Spain Radiology Service Market Analysis

Spain Radiology Service Market Executive Summary

The Spain Radiology Service market is at around $77.2 Mn in 2023 and is projected to reach $189.6 Mn in 2030, exhibiting a CAGR of 13.7% during the forecast period.

Radiology, also known as diagnostic imaging, is a branch of medicine that uses imaging technology to diagnose, characterize, monitor, and treat diseases. Some of the most common imaging techniques include X-ray, MRI, ultrasound, CT scan and PET scan. Radiology is important as every sector within the healthcare field relies on radiology, including surgery, paediatrics, obstetrics, oncology, emergency medicine, to name a few. Radiology is a broader term composed of diagnostic radiology, interventional radiology, and therapeutic radiology which use radiant energy to diagnose and treat the diseases. Diagnostic radiology involves visualization of the various images of the body for evaluating symptoms, screening of illnesses, and diagnosis of diseases. Diagnostic radiology is usually non-invasive and performed without any incisions or surgical interventions. Interventional radiology is basically image-guided surgery and is used as a part of the medical treatment process. The various procedures under interventional radiology include angiography, angioplasty, embolization, gastrostomy, stent placement, catheter placement, and many more. It is often used to help treat cancer, lymphatic diseases, and vascular abnormalities. Therapeutic radiology is also referred to as radiation oncology or radiation therapy which involves treatment of cancer and other diseases using radiation.

Chronic diseases are a major concern for the French healthcare system, impacting both public health and economic well-being and eventually leading to morbidity and mortality. The Spain Radiology Service Market is thus driven by significant factors such as the increasing burden of chronic diseases, rising demand for non-invasive procedures, and aging population. However, quality assurance and regulatory compliance, risk of radiation, and automation challenges restrict the growth and potential of the market.

The major players of the Spain Radiology Service Market are Centro Medico Teknon, Hospital Universitari Sagrat Cor, University Clinic of Navarra, Quirónsalud Marbella Hospital, HM Monteprincipe, and Hospital General de Catalunya, among others.

Market Dynamics

Market Growth Drivers

Increasing Burden of Chronic Diseases 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. For instance, 10.3% of the population was suffering from diabetes as of 2021, according to the World Bank. Also, according to 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. The statement supports the rising number of cancer cases which increases the demand for radiology services. The scanning procedures in radiology are valuable for staging the cancer because it provides valuable information about the severity and spread of the cancer which is important for planning the treatment course. Thus, rising prevalence of chronic diseases acts as a market growth driver.

Rising Demand for Non-Invasive Procedures: Because invasive treatments produce less pain and discomfort, patients generally favour them. The majority of non-invasive methods used in diagnostic radiography do not involve any incisions or surgery, which promotes greater patient adherence. More importantly, compared to invasive treatments, non-invasive techniques provide a decreased risk of consequences. The market is expanding due to the rising demand for less invasive procedures.

Aging Population: As of January 2023, the population of individuals aged 65 and older was 9.68 Mn in Spain. Radiology offers essential diagnostic tools for addressing the healthcare needs of the older individuals. The various imaging techniques such as CT scan and MRI scan provide detailed images of the internal structures in the body, aiding in the detection and diagnosis of various medical conditions.

Market Restraints

Quality Assurance and Regulatory Compliance: Adhering to stringent regulatory standards and maintaining high-quality assurance protocols requires significant financial and administrative resources. Compliance with these regulations necessitates regular audits, certifications, and updates to equipment and practices, which can be costly and time-consuming. These requirements can limit the ability of smaller providers to enter or expand within the market, and slow down the adoption of new technologies and practices, ultimately restraining market growth.

Radiation Risk: Although radiography is very helpful in helping doctors diagnose patients, the medical imaging scans require a low amount of radiation. Radiation exposure requirements vary depending on the type of diagnostic exam. However, with more scanning sessions in the future, there is a chance of developing cancer and tissue damage. Thus, radiation exposure from different imaging modalities negatively affects market expansion.

Automation Challenges: Despite significant technological advancements in radiology, managing, analyzing, and storing the vast amounts of data generated remains a challenge. Automation offers potential solutions, but the automatic analysis of medical images necessitates various image processing techniques like feature extraction, segmentation, and pre-processing tasks such as noise removal, image enhancement, and edge detection. Automating these medical image processing techniques is difficult due to the complex and variable nature of medical images, presenting a challenge. Thus, with advanced technological, automation challenges also impact the market growth.

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 Radiology Service Market:

• Centro Medico Teknon
• Hospital Universitari Sagrat Cor
• University Clinic of Navarra
• Quirónsalud Marbella Hospital
• HM Monteprincipe
• Hospital General de Catalunya
• Nirsa Pardo de Aravaca Hospital
• Hospital Ruber
• Hospital Universitario de la Paz
• Hospital Clinic de Barcelona