Spain Hospital Supplies Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spain Hospital Supplies Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spain hospital supplies market is estimated to expand at a CAGR of around 5.9% over the forecast period.

The onset of the COVID-19 pandemic had an impact on the country's economy and the healthcare system. When the country was placed on lockdown, it affected how medicines, medical supplies, and other biotechnology products were distributed. Research and development took center stage. All governmental organizations and healthcare partners supported the development of COVID-19 diagnostics and treatment methodologies. As a result of the pandemic, hospitals throughout the nation stopped diagnosing non-emergent diseases, which decreased the demand for diagnostic imaging technology. Cancer diagnoses decreased considerably during the COVID-impacted period, with a 54.07% decrease in comparison to the same period in 2019, according to a report titled "Delays in Cancer Diagnostic Testing at a Quick Referral Unit in Spain during COVID-19," which was released in November 2021. The number of medical imaging operations in the nation increased to pre-pandemic levels as a result of the country's increased vaccination campaigns. It is anticipated to increase during the investigation. As a result, it is anticipated that the aforementioned factors will have a big impact on the market's growth over the forecast period.

Factors such as increasing prevalence of the diseases coupled with research studies are expected to increase market growth. As per the Joint United Nations Programme on HIV/AIDS (UNAIDS), Spain Factsheet, 2020, nearly 150,000 adults aged 15 years and above were living with HIV, with a prevalence rate of 0.4 among adults aged 15-49 years of age in Spain in 2020. The high prevalence rate of HIV in the country will drive the demand for its diagnostics, thus fueling market growth. The spread of digital technologies is driving a transformation of the economy and society towards digital media. For instance, to enhance colorectal cancer (CRC) screening, the Catalan Institute of Oncology and a couple of other institutes in Spain worked on a study titled ‘Text Messaging as a Tool to Improve Cancer Screening Programs (M-TICS Study): A Randomized Controlled Trial Protocol’ in 2021 reported that this has increased the patient number for CRC screening and also stated that time to Fecal immunochemical testing (FIT) completion can also be shortened, and the proportion of participants requiring more than one FIT can be reduced through such programs, and this drives the market. Significant level of human papillomavirus (HPV) infection in tumor tissue of colorectal cancer (CRC) and the results relative risk of developing CRC with HPV infection. Thus, the direct colleralation of CRC with HPV will increase the testing for HPV. Thus, increasing CRC screening is expected to increase market growth. Therefore, the above-mentioned factors are expected to increase market growth during the forecast period.

However, stringent regulatory framework & emergence of home care services are expected to hinder the market growth.

Key Market TrendsPatient Examination Devices Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Patient examination devices include x-ray imaging devices. Such devices provide insight into the injury or disease that required further treatment. Factors such as increasing the prevalence of disease coupled with increasing investment are expected to increase market growth. The growth in the occurrence of cancer and heart diseases remains the key driver of the studied market. For instance, in the Global Cancer Observatory (updated in March 2022), around 282,421 new cancer cases were diagnosed, and 113,054 cancer deaths were reported in Spain in 2020. As a result, the demand for medical supplies used during surgeries is expected to rise over the forecast period. As a large proportion of the population in the country is most likely to suffer from such diseases, hence driving the growth of the market studied. Additionally, Dosage OnLine and Quality Assurance (DOLQA), a dose management system, is used across numerous regional public health systems in Spain. Advancements in X-ray imaging and information technology allow the gathering and handling of patient data from diagnostic radiology (mammography and computed tomography), interventional radiology, cardiology, and nuclear medicine for a population of 6.8 million people. Through a webinar in July 2021, presenters from Hospital Clnico San Carlos in Madrid displayed their expertise in building, deploying, and using the DOLQA System to gather and analyze data in a hospital or a group of hospitals connected to the system. The European Investment Bank (EIB) has announced to provide Euro 50 million to the Autonomous Community of Navarre to strengthen its capacity to respond to the COVID-19 health crisis in October 2020. The EIB granted these funds under a specific program that was approved to support healthcare investments in Spain and Portugal. These investments are expected to grow during the forecast period, hence driving the growth of the studied market.

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

Competitive Landscape

Spain hospital supplies market is moderately competitive. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the region. The key players in the market are collaborating with other players, to develop and promote their products, and thus, gain recognition in the market. Some of the major players in the market include GE Healthcare, B Braun Melsungen AG, 3M Healthcare, Cardinal Health Inc., and Medtronic PLC, among others.

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• The market estimate (ME) sheet in Excel format
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