20 Future Spanish HealthTech and MedTech Leaders

Nelson Advisors
2 hours ago
21 min read

The Spanish healthcare technology landscape entering 2026 is defined by a transition from a nascent, fragmented ecosystem into a phase of "industrial maturity". This evolution is characterised by a disciplined approach to capital allocation, a focus on measurable clinical outcomes and the emergence of regional hubs that are increasingly competitive on a global scale.

While historically overshadowed by the larger hubs of London, Paris and Berlin, the Spanish market, led by Catalonia, Madrid, and Valencia, has demonstrated a unique resilience and a high capacity for scientific production, particularly in biotechnology and advanced therapies. In 2025, the sector reached a milestone with €517 Million invested in health startups and scale-ups in Catalonia alone, reflecting a 43% year-on-year increase and signalling a robust resurgence in investor confidence following the post-pandemic correction.

This maturity is further underscored by the shifting patterns of funding. While the absolute number of deals may have stabilised or slightly declined in certain subsectors, the average ticket size has increased dramatically. In 2025, venture capital remained the primary engine of growth, yet the market saw the return of "mega-deals" and concentrated late-stage rounds, where nearly 47% of total capital was raised by just three standout operations. This concentration suggests that investors are no longer making speculative bets across a wide range of early-stage ventures but are instead doubling down on "soonicorns" that have successfully built "compliance moats" around their core technologies, particularly in response to the full enforcement of the EU AI Act in March 2026.

The strategic importance of the Spanish ecosystem is also tied to the broader European goal of "strategic autonomy" in health and life sciences. With the pharmaceutical industry committing to €9 Billion in investments in Spain between 2023 and 2025, the synergy between established multinational corporations and agile technology startups has become a critical driver for clinical research and production leadership. Spain now ranks first in Europe in the percentage of high-impact scientific articles and fourth in Europe for the number of active clinical trials, providing a fertile ground for companies focused on clinical trial optimisation and data-driven drug discovery.

Macroeconomic Indicators of the Spanish Healthcare Innovation Hubs (2025-2026)

The following data summarises the structural importance of the healthcare sector in Spain's leading innovation hubs, illustrating the depth of the talent pool and the volume of economic activity that supports high-growth startups.

Metric	Catalonia (BioRegion)	Community of Madrid	Community of Valencia
Number of Companies	1,650	406	1,200+ (Total Startups)
Sector Turnover	€48.691 Billion	€2 Billion (Valuation)	€200M+ (Investment 2025)
Employment	306,000+ Jobs	6,900+ Jobs	High growth in Life Sciences
GDP Contribution	7.6%	Leading Digital Health hub	3rd Largest Spanish Hub
Export Value	€9.165 Billion	High concentration of MNCs	Growing International interest
Clinical Trials (Active)	5,768 (92% of National)	Strong Oncology focus	3rd in National Rankings

Strategic Thematic Clusters and Market Drivers

The analysis of the Spanish HealthTech and MedTech landscape reveals three primary thematic clusters that are attracting the majority of strategic M&A interest and large-scale fundraising: Advanced Biopharmaceutical Platforms, AI-Native Clinical Trial Infrastructure, and Surgical Robotics/Medical Devices.

Each cluster is influenced by specific regulatory and economic drivers, such as the implementation of the European Health Data Space (EHDS) and the looming "patent cliff" for major pharmaceutical manufacturers.

Advanced Biopharmaceutical Platforms and RNA Therapies

The biotechnology subsector regained its leadership in investment attraction in 2025, accounting for 68% of the annual total in the BioRegion of Catalonia. This resurgence is driven by the maturation of gene therapy and RNA-based platforms that address rare genetic disorders with high unmet medical needs. The strategic rationale for large-scale investment in this area is the ability of these platforms to be "therapy-agnostic," meaning the underlying technology can be applied to a wide range of indications beyond the initial target.

The "Strategic Compass" and the "Building the future with nature" communication from the European Commission have established a new institutional framework that prioritises biotechnology as a structural contribution to the continent's modernisation.

In Spain, this has translated into increased R&D investment, reaching €865 Million in 2023, a 15% increase over the previous year. The creation of 66 new biotech companies in 2024 further highlights the vibrancy of the startup fabric, supported by a benchmark research community that ranks ninth in the world for scientific production.

