SPAIN MEDICAL DEVICES MARKET

INTRODUCTION

The United States Food and Drug Administration has designated the regulatory category known as "medical device class" (MDC) as its own (FDA). Before and after they are commercially available, medical devices are subject to FDA regulation.

The class of a medical device identifies the measures that have been implemented to limit risk and ensure that patients, physicians, and manufacturers can use the equipment in a safe and effective manner. Devices with the lowest danger are classified as Class I, while those with the highest risk are classified as Class III.

Class I Medical Devices: These products are of a straightforward design and represent little to no risk of illness or injury to users or patients. Oxygen masks, medical gloves, and tongue depressors are a few examples of the gadgets in this area.

Medical devices classified as Class II have a more complicated design and little chance of causing patients or operators harm or disease. Wheelchairs, X-ray machines, and cardiac monitors are a few examples of the equipment in this category.

Class III medical devices are those with a complex design that support or maintain human life. Devices in this category have the potential to cause serious damage. Heart valves, pacemakers that are implanted, and brain simulators are some examples of the devices in this category.

The FDA mandates that Class III devices be created with a delicate balance between user-friendliness and robust cybersecurity measures.

SPAIN MEDICAL DEVICES MARKET SIZE AND FORECAST

The Spain Medical Devices marketaccounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.

MARKET DYNAMICS

"BD's new plant in Zaragoza will produce drug delivery devices, primarily for pharmaceutical firms that supply the European market with drugs in pre-fillable syringes such as vaccines and other biologic drugs," BD Pharmaceutical Systems.

The high-tech manufacturing facility will be built in Zaragoza, located in the Aragon region of Spain, for an estimated $200 million. The new facility also continues BD's commitment to Spain, where it began operations more than 40 years ago and currently has three production units situated in San Agustn de Guadalix, Fraga, and Almaraz.

This new plant will also add essential capacity to support significant immunisation campaigns.

In order to make its Lenire tinnitus treatment device available in Spain, Irish medical device business Neuromod Devices Ltd., which specialises in the treatment of tinnitus, has entered into a distribution deal with TRUSBIN.

Clinical experiments have demonstrated that the bimodal neuromodulation device Lenire can lessen tinnitus symptoms. A complex neurological disorder called tinnitus, also known as "ringing in the ears," causes the perception of sound without an external source. It is estimated that 10-15% of adults worldwide are affected.

The multidisciplinary team at TRUSBIN has the appropriate expertise and a licence from Neuromod to dispense Lenire in Spain. Lenire will initially be offered in Barcelona, with intentions to increase the device's accessibility.

OPPORTUNITY IN SPAIN MEDICAL DEVICES MARKET

Spain is a key market for medical products, with a population of over 47 million and the fourth-largest economy in the EU. Every Spaniard has access to complete medical care. The majority of medical equipment and supplies are currently purchased by public healthcare facilities, which make up roughly 70% of the healthcare industry. These organizations comprise, among others, public hospitals, health facilities, and research institutes.  

There is fierce competition from local businesses as well as from the most well-known foreign suppliers, including several American brands that are well-known in the Spanish market. One of the main cornerstones of the NGEU budget, where Spain is one of the top two recipients, is the upgrading of the healthcare system. Medtech efforts like the C18.I1 sector can hold a notable place inside that pillar.

Due to Spain's lack of manufacturing capacity to meet that demand, Swiss and other highly developed medtech companies stand to benefit greatly from this situation. Demand for orthopedics, prosthetics, patient aids, home care, hospice items, etc. will increase in the future due to the aging population and the incidence of chronic diseases.

The rising interest in minimally invasive technologies, particularly in the fields of cardiology and robotics, will be driven by the continued decline in treatment costs. Reputable e-health technologies will continue to be in demand.

COVID IMPACT  ON SPAIN MEDICAL DEVICES MARKET

At the start of COVID-19 in 2020, Spain had still not entirely recovered from the devastating effects of the 2007–2013 economic crisis.In Spain, the Covid-19 pandemic restricted access to healthcare, which resulted in a buildup of medical operations (particularly surgery) that were delayed.

Iberdrola has completed a €22.1 million initial purchase of necessary medical goods in China. These products will be provided to the government once they arrive in Spain. The first contract calls for spending €11.6 million to buy 400 cutting-edge breathing apparatuses. The Ministry of Health will receive the Aeonmed VG70 (Intrusive Oxygen Ventilator) model for distribution.

The second agreement resulted in the acquisition of 2.5 million FFP2 (KN95) masks. Iberdrola will also contribute 20,000 sets of splash guards, 20,000 pairs of goggles, 50 ORICARE V8800 acute care respirators, 50,000 FFP2 (KN95) masks, and another 50,000 FFP3 masks.

Spain has a serious issue with outdated technology, according to the nation's healthcare technology organization, FENIN. It's anticipated that some of the EU relief money will go toward beginning the equipment's renovation

Spain will get million euros from the European Commission to help the country recover from the effects of the virus. Amounts are set aside for a variety of specialized healthcare initiatives, including the hire of additional medical personnel and the purchase of medical equipment, as well as for non-healthcare areas that aim to advance digital transformation. This will contribute to the post-Covid transformation of the Spanish healthcare system.

Given the necessity for stronger public-private collaboration, particularly in light of the burden put on the system by COVID, the private healthcare sector's influence continues to grow.

COMPANY PROFILE

• Philips
• Stryker
• Siemens Healthineers
• Becton Dickinson & Company
• Cardinal Health

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. What is the average cost per  Spain Medical Devices market right now and how will it change in next 5-6 years? 
2. Average cost to set up a  Medical Devices market inSpain?
3. How many Spain Medical Devices market are manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally? 
5. Cost breakup of a  Spain Medical Devices market and key vendor selection criteria
6. Where is the Spain Medical Devices market manufactured? What is the average margin per equipment?
7. Market share of Spain Medical Devices market manufacturers and their upcoming products
8. The most important planned  Spain Medical Devices market in next 2 years
9. Details on network of major Spain Medical Devices market and pricing plans
10. Cost advantage for OEMs who manufacture Spain Medical Devices market in-house
11. 5 key predictions for next 5 years in Title Name
12. Average B-2-B Spain Medical Devices marketprice in all segments
13. Latest trends in Title Name, by every market segment
14. The market size (both volume and value) of Spain Medical Devices marketin 2022-2027 and every year in between?
15. Global production breakup of Title Name, by suppliers and their OEM relationship