Latin America Telemedicine Market by Technology (Hardware, Software, Telecommunications), by Service (Remote Patient Monitoring, Store-and-Forward, Real-Time Interactive), by Applications (Tele-Cardiology, Tele-Pathology, Tele-Radiology, Tele-Dermatology, Tele-Neurology, Emergency Care, Home Health), by Delivery mode (Web-based, Cloud-based), by End User (Tele Hospitals, Tele Homes) and by Region - Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
The Latin America telemedicine market is estimated to grow from $1.13 billion in 2015 to $2.50 billion in 2020, with a compound annual growth rate (CAGR) of 17.23% over the next five years. Though it is a small sector in the healthcare market presently, it is one of the fastest growing sectors in the overall healthcare market.
The recent healthcare reforms have transformed the telemedicine market and have been influential in expanding the reach of such applications.
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The overall healthcare cost is rising due to the increase in the number of elderly patients who need maximum healthcare; Telemedicine helps in improving individual health with the assistance of electronic media.
With healthcare experts spread across the world, the teleconsultation–referrals–second opinion chain has increased significantly to various parts of the globe. Obstacles such as distance barriers and a shortage of healthcare professionals especially in this part of the world can be bypassed with the use of tele medicine.
Increasing population, growing number of chronic diseases, lack of strict guidelines for the practice and improving access to healthcare services are the primary drivers for the telemedicine market in Latin America. Shortage of doctors especially in this part of the world also serves as an opportunity for the growth of the telemedicine market.
non-existent reimbursement facilities and a lack of consumer awareness hinder the growth of the telemedicine market in this region.
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The Latin America market for telemedicine is segmented on the basis of Technology (Hardware, Software, Telecommunications), Service (Remote Patient Monitoring, Store-and-Forward, Real-Time Interactive), Applications (Tele-Cardiology, Tele-Pathology, Tele-Radiology, Tele-Dermatology, Tele-Neurology, Emergency Care, Home Health), Delivery mode (Web-based, Cloud-based) and End User (Tele Hospitals, Tele Homes).
Medical consultation services will keep on to be the most regularly used form of telemedicine used by physicians for escalating the outreach of their medical advice. The tele-monitoring segment will also enjoy an upward trend owing to the increasing diabetic and disabled population.
On the basis of geography, the Latin America Market is Analysed under Brazil, Mexico and Rest of Latin America. Brazil is expected to show high growth rate due to increasing population and rising incidence of chronic diseases.
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Telemedicine players are focused on improving their technology offerings in terms of hardware, network, and software (i.e., enabling technologies). Healthcare companies are estimating the return on investment (ROI) and clinical outcomes of the telemedicine technology.
Tier I players are estimating opportunities in telemedicine in the form of consolidation. Insurance companies are taking a realistic look at the ability of telemedicine to support e-healthcare and considerably improve the bottom line.
Some of the major companies operating in the Latin America telemedicine market in are Medtronic, Inc., McKesson Corp, AMD Global Telemedicine, GE Healthcare (U.K.), Aerotel Medical Systems, Honeywell Lifesciences, CISCO Systems, Inc., Philips healthcare, CardioComm, Cerner Corporation. Other players in the Latin America telemedicine market are 3M, Robert Bosch Healthcare, Apollo Hospitals (India), Neosoft (China), Polycom Corp., F. Hoffmann-La Roche Ltd., SnapMD (U.S.), InTouch Technologies, Inc., OBS Medical Ltd., Siemens Healthcare, LifeWatch AG, Agfa HealthCare NV, Biotelemetry, Inc., Allscripts Healthcare Solutions.
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