The Latin American IoT Healthcare market is forecasted to register at a CAGR of 21.13% from 2024 to 2029 and the regional market size is anticipated to be worth USD 24.82 billion by 2029 from USD 9.52 billion in 2024.
The growth of the IoT market in the Latin American region is primarily driven by increasing technological advancements and the increased penetration of the Internet. In addition, the demand for wearable technologies has increased exponentially due to the pandemic. In addition, the increased investment in the introduction of emerging innovations in healthcare facilities and the advent of network therapy are key factors in the growth of the market.
The wide adoption of electronic medical records (EHRs) has been the main driver of market growth. In addition, increased investment by large global IT companies in healthcare and increased healthcare spending are among the major drivers of the market. Additionally, the increasing geriatric population is creating a demand for remote monitoring and EHR applications.
However, with the outdated infrastructure that is holding back the digital growth of the medical industry, internet disruptions that target the robust performance of IoT devices are more likely to hamper the growth of IoT in the healthcare market. In addition, the high expenditure for IoT system adoption, data privacy concerns, lack of knowledge due to less awareness, and shortage of skilled workers in developing countries are the main factors that are expected to hamper the growth of IoT in the healthcare market in Latin America.
Additionally, increasing attack surfaces with an increase in IoT devices due to data security limitations, assimilation of multiple devices and protocols leading to overwork and data accuracy, and cost of technology call into question the growth of the IoT healthcare market in the years to come.
Impact of COVID-19 on the Latin American IoT Healthcare Market:
The recent COVID-19 outbreak has prompted IoT healthcare solution providers to quickly develop solutions to tackle the growing demand for high-quality services for virus protection. The rapid spread of COVID-19 has engulfed the entire healthcare ecosystem, from pharmaceutical companies, drug makers, and COVID-19 vaccine developers to health insurers and hospitals. Applications such as telemedicine, remote patient monitoring, interactive medicine, and hospital monitoring are expected to gain traction during this global crisis.
This research report on the Latin American IoT Healthcare market has been segmented into the following categories:
By Component:
By Application:
By End-User:
By Country:
Geographically, the Brazilian IoT healthcare market dominated the Latin American market in 2023, owing to growth attributed to the increasing adoption of IT solutions in healthcare, the presence of key companies, legislative initiatives such as the HITECH Act of 2009, and the availability of an IT infrastructure for sophisticated healthcare in this region. Brazil also accounted for the largest share of revenue in Latin America and is expected to maintain its dominance over the forecast period. Technological advancements and various government initiatives promoting the adoption of digital platforms in the life sciences industry are the key factors contributing to the highest revenue share. In addition, several initiatives are underway to develop e-health and clinical interoperability, which is also driving the market.
Argentina is expected to become the fastest-growing regional market. Improving healthcare IT infrastructure, increasing initiatives to promote connected healthcare services, and gradually increasing adoption of advanced technologies, such as smart wearable devices, are key engines of growth in the region. In addition, increased investment by pharmaceutical and medical device companies in this region is also expected to drive demand for IoT healthcare technologies.
Growing demand for IoT in other major Latin American countries such as Mexico, Columbia, and Ecuador is expected to show a huge base amid the COVID-19 outbreak. The COVID-19 epidemic has slowed down most economies, including Mexico, Peru, Chile, and western Latin America. However, technological advancements and digitization in regions such as Mexico and Columbia will maintain demand for IoT in sectors like healthcare and utilities. These factors are expected to impact the market during the forecast period positively.
KEY MARKET PLAYERS:
SAP SE, Koninklijke Philips N.V., CISCO Systems Inc., IBM Corporation, GE Healthcare, Microsoft, Qualcomm Life, Inc., Honeywell Life Care Solutions, Diabetizer Gmbh & Co. Kg, Proteus Digital Health, Adheretech Inc., Apple Inc. are a few of the prominent companies operating in the Latin American IoT Healthcare market.
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