The key factors propelling the growth of the Spanish in-vitro diagnostics market is the high prevalence of chronic diseases, increasing use of point-of-care (POC) diagnostics, and advanced technologies.
- The increasing burden of chronic and infectious diseases and the rapidly evolving healthcare environment are expected to drive the in-vitro diagnostics market in Spain. They account for the majority of hospital admissions and prescriptions filling. They are also a major reason for physician visits. These diseases account for the vast majority of healthcare spending. Hence, the high prevalence of chronic diseases in the country is the primary factor responsible for the growth of the IVD market in Spain.
- Owing to the ease of use and ability to provide instant results, combined with ease of procurement, the use of POC diagnostics in Spain is increasing rapidly, and this, in turn, is promoting the growth of the IVD market in the country. POC technologies form an influential driver for the market. In addition, rapid advancements in technology and increasing adoption toward novel technologies are the other factors contributing to the growth of the IVD market in the country.
Key Market Trends
The Molecular Diagnostics Segment is Expected to Grow at Good Rate Over the Forecast Period
Molecular diagnostic devices are used to analyze biological markers in the genome and proteome to detect pathogens or mutations. On the basis of technology used, molecular diagnostic devices can be segmented into chips and microarrays, mass spectroscopy, next-generation sequencing (NGS), polymerase chain reaction (PCR)-based methods, cytogenetics, and molecular imaging. Factors, such as large outbreaks of bacterial and viral epidemics, increasing diseased population, and rapidly evolving technology in molecular diagnostics, are driving the growth. For instance, the outbreak of coronavirus, which has become a pandemic in a short period of time, has demanded high pressure of positive results from molecular diagnostics companies and laboratories, which is boosting the segment.
The companies are found focusing on increasing technological advancements in order to address customer needs, like fully automated systems that save manual processes and consumables. Manual processes also provide fast and accurate results. In addition, all the major IVD companies have launched new products for strengthening their diagnostic capabilities.
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