Global Chile Ultrasound Devices Market by Product Type (Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

The market for Chile's ultrasound devices was worth USD 189.2 millions in 2020. It is projected to grow at a compound annual rate of 2.3% between 2021 and 2028. This market growth can be attributed to increasing prostate cancer incidence and the use of advanced ultrasound devices for diagnosis and treatment. The market is also driven by the rising prevalence of lifestyle-related conditions, increasing demand for minimally invasive surgery, and technological advances in ultrasound imaging technology. According to the Global Cancer Observatory, prostatic cancer was number one among all cancers in Chile. In 2020, 8157 new cases of prostate cancer were reported.

Because of its affordability and ability to deliver images in a short turnaround time, Ultrasound is preferred to other diagnostic tools in health imaging. It is safer than other diagnostic tools because it doesn't involve the use of magnetic field or ionizing radiation. Although the ultrasonic medical device is widely used, it is most commonly used in radiology, cardiology and obstetrics. It can also be used for diagnostics and therapeutic purposes.

The technology is becoming more appealing to all parties due to advances in ultrasound imaging. New applications for 3D imaging, shear wave electrongraphy, advanced applications of ultrasound contrast, laparoscopic ultrasound, wireless transducers development, app-based ultrasound technology and fusion with CT/MR are just a few examples of the new innovations in ultrasound. Vscan Air is a new handheld ultrasound device that can be used wirelessly. It's about the same size as an iPhone and connects with a smartphone app to view the ultrasound images.

The recent COVID-19 pandemic has led to major changes in the healthcare sector. The most immediate impact has been on medical imaging markets. The COVID-19 treatment, monitoring, diagnosis, and treatment essential systems such as X-ray and CT are in high demand and receiving the funding they need. However, there are less prospects for medical imaging modities that are mid-range between essential and non-essential equipment like ultrasound. Although ultrasound systems are funded by the government's healthcare relief funds, they are at a lower level than other imaging equipment like digital X-rays or ventilators. Because of COVID-19's negative consequences, the prospects for the market in ultrasound are uncertain.

FONASA is Chile's government-run health insurance system that covers 78%. The government currently spends 8% of its GDP for healthcare. 2018 was expected to see the health market worth 404 million USD. The public health system covers approximately 80% of the population, while the remaining 20% (around 2.65 million) pay into private insurance. The health system in Chile is also under pressure due to a shortage of medical staff. According to 2016, there were 2.3 doctors for every 1000 people, which is less than the OECD average 4.9. The lack of qualified professionals in Chile will likely limit the market, as well as the high price of ultrasound devices.

Product Insights

In 2020, the diagnostic imaging ultrasound devices segment held more than 60% of the market. This segment can be further sub-segmented as 2D, 3D/4D and Doppler. Because of its popularity in radiology, obstetrics and oncology it is considered a standard ultrasound scanning. However, the 3D/4D ultrasound devices will grow at a faster rate due to the shorter time needed to perform fetal cardiac screening, diagnosis and improved detection of fetal anomalies, less dependence on operator skills and less dependence on them. 4D ultrasound technology is the 3D ultrasound in motion. The market is also expected to grow due to the increasing demand for technologically advanced products.

Over the forecasted time, the therapeutic ultrasound devices segment will see a CAGR exceeding 2.7%. This segment can be further sub-segmented to high-intensity focused ultrasound and extracorporeal shockedwave lithotripsy. The high-intensity focused ultrasound had the largest market share in 2020. It is expected to continue growing at a rapid pace because it is highly effective in treating a wide range of cancers. The second leading cause of death in Chile is cancer, and the segment is expected to expand.

Portability Insights

In 2020, the market for Chile's ultrasound devices was dominated by the cart/trolley-based segment. It accounted to 55.0% of the total revenue. The greatest advantage of cart/trolley-based ultrasound devices is their time-savings. This includes booting time, transfer and bedside positioning. By bringing the device to the patient's place, whether it be an ICU or an emergency department. Cart/trolley ultrasonics completely eliminates the need for patients to be transferred. It also speeds up diagnosis, prompt treatment decisions and administration which results in better patient recovery and satisfaction.

As the handheld devices market is expected to grow the fastest, there has been an increase in adoptions by ambulatory centers. The patient flow is high as these services are offered at a lower price than hospitals. This eliminates the need to transport patients to distant ultrasound imaging centers. The handheld device is easy to use and can be carried around by doctors.

Market Share Insights & Key Companies

The market is highly competitive due to the large number of manufacturers. Major companies have a variety of growth strategies to gain a substantial share of this market. These include product differentiation, new product development and financing. Philips and DiA Imaging Analysis announced a strategic alliance in March 2021. This alliance will improve diagnostic confidence, operational efficiency and access for point-of care patients in and outside of hospitals. The market leader in Chile for ultrasound devices is:

• Canon Medical Systems Corporation

• GE Healthcare

• Philips Healthcare

• Siemens Healthcare GmbH

• Hitachi Medical Corporation

• Samsung Medison

• Mindray Medical International Limited

Up Market Research published a new report titled “Chile Ultrasound Devices Market research report which is segmented by Product Type (Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices), By Players/Companies Samsung Medison, GE Healthcare, Siemens Healthcare GmbH, Mindray Medical International Limited, Hitachi Medical Corporation, Philips Healthcare, Canon Medical Systems Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Chile Ultrasound Devices Market Report Segments:

The market is segmented by Product Type (Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices).

Chile Ultrasound Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Chile Ultrasound Devices Market

Overview of the regional outlook of the Chile Ultrasound Devices Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Chile Ultrasound Devices Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Chile Ultrasound Devices Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Diagnostic Ultrasound Devices

                2. Therapeutic Ultrasound Devices

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Chile Ultrasound Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Chile Ultrasound Devices Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.