Medical Technology

The Medical Technology market market in Spain is set to achieve a projected revenue of US$10.56bn in 2024.
Among the various markets, Medical Devices emerge as the largest, with an estimated market volume of US$8.77bn in the same year.
The sector is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of 4.43%, leading to a market volume of US$13.11bn by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$211.10bn in 2024.
Spain's medical technology market is thriving, with a strong focus on innovative solutions for healthcare providers and a growing emphasis on telemedicine.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Spain is experiencing significant growth due to several factors. Customer preferences for advanced medical devices and treatments, as well as the increasing demand for healthcare services, are driving the expansion of the market. Additionally, local special circumstances, such as an aging population and government initiatives to promote healthcare innovation, are further contributing to the development of the Medical Technology sector in Spain. Customer preferences in Spain are shifting towards advanced medical devices and treatments. Patients are seeking innovative solutions that can provide more accurate diagnoses, less invasive procedures, and faster recovery times. This has led to an increased demand for medical technologies such as robotic surgery systems, minimally invasive devices, and advanced imaging equipment. Additionally, patients are becoming more informed about their healthcare options and are actively seeking out the latest advancements in medical technology. The market is also being driven by the growing demand for healthcare services in Spain. The country has an aging population, with a significant proportion of its citizens being over the age of 65. This demographic trend has resulted in an increased need for medical devices and treatments to address age-related health issues. Furthermore, the prevalence of chronic diseases, such as cardiovascular diseases and diabetes, is also contributing to the demand for medical technology in Spain. Local special circumstances in Spain are playing a significant role in the development of the Medical Technology market. The country's aging population has created a need for innovative healthcare solutions that can improve the quality of life for older adults. Additionally, the Spanish government has been actively promoting healthcare innovation through various initiatives and policies. This includes investment in research and development, as well as the establishment of collaboration networks between healthcare providers, research institutions, and medical technology companies. These efforts are aimed at fostering the development and adoption of advanced medical technologies in Spain. Underlying macroeconomic factors are also driving the growth of the Medical Technology market in Spain. The country has a strong healthcare system and a high level of healthcare expenditure, which provides a favorable environment for the development and adoption of medical technologies. Furthermore, Spain is part of the European Union, which allows for the free movement of goods and services within the region. This facilitates the import and export of medical devices, enabling Spanish companies to access a larger market and international medical technology companies to enter the Spanish market. In conclusion, the Medical Technology market in Spain is experiencing growth due to customer preferences for advanced medical devices and treatments, the increasing demand for healthcare services, local special circumstances such as an aging population and government initiatives, and underlying macroeconomic factors. These factors are driving the development and adoption of innovative medical technologies in Spain, creating opportunities for both domestic and international companies in the market.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.