Chile Ultrasound Devices Industry Overview

The Chile ultrasound devices market size was valued at USD 189.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 2.3% from 2021 to 2028.

The growth of the market can be attributed to the increasing prevalence of prostate cancer coupled with the adoption of advanced ultrasound devices for diagnostic imaging and treatment. In addition, the increasing prevalence of lifestyle-associated conditions, rising demand for minimally invasive surgeries, and technological advancements in ultrasound imaging technology are some of the key factors driving the market. For instance, as per the Global Cancer Observatory, prostate cancer ranked number 1 amongst all other cancers in Chile, there were about 8157 new prostate cancer cases registered in 2020.

Ultrasound is preferred over other diagnostic tools in medical imaging due to the advantages such as affordability and the ability to provide images at the shortest turnaround time. In addition, it is safe than the other methods, since it does not involve the use of ionizing radiation and magnetic field. The ultrasonic medical device has a wide range of applications, but it is significantly used in three primary clinical specialties: radiology, cardiology, and obstetrics, it can be used for both therapeutic purposes as well as diagnostics purposes.

Gather more insights about the market drivers, restrains and growth of the Chile Ultrasound Devices Market

Advancements in ultrasound imaging are making the technology appear more attractive to all stakeholders. Advanced applications in 3D imaging, newer applications of ultrasound contrast, shear wave electrography, development of wireless transducers, app-based ultrasound technology, fusion with CT/MR, and laparoscopic ultrasound are a few of the emerging innovations in ultrasound that are expected to boost the market for the years ahead. 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 recent outbreak of the COVID-19 pandemic has pushed the major healthcare sectors into uncharted territories. One of the most direct effects has been on the medical imaging market. COVID-19 diagnosis, monitoring, and treatment essential systems like X-ray, CT, and HRCT are in extremely high demand and are receiving the funding they require, However, the prospects for medical imaging modalities that fall midway between essential and non-essential equipment, such as ultrasound, are far less certain. Ultrasound systems are being funded by government healthcare relief funds, but at a far lower level than other imaging equipment such as digital X-rays and ventilators. The prospect of the ultrasound market is particularly uncertain, as government involvement is unlikely to totally minimize COVID-19's negative effects.

Chilean government-run healthcare insurance system, FONASA, covers 78% of the population. Currently, the government spends about 8% of its GDP on healthcare. The health market was predicted to be worth 404 million dollars in 2018. Around 80% of the population is covered by public insurance, with the other 20% (around 2.6 million people) paying into the private insurance system. Chile, on the other hand, has a medical staff shortage, which puts a strain on the health system. According to 2016 data, there were 2.3 doctors per 1000 population, which is lower than the OECD average of 4.9. Thus, the lack of skilled professionals in Chile is likely to hamper the market coupled with the high cost of ultrasound devices.

Browse through Grand View Research's Medical Devices Industry Research Reports.

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Chile Ultrasound Devices Market Segmentation

Grand View Research has segmented the Chile ultrasound devices market based on product and portability:

• Chile Ultrasound Devices Product Outlook (Revenue, USD Million, 2016 - 2028)

• Therapeutic Ultrasound Devices
• High-intensity Focused Ultrasound
• Extracorporeal Shockwave Lithotripsy
• Diagnostic Imaging Ultrasound Devices
• 2D
• 3D/4D
• Doppler

• Chile Ultrasound Devices Portability Outlook (Revenue, USD Million, 2016 - 2028)

• Handheld Devices
• Cart/Trolley Based Devices

Market Share Insights

• March 2021: Philips and DiA Imaging Analysis have announced a strategic alliance aimed at improving diagnostic confidence, operational efficiency, and access to care for point-of-care patients in and out of hospitals.
• 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.

Key Companies profiled:

Some of the prominent players in the Chile ultrasound devices market include:

• Canon Medical Systems Corporation
• GE Healthcare
• Philips Healthcare
• Siemens Healthcare GmbH
• Hitachi Medical Corporation
• Samsung Medison
• Mindray Medical International Limited

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