AI-Native Clinical Trial Infrastructure and Data Activation

A persistent bottleneck in the global healthcare industry is the inefficiency and cost of clinical trials. The traditional model is plagued by protocol amendments that can pause recruitment for weeks and add up to €1 Million in costs per amendment. Spanish startups are increasingly leveraging artificial intelligence to modernise this process, utilising datasets of millions of clinical trials to anticipate risks and optimise trial design.

The implementation of the EHDS, adopted in March 2025, is a transformative catalyst for this cluster. By enabling the secondary use of health data for research and AI training, the EHDS creates a secure and compliant framework for multi-site health data collaboration. Spanish companies that have successfully integrated into hospital workflows to extract and structure "Real-World Data" (RWD) from unstructured clinical notes are becoming essential partners for pharmaceutical companies facing revenue gaps as patents expire.

Next-Generation Surgical Robotics and Specialised MedTech

The MedTech industry recorded its seventh successive year of top-line growth in 2025, reaching a global market size of US$584 Billion. While overall M&A spending remained below historical averages, the average deal size increased significantly, reflecting a shift toward "fewer but bigger deals". Buyers are targeting high-growth areas such as pulse field ablation, robotics, and cardiovascular monitoring.

In Spain, the MedTech sector is characterized by a mix of established diagnostic leaders and innovative startups developing modular and cost-effective surgical systems. The rise of "boutique" surgical centres and the decentralisation of care have created a demand for technologies that can fit into smaller outpatient settings. Spanish firms addressing these "niche" but high-growth specialties are prime targets for strategic acquisitions by multinational strategics like Boston Scientific, which has been the busiest acquirer in the space throughout 2025.

Comparative Analysis of High-Growth Targets in the Spanish Ecosystem

The following table provides a concise comparison of twenty key companies positioned for growth and strategic interest, categorised by their primary sector and recent funding milestones.

Company	Hub	Core Technology / Application	Latest Funding / Status	Strategic Positioning
Biorce	Barcelona	AI Clinical Trial Platform (Aika)	$52.5M Series A	Disrupting CRO and Pharma R&D
SpliceBio	Barcelona	Protein Splicing for Gene Therapy	$135M Series B	Addressing large-gene delivery
Arthex Biotech	Valencia	RNA-targeted therapies (DM1)	$87M Series B	Lead candidate in clinical stage
Quibim	Valencia	AI Medical Imaging (Digital Twins)	$50M Series A	Precision medicine for Oncology
Overture Life	Madrid	IVF Automation (Embryology Lab)	€20M EIB Loan	Scalable fertility infrastructure
Integra Tx	Barcelona	FiCAT Gene Writing Platform	€10.7M Round	Advanced CAR-T and Liver therapy
Savana	Madrid	NLP for Clinical Data Activation	$44.4M Total Raised	Real-world data for biopharma
DeepUll	Barcelona	Sepsis Diagnostic System	€50M Round	Rapid infectious disease detection
Inbrain Neuro	Barcelona	Graphene Neural Interfaces	$89.6M Raised	Neuroelectronic therapeutics
Minoryx Tx	Barcelona	Small Molecules for Rare CNS	$147.7M Total Raised	Late-stage clinical CNS assets
Oryzon Genomics	Barcelona	Epigenetic Therapy (Public)	€40.7M Raised	Clinical stage CNS and Oncology
Atrys Health	Madrid	Precision Oncology/Diagnostics	€145M Divestment	Buy-and-build consolidation platform
Osigu	Madrid*	Revenue Cycle Management (AI)	$10M Series B Ext.	Healthcare payments infrastructure
Trak	Valencia	Digital Physiotherapy (AI Vision)	$2.34M Raised	Scalable MSK rehabilitation
Prometheus AI	Madrid	Fetal Heart Defect AI Diagnosis	Top 10 South Summit	High-risk AI diagnostic accuracy
Evolving Tx	Valencia	Phage Therapy (Phage Platform)	€100k Seed/Angels	Antimicrobial resistance solutions
Oxolife	Barcelona	Female Fertility Drug (Endometrium)	Top 10 South Summit	Enhancing IVF success rates
IOMED	Barcelona	AI for Health Data Extraction	€10M Series A	Enabling health data for research
Medlumics	Madrid	Cardiovascular Imaging (OCT)	$62.8M Total Raised	A-Fib treatment visualization
Trialing Health	Madrid	Oncology Trial Referral Platform	Top 10 South Summit	Modernizing clinical trial access

* Osigu has a major focus on Latin America but maintains strong Spanish strategic and investment ties.

