Market Trends of Spain Diagnostic Imaging Equipment Industry
This section covers the major market trends shaping the Spain Diagnostic Imaging Equipment Market according to our research experts:
Oncology Segment is Expected to Show Better Growth in the Forecast Years
Diagnostic imaging techniques, such as ultrasound, mammography, computed tomography (CT), X-ray, and magnetic resonance imaging (MRI), are used to diagnose cancer in its early stages. Thus, effective diagnosis reduces the mortality rate associated with cancer, which is likely to drive segmental growth. With the rise in cancer cases in the country, the use of diagnostic imaging equipment is expected to increase for the diagnostics and monitoring of cancerous cells/tumours, which is expected to drive the growth of the oncology segment in the market studied. According to the REDECAN report published in 2022, there were expected to be 30,948 new cases of lung cancer diagnosed in Spain in 2022. In 2022, 22,316 men and 8,632 women were expected to be diagnosed with lung cancer. Thus, the growing prevalence of cancer and the need for early diagnostics are expected to increase, supporting segment expansion over the forecast period.
Moreover, initiatives by key market players are another factor in market growth. For instance, in December 2021, GE completed the acquisition of BK Medical from Altaris Capital Partners LLC for a purchase price of USD 1.45 billion. Additionally, in July 2021, to develop a full body imaging system, GE Healthcare worked with Quibim (Valenciana, Spain), Full Body Insight, and Oncovision (Valenciana, Spain), a diagnostic imaging provider to the oncologist.
Thus, the abovementioned factors, such as the growing burden of cancer and strategic initiatives taken by market players, are expected to increase market growth in the future.
X-ray Segment is Expected to Hold a Significant Share in the Studied Market Over the Forecast Period.
X-ray or digital radiography is a form of X-ray imaging where digital X-ray sensors are used instead of traditional photographic films. This has the added advantage of time efficiency and the ability to transfer images digitally and enhance them for better visibility. Factors such as increasing chronic disorders, coupled with increasing initiatives by market players, are expected to increase the market growth.
According to the study published in Rheumatology Clinica in October 2021, in Spain, the prevalence of osteoarthritis was 29.35%. Cervical osteoarthritis was found to be 10.10% prevalent, and lumbar osteoarthritis was found to be 15.52% prevalent. Both are more common in women and the elderly, as well as in those with low levels of education and those who are obese. Hip osteoarthritis had a prevalence of 5.13%, while knee osteoarthritis had a prevalence of 13.83%; both are related to the female sex, being overweight, and obesity. Hand osteoarthritis was found in 7.73% of people. Thus, the growing prevalence of osteoarthritis is expected to boost segment growth over the forecast period.
Furthermore, strategic initiatives by the market players, such as product launches, mergers, and acquisitions, are expected to propel the growth of the market. For instance, in May 2021, Royal Philips entered into a partnership with Viamed, a private hospital in Spain, to install the latest advanced diagnostic imaging solutions in clinical centers and hospitals across the country.
Thus, all the above-mentioned factors, such as the growing burden of osteoarthritis, are expected to boost segment growth over the forecast period.
