GVR Report cover Chile Ultrasound Devices Market Size, Share & Trends Report

Chile Ultrasound Devices Market Size, Share & Trends Analysis Report By Product Type (Therapeutic Ultrasound Devices, Diagnostic Ultrasound Devices), By Portability, And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-538-0
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 50

Report 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.

Chile ultrasound devices market size, by product, 2018 - 2028 (USD Million)

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.

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.

Product Insights

The diagnostic imaging ultrasound devices segment accounted for the largest market share of more than 60.0% in 2020. The segment is further sub-segmented into 2D, 3D/4D, and Doppler. It is a traditional ultrasound scanning, because of its widespread use in obstetrics, radiology, and oncology, whereas the 3D/4D ultrasound devices are expected to grow at the fastest rate owing to the short time required to complete fetal cardiac screening and diagnosis, improved detection of fetal abnormalities and less dependence on the operator’s skills in identifying fetal abnormalities. The 3D ultrasound in motion is 4D ultrasound technology. In addition, the growing demand for adopting technologically advanced products is expected to boost the market growth.

The therapeutic ultrasound devices segment is anticipated to witness a CAGR of over 2.7% over the forecasted period. The segment is further sub-segmented into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. In which the high-intensity focused ultrasound held the largest market share in 2020 and is further expected to grow at a lucrative rate since it is highly effective to treat a variety of cancers and other related disorders. Cancer is the second greatest cause of death in Chile, which is expected to grow the segment further.

Portability Insights

The cart/trolley-based devices segment dominated the Chile ultrasound devices market and accounted for the largest revenue share of 55.0% in 2020. The biggest advantage of cart/trolley ultrasound device lies in time-saving which include booting time, transfer, and bedside positioning, by bringing the device to the patient's location, whether it's an Intensive Care Unit (ICU) or an emergency department, cart/trolley ultrasounds fully eliminate the difficulty of transferring vulnerable patients. Furthermore, it helps in speedy diagnosis, taking prompt treatment decisions, and administration, resulting in improved patient recovery and satisfaction.

Chile ultrasound devices market share, by portability, 2020 (%)

The handheld devices segment is anticipated to witness the fastest growth over the forecast period, since there is an increase in the number of adoptions of handheld devices by ambulatory centers and home healthcare, and the patient flow is at a high level as the services are provided in a lower cost as compared to hospitals. Also, this eliminates the need for patients to travel to a distant ultrasound imaging center since the handheld device is very convenient to carry it makes it possible for doctors to examine patients in the ease of patients’ homes.

Key Companies & Market Share Insights

With a significant number of manufacturers, the market is highly competitive. In order to acquire a significant share of the market, major companies are implementing various growth methods such as product differentiation approaches, new product development, financing, and international strategy. For instance, In 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. 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

Chile Ultrasound Devices Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 163.5 million

Revenue forecast in 2028

USD 192.3 million

Growth rate

CAGR of 2.3% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, portability

Key companies profiled

Canon Medical Systems Corporation; GE Healthcare;  Koninklijke Philips N.V.; Siemens Healthcare GmbH;  Hitachi Medical;  Samsung Medison;  Mindray Medical International Limited

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the Chile ultrasound devices market report on the basis of product and portability:

  • 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

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

    • Handheld Devices

    • Cart/Trolley Based Devices

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