Detailed Analysis of High-Growth Entities

The selection of these twenty companies is based on their ability to demonstrate a clear path to market, technical defensibility, and alignment with global healthcare trends such as precision medicine and cost-containment.

1. Biorce: Accelerating Clinical Trial Lifecycles through AI-Native Infrastructure

The founding of Biorce in Barcelona in 2024 marked a pivotal moment for the Spanish HealthTech sector, as the company quickly emerged as a leading player in clinical trial optimization. Its flagship platform, Aika, is an AI-native system designed to reduce clinical trial preparation timelines and limit protocol amendments. By leveraging a dataset of approximately one million clinical trials, Aika allows pharmaceutical companies, biotech firms, and contract research organisations (CROs) to anticipate regulatory risks and substantiate trial design decisions to authorities like the FDA and EMA.

In February 2026, Biorce closed a $52 Million Series A round led by DST Global Partners, with participation from Norrsken VC, YZR Capital, and high-profile angel investors including Nik Storonsky. This funding, described as the largest Series A in the Iberian healthtech ecosystem to date, is intended to support a global rollout, including the opening of a development and R&D hub in Austin, Texas. The strategic value of Biorce lies in its potential to save time, money, and lives by bringing new treatments to patients faster through a more reliable and accessible trial process. Future developments for 2026 include modules for contract management, budget planning, and operational execution, aiming to create a comprehensive digital ecosystem for clinical studies.

2. SpliceBio: Overcoming Vector Constraints in Gene Therapy

Based in Barcelona, SpliceBio is a clinical-stage biotechnology company that addresses a fundamental limitation in gene therapy: the payload capacity of standard viral vectors. Utilising a proprietary protein splicing platform, SpliceBio is able to deliver large genes that exceed the capacity of standard Adeno-Associated Virus (AAV) vectors. This technology is particularly critical for treating genetic diseases where the target gene is too large to fit into a single AAV.

The company’s $135 Million Series B round, which was a significant contributor to the record-breaking investment in Catalonia in 2025, reflects the high strategic importance of its work in ophthalmology and other rare genetic disorders.SpliceBio’s approach allows for the reconstitution of full-length functional proteins from two separate AAVs using protein splicing. As global biopharma companies aggressively search for high-growth small/mid-cap companies to bolster their advanced therapy pipelines, SpliceBio represents a highly attractive target for strategic M&A or transformative late-stage fundraising.

3. Arthex Biotech: Precision RNA Modulation for Rare Genetic Disorders

Arthex Biotech, headquartered in Valencia, is a clinical-stage biotechnology firm developing targeted RNA medicines.The company’s lead program, ATX-01, is a unique therapy currently in Phase I-IIa trials for Myotonic Dystrophy Type 1 (DM1), a debilitating neuromuscular disease for which no cure currently exists. ATX-01 targets miR-23b through a dual mechanism of action that has demonstrated the potential to become the standard of care by addressing the disease as a whole, rather than focusing solely on muscle symptoms.

In September 2025, Arthex upsized its Series B financing round to $87 Million, led by the French public investment bank Bpifrance. This international backing underscores the global competitiveness of Valencia’s life sciences sector. The company's ArthemiR™ delivery platform has shown the ability to reach multiple affected tissues, including muscle, cardiac, and neurological tissues. With first clinical data expected in 2026, Arthex is positioned as a leader in the next generation of precision RNA medicines, making it a prime candidate for acquisition by large pharmaceutical companies seeking to diversify their neuromuscular portfolios.

4. Quibim: Transforming Radiology through Human Digital Twins

Quibim is a medical imaging diagnostics pioneer that utilizes artificial intelligence to transform imaging data into actionable predictions. Founded in Valencia, the company has developed a cloud-based, tissue-agnostic platform called QP-Insights®, which extracts key radiomics drivers from large imaging data registries. Quibim's vision is to create "human digital twins" that allow for more precise disease monitoring and personalised treatment plans.

