As Per the Report, the Size of the Latin America Clinical Data Analytics Market is valued at USD 0.64 billion in 2022 and is estimated to be growing at a CAGR of 44.63%, reaching USD 4.03 billion by 2027 during the forecast period 2022 to 2027.
The market in Latin America is said to be steadily increasing due to increased healthcare spending and the increasing prevalence of chronic diseases, especially diabetes and cardiovascular disease. This promotes the adoption and growth of IoT solutions in the region, further increasing the adoption and development of the health analysis market in Latin America.
According to a recent report, Brazil has the sixth-largest GDP in the world and the fourth-largest population among the list of countries with a specific growth rate, considering people over the age of 60. Therefore, the people over the next 15 years indicate a huge there is a potential market for health analysis products, solutions, and services in the country.
In 2019, the disease profile of the Mexican population was another factor that prompted the adoption and introduction of telehealth and mobile health services. According to the International Trade Organization, over 90% of private health spending in the country occurs out of pocket, making long-term financial conditions for people dire in economic terms. In addition, non-communicable diseases, including cancer, diabetes, and heart disease, are common. Under the current scenario, telehealth and mobile health services can impact the diagnosis and monitoring of patients with these diseases.
Advanced analytics such as perspective and cognitive is a reality the world over. Still, the fact in Latin America leans toward simpler solutions such as descriptive and predictive analytics impacting market size in the short term. It is assumed that this situation will gradually change over the coming years. New technologies and business models will have an essential role in the Latin American clinical data analytics market, especially those related to the Internet of Things (IoT).
Analytics can offer insight into forecasting, monitoring, and examining data collected through efficient operating algorithms. Therefore, it is expected to improve related efficiency, for example, inventory management, sales, and continuous monitoring of devices; this is likely to lead to market growth.
However, the adoption of clinical data analytics is low for price-sensitive customers due to higher prices and subscription / licensing solutions. Only first-class hospitals have the capacity and the funding to use Big Data to deliver life skills effectively. Industry-leading health analysis solutions in facilities can cost over $ 2 million to implement and roughly the same for annual subscription/license rates. This makes it a challenge for hospitals to justify their spending on analytical solutions, at least in the short term, focusing on the application and updating of EHR systems. The impact of this is expected to hamper the market growth.
This research report on the Latin America Clinical Data Analytics Market has been segmented and sub-segmented into categories.
By Deployment Model:
By End User:
Geographically, the Latin American clinical data analytics market is predicted to reach a significant rate during the forecast period.
The Mexico clinical data analytics market is estimated to have a growth value. The Mexican government says the country's inability to control the rate of diabetes growth creates a significant economic burden throughout the healthcare system, and the IoT solution and services can benefit from monitoring and diagnosing.
The Brazil clinical data analytics market is expected to reach a decent CAGR over the period owing to the diagnosing patients with these chronic diseases, which further increases the growth of the health analysis market in the country.
KEY MARKET PLAYERS
Noteworthy Companies leading the Latin America Clinical Data Analytics Market Profiled in the Report are IBM, CareEvolution, Intersystems, Explorys, Cerner, Caradigm, Truven Health Analytics, Wellcentive, McKesson, Athenahealth.,
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