Spain Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The Spanish diagnostic imaging equipment market is expected to register a CAGR of 5.5% during the forecast period.

The COVID-19 pandemic's emergence had an adverse effect on the nation's economy and the healthcare system. The nation was put on lockdown, which had an impact on the distribution of medications, medical equipment, and other biotechnology goods. Development and research came into sharper focus. The development of COVID-19 diagnostics and treatment approaches was supported by all government agencies and healthcare stakeholders. The country's hospitals ceased non-emergent disease diagnoses as a result of the pandemic, which reduced the demand for diagnostic imaging equipment. According to a study published in the November 2021 issue of the Journal of Diagnostics, there was a notable decline in cancer diagnoses during the COVID-impacted period, with a 54.07% decrease in comparison to the same period in the previous year. However, with the increase in vaccination drives in the country, the number of medical imaging procedures returned to pre-pandemic levels. It is expected to grow during the study period. Thus, the above-mentioned factors are expected to impact the market’s growth during the forecast period significantly.

With the growing burden of chronic diseases in the country, such as cancer and osteoarthritis, the demand for diagnostic imaging equipment is expected to increase. This equipment is likely to boost the early and efficient diagnosis of diseases, thereby driving the market’s growth. According to the REDECAN study published in November 2022, breast cancer is the most frequent cancer and the primary cause of cancer-related death in women in Spain, with an estimated 34,750 women diagnosed with the disease in Spain in 2022. This expected increase in cancer cases will drive the use of diagnostic imaging equipment, such as CT scanners and other diagnostic imaging modalities, in the country, thus driving the market’s growth. According to a study published in the August 2021 issue of the Journal of Insight Imaging, magnetic resonance imaging (MRI) and ultrasound have become useful methods for determining the size and severity of active inflammatory lesions. Therefore, it is anticipated that research demonstrating the effectiveness of diagnostic imaging methods for the early diagnosis of diseases will propel the market's expansion. Initiatives by key market players are another factor in market growth. For instance, in January 2021, a five-year innovation and partnership deal was struck by Royal Philips and Vithas Group, the second-largest private healthcare organization in Spain. According to the agreement, four new hybrid operating rooms with ceiling-mounted live-image guidance systems will be installed in addition to replacing the current Vithas Group MR equipment. Thus, the abovementioned factors are expected to increase the market growth.

Thus, all the aforementioned factors, such as the growing burden of chronic diseases and product launches by market players, are expected to support market expansion over the forecast period. However, the high cost of diagnostic imaging procedures and equipment is expected to hinder market growth.

Spain Diagnostic Imaging Equipment Market Trends

Oncology Segment is Expected to Show Better Growth in the Forecast Years

Diagnostic imaging techniques, such as ultrasound, mammography, computed tomography (CT), X-ray, and magnetic resonance imaging (MRI), are used to diagnose cancer in its early stages. Thus, effective diagnosis reduces the mortality rate associated with cancer, which is likely to drive segmental growth. With the rise in cancer cases in the country, the use of diagnostic imaging equipment is expected to increase for the diagnostics and monitoring of cancerous cells/tumours, which is expected to drive the growth of the oncology segment in the market studied. According to the REDECAN report published in 2022, there were expected to be 30,948 new cases of lung cancer diagnosed in Spain in 2022. In 2022, 22,316 men and 8,632 women were expected to be diagnosed with lung cancer. Thus, the growing prevalence of cancer and the need for early diagnostics are expected to increase, supporting segment expansion over the forecast period.

Moreover, initiatives by key market players are another factor in market growth. For instance, in December 2021, GE completed the acquisition of BK Medical from Altaris Capital Partners LLC for a purchase price of USD 1.45 billion. Additionally, in July 2021, to develop a full body imaging system, GE Healthcare worked with Quibim (Valenciana, Spain), Full Body Insight, and Oncovision (Valenciana, Spain), a diagnostic imaging provider to the oncologist.

Thus, the abovementioned factors, such as the growing burden of cancer and strategic initiatives taken by market players, are expected to increase market growth in the future.

X-ray Segment is Expected to Hold a Significant Share in the Studied Market Over the Forecast Period.

X-ray or digital radiography is a form of X-ray imaging where digital X-ray sensors are used instead of traditional photographic films. This has the added advantage of time efficiency and the ability to transfer images digitally and enhance them for better visibility. Factors such as increasing chronic disorders, coupled with increasing initiatives by market players, are expected to increase the market growth.

According to the study published in Rheumatology Clinica in October 2021, in Spain, the prevalence of osteoarthritis was 29.35%. Cervical osteoarthritis was found to be 10.10% prevalent, and lumbar osteoarthritis was found to be 15.52% prevalent. Both are more common in women and the elderly, as well as in those with low levels of education and those who are obese. Hip osteoarthritis had a prevalence of 5.13%, while knee osteoarthritis had a prevalence of 13.83%; both are related to the female sex, being overweight, and obesity. Hand osteoarthritis was found in 7.73% of people. Thus, the growing prevalence of osteoarthritis is expected to boost segment growth over the forecast period.

Furthermore, strategic initiatives by the market players, such as product launches, mergers, and acquisitions, are expected to propel the growth of the market. For instance, in May 2021, Royal Philips entered into a partnership with Viamed, a private hospital in Spain, to install the latest advanced diagnostic imaging solutions in clinical centers and hospitals across the country.

Thus, all the above-mentioned factors, such as the growing burden of osteoarthritis, are expected to boost segment growth over the forecast period.

Spain Diagnostic Imaging Equipment Market Competitor Analysis

The Spain diagnostic imaging equipment market is moderately competitive and consists of several major players. The global players in the Spain diagnostic imaging equipment market are Carestream Health, Esaote SpA, Fujifilm Holdings Corporation, GE Healthcare, Agfa-Gevaert Group, Hologic Inc., Koninklijke Philips NV Siemens AG, and Canon.

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