The Latin American telemedicine market is estimated to grow from USD 1.84 billion in 2022 to USD 4.08 billion by 2027, with a compound annual growth rate (CAGR) of 17.23% over the next five years. Though it is a small sector in the healthcare market presently, it is one of the fastest-growing sectors in the overall healthcare market. In addition, the recent healthcare reforms have transformed the telemedicine market and have been influential in expanding the reach of such applications.
The overall healthcare cost is rising due to the increase in the number of elderly patients who need maximum healthcare; Telemedicine helps in improving individual health with the assistance of electronic media. With healthcare experts spread worldwide, the teleconsultation–referrals–second opinion chain has increased significantly to various parts of the globe. Obstacles such as distance barriers and a shortage of healthcare professionals, especially in this part of the world, can be bypassed using telemedicine.
COVID-19 impact on this market:
The Pandemic has been forced to move towards social distancing worldwide. The economies have declared lockdown for an undefined time. So many people are switching to telemedicine facilities which reduce the chances of getting infected with the virus. A tremendously growing number of corona virus-positive cases and chronic respiratory diseases have increased the adoption of telemedicine services.
The increasing population, a growing number of chronic diseases, a lack of strict guidelines for the practice, and improving access to healthcare services are the primary drivers for the telemedicine market in Latin America. In addition, the shortage of doctors, especially in this part of the world, also serves as an opportunity for the growth of the telemedicine market. On the other hand, non-existent reimbursement facilities and a lack of consumer awareness hinder the development of the telemedicine market in this region.
This research report segmented and sub-segmented into the following categories:
By Delivery Mode:
In Brazil, the increasing population is one of the factors responsible for the growth of the telemedicine market. The growing incidences of chronic diseases and conditions are accelerating the market's demand. Good healthcare infrastructure needs to establish. Developing the telemedicine market has made healthcare facilities accessible and affordable to everyone. These factors are propelling the demand for the market. Creating awareness among people and advancements in information and communication technology day by day are accelerating demand for the market. Also, a shortage of surgeons, especially in this region, is a crucial factor in the demand in the telemedicine market.
There are enormous opportunities for the telemedicine market in Brazil due to growing government support. Therefore, Brazil is expected to show maximum growth in the future. The government has taken various initiatives to support the telemedicine market, and like in Brazil Telehealth Program is expected to level up the demand in the market.
In Mexico, people's preference for e-visit will reduce the timing gap between the diagnosis and further treatment, prompting the market demand in this part. In addition, the promising companies aim to launch innovative telemedicine devices, which is also a factor elevating the demand of the Mexico telemedicine market.
KEY MARKET PLAYERS:
Top companies leading the Latin America Telemedicine Market profiled in this report are AMD Global Telemedicine, CISCO Systems, Inc., Medtronic, Inc., GE Healthcare (U.K.), Honeywell Lifesciences, Philips healthcare, McKesson Corp, Aerotel Medical Systems, CardioComm, and Cerner Corporation.
Telemedicine players are focused on improving their technology offerings in terms of hardware, network, and software (i.e., enabling technologies). Healthcare companies estimate the return on investment (ROI) and clinical outcomes of telemedicine technology. Tier I players are assessing opportunities in telemedicine in the form of consolidation. Insurance companies are taking a realistic look at the ability of telemedicine to support e-healthcare and considerably improve the bottom line.
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