The 2024 Healthcare Dispatch by ThinQ

In our exclusive report, EQT's healthcare experts ask what’s driving the beating heart of Europe’s healthcare growth wave?

On the frontline: Europe's healthcare growth

From its leading universities to innovation clusters, Europe has a healthcare success story to tell. In our inaugural ThinQ Healthcare Dispatch report, our researchers explore what is making the region so attractive to healthcare investors. Our healthcare experts have identified the unique factors that have already created and nurtured companies worth billions of euros – and positively impacted the health of billions of people worldwide.

What does the data say?

Research drives innovation globally, and Europe has one of the most productive centers for life sciences globally. According to data sourced by Motherbrain, EQT's in-house AI team, journal articles published by academics at European institutions were cited 1.1 million times in 20221. By comparison, US academics managed less than half that amount2.

World Intellectual Property Organization data shows that about 13,000 were filed in the field of organic chemistry in 2022, compared to about 12,000 in the US3.

Basic research is the foundation of healthcare companies. As well as top-notch universities, Europe has top-notch talent, making it one of the most productive centers for life sciences globally.”


A culture of innovation

There are many successful mid-market healthcare companies in Europe. They’ve found product-market fit and are profitable. But some founders aspire to take their businesses even further, building truly global companies. To achieve this, they need support to do two things: dominate markets outside of Europe and become leaders in broader categories.

In Europe, universities in the UK create the most spinout value, followed by Switzerland and Germany4. All ten of the most successful spinouts from the last decade were in pharmaceuticals and biotechnology or healthcare devices and supplies.5

Our portfolio highlights


Founded in 2016, Cardior is developing innovative medication for cardiovascular diseases – still the leading cause of death globally. Most of the treatments available help patients manage their symptoms rather than curing the disease. Currently in phase II trials, Cardior is modifying microRNAs – molecules that play a big role in controlling gene expression within cells – to stop or potentially reverse heart failure.


ONWARD Medical is creating technologies to restore movement, independence, and health of people with spinal cord injuries. The Dutch-Swiss company has developed a form of electrical pulse therapy that reactivates damaged spinal cords, allowing patients to return the use of their arms and hands. Headquartered in Eindhoven, the Netherlands, ONWARD maintains a Science and Engineering Center in Lausanne, Switzerland, and has a growing U.S. presence in Boston, Massachusetts.

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This report has been compiled using the insights from EQT’s global healthcare experts and some data insights provided by Motherbrain, EQT’s AI team.


1) Source: SCImago Journal & Country Rank

2) Source: SCImago Journal & Country Rank

3) Source: WIPO IP Statistics Data Center

4) Source:, guides: Deep Tech: Europe

5) Source: Source Advisors, Our research: Universities spinout report 2021