The size of the Latin American healthcare IT integration market is predicted to register a healthy CAGR from 2024 to 2029.
Integrated health systems have implemented ways to improve levels of patient care and make informed clinical decisions. Patients can now monitor their own health with wearable devices and mobile apps, resulting in better access to cost-effective healthcare solutions. Healthcare facilities can be better equipped with integrated healthcare systems to provide more efficient patient care.
Thanks to advances in these sensors and ICTs, the healthcare sector now has a dynamic collection of patient data to drive diagnosis and preventive care and measure the likely outcomes of preventive treatment. Another key factor in the growth of the Latin America healthcare IT (HCIT) integration market is integrating the healthcare industry with information technology and the application of IoT (Internet of Things) to reduce the cost and comprehensive medical care. Government organizations have supported and taken initiatives to increase the size of the healthcare integration market. In addition, the exchange of clinical patient data between hospitals and their partners provides solutions to complex interoperability challenges and further supports market growth.
Integrating IT for health care, such as vending machines for drugs in hospitals, helps improve their efficiency. These integrated devices are also used to control the cold storage of drugs in warehouses and well-funded pharmacies with storage spaces. In addition, Healthcare IT integration patient monitoring applications include IoT-enabled sensors embedded in healthcare equipment that monitor patient condition during and after surgery or treatment. These sensors also allow remote monitoring of patients. Hence, the growing demand for healthcare IT integration is primarily driving the Latin American healthcare IT integration market.
Lack of adequate funds is a major problem, as it does offer a concrete platform for healthcare IT professionals to create databases and software tools. Hence, the lack of resources and lucrative offerings has made healthcare IT less attractive to trained IT professionals and limited the growth of the healthcare IT integration market as a whole. In addition, the other factors, such as the high cost of maintenance and security and lack of interoperability between different IT products, are also restraining the market growth.
Impact of COVID-19 on the Latin American healthcare IT integration market:
The covid-19 pandemic has caused disruption in healthcare sectors across the world. In addition, the rapid spread of coronavirus disease around the world has resulted in a shortage of healthcare workers. This has driven the demand for integrated healthcare computing devices for vital signs monitoring. Hence, the healthcare IT integration market is expected to grow 12-15% by the end of Q4 2020.
This research report on the Latin American healthcare IT integration market has been segmented and sub-segmented into the following categories:
By Product:
By Service:
By End-User:
By Country:
Geographically, the Latin American healthcare IT integration market is expected to experience the fastest growth during the forecast period due to the increased investment in the development of healthcare infrastructure, the emerging trend towards the digitization of patient records, the accelerated economic growth of many countries in the region, the growing need to control patient records, high costs of medical care and a significant increase in the number of patients and population suffering from chronic and infectious diseases.
The responsible organization of care (COA) and value-based payment models are fueling the trend towards mergers, partnerships, and pay-provider joint ventures, to address the fragmentation of healthcare delivery, focus on patient-centered care, and promote coordination of care, thereby aligning goals and incentives between payers, providers, and patients. For example, in 2018, CVS Health finalized its acquisition of Aetna to transform the consumer health experience and build healthier communities by delivering local, easier-to-use, less expensive care and putting consumers at the forefront. This move towards value-based reimbursement benefits all three stakeholders in the Latin American healthcare industry, including the patient, healthcare providers, and payers. Value-based reimbursement encourages health care providers to provide the best care at the lowest cost; in turn, patients receive better quality care at a better price.
KEY MARKET PLAYERS:
GE Healthcare, Allscripts Healthcare Solutions Inc., MEDITECH, Cerner Corporation, IBM Corporation, Oracle Corporation, Corepoint Health, Orion Health, Capsule Technologies Inc., Infor, NextGen Healthcare Inc., and Koninklijke Philips are some of the noteworthy players in the Latin American healthcare IT integration market.
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