Chile Ultrasound Devices Market Growth & Trends
The Chile ultrasound devices market size is expected to reach USD 192.3 million by 2028. The market is expected to expand at a CAGR of 2.3% from 2021 to 2028. The increasing prevalence of lifestyle-associated diseases and technological advancements are some of the major market players. Cancer affects a considerable portion of the Chilean population, with prostate cancer ranking 1 amongst others, the adoption of ultrasound devices in the diagnosis of cancer is expected to boost the market growth. Additionally, manufacturers are using new strategies that allow them to use their resources to help develop new products and improve their supply chain. For instance, In March 2021, GE Healthcare announced the launch of Vscan Air, new wireless, hand-held ultrasound device, it is about the size of an iPhone and connects to a smartphone app to read the ultrasound images.
The Chilean government is committed to investment in health infrastructure, and in 2018 President unveiled Chile’s 2018-2022 USD 10 billion hospital infrastructure plan. However, the health system in Chile is strained due to a lack of skilled medical staff. According to the ministry of foreign affairs, in 2016, there were 2.3 doctors per 1000 persons.
For medical devices and supplies, Chile is 95% reliant on imports. The medical device market in Chile is competitive, with numerous companies from around the world easily finding their way in. The rise in public hospital infrastructure will create an increased demand for ultrasound devices as the Chilean government will invest large sums in hospital construction in the future years.
Chile Ultrasound Devices Market Report Highlights
- The diagnostic imaging ultrasound segment dominated the market and accounted for the largest revenue share of more than 60.0% in 2020, as it has a wide range of applications in obstetrics, radiography, and oncology
- The therapeutic ultrasound devices segment is expected to grow at a significant rate during the forecast period
- The market is expected to grow as ultrasound techniques such as HIFU and ESWL are being adopted for various therapeutic treatments
- The diagnostic imaging ultrasound device segment is predicted to be driven by rising demand for improved diagnostic devices such as miniaturized 2D and 3D/4D
- The cart/trolley based devices segment dominated the market and accounted for the largest revenue share of 55.0% in 2020
- To get a competitive advantage over competitors, leading market manufacturers are investing in Chile