Market Size of Spain Neurology Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.10 % |
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 Neurology Devices Market Analysis
The Spanish neurology devices market is expected to register a CAGR of 7.1% during the forecast period.
The country's neurology devices market was severely impacted by the COVID-19 pandemic owing to the cancellations in elective procedures, including neurosurgery. For instance, an article published in the BMJ Public Health Emergency Collection Journal in August 2022 stated that out of the total 680 enrolled patients on the waiting list for scheduled neurosurgical procedures, 470 patients (69.1%) were waiting for surgery due to degenerative spine disease, 86 patients (12.6%) due to functional disorders, 58 patients (8.5%) due to brain or spine tumors, 25 patients (3.7%) due to CSF disorders and 17 patients (2.5%) due to cerebrovascular disease in Spain. Hence, the restricted neurological procedures in the country led to a minimal use of neurological devices during the pandemic. However, the market has been recovering well since elective procedures resumed in Spain. The increasing prevalence of neurological diseases, technological advancements in neurology devices, and product launches have led the market recovery over the last two years.
The key factors propelling the growth of the market are the increasing incidence of neurological disorders like brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson's disease, peripheral neuropathy, spinal cord tumor, and stroke and the increase in research and development activities in the field of neurotherapy.
With the high burden of neurological diseases like Alzheimer's disease, Parkinson's disease, and epilepsy, among others, various companies and the government are taking strategic initiatives to overcome the burden of neurodegenerative diseases in the country. For instance, the Spanish Ministry of Health, Consumption, and Social Welfare adopted the National Alzheimer's Plan for five years, which is to be completed in 2023. The plan includes key targets for improving dementia awareness, customized health and social care, services, support and benefits, and promotion of research, innovation, and knowledge. Such initiatives are expected to create awareness about the neurological diseases and treatment options. This is projected to boost the utility of neurological devices for disease management, thereby propelling the market growth.
Furthermore, the country is involved in advancing its neurosurgery facilities with the help of funding from various government and private institutions. For instance, in March 2022, the Hospital Clínic de Barcelona conducted a transorbital surgery program to carry out transorbital surgery to extract skull base tumors. It became one of the first hospitals in Spain to perform this technique. The program is supported by grants from TV3 Foundation and the Health Research Fund (FIS). Such advancements in the neurosurgery segment in the country are anticipated to augment the utility of neurosurgery devices, thereby boosting the market's growth during the forecast period.
Therefore, owing to the factors mentioned above, the market studied is anticipated to witness growth over the forecast period. However, the high cost of equipment and stringent guidelines for new devices are likely to impede the market's growth.
