Spain has consolidated its position among the ten leading Life Sciences markets in Europe and aims to rank within the top five in the coming years, according to the Transparency Life Sciences report published by Cushman & Wakefield. The life sciences industry has become one of the strategic pillars of economic and social development in Europe. Within this context, Spain is emerging as an increasingly attractive destination for investment in biotechnology, pharmaceuticals and medical technologies, supported by active R&D policies, a strong academic ecosystem and a growing network of innovation hubs that reinforce its position on the European knowledge and innovation map.
Specifically, the report ranks Spain fifth in Europe in terms of the number of companies in the sector. It also places seventh in venture capital raised, with total funding of €1.357 billion, eleventh in research quality, and twelfth both in university attractiveness and in the “Ideas into Action” category, which analyses patent applications.
In recent years, Spain has experienced sustained growth in its scientific and business ecosystem. The pharmaceutical industry accounts for more than 20% of private R&D investment and 25% of employment in industrial research, consolidating its role as a key driver of knowledge creation and highly skilled employment. The country is home to more than 4,000 biotechnology companies—half of them linked to the healthcare sector—as well as more than 1,000 healthcare technology companies employing over 29,000 professionals.
Madrid and Barcelona lead the innovation ecosystem, with 1,700 companies and 72,700 professionals, generating combined revenues of €26.3 billion. Notable initiatives include DFactory Barcelona, the Barcelona Supercomputing Center, Hospital Clínic–Porta Diagonal, and private projects such as SID – Madrid/Barcelona and Oria Innovation Campus, together with the multiple initiatives planned in Fuencarral. Meanwhile, Málaga, Valencia, the Basque Country and Seville are emerging as growing innovation hubs.
R&D expenditure grew by 15.8% in 2023, reaching 1.49% of GDP, supported by the 2024–2027 State Research Plan, endowed with €18.4 billion—the largest budget in Spain’s history. The number of researchers increased from 135,000 in 2018 to 151,000 in 2023, further strengthening the sector’s potential. Spain also boasts world-class hospitals and universities and ranks among the top five European destinations for clinical trials, with Catalonia and Madrid leading the way.
“These indicators reflect the strong growth potential of the Life Sciences sector in Spain, positioning it as a benchmark in innovation and healthcare,” says Héctor Martínez, Associate, CM Investment Sales at Cushman & Wakefield.
Infrastructure and Real Estate: A Growing Opportunity
The report highlights the need to adapt Spain’s real estate market to the rapid growth of the sector. Compared with countries such as Germany, the UK, Switzerland or the United States, Spain still has a relatively limited supply of specialised stock and a shortage of technical laboratories and scientific spaces. However, this shortfall represents a significant development opportunity for investors and developers.
According to Alejandro Ansemil, Consultant in the Offices Agency department at Cushman & Wakefield,
“The growing relevance of this sector in Spain calls for a strategic and coordinated response in terms of infrastructure. Companies operating in biotechnology, pharmaceuticals, biomedical research and related disciplines require highly specialised spaces that foster innovation, collaboration and sustainable growth. Meeting this demand is not only key to attracting national and international investment, but also to consolidating Spain as a competitive hub at the European level.”
Average laboratory rents in Spain, ranging between €18 and €30/m²/month, are significantly lower than those in established markets—reaching up to €70/m²/month in the United States—providing a clear cost-competitive advantage. The conversion of obsolete industrial and office buildings into scientific uses is gaining momentum, while science parks and integrated campus projects are increasingly shaping the new urban model for innovation.
“Growing investment in digital health, together with policies supporting innovation and knowledge transfer, make Spain a highly favourable environment for the development and attraction of talent and capital in this sector. Participation in European projects and the ability to adapt to global challenges—such as population ageing or the prevention of future pandemics—further reinforce the relevance of the Life Sciences sector for the present and future of Spain and Europe. This is without overlooking the transformative role of artificial intelligence, whose capacity to accelerate discoveries, optimise clinical trials and generate efficiencies in R&D is opening a new phase of competitiveness and scientific collaboration at an international scale,” concludes Héctor Martínez, Associate, CM Investment Sales at Cushman & Wakefield.