The company closed a $50 Million Series A round in January 2025, led by Asabys and Buenavista Equity Partners, to strengthen its expansion in the United States. Quibim's platform is currently used at 221 sites worldwide and manages over 10 million de-identified research imaging data files. Its product ecosystem includes specialised software for prostate (QP-Prostate®), brain (QP-Brain®), and liver (QP-Liver®) analysis. The strategic value of Quibim lies in its ability to harmonise imaging data across different manufacturers and link it with Electronic Health Records and multi-omics, providing a one-stop-shop for biopharma companies to accelerate drug development.

5. Overture Life: The Industrialization of Reproductive Freedom

Madrid-based Overture Life is disrupting the fertility market by automating assisted reproductive processes. Historically, IVF has been an expensive and throughput-constrained procedure that relies heavily on manual precision in the embryology lab. Overture's "embryology lab in a box" platform, including the DaVitri™ vitrification platform, aims to standardise procedural timing and cryoprotectant exposure, potentially improving oocyte survival rates and reducing the need for repeated cycles.

In 2025, the company secured a €20 million loan from the European Investment Bank to support R&D, manufacturing scale-up, and clinical trials. This financing is part of the EIB’s commitment to support technological innovation and the use of AI to develop breakthrough medical solutions. Overture has raised approximately $70 Million in total funding from leading investors such as Khosla Ventures and GV. By making egg freezing and IVF cheaper and more clinically reproducible, Overture is reinventing the patient experience and regaining choice for families facing irreversible biological timelines. The company's global expansion, recently entering Brazil and pursuing clinical testing in the U.S., makes it a high-potential candidate for a major exit through either an IPO or a strategic acquisition by a global healthcare provider.

6. Integra Therapeutics: Pioneering High-Precision Gene Writing

Integra Therapeutics is a biotechnology spin-off from Universitat Pompeu Fabra (UPF) that is developing an innovative next-generation gene editing platform. Its FiCAT gene writing technology is designed to increase the safety and efficiency of correcting genetic diseases by allowing for precise and efficient integration of large DNA segments into the genome.This technology has significant implications for advanced therapies, including the validation of new CAR-T therapies and therapeutic programs for rare paediatric diseases.

In September 2025, the company closed a new €10.7 million funding round, supported by Columbus Venture Partners, the European Innovation Council (EIC), and CDTI. Headquartered at the Advanced Therapies Platform of Sant Joan de Déu Hospital in Barcelona, Integra is part of a leading environment for translational research. The strategic importance of Integra lies in its ability to address unmet medical needs through disruptive science, strengthening the biotech ecosystem in Spain and Europe. As large biopharma companies face "patent cliffs" and revenue gaps, Integra's gene writing capabilities represent a high-value pipeline asset.

7. Savana: Unlocking Precision Medicine via NLP Data Activation

Savana is a Madrid-based health AI company that utilizes deep learning techniques to analyze the unstructured free text information written in electronic health records (EHR). Its platform, the Savana Manager Suite, integrates and structures clinical data to automatically extract valuable medical information, enabling medical professionals to improve clinical research and precision medicine. Savana's "living registries" are used for long-term clinical research and outcome monitoring, capturing longitudinal patient data across multiple sites.

The company has raised a total of $44.4 Million in funding, including a Series C round in April 2022. Savana's top competitors include global players like Flatiron Health and Epic Systems. Its strategic value is underscored by its global network of hospitals, the Smart Health Alliance, which accelerates research and innovation through data collaboration. By helping healthcare providers structure and analyse their data native to the hospital environment, Savana provides the evidence necessary for value-based care and outcomes-focused therapeutic development.

8. DeepUll: Rapid Diagnostics for Acute Infectious Disease

DeepUll is a medical diagnostics company focused on the early detection of sepsis and other acute infections. Sepsis is a life-threatening condition where rapid diagnosis is critical to patient survival. DeepUll's automated diagnostic system aims to identify pathogens and antibiotic resistance markers directly from whole blood samples in just a few hours, a significant improvement over traditional culture-based methods that take several days.

