Spain Ophthalmology Drugs & Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spain Ophthalmology Drugs & Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Spain ophthalmology drugs & devices market is expected to grow with a CAGR of 3% during the forecasted period.

The studied market was adversely affected by the pandemic. Various research studies have been published to provide insight into the effect of the pandemic. Ocular-related emergencies in Spain during the COVID-19 pandemic, a multicenter study, published in November 2021, reported a significant decline in an ophthalmological emergency (OE) visits during the pandemic in Spain (75.18%), even though more than half were labeled as non-urgent conditions, indicating a lack of awareness of the truly emergent ocular pathologies among the general public. Another study published in December 2021, named “Retinal Hemorrhage after SARS-CoV-2 Vaccination” stated that few reports of retinal hemorrhage after other vaccinations have appeared. Recently, there has been a multi-center-based report on cases of retinal hemorrhage in COVID-19 patients in Spain. 36 out of 39 retinal vein occlusion (RVO) cases in COVID-19 patients occurred as the SARS-CoV-2 virus is affecting at-risk eyes, leading to retinal vascular abnormality. Thus, increasing COVID could lead to more complications and thus might increase the growth at some level.

Factors such as increasing eye disorders are expected to increase the market growth. An article titled “The Prevalence of Myopia in Children in Spain: An Updated Study in 2020” published in November 2021 mentioned that the prevalence of myopia in Spain in children between 5 and 7 years old increased significantly between 2016 and 2020., which is the most common refractive error. Ophthalmology drugs & devices have been proven to be effective for diagnosing severe myopia. Thus, the increasing number of myopia cases in the country is expected to drive the adoption of ophthalmology drugs & devices which is expected to drive the growth of the studied market. Similarly, another report published in May 2021, named “Validation of Automated Screening for Referable Diabetic Retinopathy With an Autonomous Diagnostic Artificial Intelligence System in a Spanish Population” stated that compared to manual grading by ophthalmologists, the autonomous diagnostic AI system had high sensitivity (100%) and specificity (82%) for diagnosing referable diabetic retinopathy (RDR) and macular edema in people with diabetes in a screening program. Hence, it provides insight into upgrading the infrastructure to achieve higher efficiency. Thus, the abovementioned factors are expected to increase market growth.

However, the higher cost of ophthalmic devices and treatment is expected to hinder the market growth.

Key Market TrendsGlaucoma Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Factors such as increasing glaucoma and awareness campaign are expected to increase the market growth. Furthermore, according to the data of the International Diabetes Federation, 2020, the estimated number of diabetic adults in Spain was around 3,619,100, which constitutes about 10.5% of the total population.​ Data from 100,734 ambulatory care visits and 11,408 hospital admissions related to glaucoma were acquired from the database, according to a research report released in January 2022 with the title "Ambulatory and hospital care of glaucoma in Spain and associated medical expenses." The majority of incidents involved patients who were over 65. Over the course of the study, ambulatory facilities had an incidence of glaucoma of 2.2 per 10,000 people, while hospitals had an incidence of 0.2 per 10,000 people. While the incidence of glaucoma reduced in hospitals over the research period, it considerably rose in ambulatory settings. The majority of hospital admissions and ambulatory visits were scheduled or not-urgent. The average annual cost per ambulatory visit was EUR 5.5 million; the average annual cost per hospital stay was EUR 4.1 million. Over the course of the study, the yearly cost of ambulatory care climbed dramatically while the annual cost of hospital care significantly reduced. Similarly, raising awareness about the early diagnosis of glaucoma and other disease diagnosis related to eye ocular pressure and the adoption of new products in the market further boost the growth of the studied market in Spain. For instance, in February 2021, Specsavers Ópticas has its Glaucoma 2021 campaign to raise awareness of the condition known as the silent thief of sight, which affects more than half a million people in Spain alone.

Competitive Landscape

The Spain ophthalmology drugs & devices market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Alcon Inc., Carl Zeiss Meditec AG, Essilor International SA, Johnson & Johnson, and Nidek Co. Ltd, among others.

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