Spain PET Scan Market Analysis

Spain PET Scan Market Executive Summary

The Spain PET Scan market is at around $37.4 Mn in 2023 and is projected to reach $50.6 Mn in 2030, exhibiting a CAGR of 4.4% during the forecast period.

PET Scan is an advanced diagnostic and imaging technique which effectively identifies a variety of health issues such as cancer, heart disease, and brain disorders. It aids in the initial diagnosis and also in monitoring of the conditions for planning the treatment course. There are various types of PET scan including whole body PET scan. In whole body PET scan, the images of the entire body from head to toe are detected. A radiotracer is injected into the body which gets absorbed by all the tissues in the body. The scanner then detects the emitted radiation and creates detailed images of the organs and tissues. A whole-body PET scan is typically used to detect cancer, determine the stage of cancer, and monitor the treatment effectiveness. This type of scan is particularly useful for metastasis detection as it can identify even small tumors which might not be identified through other imaging tests. Another type of PET scan, called DOTATATA PET scan is used which is highly sensitive and specific for diagnosing neuroendocrine tumors (NETs). It utilizes a radiotracer called Gallium-68 DOTATATE, which combines somatostatin analog (DOTATATE) with a radioactive isotope (Gallium-68). The radiotracer targets somatostatin receptors which are often over expressed on the neuroendocrine tumors, allowing for the detection of both primary and metastatic NETs. A PSMA PET Scan is another type of PET scan used to detect, stage, and monitor prostate cancer. PSMA is the short for Prostate-Specific Membrane Antigen, which is overexpressed on the prostate cancer cells.

There is a significant burden on the healthcare sector of Spain due to the rising prevalence of chronic diseases such as diabetes, hypertension, and cancer, leading to increased mortality and morbidity in the country. The Spain PET Scan Market is thus driven significant factors such as the rise in elderly population, increasing prevalence of chronic diseases, and increasing healthcare expenditure. However, the affordability, varied reimbursement, and, competition from other imaging techniques restrict the growth and potential of the market.

The leading players of the Spain PET Scan Market are GE Healthcare, Hitachi, Siemens Healthineers, Toshiba, and Canon Medical Systems, among others.

Market Dynamics

Market Growth Drivers

Rise in Elderly Population: Spain is considered a rapidly aging country as its median age of 44.8 years is greater than the global median age of 30.5 years. With the aging population, age-related diseases such as cancer, cardiovascular ailments, and neurological disorders are on the rise. PET scans are essential for diagnosing and tracking these conditions. They offer early detection capabilities for diseases like cancer, enhancing patients' quality of life. The increase in elderly patients needing diagnosis and treatment for these illnesses fuels the demand for PET scans, thereby stimulating market growth.

Increasing Prevalence of Chronic Diseases: According to the WHO, in 2022, the age standardized incidence cancer rates among men and women were 319.9 and 238.0, respectively, and 274.6 for both genders. Early detection is key to the effective treatment of chronic diseases, such as cancer, heart disease, and neurological disorders. PET scans enable early identification of metabolic changes linked to these conditions, allowing for timely diagnosis and treatment. This process streamlines patient management, reduces unnecessary interventions, and improves healthcare efficiency, thereby increasing the demand for PET scans and contributing to market growth.

Increasing Healthcare Expenditure: Higher healthcare expenditures are pivotal in advancing the PET scan market by enabling medical institutions to acquire advanced imaging tools like PET scanners, despite their high procurement and upkeep costs. This rise in spending also corresponds to heightened patient expectations for precise and timely diagnoses, which PET scans excel at. Consequently, there’s an escalating demand for PET scan technology, fostering a conducive growth environment for the market.

Market Restraints

Affordability: The high expense associated with PET scans acts as a major obstacle for many low- and middle-income patients, and individuals without sufficient insurance coverage face challenges accessing these scans. Conversely, MRI and CT scans are affordable and widely available, providing a favourable cost-benefit ratio that attracts patient demand. This disparity in affordability could restrict the growth of the PET scan market.

Varied Reimbursement: Reimbursement for PET scan is provided by the public and private healthcare insurance policies. Like other countries, patients typically require a referral from a specialist for PET scan to be eligible. Also, waiting times are usually lengthy in the public sector which delays the availability of PET scan services. Moreover, claims can be denied if there is insufficient documentation and it the requirements are not. Thus, due to the varied and stringent reimbursement policies, the PET Scan Market does not expand to its full potential.

Competition from other Imaging Techniques: Traditional imaging methods such as SPECT, CT, and MRI scans present strong competition to PET scans. These established techniques are typically more affordable, which appeals more to patients. Moreover, their widespread availability and ease of access make them more favourable among healthcare providers. Consequently, the PET scan market encounters difficulties due to the prevalence and established nature of these older imaging technologies.

Regulatory Landscape and Reimbursement Scenario

The regulatory body for pharmaceuticals in Spain is the Spanish Agency of Medicines and Medical Devices (AEMPS, Agencia Española de Medicamentos y Productos Sanitarios) which operates under the Ministry of Health, Social Services, and Equality. AEMPS plays a critical role in safeguarding the public health in Spain by ensuring the efficacy, safety, and quality of pharmaceuticals, including both human and veterinary medications. For novel medications meant for the Spanish market, AEMPS evaluates applications and issues marketing authorizations. They also oversee the lifecycle of drugs that have previously received approval.

The pharmaceutical companies must submit a completed MAA (Marketing Authorization Application) which can be used for drugs meant for the Spain market (National Procedure) or for the drugs intended for commercialization throughout the European Union (EU) through the EMA (European Medicines Agency). Through the EMA, products can be authorized through the National Procedure, the Centralised Procedure (CP), Decentralised Procedure (DCP) or Mutual Recognition Procedure (MRP). In this case, AEMPS acts as a national competent authority (NCA) within the EMA framework. It then issues a final decision of either approval, conditional approval or refusal after conducting a review and evaluation of the MAA based on safety, efficacy, quality, and risk-benefit ratio. Even after entering the market, AEMPS and other stakeholders continue to monitor the drug’s safety profile through pharmacovigilance by gathering and examining adverse reaction data.

In Spain, the Ministry of Health (MOH) is the department of the central government responsible for approving reimbursement of medicinal products. When AEMPS grants final authorization for the packaging materials to be used in Spain, the process of pricing and reimbursement for a centrally approved pharmaceutical product starts. After AEMPS has given its approval for the product’s final packaging, it will document this decision and notify the MAH as well as the General Directorate for Pharmacy and Medical Devices, which is the body within the MOH competent to decide on reimbursement. The central government is the primary decision-maker in the reimbursement process. The MOH determines price and reimbursement after consulting with the ICPM and the General Directorate for Pharmacy and Medical Devices. The maximum amount that can be paid is determined by the ICPM after the General Directorate for Pharmacy and Medical Devices makes the initial decision about the product's reimbursement status.

Competitive Landscape

Key Players

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

• GE Healthcare
• Hitachi
• Siemens Healthineers
• Toshiba
• Canon Medical Systems
• Hermes Medical Solutions
• Philips Healthcare
• Mediso Medical Imaging Systems
• Shimadzu Corporation
• Neusoft Medical Systems