The company's €50 Million funding round in 2025 was one of the three largest rounds in Catalonia, contributing to the region's historic record of investment in health startups. DeepUll's technology is highly relevant in an era where antimicrobial resistance (AMR) and rapid diagnostic accuracy are top priorities for global healthcare systems. For a strategic buyer in the diagnostics space, such as Abbott or Roche, DeepUll offers a "commercial-ready" target with clear expansion potential into high-growth outpatient and hospital settings.

9. Inbrain Neuroelectronics: Graphene-Based Intelligent Neural Systems

Inbrain Neuroelectronics is a Barcelona-based provider of high-density and high-resolution graphene intelligent neural systems. These systems are designed for central and peripheral neuroelectronic applications to treat neurological disorders such as Parkinson's and epilepsy. Graphene’s unique properties, including high conductivity and biocompatibility, allow Inbrain to develop brain-computer interfaces that are significantly more sensitive and precise than traditional metal-based electrodes.

Inbrain has raised nearly $90 Million to date and is considered a "soonicorn" in the European HealthTech landscape. The company's leadership in neuro-technology positions it at the intersection of medical devices and high-resolution data analytics. As MedTech companies aggressively leverage M&A to acquire innovative tech that enhances their pipelines, Inbrain's graphene interfaces represent a potential paradigm shift in the future of neuro-stimulation and neuro-electronic treatments.

10. Minoryx Therapeutics: Addressing Orphan Diseases of the CNS

Minoryx Therapeutics is a Barcelona-based clinical-stage biopharmaceutical company focused on orphan diseases of the central nervous system (CNS). The company's lead candidate, leriglitazone, is being developed for the treatment of X-linked adrenoleukodystrophy (X-ALD), a rare and devastating genetic disorder. Minoryx has raised over $147 Million in funding, establishing itself as a key player in the rare disease space.

The strategic value of Minoryx lies in its focus on small molecules for rare diseases, a sector that often benefits from orphan drug designations and accelerated regulatory pathways. As large pharmaceutical companies look to "GLP-1 proof" their portfolios and expand into niche, high-growth therapeutic areas, Minoryx's late-stage clinical assets are prime candidates for acquisition or major licensing deals. The company's successful rounds in 2025 further confirm the maturity of the Catalan biotech ecosystem and its ability to attract large-scale international venture capital.

11. Oryzon Genomics: Leading the Epigenetics Revolution in Europe

Oryzon Genomics is a clinical-stage biopharmaceutical company and the European leader in the development of epigenetics-based personalized medicines. The company focuses on the development of epigenetic inhibitors for the treatment of oncology and CNS disorders. Oryzon's pipeline includes several assets in Phase II clinical trials, making it one of the most advanced biotechnology entities in the Spanish market.

As a publicly traded company on the Spanish main market, Oryzon has demonstrated a resilient ability to attract investment, including a €40.7 Million raise to support its clinical development. Its strategic positioning is centered on the intersection of genetics and therapeutics, addressing unmet medical needs in major disease areas. Oryzon's participation in major investment rounds in 2025 underscores its role as a key driver of innovation in the Catalan health hub.

12. Atrys Health: A Strategic Hub for Diagnostics and Oncology Consolidation

Atrys Health is a global provider of precision diagnostics, telemedicine, and oncology treatments that has rapidly expanded through an aggressive buy-and-build strategy. Founded in Madrid, the group combines pathology, genomics, imaging, and radiotherapy across Europe and Latin America. In 2025, the company underwent a strategic shift to strengthen its balance sheet and focus on higher-growth segments.

On January 15, 2026, Atrys completed the €145 Million sale of its prevention division, Aspy Global Services, to Grupo Echevarne. This transaction allowed Atrys to reduce its net financial debt/EBITDA ratio from 3.8x to approximately 1.1x, significantly lowering annual financial costs. The divestment signals a sharpening of focus on high-margin oncology and diagnostics services. With a market cap of approximately US$247 Million and trailing 12-month revenue of US$240 Million as of mid-2025, Atrys is a mature entity with the potential for further consolidation or to be a major target for private equity firms looking for a pan-European healthcare platform.

