Chile Radiotherapy Industry Overview
The Chile radiotherapy market size was valued at USD 21.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028.
The market growth can be attributed to the increase in the prevalence of cancer coupled with the growing adoption of radiotherapy. In addition, technological advancements in radiotherapy, and rising healthcare expenditure are some of the key factors responsible for the lucrative growth of the radiotherapy market. According to International Agency for Research on Cancer, in 2020, an estimated 54,227 newly diagnosed cancer cases were reported in Chile.
Aging is the most common factor that increases the risk of cancer. According to a study, around 60% of the cases were found in people with 65 or older age group. Among the preventable cases, smoking and obesity were found to be the leading cause in Chile in 2018 that is responsible for 18.3% and 8.7% of the cancer cases.
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Certain factors, such as alcohol consumption, improper diet, and lack of exercise, also cause cancer. According to BMC Cancer, around 30% of all the cases and 36% of the deaths were attributed to lifestyle risk factors in the region and 15,097 cases are preventable if a healthy lifestyle was adopted. This is expected to lead to an increase in cancer incidence, which will, in turn, drive the market.
The government of Chile is increasing the healthcare expenditure to bridge the infrastructure gaps and to promote the healthy living of the population. According to OECD data, the total healthcare expenditure as a percent of GDP increased from 8.9% in 2018 to 9.1% in 2019.
The government introduced the National Cancer Plan that aims at increasing the survival of patients from 40% to 60% by the end of 2028. The strategy ensures that everyone has access to high-quality services and receives prompt and fair service by taking necessary measures. The National Oncology Network, especially facilities and equipment, ensures that all patients in Chile have access to high-quality, timely treatment, with comprehensive care given to the majority of people in their area. By 2028, the Chilean government intends to spend USD 27.72 million a year on oncology equipment and facilities. Thus, a rise in healthcare expenditure is expected to drive market growth.
Chile has sufficient radiation oncologists but lacks in equipment required to meet the current radiotherapy demand as per international standards. According to an article, 15 out of 42 LINACS in the country have been operational for more than 10 years and require replacement.
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Market Share Insights
- March 2018: Elekta AB entered into research collaboration with Universidad de La Frontera (UFRO) for the development of innovative equipment for radiation therapy treatments.
Key Companies profiled:
Some of the prominent players in the Chile radiotherapy market include:
- Varian Medical Systems, Inc.
- Elekta AB
- Accuray Incorporated
- Becton, Dickinson and Company
- Isoray Medical
- NTP Radioisotopes SOC Ltd.
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