The Latin American telemedicine market is estimated to grow from USD 1.84 billion in 2021 to USD 4.08 billion by 2026 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. 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 across the world, 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 with the use of telemedicine.
COVID-19 impact on this market
The Pandemic has forced to move towards social distancing worldwide. The economies have declared lockdown for an undefined time. So lots of people are switching to telemedicine facility which reduces the chances of getting infected with the virus. A tremendously growing number of corona virus-positive cases along with the chronic respiratory diseases have increased the adoption of telemedicine services.
Increasing population, a growing number of chronic diseases, lack of strict guidelines for the practice and improving access to healthcare services are the primary drivers for the telemedicine market in Latin America. The shortage of doctors especially in this part of the world also serves as an opportunity for the growth of the telemedicine market. Non-existent reimbursement facilities and a lack of consumer awareness hinder the growth of the telemedicine market in this region.
In Brazil, the increasing population is one of the factors responsible for the growth of telemedicine market. The growing incidences of chronic diseases and conditions are accelerating demand of the market. Good healthcare infrastructure needs to establish. Developing the telemedicine market have made healthcare facilities accessible and affordable to everyone. These factors are propelling the demand for the market. Creating awareness among people and advancement 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 for the demand of the telemedicine market.
There are huge opportunities for telemedicine market in Brazil by owing to growing support from the government. Brazil is expected to show maximum growth in future. Various initiatives have been taken by the government to support telemedicine market like Brazil Telehealth Program is expected to level up the demand of the market. Minimizing healthcare problems with the use of telemedicine is driving the demand of the market.
In this country, the preference of people to e-visit will reduce the timing gap between the diagnosis and further treatment is prompting the market demand in this part. The promising companies are aiming to launch the innovative telemedicine devices, which is also a factor elevating the demand of the Mexico telemedicine market.
This research report segmented and sub-segmented into the following categories:
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 are estimating the return on investment (ROI) and clinical outcomes of telemedicine technology. Tier I players are estimating 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.
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 By Technology
5.1.1.1 Hardware
5.1.1.2 Software
5.1.1.3 Telecommunications
5.1.2 By Service
5.1.2.1 Tele-Monitoring
5.1.2.2 Store-and-Forward
5.1.2.3 Real-Time Interactive
5.3 By Applications
5.3.1 Tele-Cardiology
5.3.2 Tele-Radiology
5.3.3 Tele-Pathology
5.3.4 Tele-Dermatology
5.3.5 Tele-Neurology
5.3.6 Emergency Care
5.3.7 Home Health
5.3.8 Others
5.4 By Delivery Mode
5.4.1 Web-based
5.4.2 Cloud-based
5.4.3 Others
5.5 By End User
5.5.1 Tele-Hospitals
5.5.2 Tele-Homes
6. Geographical Analysis
6.1 Introduction
6.2 Brazil
6.3 Mexico
6.4 Rest of Latin America
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 GE Healthcare
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 AMD Telemedicine
8.3 CISCO Systems, Inc.
8.4 Medtronic, Inc.
8.5 Honeywell Lifesciences
8.6 Aerotel Medical Systems
8.7 Philips healthcare
8.8 McKesson Corp
8.9 Cerner Corporation
8.10 CardioComm
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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