13. Osigu: The Operating System for Latin American Healthcare Payments

Osigu is an AI-driven platform for health revenue cycle and claims management that acts as the operating system for transactions between insurers, healthcare providers, and patients. While headquartered in Miami and having a major impact on the Latin American market, Osigu maintains significant strategic and investment links to the Spanish tech ecosystem. The company addresses the fragmented and inefficient healthcare payment processes that plague Latin American systems, where patients often wait weeks for reimbursements and providers spend hours on manual paperwork.

In August 2025, Osigu secured a $10 Million strategic investment from Eos Ventures, marking the firm's first foray into Latin America. This round was oversubscribed and included participation from Visa and IDC Ventures. Osigu already processes 1.5 Million transactions annually and generates an estimated annual revenue of $3.5 Million. Its platform manage everything from claims processing to embedded finance solutions, bringing transparency and transparency to a system that has long lacked it. Its partnership with Visa and its expansion into major markets like Mexico and Brazil position Osigu as a leading candidate for a high-value exit in the healthcare-fintech space.

14. Trak: Redefining Rehabilitation through AI Computer Vision

Trak is a digital physiotherapy startup based in Valencia that offers an AI-powered platform for remote rehabilitation. The platform uses the camera of a patient's mobile device or laptop to read their movements in real-time, providing instant text and voice commands to correct their form during therapeutic exercise routines. This solution addresses the high rates of patient non-adherence to home-based treatments and allows physiotherapists to monitor progress remotely.

Trak has raised US$2.34 Million from investors including Santalucía IMPULSA and Biozell Ventures. Its technology is presented as a form of business diversification for rehabilitation professionals, enabling them to create a digital helpline that makes physiotherapy more universal. Trak's inclusion in the Top 10 health startups at South Summit Madrid 2025 highlights its role in the growing digital MSK (musculoskeletal) care market. As virtual agents and chatbots become more integrated into clinical care, Trak's data-driven tracking and AI corrections offer a scalable model for modernising physical therapy.

15. Prometheus MedTech.AI: Enhancing Prenatal Diagnostic Accuracy

Prometheus MedTech.AI is a medical technology company focused on the early and accurate detection of congenital heart defects in fetuses and newborns. Based in Madrid, the company develops AI-based medical software that supports clinicians in identifying heart defects during prenatal scans, a task that currently has a narrow margin for error and can often be missed in traditional practice.

The company was selected as one of the Top 10 health startups at South Summit Madrid 2025 and has also gained international recognition in Korea's K-Startup Grand Challenge. Prometheus is actively pursuing U.S. market entry and has confirmed its regulatory pathway through an FDA pre-submission process. Its non-invasive AI diagnostic tool aims to expand accessibility to advanced prenatal diagnostics globally, providing reliable and timely results to healthcare providers and parents. The strategic value of Prometheus lies in its ability to integrate high-risk AI functionality into regulated clinical workflows, a major driver of MedTech M&A for 2026.

16. Evolving Therapeutics: Combating AMR through Phage Therapy

Evolving Therapeutics is a Valencia-based biotechnology startup dedicated to combating multi-resistant bacteria through the innovative use of phages (natural viruses). Phage therapy provides a sustainable and ecological alternative to traditional antibiotics, reducing the risk of antimicrobial resistance (AMR) and toxic residues. The company's platform isolates and optimises natural phages that are highly specific, targeting only the harmful bacteria while respecting the surrounding microbiota.

In January 2025, the company received an investment of €100,000 from Angels, the investment arm of Juan Roig, to expand its laboratory and team. Evolving Therapeutics follows a "One Health" approach, providing preventative, diagnostic and treatment solutions for human health, animal health and agriculture.

Their ability to eliminate biofilms, where traditional antibiotics often fail, addresses a significant problem in clinical and industrial settings. As global health policy shifts toward gain strategic autonomy and resilience in drug supply chains, Evolving Therapeutics is a key innovation partner for addressing the global threat of multi-resistant bacteria.

17. Oxolife: Improving Reproductive Success through Endometrial Innovation

Barcelona-based Oxolife is a biotechnology firm focused on developing a first-in-class drug to enhance female fertility.The company’s lead drug acts directly on the endometrium to enhance embryo implantation and restore ovulation, addressing a critical failure point in traditional IVF cycles. By improving the success rates of fertility treatments, Oxolife aims to reduce the emotional and financial burden on families pursuing reproductive care.

