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.
