Spain Respiratory Devices Market Size

Spain Respiratory Devices Market Analysis

Spain's respiratory devices market is expected to register a CAGR of 4.9% over the forecast period.

The SARS-CoV-2 virus that was responsible for the COVID-19 pandemic severely affected the respiratory system and had a significant impact on people with respiratory illnesses such as asthma, and COPD in Spain. Hence, the demand for both, respiratory diagnostics and therapeutics devices increased significantly during the peak of the COVID-19 in the country which had a significant impact on the respiratory devices market in Spain. However, with the vaccination, the cases of COVID-19 decreased significantly in the country which has stabilized the demand for respiratory devices in the country but the emergence of new SARS-CoV-2 strains might have an impact on the market during the forecast period.

The rising incidence of respiratory diseases such chronic obstructive pulmonary disease (COPD), tuberculosis (TB), asthma (Asthma), and sleep apnea (SAP), as well as technical developments and expanding applications in home care settings, are driving the expansion of the studied market. The high prevalence of respiratory disorders in Spain is one of the major factors driving the demand for respiratory devices. For instance, an article published by the journal, Public Health Front, in May 2022, reported the high incidence of TB cases in Spain, especially among individuals with type-2 diabetes mellitus who were more prone to TB in Spain. Thus, high cases of TB demand increased respiratory devices, thereby driving the growth of Spain's respiratory devices market. Similarly, another article published by the journal, NPJ Prim. Care Respir. Med. volume in March 2022, reported that asthma's prevalence rates vary significantly in European countries. The article also quoted that the prevalence rate of asthma in Spain was estimated to be between 2.5% - 13.5%, while the prevalence of asthma in Barcelona was reported to be 6.3% - 6.6%. Thus, the high incidence of respiratory disorders in Spain is leading to an increasing demand for respiratory devices thereby driving the growth of the studied market.

Further, the technological advancements and new product launches by key market players are also propelling the growth of the studied market. For instance, in December 2021, Resyca's Pulmospra inhaler received a CE-marked and is available in Spain including other European countries for specific indications. Similarly, in March 2022, Sandoz, acquired the respiratory device development company, Coalesce Product Development Limited. Sandoz gained a substantial new growth platform with this purchase, allowing them to expand their offerings of respiratory equipment and medicines throughout Europe, including Spain. Thus, such product launches, mergers, and acquisitions are leading to the development of a better respiratory device portfolio in Spain and are driving the growth of the studied market.

The market is anticipated to expand during the forecast time period as a result of factors such as the rising incidence of respiratory diseases like chronic obstructive pulmonary disease (COPD), tuberculosis (TB), asthma (A), and sleep apnea (SAP), as well as technological advancements and rising applications in homecare settings. However, the high cost of respiratory devices may slow down the growth of the studied market.