Market Size of Spain In-vitro Diagnostics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.30 % |
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 In-Vitro Diagnostics Market Analysis
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.
