Spain MRI Market Analysis

Spain MRI Market Executive Summary

The Spain MRI Market is at around $128.15 Mn in 2023 and is projected to reach $186.42 Mn in 2030, exhibiting a CAGR of 5.5% during the forecast period.

Magnetic resonance imaging (MRI) is a type of diagnostic test that can create detailed images of nearly every structure and organ inside the body. It uses strong magnetic fields and radio waves to produce detailed images of the inside of the body. The MRI machine is a large, cylindrical (tube-shaped) device that generates a powerful magnetic field around the patient and emits pulses of radio waves from a scanner. Some MRI machines resemble narrow tunnels, while others are more spacious. The intense magnetic field produced by the MRI scanner causes the atoms in your body to align in the same direction. Subsequently, radio waves are emitted from the MRI machine, which disrupt this alignment, causing the atoms to return to their original positions. As the radio waves cease, the atoms revert to their initial alignment and emit radio signals. These signals are then picked up by a computer, which transforms them into an image of the area being examined. This image is displayed on a viewing monitor.

Among member countries of the Organization of Economic Co-operation and Development (OECD), Spain has 20.35 units available per every million of its population. The market therefore is driven by significant factors like rising prevalence of chronic diseases, increasing healthcare expenditure, and growing demand for early and accurate detection. However, high cost, alternative diagnostic techniques, and strict regulatory approval restrict the market's growth.

The leading pharmaceutical companies include GE Healthcare and Koninklijke Philips N.V. for MRI machines. Esaote, Samsung Medison Co., Ltd., and PerkinElmer Inc. are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Rising Prevalence of Chronic Diseases: The increasing incidence of illnesses such as cancer, cardiovascular diseases, and musculoskeletal disorders in Spain is fuelling the need for MRI scans for both diagnosis and monitoring purposes. Cancer ranks as the second most common cause of death in Spain, following cardiovascular diseases. The complexity of these conditions often necessitates sophisticated diagnostic tools like MRI for precise diagnosis and monitoring, thus contributing to the demand for MRI technology.

Increasing Healthcare Expenditures: Spain's growing healthcare expenditures, both public and private, are supporting investments in advanced medical imaging equipment like MRI systems. For example, the Spanish government announced a $866.65 Mn investment plan (INVEAT) to replace obsolete MRI and other high-tech equipment in the National Health System, aiming to increase the density of MRI units by 13.4%

Demand for Early Detection: There's a growing emphasis on early disease detection in Spain's healthcare system. MRI's detailed scans can facilitate faster diagnoses, leading to timely intervention and better patient outcomes. This focus fuels the demand for MRI technology.

Market Restraints

High Cost: MRI machines carry a hefty price tag throughout their lifecycle. From the initial purchase to ongoing maintenance and operation costs, the financial burden is significant. This limits the number of Spanish healthcare facilities that can afford them. Patients also face high procedure costs, potentially restricting access to this valuable diagnostic tool.

Strict Regulatory Landscape: In Spain, EU medical device regulations impose a strict approval process for MRI machines. This delays the introduction of innovative MRI technology further hindering Spanish healthcare from offering the latest advancements to patients.

Alternative Diagnostic Techniques: While MRI offers valuable diagnostic capabilities, advancements in other imaging modalities like CT scans or ultrasounds can create some competition. The choice between technologies depends on factors like cost, patient condition, and physician preference.

Regulatory Landscape and Reimbursement Scenario

MRI systems must undergo a rigorous approval process by the Spanish Agency of Medicines and Medical Devices (AEMPS) before they can be installed and used in healthcare facilities Manufacturers need to undergo a conformity assessment procedure to demonstrate their MRI machines comply with the EU Medical Device Regulation (MDR). The chosen procedure's rigor depends on the machine's classification.

The Spanish government, through the Interministerial Commission on Drug Prices (CIPM) and the Directorate-General for the Basic Catalogue of Services of the National Health System and Pharmacy (DGCBSyF), sets national prices and reimbursement policies for MRI and other medical imaging services. The Spanish National Health System (SNS) provides reimbursement for MRI scans, but the coverage may vary depending on the specific indication and healthcare facility

Competitive Landscape

Key Players

Here are some of the major key players in the Spain MRI Market:

• GE Healthcare
• Koninklijke Philips NV
• Siemens Healthineers
• Canon (Canon Medical Systems Corporation)
• Mindray Medical International
• Koning Corporation
• Hologic, Inc.
• Esaote
• Samsung Medison Co., Ltd.
• PerkinElmer Inc.