BioInnovate Ireland, a globally recognised hub for medical technology innovation, has revealed its significant socioeconomic impact for 2024.
Startups emerging from the BioInnovate Fellowship Programme have generated €69 million in value for the economy and supported 667 jobs across Ireland, according to a socioeconomic impact analysis by EY.
Over 70% of these startups are based in Galway, with €48 million of the economic contribution benefiting the West of Ireland’s medtech sector.
This year, these startups have supported 405 jobs in the West alone, reinforcing the region’s status as one of the world’s largest medtech hubs.
Since its inception in 2011, BioInnovate Ireland, affiliated with Stanford University’s BioDesign programme, has been instrumental in fostering health technology innovation through its 10-month Fellowship Programme.
This programme, based at University of Galway and supported by Enterprise Ireland, employs the proven needs-ed innovation approach to develop solutions for unmet and under-met healthcare needs.
To date, it has supported the creation of 33 medtech startups, which have collectively secured €310 million in funding over their lifetimes.
Beyond regional development, these startups have had a cascading impact on the national economy. Lifetime contributions from BioInnovate startups include:
- €277 million GVA to Ireland’s economy
- Support for 1,460 jobs
- Generation of €84 million in wages
- Contribution of €32 million to Exchequer revenue
Their operations have spurred economic activity across an extensive supply chain, creating a ripple effect that strengthens industries beyond medtech.
Located in one of the world’s most dynamic medtech clusters, BioInnovate Ireland has been a guidepost of innovation in healthcare technology.
“BioInnovate’s role in cultivating high-potential startups not only strengthens the medtech ecosystem but also enhances healthcare solutions on a global scale,” said Dr. Sinéad Walsh, Director of Operations BioInnovate Ireland.
Applications for the 2025’26 BioInnovate Programme are now open. For more information about BioInnovate Ireland and its impact, visit www.bioinnovate.ie.
Since 2024, BioInnovate is supported under the Innovators’ Initiative Programme co-funded by the Government of Ireland and the European Union through the Northern and Western Regional Programme 2021 – 2027.
