The size of the Latin America mHealth market is valued at USD 4.82 Billion in 2022 and is expected to reach USD 22.78 Billion by 2027, at a CAGR of 36.45% during the forecast period.
mHealth market, otherwise known as the mobile health market, uses mobiles and other devices for effective communication and provides user-friendly healthcare services. Patients or users can operate by sitting at home. The government also uses these mHealth services to educate people and create awareness of healthy lifestyles and early detection of diseases.
Key driving promoting the Latin America mobile market growth are the best quality healthcare, advancements in healthcare, developments in software and technologies, best hospitality and management, and increased population with more geriatric and adults. People these days are more concerned about a healthy lifestyle, fitness, and wellness. Hence, health trackers, e watches, and e pads with health tracker apps are more in demand. Alongside, Latin American countries are reported with the right amount of physicians, healthcare workers, labs, and clinic technicians providing the services. The government here also raises funds for the health care sector hence promoting health care, creating awareness about good health and early detection of diseases.
Along with market growth, some market restraints held back market growth. Although there is a progressive increase in Smartphone and internet usage, it is still difficult for people from remote areas who find difficulties in reaching out through mobile health care systems. Hence, they do not encourage the idea of mobile health in some back regions in Latin America. Another significant pullback for the mobile health market is data theft, creating significant issues for software, users, physicians, and healthcare providers. However, for the significant tests, one has to rush to doctors and clinics, whereas some tests from home can be taken for lipid, total sugar, and complete blood tests.
COVID 19 impact has affected many markets, mainly in healthcare and medicine as well on the mobile healthcare market. Talking about pros; due to lockdown and issues, people could not travel to avail health services and tests. Hence the apps created for these health care services online include various facilities such as Audio and video calls directly with physicians. There are features such as buy medicines online, which also provides door to door delivery. Due to COVID lockdown issues, loss of pay for physicians is seen. Also, there are few more cons due to COVID; the imports and exports of various health market materials financially affected many retailers and suppliers.
This research report on the Latin America mHealth Market has been segmented and sub-segmented into the following categories:
By Connected Devices:
Regionally, this region has a healthy CAGR, because of developing markets like Brazil. According to reports, the American population has the largest geriatric population and adults. Hence the usage of mobile healthcare systems sitting at home is also increased. While helping fitness freaks track their counts on exercises, these apps also monitor sleep and heart rate.
Argentina dominates the mobile health market among all Latin American regions. Argentina is the topmost region witnessing the most significant healthcare and infrastructure market in Latin America.
Key market participants in the Latin America mHealth Market profiled in the report are I health lab.inc, Philips healthcare, Cardionet.inc, QUALCOMM life, Samsung electronics co ltd, Medtronic.inc, Vodafone.
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