Spain Diagnostic Imaging Equipment Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Spain Diagnostic Imaging Equipment Market Analysis
The Spanish diagnostic imaging equipment market is expected to register a CAGR of 5.5% during the forecast period.
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 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 published in the November 2021 issue of the Journal of Diagnostics, 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 the previous year. However, 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 impact the market's growth during the forecast period significantly.
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. This equipment is likely to boost the early and efficient diagnosis of diseases, thereby driving the market's growth. According to the REDECAN study published in November 2022, breast cancer is the most frequent cancer and the primary cause of cancer-related death in women in Spain, with an estimated 34,750 women diagnosed with the disease in Spain in 2022. 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 published in the August 2021 issue of the Journal of Insight Imaging, 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 January 2021, a five-year innovation and partnership deal was struck by Royal Philips and Vithas Group, the second-largest private healthcare organization in Spain. According to the agreement, four new hybrid operating rooms with ceiling-mounted live-image guidance systems will be installed in addition to replacing the current Vithas Group MR equipment. Thus, the abovementioned factors are expected to increase the market growth.
Thus, all the aforementioned factors, such as the growing burden of chronic diseases and product launches by market players, are expected to support market expansion over the forecast period. However, the high cost of diagnostic imaging procedures and equipment is expected to hinder market growth.
Spain Diagnostic Imaging Equipment Market Trends
This section covers the major market trends shaping the Spain Diagnostic Imaging Equipment Market according to our research experts:
Oncology 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 stages. Thus, effective diagnosis reduces the mortality rate associated with cancer, which is likely to drive segmental growth. With the rise in cancer cases in the country, the use of diagnostic imaging equipment is expected to increase for the diagnostics and monitoring of cancerous cells/tumours, which is expected to drive the growth of the oncology segment in the market studied. According to the REDECAN report published in 2022, there were expected to be 30,948 new cases of lung cancer diagnosed in Spain in 2022. In 2022, 22,316 men and 8,632 women were expected to be diagnosed with lung cancer. Thus, the growing prevalence of cancer and the need for early diagnostics are expected to increase, supporting segment expansion over the forecast period.
Moreover, 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. Additionally, in July 2021, to develop a full body imaging system, GE Healthcare worked with Quibim (Valenciana, Spain), Full Body Insight, and Oncovision (Valenciana, Spain), a diagnostic imaging provider to the oncologist.
Thus, the abovementioned factors, such as the growing burden of cancer and strategic initiatives taken by market players, are expected to increase market growth in the future.
X-ray Segment is Expected to Hold a Significant Share in the Studied Market Over the Forecast Period.
X-ray or digital radiography is a form of X-ray imaging where digital X-ray sensors are used instead of traditional photographic films. This has the added advantage of time efficiency and the ability to transfer images digitally and enhance them for better visibility. Factors such as increasing chronic disorders, coupled with increasing initiatives by market players, are expected to increase the market growth.
According to the study published in Rheumatology Clinica in October 2021, in Spain, the prevalence of osteoarthritis was 29.35%. Cervical osteoarthritis was found to be 10.10% prevalent, and lumbar osteoarthritis was found to be 15.52% prevalent. Both are more common in women and the elderly, as well as in those with low levels of education and those who are obese. Hip osteoarthritis had a prevalence of 5.13%, while knee osteoarthritis had a prevalence of 13.83%; both are related to the female sex, being overweight, and obesity. Hand osteoarthritis was found in 7.73% of people. Thus, the growing prevalence of osteoarthritis is expected to boost segment growth over the forecast period.
Furthermore, strategic initiatives by the market players, such as product launches, mergers, and acquisitions, are expected to propel the growth of the market. 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, all the above-mentioned factors, such as the growing burden of osteoarthritis, are expected to boost segment growth over the forecast period.
Spain Diagnostic Imaging Equipment Industry Overview
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 NV Siemens AG, and Canon.
