Chile Neurology Devices Market Report and Forecast 2024-2032

Chile Neurology Devices Market Outlook

The Chile neurology devices market size was approximately USD 42.61 million in 2023. The market is assessed to grow at a CAGR of 2.80% between 2024 and 2032, reaching a value of USD 53 million by 2032.

Key Takeaways

• Chile was the 75th largest exporter of medical instruments in the world in 2022, with exports totalling $14.9M.

• The integration of artificial intelligence into neurology devices is on the rise, improving their functionalities. Artificial intelligence driven devices can aid in customised treatment strategies, precise diagnosis, and forecasting patient prognoses.

• Chile is poised to be the inaugural nation worldwide to enact legislation on neurotechnologies and incorporate "brain rights" into its constitution.

The healthcare sector in Chile has been experiencing a significant growth, which is a key driver of the market for neurology devices. The increasing prevalence of neurological disorders worldwide is boosting the demand for proper treatments and diagnostic procedures, consequently driving the neurology devices demand. The rise in the elderly population and the growing cases of neurovascular conditions, like stroke, among seniors are further fuelling the demand for these treatments.

Furthermore, continuous advancements in neurology devices and the high demand for minimally invasive surgeries are also major factors contributing to the Chile neurology devices market growth. Other factors, such as substantial investments by global medical device manufacturers, increasing healthcare spending, and extensive research and development in neurotherapy, are also playing a role in driving the market.

According to the Chile neurology devices market analysis, cerebrospinal fluid management devices hold a substantial share of the market. These devices have been specifically designed to offer a secure and device-based alternative for the treatment of debilitating and life-threatening diseases that involve contaminants in the cerebrospinal fluid. The presence of blood in the spinal fluid poses a significant challenge for patients with aneurysmal Subarachnoid Hemorrhage (aSAH), which is a severe neurological condition that occurs following the rupture of a cerebral aneurysm. The existence of blood in the spinal fluid increases the risk of complications such as edema, delayed neurological deficits, hydrocephalus, and stroke. Failure to remove the blood from the central nervous system significantly elevates the risk of stroke by 3.7 times and the likelihood of requiring endovascular procedures by 2.6 times for aSAH patients. It has been demonstrated that the removal of blood through cerebrospinal fluid management devices yields beneficial outcomes.

Moreover, cutting- edge technologies like artificial intelligence (AI) are revolutionising the field of neurology by seamlessly integrating into various devices, enhancing their functionalities, and ultimately improving patient outcomes. With the ability to analyse vast amounts of data and learn from patterns, artificial intelligence powered neurology devices are transforming the way neurological disorders are diagnosed, treated, and monitored.

Market Segmentation

Chile Neurology Devices Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Type

• Cerebrospinal Fluid Management Devices

• Interventional Neurology Devices
  • Interventional/Surgical Simulators
  • Neurothrombectomy Devices
  • Carotid Artery Stents
  • Embolic Coils
  • Support Devices

• Neurosurgery Devices
  • Neuroendoscopes
  • Stereotactic Systems
  • Aneurysm Clips
  • Others

• Neurostimulation Devices
  • Spinal Cord Stimulation Devices
  • Deep Brain Stimulation Devices
  • Sacral Nerve Stimulation Devices
  • Others 

• Others

Market Breakup by End-Use

• Hospitals

• Ambulatory Surgery Centres

• Others

Competitive Landscape

Market participants are progressively directing their attention towards the integration of cutting-edge technologies like artificial intelligence and machine learning into neurology devices to attain a competitive advantage.

• B. Braun Melsungen SE

• Stryker Corporation

• Medtronic Plc

• Abbott Laboratories

• Nihon Kohden Corporation

• Integra Lifesciences Corporation

• Boston Scientific Corporation

• Koninklijke Philips N.V.

• PMT Corporation

• MicroPort Scientific Corporation

• Others

Key Highlights of the Report