Spain Nuclear Imaging Market Size

Spain Nuclear Imaging Market Analysis

The Spain Nuclear Imaging Market size is estimated at USD 164.51 million in 2024, and is expected to reach USD 188.68 million by 2029, growing at a CAGR of 2.78% during the forecast period (2024-2029).

COVID-19 had an adverse effect on Spain nuclear imaging market. Various research studies have been published to provide insight into the effects. According to a June 2021 article in the European Union of Private Hospitals, general hospitals in Spain added 5,000 new professionals while increasing their staff by 6% in 2020 compared to 2019. This was due to the country's hospital admission rate, which was about 33% for COVID-19 patients. However, the issue with healthcare professionals was particularly serious because, at any given moment, about 26.3% of the staff was discovered to be COVID positive. Numerous industry participants now have the chance to improve their positions through the introduction of new goods or the creation of partnerships thanks to COVID-19. For instance, the radiotherapy staff at the HC Cancer Center began administering the first Synchrony treatments in Spain in July 2021. This cutting-edge technology combines TomoTherapy's helical movement with a tumor-tracking system, enabling the application of the best dose with submillimeter precision while preserving as much healthy tissue as possible. This leads to a higher quality of life and more effective radiation treatment with fewer side effects. Thus, the market for nuclear imaging in Spain was impacted by the aforementioned causes. 

Technological improvements, and expanding diagnostic applications in various diseases such as cancer are all factors driving the market's growth in Spain. According to projections from the Global Cancer Observatory, Spain is expected to see 113,054 cancer deaths and 282,421 newly diagnosed cancer cases in 2020. One of the main factors driving the market is the increase in the incidence of heart diseases and cancer. Cancer and heart conditions can be effectively treated with nuclear medicine. The diagnosis of hepatocellular carcinoma metastases is more precise with PSMA (prostate-specific membrane antigen) PET/CT than with standard CT, according to a research published in the September 2021 issue of The Journal of Nuclear Medicine. With more precise imaging for patient staging, medical professionals can spot patients early on who can benefit from specific therapies, including chemotherapy, which affects survival and quality of life. While the country's increased product releases are anticipated to boost the market. For instance, in the Spanish areas of Andalusia, Aragon, Catalonia, La Rioja, Murcia, and Madrid, Koninklijke Philips N.V. and Viamed hospital group joined in June 2020 to deliver sophisticated diagnostic imaging solutions to their 11 hospitals and 15 healthcare centres. Thus, the abovementioned factors are likely to increase the market growth.

However, the lack of proper reimbursement and stringent regulatory approval procedures, and the high cost of equipment, are expected to impede the market growth in Spain.