Market Size of Spain Ophthalmology Drugs & Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| 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 Ophthalmic Devices Market Analysis
The Spain ophthalmology drugs & devices market is expected to grow with a CAGR of 3% during the forecasted period.
The studied market was adversely affected by the pandemic. Various research studies have been published to provide insight into the effect of the pandemic. Ocular-related emergencies in Spain during the COVID-19 pandemic, a multicenter study, published in November 2021, reported a significant decline in an ophthalmological emergency (OE) visits during the pandemic in Spain (75.18%), even though more than half were labeled as non-urgent conditions, indicating a lack of awareness of the truly emergent ocular pathologies among the general public. Another study published in December 2021, named 'Retinal Hemorrhage after SARS-CoV-2 Vaccination' stated that few reports of retinal hemorrhage after other vaccinations have appeared. Recently, there has been a multi-center-based report on cases of retinal hemorrhage in COVID-19 patients in Spain. 36 out of 39 retinal vein occlusion (RVO) cases in COVID-19 patients occurred as the SARS-CoV-2 virus is affecting at-risk eyes, leading to retinal vascular abnormality. Thus, increasing COVID could lead to more complications and thus might increase the growth at some level.
Factors such as increasing eye disorders are expected to increase the market growth. An article titled 'The Prevalence of Myopia in Children in Spain: An Updated Study in 2020' published in November 2021 mentioned that the prevalence of myopia in Spain in children between 5 and 7 years old increased significantly between 2016 and 2020., which is the most common refractive error. Ophthalmology drugs & devices have been proven to be effective for diagnosing severe myopia. Thus, the increasing number of myopia cases in the country is expected to drive the adoption of ophthalmology drugs & devices which is expected to drive the growth of the studied market. Similarly, another report published in May 2021, named 'Validation of Automated Screening for Referable Diabetic Retinopathy With an Autonomous Diagnostic Artificial Intelligence System in a Spanish Population' stated that compared to manual grading by ophthalmologists, the autonomous diagnostic AI system had high sensitivity (100%) and specificity (82%) for diagnosing referable diabetic retinopathy (RDR) and macular edema in people with diabetes in a screening program. Hence, it provides insight into upgrading the infrastructure to achieve higher efficiency. Thus, the abovementioned factors are expected to increase market growth.
However, the higher cost of ophthalmic devices and treatment is expected to hinder the market growth.
