The size of the Latin America Digital therapeutics market is estimated to be growing at a healthy CAGR during the forecast period.
Growing demand for digital therapies across the Latin American countries, due to the growing adoption of smartphones and tablets alongside healthcare apps, the increase in chronic disease cases, and the growing need to manage healthcare costs are expected to drive the Latin American digital therapeutics market. In addition, great growth opportunities in undiscovered markets are expected to offer new growth avenues for manufacturers operating in the digital therapeutics market in the Latin American region.
In addition, factors such as an increase in cases of chronic diseases in Latin American countries and increasing technological developments are also contributing to the market's growth. With increasing awareness of end-users due to the adoption of various digital devices and solutions, the demand for digital therapies is expected to accelerate the market growth in the coming years. People are expected to maintain this bias towards the digital health space, which will drive demand for personalized, more attractive, and accessible medical solutions. In addition, consumers are increasingly using smartphones and the internet, which are also important factors contributing to the market's growth.
The lack of awareness of digital therapeutics acts as a major constraint to the growth of the market. Furthermore, the arrival of other products at lower prices, concerns about the confidentiality of patient data, the resistance of traditional health providers, and the poor health facilities in some underdeveloped regions of Latin America will not allow the market to grow favorably.
Impact of COVID-19 on the Latin American Digital Therapeutics Market:
The arrival of the COVID-19 pandemic can be described as a turning point for the health sector. Frontline health workers have been involved in the management of COVID-19 patients. Still, patients with other health conditions, especially chronic health conditions, have experienced difficulty as their clinic visits have been postponed or avoided. At the same time, given that the results of COVID-19 in patients with co-morbidities, especially obesity, heart complications, and diabetes, are worse than those without, these patients have been urged to be more vigilant. Furthermore, the pandemic has also brought its fair share of mental health disorders, including depression, anxiety, and withdrawal. Their management was difficult due to the lack of in-person visits. These interconnected events have prompted healthcare providers to seek digital healthcare solutions to address the current healthcare crisis.
The research report Latin America digital therapeutics market has been segmented and sub-segmented into the following categories.
By Sales Channel:
Geographically, the Latin American digital therapeutics market had retained a substantial market share in 2020 globally and is expected to grow at a steady rate during the forecast period. Factors such as the increasing prevalence of chronic diseases and government initiatives to support technological advancements in digital therapies drive market growth.
In Latin America, the Brazilian digital therapeutics market is one of the most significant regional markets and is expected to account for the most significant share during the forecast period. The favorable reimbursement structure of digital therapy solutions and increasing investments are among the key drivers accelerating the Brazilian market. And, as a result, around 69% of the total Brazilian population has access to digital health services. In addition, wearable devices and healthcare apps haven't completely replaced drugs, but they have partially reduced the need for drugs.
Brazil, followed by Mexico, Argentina, Colombia, Peru, Ecuador, and Chile, where ongoing reforms are seen to address the lack of adequate infrastructure and maintain sustainable growth through financial inclusion, will boost the digital therapy market in this region.
KEY MARKET PLAYERS:
Companies such as 2Morrow, Inc., Pear Therapeutics, Inc., Fitbit, Inc. (Twine Health, Inc.), Proteus Digital Health, Inc., Livongo Health, Inc., Resmed, Inc. (Propeller Health), Voluntis, Inc., Omada Health, Inc. and Welldoc, Inc., and Medtronic Plc are playing a prominent role in the Latin American digital therapeutics market.
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