Spain’s Pharmaceutical Market Declining While Medical Devices Sector Grows by 2020; Finds New Report

Austerity measures implemented by the Spanish government have negated the effect of key drivers behind the country’s pharmaceutical market, resulting in a contracting market between 2008 and 2020, according to new report.

However, the company’s latest report states that factors, such as an aging population and free healthcare service, will help drive an overall expansion of the country’s healthcare market over the next six years.

According to Publisher, Spain’s medical devices space was worth approximately $7.1 billion in 2008 and increased to around $8.5 billion in 2013, at a Compound Annual Growth Rate (CAGR) of 3.4%. It is expected to reach $12 billion by 2020, representing a CAGR of 5%.

The in vitro diagnostics and diabetic care device segments were the largest contributors to Spain’s medical device market in 2013. Other major segments included orthopedic, cardiovascular and ophthalmic devices.

Publisher’s Director of Healthcare Industry Dynamics, says: “Spain’s medical devices sector is benefiting significantly from the increase in electronic health services and a strong MedTech industry. However, new drug pricing policies and the promotion of generics as a cost-containment tool are severely limiting the country’s pharmaceutical market growth.

“The government’s new policies, introduced in 2011 and 2012, require drug manufacturers to price their products lower than the reference price, and it is now mandatory for pharmacists to dispense the cheapest available drugs to patients, further impacting pharmaceutical market value.”

Publisher states that due to these strict regulations to contain costs by 2020, the Association Européenne des Spécialités Pharmaceutiques Grand Public (AESGP) reported a decline in Spain’s pharmaceutical market revenues, from $29 billion in 2008 to $24 billion in 2013, at a negative CAGR of 3.7%.

The market’s value is expected to decrease even further to $22.6 billion by the end of the forecast period, representing a negative CAGR of 0.9%.

CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Spain report provides information on the healthcare, regulatory, and reimbursement landscape in Spain. It includes an overview of the pharmaceutical and medical device markets, comprising market size, segmentation, and key drivers and barriers, as well as an evaluation of the opportunities for and challenges to growth.

This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by Publisher’s team of industry experts.

For further information on this report, please visit- http://mrr.cm/4f2

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