Medical Technology

The projected revenue in the Medical Technology market market in Chile is estimated to reach US$2.88bn in 2024.
Among the markets, Medical Devices is expected to be the largest, with a projected market volume of US$2.43bn in the same year.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.27%, leading to a market volume of US$3.72bn by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue, amounting to US$211.10bn in 2024.
Chile's medical technology market is rapidly growing, with an emphasis on innovative telemedicine solutions to improve healthcare access in remote areas.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Chile is experiencing significant growth and development. Customer preferences in the Medical Technology market in Chile are shifting towards more advanced and innovative products. Chilean consumers are becoming more aware of the benefits of medical technology and are seeking out products that offer improved accuracy, efficiency, and convenience. They are also increasingly interested in wearable devices and mobile health applications that allow them to monitor their own health and wellness. Additionally, there is a growing demand for telemedicine solutions, as patients in remote areas seek access to healthcare services. One of the key trends in the Medical Technology market in Chile is the increasing adoption of digital health solutions. Chile has a well-developed healthcare system and the government has been actively promoting the use of technology to improve healthcare delivery. As a result, healthcare providers in Chile are investing in electronic medical records systems, telemedicine platforms, and other digital health solutions. This trend is driven by the desire to improve patient care, increase efficiency, and reduce healthcare costs. Another trend in the market is the growing focus on preventive healthcare. Chile has a rapidly aging population and there is a growing awareness of the importance of early detection and prevention of diseases. As a result, there is an increasing demand for medical devices and technologies that can help in the early diagnosis and monitoring of diseases. This includes devices for screening and monitoring conditions such as diabetes, cardiovascular diseases, and cancer. Local special circumstances in Chile also contribute to the development of the Medical Technology market. Chile has a stable political and economic environment, which provides a conducive business environment for medical technology companies. Additionally, the country has a well-established healthcare infrastructure and a high level of healthcare expenditure, which supports the adoption of new medical technologies. Furthermore, Chile has a relatively small population compared to other countries in the region, which allows for easier market penetration and testing of new products. Underlying macroeconomic factors also play a role in the development of the Medical Technology market in Chile. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and healthcare spending. The government has also implemented policies to promote innovation and entrepreneurship, which has attracted investment in the medical technology sector. Additionally, Chile has a strong research and development ecosystem, with several universities and research institutes conducting cutting-edge research in the field of medical technology. In conclusion, the Medical Technology market in Chile is experiencing growth and development due to shifting customer preferences, increasing adoption of digital health solutions, a focus on preventive healthcare, local special circumstances, and underlying macroeconomic factors.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.