Latin America CDSS Market

Latin America CDSS Market Size (2023 to 2028)

The size of the Latin American clinical decision support systems market is forecasted to be growing at a CAGR of 8.9% from 2023 to 2028.

Medication error is an unintentional failure in the drug treatment process that can harm the health of patients. Errors in prescribing, dispensing, storing, preparing, and administering drugs are the most common preventable causes of adverse events and represent a significant burden on public health. Rapid advancements in biotechnology and bioinformatics drive improvements and optimizations in platforms for data storage, management, and analysis. As a result, the Latin American CDSS market is expected to witness many innovations after R&D projects supported by large corporate investments.

Adequate care is ensured when patients and healthcare providers have access to complete and accurate electronic medical records (EHRs) that provide a complete history of a patient's illness. Such records can improve diagnoses, prevent errors, save time, and even reduce patient wait times. To achieve quality care, the successful implementation and use of CDSS and its complementary systems are mandatory for hospitals and physicians, accelerating their adoption worldwide. The aforementioned factors are expected to drive market growth during the forecast period.

However, the high investment needs for implementing CDSS and the lack of interoperability and data security issues, such as public cloud, face the same security issues as traditional IT systems and are therefore not preferred. Furthermore, although private clouds offer more protocols and access systems, the healthcare industry is unsure of their effectiveness. The aforementioned factors are predicted to negatively impact the Latin American CDSS market during the forecast period.

Impact of COVID-19 on the Latin American CDSS market:

Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities worldwide have been overwhelmed by the large number of patients who visit them daily. The emergence of this pandemic has led to the demand for precise diagnostic and treatment devices in several countries worldwide. In this regard, clinical decision support systems have proven to be very useful, enabling healthcare providers to monitor patients using non-invasive digitally connected devices such as blood pressure monitors and pulse oximeters at home. In addition, the rapid spread of this disease around the world has resulted in a shortage of hospital beds and health workers. This has stimulated the demand for connected medical devices for monitoring vital signs.

The COVID-19 pandemic has also increased the need for social distancing between physicians and patients, driving the demand for remote patient monitoring and telehealth solutions and the need for accurate and rapid exchange of patient medical records. . Several players in this market have introduced features associated with COVID-19 into their existing EHRs, which are available free to users.

Due to the increasing volume of patients, the demand for EMR and EHR platforms to manage complex patient data has increased. As a result, hospitals are increasingly focusing on building their capacity by integrating various hospital systems into the EHR.

This market research report on the Latin American CDSS market has been segmented and sub-segmented into the following categories.

By Component:

• Hardware
• Software
• Services

By Delivery Mode:

• Cloud-based
• On-premise

By Product:

• Standalone CDSS
• Integrated CDSS

By Type:

• Therapeutic CDSS
• Diagnostic CDSS

By Model:

• Knowledge-based CDSS
• Non-Knowledge-based CDSS

By User Interactivity:

• Active CDSS
• Passive CDSS

By Application:

• Conventional CDSS
• Advanced CDSS

By Setting:

• Inpatient Settings
• Ambulatory Care Settings

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

During the forecast period, the Brazilian CDSS market is expected to dominate the Latin American CDSS market due to the growing demand for healthcare IT solutions in the medical sector is expected to drive the regional market. In addition, rapid technological advances and the growing emphasis on quality health services contribute to the region's growth.

In recent years, the emergence of collaborations between CDSS providers and hospitals has increased significantly. U.S. companies are involved in partnerships to develop and deliver technological developments with the latest information. In addition, government recognition and initiatives to encourage CDSS and DSE systems are expected to increase demand further.

On the other hand, countries such as Mexico, Argentina, Chile, Uruguay, and western Latin America are expected to experience slow growth rates due to a lack of investment in health sectors.

KEY MARKET PLAYERS:

A few notable companies operating in the Latin American CDSS market profiled in this report are Siemens Healthcare, Allscripts Healthcare Solutions, Inc., Cerner Corp., Epic Systems Corp., IBM Corp., and InterSystems Koninklijke Philips N.V., Nuance Communications, Inc., and Oracle Corp.