Chile Endoscopy Devices Market - Segmented by Product, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Chile endoscopy devices market is expected to register a CAGR of 6.5%, during the forecast period. Endoscope devices are minimally invasive and can be inserted into natural openings of the body to observe an internal organ or a tissue in detail. Endoscopic surgeries are performed for imaging procedures and minor surgeries.
Growing Preference for Minimally Invasive Techniques
Endoscopy allows both operations on more fragile patients, notably the elderly, and the treatment of more complex diseases, such as cancer. Other benefits of endoscopy include reduced post-operative pain and risks of complications, rapid healing, lighter anesthesia and a shorter period of hospital stay. Surgery, interventional radiology and advanced endoscopy have all developed minimally invasive techniques to effectively treat a variety of diseases to bring about positive impact on patients' post-operative outcomes. The growing awareness among the elderly population about minimally invasive procedures and the rising prevalence of chronic diseases worldwide boosts the demand in the Chile endoscopy devices market. Along with this other factors, such as increasing geriatric population high prevalence of diseases that require endoscopy for diagnosis and technological advancements will lead to the rapid growth of the market.
Unfavorable Reimbursement Policies in Chile
The workers are classified into different categories based on the contribution in the public sector, which means that there are workers who will pay for healthcare services and others who will not. In Chile the minimum monthly wage is around USD 407. The workers with an earning of less than this amount per month amount don’t pay for healthcare services. Whereas, in the private sector is a different scenario. Private healthcare insurance is referred to as ISAPRES. There exists a contract on the insurance, which is renewed on a yearly basis. In order to get a new contract, a healthcare declaration must be provided for all diseases. The insurance company has the choice to not include healthcare facilities for already diagnosed chronic diseases within the plan duration. The cost is dependent on the chosen benefits. Insurance plans have a certain limit on the services in which cases healthcare must be paid out of pocket. This lead to most of the population not opting for procedures, like endoscopy. This along with other factors like
Great Prospective Market for Foreign Manufacturers
FDA approved state-of-the-art medical technology shows bright market potential in Chile. Private hospitals receive foreign patients for treatment on a regular basis. Most of the private of these private hospitals have an agreement for the maintenance of high standards as a permanent goal. This makes the import climate in Chile favorable for foreign manufacturers. Also, there are no known barriers to FDA approved medical equipment, devices or diagnostic tests. This will act as an opportunity for the major manufacturers and if availed will lead to a rapid CAGR in this region.
Major players- BOSTON SCIENTIFIC CORPORATION, CONMED CORPORATION, COOK MEDICAL, COVIDIEN PLC, FUJIFILM HOLDING CORPORATION, HOYA CORPORATION, ETHICON ENDO-SURGERY (JOHNSON & JOHNSON), MEDTRONIC PLC, AND OLYMPUS CORPORATION, amongst others.
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