Oxolife was named one of the Top 10 health startups at South Summit Madrid 2025 and is part of the high-growth "FemTech" sector in Europe. The strategic importance of the company is tied to the broader consolidation of the fertility market, where investors are actively searching for technologies that improve successful outcomes. As the first FemTech unicorn recently emerged in the UK, companies like Oxolife are being watched as potential targets for large-scale funding rounds or strategic partnerships with global fertility platforms.

18. IOMED: Facilitating Health Data Activation for Research

IOMED is a leader in artificial intelligence for health data activation, providing a platform that structures and extracts clinical information from medical records for research purposes. Founded in 2016 by Javier de Oca and Gabriel de Maeztu, the Barcelona-based company helps hospitals and research institutions unlock the clinical knowledge contained in their unstructured data.

In September 2023, IOMED closed a €10 Million Series A investment round led by Philips Ventures and XTX Ventures.This investment is intended to support the company's international expansion across Europe and the UK. IOMED's platform is particularly valuable in the context of the European Health Data Space, as it enables the compliant and efficient secondary use of health data for pharmaceutical research and clinical trials. The involvement of Philips Ventures as a lead investor signifies a strong strategic alignment with global medical technology leaders who are prioritising digital transformation and data-driven analytics.

19. Medlumics: Advanced Photonic Imaging for Cardiovascular Care

Medlumics is a Madrid-based medical device company that develops biological tissue imaging solutions using optical coherence tomography (OCT). Its technology is primarily applied to the treatment of atrial fibrillation (A-Fib), providing clinicians with high-resolution, real-time visualisation of cardiac tissue during ablation procedures. This allows for more precise treatment and potentially better long-term outcomes for patients with cardiovascular conditions.

The company has raised a total of $62.8 Million in funding, including a Series E round in 2020 and support from Asabys Partners and CDTI in 2024. Medlumics operates in the "cardiovascular and peripheral vascular" segment, which has seen a massive uptick in venture investment and M&A activity in 2025. For a strategic buyer like Stryker or Boston Scientific, Medlumics offers a specialised, high-growth technology that can be integrated into broader surgical and diagnostic platforms.

20. Trialing Health: Connecting Oncologists to Active Clinical Trials

Trialing Health is a physician-driven platform focused on improving access to clinical trials, particularly in oncology.Based in Madrid, the company connects oncologists, hospitals and pharmaceutical sponsors through structured trial intelligence and referral workflows. By providing dynamic study updates and notifying physicians when enrolment slots become available, Trialing helps to modernise clinical trial access and accelerate oncology research.

Trialing was recognised among the Top 10 health startups at South Summit Madrid 2025 and has established an exclusive collaboration with The START Center for Cancer Research to distribute information on oncology trials across Europe.The platform's AI-supported screening capabilities help oncologists rapidly identify appropriate studies for their patients, reducing delays in referral opportunities. As scientific output in oncology continues to lead the healthcare sector in Spain, Trialing is a key ally in transforming how patients access innovative cancer therapies.

Strategic M&A and Private Equity Dynamics in 2026

The M&A landscape for 2026 is expected to be characterised by a "broader resurgence" in transaction activity, following a decade-high deal value in 2025. Large listed healthcare businesses are likely to "prune their portfolios," creating carve-out opportunities for private equity investors and other strategic buyers. This reallocation of capital will support renewed investment in platform technologies, robotics and data-enabled solutions.

Private Equity's Role: The Buy-and-Build Strategy

Private equity engagement in the European healthcare sector has been particularly strong, with sponsor buyout deals increasing by 276% to €29.6 Billion year-to-date in 2025. PE firms are increasingly using the "buy-and-build" playbook to acquire fragmented independent clinics in Italy, Spain, and Poland.

By integrating these clinics into pan-European platforms, PE firms can drive growth in sales, turnover, and EBITDA, eventually exiting at significantly higher multiples.This trend is particularly evident in the fertility, dental, and veterinary sectors, where the Spanish market is highly fragmented.

