The Latin American smart hospitals market is forecasted to grow at a remarkable CAGR of 25.07% from 2023 to 2028. As a result, the market size is expected to grow from USD 5.25 billion in 2023 to USD 16.07 billion by 2028.
The increasing need for smart hospitals, growing digitalization in the hospital sector, and increasing patient pool fighting life-threatening diseases propel the smart hospitals market in Latin America. The transformation of hospitals towards becoming technologically well-equipped is picking up pace in the Latin American region. In addition, the growing number of people suffering from various chronic conditions promotes the need for better healthcare infrastructure in hospitals. Patients must undergo correct diagnosis to conclude from the medical analysis for better treatment. The manufacturers of medical devices are using technological advancements such as AI, machine learning, sensors and Internet of Things, and artificial intelligence to make them more accurate in their treatment procedures and offer better healthcare. The adoption of such devices is increasing in hospitals, making the hospitals move towards being smart in action and offering the required healthcare.
Software usage in the hospital sector is growing significantly, which is expected to favor the Latin American smart hospital market during the forecast period. For instance, the adoption of EHR is increasing in the Latin American region. More and more hospitals in Latin America are now employing technological developments to improve healthcare delivery and patient outcome. Furthermore, growing R&D efforts, favorable reimbursement policies, rising awareness regarding the availability of advanced medical devices in hospitals, and increasing product approvals are accelerating the growth rate of the smart hospitals market in Latin America.
However, high costs associated with the devices being used in smart hospitals are one of the significant factors limiting the adoption and restraining the market growth. In addition, the lack of skilled professionals is another major factor in the market's slowdown. Operating with innovative technology use education where uneducated people cannot operate the software and devices.
This research report on the Latin America smart hospitals market has been segmented and sub-segmented into the following categories.
By Component:
By Application:
By Technology:
By Connectivity:
By Country:
Latin America captured a moderate share of the global market in 2022. However, the smart hospitals market in this region is anticipated to grow steadily during the forecast period owing to the growing adoption, increasing patient population, and initiatives from the Latin American governments.
The market for smart hospitals in Brazil is expected to grow at a steady CAGR during the forecast period. Factors such as YOY growth in the aging population, growing incidence of chronic diseases, and increasing need for more efficient and high-quality healthcare propel the smart hospitals market in Brazil. In Brazil, human-robot start-ups have increased for healthcare, driving the market forward. Start-ups have started manufacturing different types of robots to reduce the manual errors made by humans. These robots help with surgeries and software maintenance. Increasing awareness programs about the facilities in the smart hospital also increase the demand for the smart hospital in the region.
KEY MARKET PLAYERS:
Companies such as Medtronic, Philips, Microsoft, GE Healthcare, Qualcomm, SAP, Stanley Healthcare, Cerner Corporation, McKesson, and Siemens are expected to play a significant role in the Latin American smart hospitals market.
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