Spain In-vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spain In-vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Spain In-Vitro Diagnostics Market is expected to grow at a CAGR of 5.3% over the forecast period (2022-2027).

The ongoing Covid-19 pandemic impacted the studied market significantly. During the initial phase of the pandemic due to the lockdowns and shutdowns, the market was impacted adversely. However, owing to the increasing demand for testing and diagnosis of Covid-19 infection, and increasing cases of chronic disease in Spain, the in-vitro diagnostics market is predicted to witness steady growth. The government initiatives in response to Covid-19 are increasing recently. For instance, in June 2022, the World Health Organization (WHO)’s COVID-19 Technology Access Pool (C-TAP) and the South African business Biotech Africa signed a new license deal for a COVID-19 antibody test through the Medicines Patent Pool (MPP). The new deal expands upon the first non-exclusive licensing agreement with Spanish National Research Council (CSIC) announced by WHO and MPP in 2020. Thus, owing to the factors stated above, the pandemic is expected to considerably impact the market studied.

Factors such as the rising prevalence of chronic diseases and the increasing use of point-of-care (POC) diagnostics and the growth in the occurrence of cancer and heart diseases remain the key driver of the studied market. For instance, the Global Cancer Observatory data updated in March 2022 mentioned that around 282,421 new cancer cases were diagnosed in Spain in 2020. In addition, as per the International Diabetes Federation (IDF) data updated in November 2021, Spain has the second highest diabetes prevalence in Europe with 1 in 7 adults living with diabetes, and more than 5 million adults in the country are affected by the condition. Hence, the country's demand for early diagnostics for disease detection is expected to increase. And this is anticipated to drive the in-vitro diagnostics, driving the market growth in Spain.

Moreover, the major players in the country are actively focused on the innovation of technically advanced products which can be beneficial to the target population in the country for disease detection and treatment. Additionally, government investments are increasing in the country. For instance, in June 2021, the Government of Spain planned to invest nearly 400 million euros for the fiscal year in the development of the High-End Technology Equipment Investment Plan (INVEAT) of the National Health System (SNS) to meet in a planned and orderly way the needs of SNS. The portfolio of equipment to be renewed or expanded includes linear accelerators, CT, magnetic resonance imaging, PET-CT, gamma cameras, digital brachytherapy equipment, vascular angiographs, neuroradiology angiographs, and catheterization laboratories. Thus, such developments are anticipated to fuel market growth in the country.

Therefore, the increasing chronic diseases in the country and the availability of technically advanced products are expected to boost the in-vitro diagnostics market in Spain. However, strict regulations and irregular reimbursement policies are expected to hinder market growth over the studied period.

Key Market TrendsThe Molecular Diagnostics Segment is Expected to Grow at Good Rate Over the Forecast Period

Molecular diagnostic devices are used to analyze biological markers in the genome and proteome to detect pathogens or mutations. Based on the technology used, molecular diagnostic devices can be segmented into chips and microarrays, mass spectroscopy, next-generation sequencing (NGS), polymerase chain reaction (PCR)-based methods, cytogenetics, and molecular imaging. Factors, such as large outbreaks of bacterial and viral epidemics in Spain, increasing demand for point-of-care diagnostics, and rapidly evolving technology, are driving the growth of the molecular diagnostics segment.

The advancements in molecular diagnostics followed by new product launches, and continuous engagement of market players in the form of partnership, collaboration, merger, and acquisition to expand their market presence are increasing in Spain recently. For instance, in December 2021, Co-Diagnostics, Inc., a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests completed the acquisition of Idaho Molecular Inc. and Advanced Conceptions, Inc. for nearly 4.72 million shares of the Company's stock, providing Co-Diagnostics with all existing and future assets and intellectual property related to the Company's upcoming at-home/point-of-care diagnostic device. Such developments in the segment are expected to contribute to the segment growth over the forecast period.

Moreover, an article published by the “Economist Intelligence” in May 2022 stated that during the pandemic phase the polymerase chain reaction (PCR) molecular tests were used the most in 2021 in France and Spain. With the emergence of new variants and the increasing number of Covid-19 cases, the use of PCR tests is expected to rise. This is predicted to bolster the segment growth over the forecast period.

Therefore, owing to the aforementioned factors the segment is anticipated to witness growth over the forecast period.

Competitive Landscape

The in-vitro diagnostics market in Spain is competitive due to the presence of many global players. Moreover, some domestic players have also been competing in the Spanish market, which made the region very competitive. Some of the market players in the market are Abbott Laboratories, Becton, Dickinson and Company, bioMerieux, Bio-Rad Laboratories, Inc., Danaher, F. Hoffmann-La Roche AG, and QIAGEN, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.