Catalonia.health and EY publish the Study on Investment in the Health Sector in Catalonia 2025, a report that offers a complete analysis of the state of investment in the Catalan health ecosystem and its positioning on an international scale.

The study, presented last May 6 at Connection Day 2026 in front of more than 250 professionals in the sector, confirms that Catalonia has entered a more selective and demanding phase, marked by a greater concentration of capital in solid, scalable projects with real capacity to reach the market.

2025 was a record year for attracting investment, with 517 million euros raised by startups and scale-ups in the health sector in Catalonia. However, this figure hides a structural reality: 47% of the total investment is concentrated in the 5 most important rounds, showing that capital is increasingly directed towards mature projects with competent teams and proven commercial viability.

Robust science, but challenges in commercialization

The report highlights one of the main paradoxes of the Catalan ecosystem: 93% of companies carry out R&D activity internally, but only 19% are trading on the market. This data confirms that Catalonia has a solid scientific base, but also shows the need to strengthen the mechanisms to transform this innovation into companies that scale and compete globally.

Three key barriers to growth
The surveyed companies identify three main obstacles:

• Access to funding (38%) — Especially during the scale-up phase, where many projects get stuck in the well-known “valley of death”
• Regulation (25%) — Lengthy, costly processes and a high bureaucratic burden that delay market entry
• Market access (21%) — Difficulties in validating solutions within the healthcare system and slow public procurement processes

Executive talent: a key factor in attracting investment

One of the most relevant aspects of the report is that leadership and management experience are the main factors that motivate investment outside Catalonia (40%), ahead of scientific and technological quality (33.3%). This data reinforces the need to have C-level profiles with international experience to sustain the growth of companies in advanced stages.

International context: divergences between Europe and the US

The study also analyzes global investment trends, which show divergent dynamics between regions:

Biopharma:

• Europe: +12% (concentration in fewer, more mature projects)
• United States: -7% (correction following the post-pandemic boom)
• Despite Europe’s growth, capital concentration remains in the US

MedTech:

• United States: +210% (driven by the integration of AI into clinical infrastructure)
• Europe: -9%

These data confirm that artificial intelligence has established itself as a key accelerator of R&D, especially in the United States, where its integration into the care flow reduces uncertainty and makes return on investment more predictable.

Public-private collaboration: a strategic element

The report emphasizes the need to strengthen public-private collaboration to facilitate the adoption of innovation within the health system. Pilot projects, innovative public procurement and mechanisms for validating and scaling local solutions can contribute to reducing the distance between the generation of knowledge and its effective incorporation into the health system.

Public funding continues to play a key role and represents 47% of the funding of the participating companies, while private capital accounts for 25% and alliances for 27%.

Eva García Ramos, president of Catalonia.health:

"Leadership and management experience are the main factors that motivate investment outside Catalonia, with 40%, ahead of scientific and technological quality, which represents 33.3%. 93% of Catalan companies develop R&D activity internally, but only 19% are commercializing on the market. The figures confirm that science is robust; the challenge is to transform this innovation into companies that scale and compete globally."

Víctor Carles Ledesma, director of the Life Sciences sector at EY Business Consulting:

"The report notes a structural change in the investment model in health. In biopharma, despite the fall in global investment, Europe is growing thanks to the concentration in fewer projects, more mature and with more options to reach the market, while the United States maintains the leadership due to its capacity for scalability. In MedTech, the US clearly leads the growth thanks to the integration of artificial intelligence in the clinical infrastructure."

Media coverage
The Health Investment Study in Catalonia 2025 received excellent media coverage:

• La Vanguardia: Solo una de cada cinco empresas de salud catalanas ya ha llegado al mercado
• Expansión: La fase comercial, el escollo de las 'start up' de salud
• Europa Press: Un informe alerta de que "solo" el 19% de empresas del sector salud catalán llegan al mercado

Download the Health Investment Study in Catalonia 

📥 Download the Health Investment Study in Catalonia 2025

The Study on Investment in the Health Sector in Catalonia 2025 has been prepared by Catalonia.health and EY with the collaboration of companies and investors in the ecosystem. The report is structured in three blocks: analysis of the international context, diagnosis of Catalonia and implications and challenges of the sector.