Market Size of Spain Diagnostic Imaging Equipment Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2021 - 2022 |
CAGR | 5.50 % |
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 Diagnostic Imaging Equipment Market Analysis
The Spanish diagnostic imaging equipment market is expected to register a CAGR of 5.5% during the forecast period.
The COVID-19 pandemic's emergence had an adverse effect on the nation's economy and the healthcare system. The nation was put on lockdown, which had an impact on the distribution of medications, medical equipment, and other biotechnology goods. Development and research came into sharper focus. The development of COVID-19 diagnostics and treatment approaches was supported by all government agencies and healthcare stakeholders. The country's hospitals ceased non-emergent disease diagnoses as a result of the pandemic, which reduced the demand for diagnostic imaging equipment. According to a study published in the November 2021 issue of the Journal of Diagnostics, there was a notable decline in cancer diagnoses during the COVID-impacted period, with a 54.07% decrease in comparison to the same period in the previous year. However, with the increase in vaccination drives in the country, the number of medical imaging procedures returned to pre-pandemic levels. It is expected to grow during the study period. Thus, the above-mentioned factors are expected to impact the market's growth during the forecast period significantly.
With the growing burden of chronic diseases in the country, such as cancer and osteoarthritis, the demand for diagnostic imaging equipment is expected to increase. This equipment is likely to boost the early and efficient diagnosis of diseases, thereby driving the market's growth. According to the REDECAN study published in November 2022, breast cancer is the most frequent cancer and the primary cause of cancer-related death in women in Spain, with an estimated 34,750 women diagnosed with the disease in Spain in 2022. This expected increase in cancer cases will drive the use of diagnostic imaging equipment, such as CT scanners and other diagnostic imaging modalities, in the country, thus driving the market's growth. According to a study published in the August 2021 issue of the Journal of Insight Imaging, magnetic resonance imaging (MRI) and ultrasound have become useful methods for determining the size and severity of active inflammatory lesions. Therefore, it is anticipated that research demonstrating the effectiveness of diagnostic imaging methods for the early diagnosis of diseases will propel the market's expansion. Initiatives by key market players are another factor in market growth. For instance, in January 2021, a five-year innovation and partnership deal was struck by Royal Philips and Vithas Group, the second-largest private healthcare organization in Spain. According to the agreement, four new hybrid operating rooms with ceiling-mounted live-image guidance systems will be installed in addition to replacing the current Vithas Group MR equipment. Thus, the abovementioned factors are expected to increase the market growth.
Thus, all the aforementioned factors, such as the growing burden of chronic diseases and product launches by market players, are expected to support market expansion over the forecast period. However, the high cost of diagnostic imaging procedures and equipment is expected to hinder market growth.
Spain Diagnostic Imaging Equipment Industry Segmentation
As per the scope of the report, diagnostic imaging equipment is used to take images of the internal structure of the human body, using electromagnetic radiation, for accurate diagnosis of the patient. Diagnostic imaging uses radiation to diagnose and treat diseases.
The Spanish diagnostic imaging equipment market is segmented by modality (MRI, computed tomography, ultrasound, X-ray, nuclear imaging, fluoroscopy, and mammography), application (cardiology, oncology, neurology, orthopedics, gastroenterology, gynecology, and other applications), and end user (hospitals, diagnostic centers, and other end users). The report offers values in USD million for all the abovementioned segments.
By Modality | |
MRI | |
Computed Tomography | |
Ultrasound | |
X-Ray | |
Nuclear Imaging | |
Fluoroscopy | |
Mammography |
By Application | |
Cardiology | |
Oncology | |
Neurology | |
Orthopedics | |
Gastroenterology | |
Gynecology | |
Other Applications |
By End User | |
Hospital | |
Diagnostic Centers | |
Other End Users |
Spain Diagnostic Imaging Equipment Market Size Summary
The Spanish diagnostic imaging equipment market is poised for growth, driven by the increasing prevalence of chronic diseases such as cancer and osteoarthritis. The market experienced a temporary setback due to the COVID-19 pandemic, which disrupted healthcare services and reduced the demand for diagnostic imaging equipment. However, as vaccination efforts progressed and healthcare services resumed, the demand for imaging procedures returned to pre-pandemic levels. This resurgence is expected to continue, fueled by the need for early and efficient disease diagnosis. The market is characterized by the adoption of advanced imaging technologies, including CT scanners, MRI, and ultrasound, which are crucial for the early detection and monitoring of diseases. Strategic initiatives by key market players, such as partnerships and product launches, are further propelling market expansion.
The market landscape is moderately competitive, with major global players like GE Healthcare, Siemens AG, and Koninklijke Philips NV actively participating. These companies are investing in innovative solutions and strategic acquisitions to enhance their market presence. The growing burden of cancer, particularly breast and lung cancer, is a significant driver for the market, as it necessitates the use of diagnostic imaging for effective diagnosis and treatment planning. Additionally, the rising prevalence of osteoarthritis is expected to boost the demand for imaging equipment used in diagnosing and monitoring joint conditions. Despite the high cost of diagnostic procedures posing a challenge, the overall market outlook remains positive, supported by technological advancements and strategic collaborations aimed at improving healthcare outcomes in Spain.
Spain Diagnostic Imaging Equipment Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rise in the Prevalence of Chronic Diseases and Growing Geriatric Population
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1.2.2 Technological Advancements and Rapid Innovation
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1.3 Market Restraints
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1.3.1 High Cost of Diagnostic Imaging Procedures and Equipment
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Modality
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2.1.1 MRI
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2.1.2 Computed Tomography
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2.1.3 Ultrasound
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2.1.4 X-Ray
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2.1.5 Nuclear Imaging
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2.1.6 Fluoroscopy
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2.1.7 Mammography
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2.2 By Application
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2.2.1 Cardiology
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2.2.2 Oncology
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2.2.3 Neurology
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2.2.4 Orthopedics
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2.2.5 Gastroenterology
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2.2.6 Gynecology
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2.2.7 Other Applications
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2.3 By End User
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2.3.1 Hospital
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2.3.2 Diagnostic Centers
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2.3.3 Other End Users
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Spain Diagnostic Imaging Equipment Market Size FAQs
What is the current Spain Diagnostic Imaging Equipment Market size?
The Spain Diagnostic Imaging Equipment Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Spain Diagnostic Imaging Equipment Market?
Fujifilm Holdings Corporation, GE Healthcare, Koninklijke Philips N.V., Siemens AG and Canon are the major companies operating in the Spain Diagnostic Imaging Equipment Market.