Spain Diagnostic Imaging Equipment Market Leaders
Fujifilm Holdings Corporation
GE Healthcare
Koninklijke Philips N.V.
Siemens AG
Canon
*Disclaimer: Major Players sorted in no particular order
Spain Diagnostic Imaging Equipment Market News
- In October 2022, GE Healthcare launched the Omni PET/CT platform and Omni Legend system at the annual meeting of the European Association of Nuclear Medicine (EANM) in Barcelona, Spain.
- In August 2022, the Nuclear Medicine-PET Service at Bellvitge University Hospital (HUB) incorporated a gamma camera. This new technology will enable advancements in oncology care and research, particularly in the field of prognosis, as well as in non-oncological pathologies such as brain research on movement disorders and infectious pathology.
Spain Diagnostic Imaging Equipment Market Report - Table of Contents
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 Rise in the Prevalence of Chronic Diseases and Growing Geriatric Population
4.2.2 Technological Advancements and Rapid Innovation
4.3 Market Restraints
4.3.1 High Cost of Diagnostic Imaging Procedures and Equipment
4.4 Porter's Five Forces 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 Modality
5.1.1 MRI
5.1.2 Computed Tomography
5.1.3 Ultrasound
5.1.4 X-Ray
5.1.5 Nuclear Imaging
5.1.6 Fluoroscopy
5.1.7 Mammography
5.2 By Application
5.2.1 Cardiology
5.2.2 Oncology
5.2.3 Neurology
5.2.4 Orthopedics
5.2.5 Gastroenterology
5.2.6 Gynecology
5.2.7 Other Applications
5.3 By End User
5.3.1 Hospital
5.3.2 Diagnostic Centers
5.3.3 Other End Users
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Carestream Health
6.1.2 Esaote SpA
6.1.3 Fujifilm Holdings Corporation
6.1.4 GE Healthcare
6.1.5 AURELIUS (Agfa-Gevaert Group)
6.1.6 Hologic, Inc.
6.1.7 Koninklijke Philips N.V.
6.1.8 Siemens AG
6.1.9 Shimadzu corporation
6.1.10 Canon
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Spain Diagnostic Imaging Equipment Industry Segmentation
As per the scope of the report, diagnostic imaging equipment is used to take images of the internal structure of the human body, using electromagnetic radiation, for accurate diagnosis of the patient. Diagnostic imaging uses radiation to diagnose and treat diseases.
The Spanish diagnostic imaging equipment market is segmented by modality (MRI, computed tomography, ultrasound, X-ray, nuclear imaging, fluoroscopy, and mammography), application (cardiology, oncology, neurology, orthopedics, gastroenterology, gynecology, and other applications), and end user (hospitals, diagnostic centers, and other end users). The report offers values in USD million for all the abovementioned segments.
| By Modality | |
| MRI | |
| Computed Tomography | |
| Ultrasound | |
| X-Ray | |
| Nuclear Imaging | |
| Fluoroscopy | |
| Mammography |
| By Application | |
| Cardiology | |
| Oncology | |
| Neurology | |
| Orthopedics | |
| Gastroenterology | |
| Gynecology | |
| Other Applications |
| By End User | |
| Hospital | |
| Diagnostic Centers | |
| Other End Users |
Spain Diagnostic Imaging Equipment Market Research FAQs
What is the current Spain Diagnostic Imaging Equipment Market size?
The Spain Diagnostic Imaging Equipment Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Spain Diagnostic Imaging Equipment Market?
Fujifilm Holdings Corporation, GE Healthcare, Koninklijke Philips N.V., Siemens AG and Canon are the major companies operating in the Spain Diagnostic Imaging Equipment Market.
What years does this Spain Diagnostic Imaging Equipment Market cover?
The report covers the Spain Diagnostic Imaging Equipment Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Spain Diagnostic Imaging Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Spain Diagnostic Imaging Equipment Industry Report
Statistics for the 2024 Spain Diagnostic Imaging Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Spain Diagnostic Imaging Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
