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

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

Spain ultrasound devices market was valued at USD 204.21 million in 2021 and is projected to register a CAGR of 5.14% during the forecast period (2022-2027).

COVID-19 had an adverse impact on the ultrasound devices market in Spain. Various research studies have been published to provide insight into the effects of the pandemic on the studied market. For instance, According to a June 2021 article in the European Union of Private Hospitals, general hospitals in Spain added 5,000 new professionals to their staff in 2020 compared to 2019 as a result of the country's hospital admission rate, which was around 33% for COVID-19 patients. However, the problem with healthcare professionals was particularly serious because, at any given moment, about 26.3% of the staff was discovered to be COVID positive. A study was published in May 2021 with the following title: "During the COVID-19 pandemic, ultrasonography usage in rheumatology is safe. Positioning document of the Spanish Society of Rheumatic " revealed that ultrasonography is a commonly used imaging technique in rheumatology practice that necessitates close patient-professional interaction. A position statement on the operation and re-establishment of rheumatology service activity in light of COVID-19, outlining general and specific safety measures for patients and professionals, was recently released by the Spanish Society of Rheumatology (SER). Although ultrasound is often used in the majority of Spanish rheumatology clinics, it is only mentioned once, in recommendation 6, with a degree of agreement of 71%. Thus, the market is anticipated to expand in the future with fresh recommendations. These limitations significantly impeded the development of ultrasound devices in Spain during the epidemic.

The ultrasound devices market in Spain is expected to grow due to the rising prevalence of chronic diseases such as Parkinson's diseases, and musculoskeletal diseases coupled with initiatives by key market players. For instance, according to a research paper 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 more instances occurring in women from metropolitan regions. One tool for the identification of these ailments is ultrasound, which expands the market in the nation. Furthermore, focused ultrasound subthalamotomy in one hemisphere improved motor aspects of Parkinson's disease in certain individuals with asymmetric signs, according to a December 2020 study published under the title "Randomized Trial of Focused Ultrasound Subthalamotomy for Parkinson's Disease." Therefore, this research shows that ultrasound systems are being adopted more widely in Spain, which is boosting the market's expansion. The rising number of new product introductions is propelling the market ahead. For instance, Hospiten Lanzarote introduced its cutting-edge 3D and 4D ultrasound service in October 2020. This cutting-edge technology is utilized to collect photos of the fetus. High-frequency sound waves produced by these ultrasound scanners can provide images of very high quality, increasing diagnosis by up to 70%. As a result, the market for 3D and 4D ultrasound systems will expand over the forecast period due to rising demand for such systems and improving diagnostic accuracy. Thus, the abovementioned factors are expected to increase market growth.

However, stringent regulations are expected to hinder market growth.

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

Factors such as increasing cancer prevalence, increasing aging population, and initiatives by key players are expected to increase the market growth. For instance, according to the Globocan 2020 study, Spain reported 282,421 occurrences of cancer in 2020, with colorectal cancer being the most prevalent and making up around 14.3% of all cancer cases in the country. The same source also states that, overall, there were 858,220 cancer cases in the previous five years, with estimates that this number will increase to 330,189 by 2030 and 375,098 by 2040. Similarly, about 20.3% of individuals in Spain are 65 years of age or older, according to the United Nations Population Fund's World Population Dashboard's Statistics 2021. As a result, a sizable section of the population in the nation is older, which is the population most susceptible to experiencing heart illnesses. Since these portable devices are typically utilized for patients who are not mobile, such as this age group, the demand for these devices used for monitoring and diagnostics is anticipated to rise throughout the course of the forecast period. The market is anticipated to reach new heights as a result of the advancing technology and the innovative product launches by the major players. In May 2021, Viamed, one of Spain's top private hospital groups, and Royal Philips, a world leader in health technology, announced that Philips had been chosen to install the newest advanced diagnostic imaging solutions in clinical centres across the Viamed network, assisting the group's medical staff in further improving patient care. As a result, the country's growing availability and accessibility of portable ultrasonography fuel the ultrasound business. The above-mentioned factors are expected to boost the segment growth in the forecast period.

Competitive Landscape

Spain ultrasound devices market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are Canon Medical Systems Corporation, GE Healthcare, Fujifilm Holdings Corporation, Siemens Healthineers AG, and Koninklijke Philips NV among others.

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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Chronic Diseases
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 Stringent Regulations
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Application
5.1.1 Anesthesiology
5.1.2 Cardiology
5.1.3 Gynecology/Obstetrics
5.1.4 Musculoskeletal
5.1.5 Radiology
5.1.6 Critical Care
5.1.7 Other Applications
5.2 By Technology
5.2.1 2D Ultrasound Imaging
5.2.2 3D and 4D Ultrasound Imaging
5.2.3 Doppler Imaging
5.2.4 High-intensity Focused Ultrasound
5.3 By Type
5.3.1 Stationary Ultrasound
5.3.2 Portable Ultrasound
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Fujifilm Holdings Corporation
6.1.3 GE Healthcare
6.1.4 Hologic Inc.
6.1.5 Koninklijke Philips NV
6.1.6 Mindray Medical International Limited
6.1.7 Samsung Electronics Co. Ltd
6.1.8 Esaote SpA
6.1.9 Siemens Healthineers AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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