ecosystem competitiveness, like advances in sustainability (ESG), artificial intelligence applied to healthcare, female leadership in entrepreneurship, scientific and care-related advances with global impact, new facilities announced or launched during the year, and a series of proposals and challenges from industry associations in a changing geopolitical environment, among others.
According to BioRegion Report Director Silvia Labé, “The 2025 Report shows an upward trend in the sector’s key indicators and confirms Catalonia’s leading position in health innovation. The data points to three key conclusions. Firstly, Catalonia is consolidating its role as one of Europe’s most important health hubs, with internationally recognized scientific and clinical excellence. Secondly, the next major leap no longer depends solely on increasing activity, but on better connecting research, industry, the market and the healthcare system to accelerate translation and innovation adoption. And thirdly, the European and global context —marked by technological competition and geopolitical challenges— opens a window of opportunity that requires a shared vision and greater execution capacity: more coordination, more speed, more policies and more investment.”
Presentation of the 2025 BioRegion Report brings together leaders in health innovation in Barcelona
The presentation of the 2025 BioRegion of Catalonia Report on February 19 at Auditori l’Illa in Barcelona brought together the ecosystem’s main stakeholders for an analysis of key indicators, panel discussions on strategic trends and networking sessions to drive collaboration and new opportunities for growth. The event featured top institutional representatives from the Government of Catalonia, led by President Salvador Illa, including Catalan Minister for Research and Universities Núria Montserrat and Catalan Minister of Health Olga Pané.
Since 2006, Biocat —which is celebrating its 20th anniversary this year— has compiled and shared the sector’s evolution in the BioRegion of Catalonia Report, its benchmark publication. This tenth edition of the Report is supported by Alira Health, Almirall, Amgen, AstraZeneca, Bayer, Cuatrecasas, Esteve, Grifols, Hipra, Johnson&Johnson, Menarini Group, Pfizer, Roche and Sanofi, with collaboration from ACCIÓ, Catalonia.Health, Farmaindustria, Fenin and the Government of Catalonia.
Download the 2025 BioRegion Report here.
