Spain Connected Healthcare Market Analysis

Spain Connected Healthcare Market Executive Summary

The Spain-connected healthcare market is projected to grow from $1.28 Bn in 2022 to $8.89 Bn by 2030, registering a CAGR of 27.4% during the forecast period of 2022 - 2030. In Spain, the amount spent on healthcare grew in 2019 from $2,740 per person or 8.99% of GDP to $2,711 per person or 9.13% of GDP. Compared to the EU average, Spain continues to spend less per person on healthcare. There is a growing disparity between Spain and the EU in terms of overall health spending, which is due to a slower growth rate during the past ten years.

The healthcare system in Spain combines public and private providers, with the public system offering all inhabitants universal coverage. The use of connected healthcare technologies has increased recently. The creation of digital health platforms that let people access their medical records, schedule appointments, and communicate with their healthcare providers is an illustration of a connected healthcare initiative in Spain. Additionally, these systems offer solutions for the remote monitoring of patients with long-term diseases like diabetes and high blood pressure.

Market Dynamics

Market Growth Drivers

The Spain-connected healthcare market is expected to be driven by factors such as

1. Ageing population- The need for healthcare services is rising in Spain with the ageing population, especially for long-term care and the management of chronic diseases, both of which can be aided by linked healthcare technologies
2. Increasing demand for patient-centred care- Chronic conditions like diabetes, hypertension, and cardiovascular disease pose a serious threat to Spain's health. The management of these illnesses can be improved, and healthcare expenses can be decreased, with the use of connected healthcare technologies such as remote patient monitoring systems
3. Growing digital health ecosystem- Spain has a robust startup, accelerator, and investor community dedicated to creating and promoting connected healthcare technology. Spain also has a well-developed digital health ecosystem. The connected healthcare market is experiencing innovation and expansion in this ecosystem
4. Favourable government policies- With programs like the Digital Plan for Spain and the National Health System's e-Health Strategy, the Spanish government has backed the creation and uptake of connected healthcare technologies

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in Spain:

1. Fragmented healthcare systems- The national government and the regional governments share responsibilities for delivering healthcare in Spain's highly decentralised healthcare system. Because of this, implementing standardised solutions for connected healthcare would be challenging
2. Limited funding- In Spain, there's limited government investment in connected healthcare and insufficient funding for healthcare technology. It could prove to be challenging for businesses to invest in creating novel products and services as a result
3. Regulatory environment- Uncertainty exists regarding the legal and regulatory framework in Spain's evolving connected healthcare regulatory environment. This may prevent new businesses from entering the market and restrict market expansion

Competitive Landscape

Key Players

• Telefonica (ESP)- Telefónica is a multinational telecommunications corporation that offers a variety of connected healthcare solutions. The business provides IoT platforms, telemedicine, and remote monitoring services that let medical professionals gather and assess patient data
• Primum Health (ESP)- Primum creates mHealth technology to bridge the gap between healthcare providers. It provides a mobile telemedicine system for patient monitoring
• HumanITcare (ESP)- HumanITcare is a remote telemedicine platform that examines health data from devices connected to the internet of things such as smartwatches and smart scales
• Medtronic- Global medical technology business Medtronic offers a variety of medical products and services, such as telemedicine and remote monitoring options. The business is well-established in Spain and provides its services to hospitals there
• Philips Healthcare- Philips is a global pioneer in health technology, offering a wide range of linked healthcare products and services. The business provides services in the fields of medical imaging, telemedicine, and remote patient monitoring
• Siemens Healthineers- Siemens Healthineers is a renowned provider of medical imaging, laboratory diagnostics, and healthcare IT systems. The business provides a variety of connected healthcare goods and services, such as telemedicine and remote monitoring programs

Notable Deals

December 2022: Telefonica and Indra entered into a partnership. With the help of this arrangement, the two businesses will be able to deliver digital hospital solutions across the globe.

Healthcare Policies and Regulatory Landscape

The Spanish Agency of Pharmaceuticals and Medical Devices (AEMPS), which is in charge of examining and approving medical devices and digital health solutions, oversees the regulatory framework for connected healthcare in Spain. These solutions' quality, safety, and efficacy are evaluated by the agency, which also decides whether they qualify for marketing and funding.

The Spanish government has put in place a number of laws to encourage the adoption of telemedicine and e-prescriptions as well as other digital health solutions. A law allowing for the reimbursement of telemedicine services, such as remote consultations and chronic disease monitoring, was introduced by the government in 2019. The bill also permits reimbursement for e-prescriptions, allowing patients to get their medications online. A national electronic health record system (SEI) that allows the gathering and exchange of health data among healthcare providers has also been put in place by the government.

Reimbursement Scenario

The connected healthcare market in Spain is governed by a number of reimbursement laws that specify how healthcare providers are paid for their services. The Spanish national healthcare system, which offers comprehensive coverage to all citizens and permitted immigrants, is one of the country's main reimbursement policies. In this arrangement, government funds and patient co-payments are combined to pay healthcare professionals for their services. Private insurance firms also contribute significantly to Spain's connected healthcare market by providing their policyholders with a range of payment options. 

Spain has also recently put into practice cutting-edge reimbursement procedures for online healthcare services like telemedicine and remote monitoring. These regulations are designed to encourage the use of digital health tools and increase patient access to care, especially for those who live in remote or underserved locations. To give an alternative to customary in-person visits, the Spanish government, for instance, has implemented payment laws that let healthcare practitioners bill for teleconsultations and remote monitoring services.