Market Trends of Spain Neurology Devices Industry
This section covers the major market trends shaping the Spain Neurology Devices Market according to our research experts:
Stereotactic Systems Segment is Expected to Witness Growth over the Forecast Period
Stereotactic systems use three-dimensional coordination combined with an imaging technique, such as computed tomography (CT) scanning or magnetic resonance imaging (MRI), to accurately locate targets deep within the brain. It is commonly used during neurosurgery for neurological disorders like brain tumors, stroke, Parkinson's disease, Alzheimer's disease, epilepsy, and multiple sclerosis. The increasing prevalence of these diseases is escalating the demand for stereotactic systems.
Various healthcare organizations are collaborating and widely using stereotactic systems for the treatment of a variety of diseases, such as tumors and benign conditions in the brain, head, and neck. For instance, in August 2021, Mercurius Health launched the Institute of Advanced Radiosurgery at Viamed Virgen de la Paloma hospital. The Institute is likely to use the ZAP-X system, a device created for stereotactic radiosurgery (SRS) treatment in Spain. The use of stereotactic systems by healthcare institutions is projected to boost its demand in the country.
Additionally, technological advancements, product launches, approvals, and increased funding for research and development activities in the field of neurosurgery are anticipated to boost the segment's growth. For instance, in January 2021, NEOS Surgery, a medical technology company and CataloniaBio & HealthTech member, received a grant for USD 2.1 million (EUR 1.9 million) from the European program for funding innovative SMEs, the EIC Accelerator of the European Innovation Council (EIC). The funding was dedicated to neurosurgery to respond to an unmet medical need, lumbar disc herniation. Such technological advancements and funding for neurosurgery are projected to create opportunities for the segment's growth during the forecast period.
Increase in Research and Development Activities in the Field of Neurotherapies is Expected to Augment the Market's Growth over the Forecast Period
The rising research and development activities in the field of neuro therapies, along with government initiatives to create awareness about the various neurological diseases and their treatment options, are estimated to boost the utility of the devices in the country.
The government in Spain is adopting strategic initiatives to overcome the burden of neurodegenerative diseases in the country. The Spanish Ministry of Health, Consumption, and Social Welfare announced that it adopted the National Alzheimer's Plan 2019-2023. The plan includes key targets for improving dementia awareness, customized health and social care, services, support and benefits, and promotion of research, innovation, and knowledge. Such initiatives are expected to boost awareness about the diseases and treatment options, which is further anticipated to propel the neurology devices' utility in the country.
Some companies are expanding their regional market position by adopting various strategies, such as mergers and acquisitions, while scientists at various institutes are conducting research. For instance, in February 2021, researchers at the University of Barcelona, Spain, announced that they found mutations in laminB1, a protein that can be linked to Huntington's disease. The researchers stated that alterations in the levels of laminB1 contribute to the degeneration of different brain neuronal populations in Huntington's disease. This discovery may open potential treatment opportunities in the future, leading to the market's growth.
