Spain Diagnostic Imaging Equipment Market Size

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.