Market Size of Chile Neurology Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Chile Neurology Devices Market Analysis
The Chile neurology devices market is expected to register a CAGR of 4.2% during the forecasted period.
The COVID-19 pandemic significantly impacted neurology care in Chile during the early phase, which in turn impacted the usage of neurology devices as well. For instance, according to an article published by PubMed in April 2021, a study was conducted in a university hospital in Chile, which showed that at least 96 patients admitted due to COVID-19 had one or more neurological complications. Thus, the COVID-19 pandemic significantly impacted the market growth initially; however, as the pandemic has currently subsided, neurology care is going back to normal in the country. Hence, the studied market is expected to have proper growth during the forecast period of the study.
The key factors propelling the growth of the studied market are the increasing incidence of neurological disorders, the increasing R&D expenditure, and huge investments by private players in neurology devices.
The rising prevalence of neurological disorders such as Parkinson's disease, Alzheimer's disease, epilepsy, and brain diseases, among others, and the increasing research related to them, is the major factor driving the market growth. For instance, according to the data updated by ClinicalTrials.gov in April 2023, there are currently 2 active clinical trials of Parkinson's disease in Chile. Thus, the rise in research and development in Chile related to neurological disorders such as Parkinson's disease is expected to boost the market growth.
Moreover, according to an article published by the Office of the Assistant Secretary for Planning and Evaluation in December 2022, a harmonized cognitive assessment protocol (HCAP) project has been implemented in various countries for assessing cognitive functions and aging in Alzheimer's patients. Chile is included in the list of countries.
Thus, the aforementioned factors, such as the rising prevalence of neurological disorders and the increasing initiatives by various organizations, are expected to boost the market growth during the forecast period of the study. However, the high cost of equipment and stringent regulatory scenario are expected to impede market growth.
Chile Neurology Devices Industry Segmentation
As per the scope of the report, neurological devices are medical devices that help to diagnose, prevent, and treat a variety of neurological disorders and conditions, such as Alzheimer's disease, Parkinson's disease, major depression, and traumatic brain injury. The Chile neurology devices market is segmented by type of device (cerebrospinal fluid management device, interventional neurology device (interventional/surgical simulators, neuro thrombectomy devices, carotid artery stents, embolic coils, and support devices)), neurosurgery device (neuro endoscopes, stereotactic systems, aneurysm clips, and other neurosurgery devices), neurostimulation device (spinal cord stimulation devices, deep brain stimulation devices, sacral nerve stimulation devices, and other neurostimulation devices), and other types of devices). The report offers the value (in USD) for the above segments.
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| Other Types of Devices |
Chile Neurology Devices Market Size Summary
The Chile neurology devices market is poised for growth, driven by an increasing incidence of neurological disorders and substantial investments in research and development. The market experienced initial setbacks due to the COVID-19 pandemic, which affected neurology care and device usage. However, as the situation has stabilized, the market is expected to recover and expand. Key factors contributing to this growth include the rising prevalence of conditions such as Parkinson's disease, Alzheimer's disease, and epilepsy, alongside significant private sector investments in neurology devices. The implementation of initiatives like the harmonized cognitive assessment protocol in Chile further supports the market's positive trajectory. Despite challenges such as high equipment costs and stringent regulations, the market is anticipated to grow steadily over the forecast period.
The market is characterized by a moderate level of fragmentation, with numerous players engaged in developing advanced neuromodulation techniques and minimally invasive procedures. The sacral nerve stimulation devices segment is expected to see growth due to the increasing incidence of overactive bladder and bowel incontinence, as well as the rising geriatric population. Similarly, deep brain stimulation devices are anticipated to expand, driven by the prevalence of neurological disorders and the aging population. Key market participants, including B. Braun SE, Medtronic PLC, Abbott Laboratories, Nihon Kohden Corporation, and Stryker Corporation, are actively involved in research and clinical trials to enhance their offerings. These developments, coupled with rising healthcare expenditure, are expected to bolster the market's growth during the forecast period.
Chile Neurology Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidence of Neurological Disorders
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1.2.2 Increasing R&D and Huge Investments by Private Players in Neurology Devices
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1.3 Market Restraints
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1.3.1 High Cost of Equipment
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1.3.2 Stringent Regulatory Scenario
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Type of Device
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2.1.1 Cerebrospinal Fluid Management Devices
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2.1.2 Interventional Neurology Devices
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2.1.2.1 Interventional/Surgical Simulators
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2.1.2.2 Neurothrombectomy Devices
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2.1.2.3 Carotid Artery Stents
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2.1.2.4 Embolic Coils
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2.1.2.5 Support Devices
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2.1.3 Neurosurgery Devices
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2.1.3.1 Neuroendoscopes
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2.1.3.2 Stereotactic Systems
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2.1.3.3 Aneurysm Clips
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2.1.3.4 Other Neurosurgery Devices
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2.1.4 Neurostimulation Devices
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2.1.4.1 Spinal Cord Stimulation Devices
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2.1.4.2 Deep Brain Stimulation Devices
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2.1.4.3 Sacral Nerve Stimulation Devices
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2.1.4.4 Other Neurostimulation Devices
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2.1.5 Other Types of Devices
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Chile Neurology Devices Market Size FAQs
What is the current Chile Neurology Devices Market size?
The Chile Neurology Devices Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in Chile Neurology Devices Market?
Stryker Corporation, Medtronic PLC, Abbott Laboratories, Nihon Kohden Corporation and B. Braun SE are the major companies operating in the Chile Neurology Devices Market.
