Spain Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spain Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Spain diagnostic imaging equipment market is expected to register a CAGR of 5.5% during the forecast period (2022-2027).

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 the 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 titled "Delays in Cancer Diagnostic Testing at a Quick Referral Unit in Spain during COVID-19," which was published in November 2021, 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 2019. 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 have a significant impact on the market’s growth during the forecast period.

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. These equipment are likely to boost the early and efficient diagnosis of diseases, thereby driving the market’s growth. According to Globocan 2020, Spain had 282,421 new cancer cases in 2020, and this number is expected to increase to 375,098 cancer cases by 2040. 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 named "The prevalence of rheumatoid arthritis in Spain" that was published in December 2020, the estimated prevalence of rheumatoid arthritis was 0.82%, and the mean age of cases was 60.48 years, with greater frequency in women from urban regions. According to a study titled "Role of diagnostic imaging in psoriatic arthritis: how, when, and why" that was released in August 2021, 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 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, the abovementioned factors are expected to increase market growth.

However, the high cost of diagnostic imaging procedures and equipment are expected to hinder the market growth.

Key Market TrendsOncology 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 stage. Thus, effective diagnosis reduces the mortality rate associated with cancer, which is likely to drive segmental growth. With the rise in the cases of cancer in the country, the use of diagnostic imaging equipment is expected to increase for the diagnostics and monitoring of cancerous cells/tumors, which is expected to drive the growth of the oncology segment in the market studied. According to the Globocan 2020 report, Spain reported 282,421 cases of cancer in 2020, of which colorectum cancer was the most prevalent form, accounting for about 14.3% of the total cancer cases in the country. As per the same report, the total number of five-year prevalent cases of cancer was 858,220. The report projected that the cases of cancer will reach 330,189 by 2030, and 375,098 by 2040. 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.

Thus, the abovementioned factors are expected to increase market growth in the future.

Competitive Landscape

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 N.V, Siemens AG, and Canon.

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