March 2025 Life Sciences Update

Costa Rica

MARKETS CONTENTS

Market Summary

Public & Private Funding (2023-2024)

Fast Lab Stats

• Costa Rica has emerged as a premier hub for the life sciences industry, driven by sustained growth, strategic investments and a business-friendly environment. Its advanced infrastructure and highly skilled workforce have positioned the country as a key player in global value chains, attracting leading multinational corporations seeking stability, innovation and operational excellence. • At the heart of this expansion is the medical device manufacturing sector, which has diversified across multiple specialties, producing Class I, II and III devices. These include cutting-edge technologies in aesthetics, cardiovascular health, dental care, endoscopy, medication delivery, neuro-endovascular treatments, neuromodulation, optics, orthopedics, sports medicine, ENT, and surgical and diagnostic components. Today, over 90 MedTech multinationals operate in Costa Rica, including 13 of the world’s top 20 Original Equipment Manufacturers (OEMs), leveraging the country’s free trade zones and robust industrial ecosystem. • This rapid industry growth has fueled significant real estate development tailored to life sciences, with state-of-the-art facilities, such as cleanrooms, laboratories, and high-tech manufacturing plants designed to meet international regulatory standards. These specialized spaces, strategically located both within and beyond the Greater Metropolitan Area (GMA), provide an ideal environment for production and research. • Costa Rica’s commitment to sustainability and green building practices further enhances its appeal as a life sciences hub, aligning with global industry trends. With continued investment in infrastructure, workforce development and innovation, the country is well-positioned to strengthen its status as a leading destination for the life sciences sector in the Americas.

Company

Deal Type

Completed

Type

$ Raised (MM)

11.2 MSF Total Inventory 1.7 MSF Under Construction 8.7 MSF Proposed 54.5K Total Life Sciences Employment 216% Life Sciences Employment 10-Year Growth Rate

Smatter

Seed Round

Feb 2023

VC

$0.1

Representative Investment Sale Transactions (2023- 2024)

Address

Type

$ MM RBA SF

Date

Buyer

La Lima Free Zone, Cartago Manufacturing Facility

Confidential

484,000

Q1

Boston Scientific

Evolution Free Zone, Grecia

Manufacturing Facility

Confidential

430,000

Q2

Johnson & Johnson

ProPark, Alajuela

Manufacturing Facility

Confidential

110,000

Q1

Boston Scientific

La Lima Free Zone, Cartago Manufacturing Facility

$20

108,000

Q1

Heraeus

La Lima Free Zone, Cartago Manufacturing Facility

Confidential

70,000

Q2

Cretex

Coyol Free Zone, Alajuela

Manufacturing Facility

Confidential

43,000

Q2

Moog

Representative Life Sciences Companies

Representative Lease Transactions (2023 – 2024)

Company

Type

Company

Address

Size (SF)New/Renewal

Quarter Landlord

Johnson & Johnson

Medical Devices Manufacturing Facility

Shockwave Medical

Coyol Free Zone, Grecia

242,000New

Q1

CODE Development Group

Edwards Lifesciences

Medical Devices Manufacturing Facility

Trelleborg

Evolution Free Zone, Grecia

108,000New

Q2 CODE Development Group

Medtronic

Medical Devices Manufacturing Facility

AVNA

Evolution Free Zone, Grecia

108,000New

Q1

CODE Development Group

Boston Scientific

Medical Devices Manufacturing and R&D Facility

Abbott

Medical Devices Manufacturing Facility

Intricon

Evolution Free Zone, Grecia

92,000New

Q2 CODE Development Group

Terumo

Medical Devices Manufacturing Facility

Establishment Labs

Coyol Free Zone, Alajuela

86,000New

Q1

CODE Development Group

Baxter

Medical Devices Manufacturing & Shared Services Center Facility

Inari Medical

Evolution Free Zone, Grecia

78,000New

Q2 CODE Development Group

Smith & Nephew

Medical Devices Manufacturing & Shared Services Center Facility

Riverpoint Medical

Coyol Free Zone, Alajuela

45,000New

Q2 CODE Development Group

Bayer

Pharma Manufacturing Facility

Theragenics

Coyol Free Zone, Alajuela

44,000New

Q2 CODE Development Group

Hologic

Medical Devices Manufacturing and R&D Facility

Cardinal Health

Medical Devices Manufacturing Facility

Thermofisher

Coyol Free Zone, Alajuela

43,000New

Q2 CODE Development Group

Coopervision

Medical Devices Manufacturing Facility

Solesis

Green Park Free Zone, Alajuela

33,000New

Q2 Grupo Guerrero

Philips

Medical Devices Manufacturing and R&D Facility

ICU Medical

Medical Devices Manufacturing and R&D Facility

Heraeus

Medical Devices Manufacturing Facility

Sources: Cushman & Wakefield Research

Establishment Labs

Medical Devices Manufacturing and R&D Facility

Research Contributors

Intricon

Medical Devices Manufacturing Facility

Jose Antonio Ortega jose.ortega@ab-latam.com

Franco Moiso franco.moiso@ab-latam.com

Daniel Alvarez daniel.alvarez@ab-latam.com

Coloplast

Medical Devices Manufacturing and R&D Facility

Cushman & Wakefield

80