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.
Reportstack’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.
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%.
Complete report available @ CountryFocus: Healthcare, Regulatory and Reimbursement Landscape-Spain.
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.
“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.”
GlobalData 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%.
About Reportstack:
Reportstack is one of the leading distributors of market research reports in the world today. We host more than 200,000 research products from the world's top publication houses. These publications are distributed amongst 12 top industry verticals and 62 sub verticals, which are then further classified into 257 business categories and 5000 micro markets. The vast selection criterion provides granular data from the length and breadth of all these industries delivering Reportstack members with cutting edge research products to facilitate strategic business decisions.
Contact:
Debora White
Manager - Marketing
debora@reportstack.com
Ph: +1-888-789-6604
Reportstack Market Research
Manager - Marketing
debora@reportstack.com
Ph: +1-888-789-6604
Reportstack Market Research
No comments:
Post a Comment