Chile Minimally Invasive Surgical Instruments Industry Overview
The Chile minimally invasive surgical instruments market size was valued at USD 51.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028.
The market growth can be attributed to the improving healthcare infrastructure in the country, coupled with the easy access to the market. In addition, the rise in the geriatric population and technological advancements are some of the key factors driving the market. For instance, as per the Ministry of Foreign Affairs, by 2050, Chileans aged 60 and up will account for 32.9 percent of the population, an increase from 15.7 percent today, while those aged 80 and up will account for 10.3 percent.
Gather more insights about the market drivers, restrains and growth of the Chile Minimally Invasive Surgical Instruments Market
In recent years, minimally invasive surgery (MIS) has grown in popularity, offering significant advantages over standard surgical approaches for a variety of procedures. Key advantages of minimally invasive surgery include reduced pain, increased accuracy, decreased risk of complications, quicker recovery, shorter length of hospital stays, decreased risk of infection, lower incidence of post-surgery complications, decreased psychological impact, and overall improved quality of life. This rapid expansion has also been made possible by considerable advancements in medical technology.
Chile's government is engaged in investing in health infrastructure and in 2018, it revealed a USD 10 billion hospital infrastructure plan for the period 2018 - 2022. 75 new hospitals will be built in the near future, according to a Chilean government program. With the Chilean government investing a large sum of money in hospital construction in the future years, there will be a greater need for innovative medical technologies and supplies. 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 simply finding their way in. Therefore, improving health infrastructure and easy access to the market are expected to boost market growth. However, in October 2019, Chileans were outraged by the country's inequities between affluent and poor. Thus, inequality of healthcare access and longer waiting time for surgeries are likely to hamper the market growth in Chile.
The healthcare system has faced extraordinary challenges as a result of the COVID-19 pandemic. Despite the fact that the number of elective surgeries performed increased by one-fifth as a result of the lockdown, COVID-19-related health-care reorganizations increased elective surgery waiting times by up to one-third. Although returning to baseline, the extended wait times may increase mortality and necessitate more complex surgery in the near future.
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Chile Minimally Invasive Surgical Instruments Market Segmentation
Grand View Research has segmented the Chile minimally invasive surgical instruments market based on device and application:
Chile Minimally Invasive Surgical Instruments Device Outlook (Revenue, USD Million, 2016 - 2028)
- Handheld Instruments
- Inflation Devices
- Cutter Instruments
- Guiding Devices
- Electrosurgical Devices
- Auxiliary Devices
- Monitoring Visualization Devices
Chile Minimally Invasive Surgical Instruments Application Outlook (Revenue, USD Million, 2016 - 2028)
- Cardiac
- Gastrointestinal
- Orthopedic
- Vascular
- Gynecological
- Urological
- Thoracic
- Cosmetic
- Dental
- Others
Market Share Insights
- July 2021: Smith Nephew launched CORI, a surgeon-controlled handheld robotic platform for both total and unicompartmental knee arthroplasty.
- November 2020: Abbott launched its clip delivery system. The device is intended for use in the treatment of mitral regurgitation as a minimally invasive heart valve repair device. This device gives surgeons access to cutting-edge technology by providing a life-saving therapy option for those suffering from mitral regurgitation as a result of a heart defect or heart failure.
Key Companies profiled:
Some prominent players in Chile minimally invasive surgical instruments market include:
- Medtronic
- Stryker
- Smith Nephew
- Abbott
- CONMED
- Zimmer Biomet
- Intuitive Surgical, Inc.
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