Strategic M&A: Capability-Focused Tuck-ins

Multinational MedTech strategics are increasingly favoring smaller, "capability-focused" tuck-in acquisitions that strengthen core business units without the complexity of large-scale integrations. Buyers are targeting "commercial-ready" targets that can demonstrate revenue contribution within the first year. In 2025, medtech M&A activity officially surpassed the previous year's total by November, with 42 deals announced or completed.

Targeted Therapies and Robotics: Boston Scientific has been the most active strategic buyer, targeting renal denervation, peripheral vascular intervention, and orthopaedic reconstruction.
Imaging and AI Diagnostics: GE HealthCare and Abbott have leaned heavily into AI workflow orchestration and cancer diagnostics to reinforce their market leadership.

Regulatory Compliance as a Competitive Moat

The EU AI Act and the European Health Data Space (EHDS) have introduced new levels of complexity to the healthcare sector. For investors, companies that have already achieved high-risk AI system compliance or demonstrated interoperability with the EHDS framework represent lower-risk assets with significant entry barriers. Strategic acquirers are prioritising targets that accelerate their own digital transformation while maintaining the "compliance rigour" required by these new regulations.

Synthesis and Forward-Looking Outlook

The Spanish HealthTech and MedTech ecosystem is entering 2026 from a position of strength. The record levels of investment in Catalonia, the maturation of specialized hubs in Madrid and Valencia, and the strategic alignment with the pharmaceutical industry’s growth goals have created a robust foundation for the future. The sector's resilience during global economic uncertainty highlights its role as a "safe harbour" within the broader healthcare industry, consistently delivering revenue growth of 6% to 7% for commercial leaders.

Key Predictions for 2026-2027

Acceleration of Mega-Deals: Following the momentum established in 2025, the market is projected to see a substantial increase in "mega-deals" ($5 billion and above), as late-stage startups that have taken a "wait-and-see" approach in 2025 prepare for public listings or strategic exits.
Consolidation of Data Platforms: As the EHDS becomes fully operational for secondary data use, we expect to see a wave of acquisitions targeting "data activation" companies like Savana and IOMED, as pharmaceutical firms scramble to secure the high-quality clinical evidence needed for AI-driven drug discovery.
Internationalisation of Spanish Scaleups: Fuelled by large Series A and B rounds in 2025, companies like Biorce and Quibim will complete their global rollouts, establishing a permanent presence in the U.S. and Asian markets.
Growth in "GLP-1 Proof" MedTech: The rapid adoption of weight-loss drugs will continue to create uncertainty, driving MedTech companies to use M&A to diversify their portfolios into areas less affected by obesity-linked trends, such as cardiovascular diagnostics and specialised robotics.

In conclusion, Spain has moved beyond the stage of being an emerging player and is now consolidating its status as a leading European hub for healthcare innovation. The synergy between a strong university research system, lower operating costs than traditional hubs, and a high quality of life continues to attract world-class investors and talent. The next phase of development will depend on the ecosystem's ability to help startups scale internationally and maintain its leadership in high-impact science and clinical research.

Nelson Advisors > European MedTech and HealthTech Investment Banking

Nelson Advisors specialise in Mergers and Acquisitions, Partnerships and Investments for Digital Health, HealthTech, Health IT, Consumer HealthTech, Healthcare Cybersecurity, Healthcare AI companies. www.nelsonadvisors.co.uk

Nelson Advisors regularly publish Thought Leadership articles covering market insights, trends, analysis & predictions @ https://www.healthcare.digital

Nelson Advisors publish Europe’s leading HealthTech and MedTech M&A Newsletter every week, subscribe today! https://lnkd.in/e5hTp_xb

Nelson Advisors pride ourselves on our DNA as ‘Founders advising Founders.’ We partner with entrepreneurs, boards and investors to maximise shareholder value and investment returns. www.nelsonadvisors.co.uk

#NelsonAdvisors #HealthTech #DigitalHealth #HealthIT #Cybersecurity #HealthcareAI #ConsumerHealthTech #Mergers #Acquisitions #Partnerships #Growth #Strategy #NHS #UK #Europe #USA #VentureCapital #PrivateEquity #Founders #SeriesA #SeriesB #Founders #SellSide #TechAssets #Fundraising #BuildBuyPartner #GoToMarket #PharmaTech #BioTech #Genomics #MedTech