Latin America Smart Hospital Market to reach USD 155.7 billion by 2031 from USD 30.04 billion in 2022, at a CAGR of 23.1% during the forecast period

Key Companies Covered in the Latin America Smart Hospital Market Research are Allscripts, Medtronic, Honeywell Life Care Solutions, GE Healthcare, SAP, Qualcomm Life, Cerner Corporation, Philips, and Stanley Healthcare. and other key market players.

The global Latin America Smart Hospital Market size is projected to reach USD 155.7 billion by 2031 from USD 30.04 billion in 2022, at a CAGR of 23.1% during the forecast period. Kenneth Research has evaluated the current market opportunities in Latin America Smart Hospital Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.

Rise in prevalence of diseases across the globe and adoption of artificial intelligence, electronic health records, Internet of Things, and other technically advanced solutions boost the development of well-equipped smart hospitals across the world.

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Latin America smart hospital market (2018-2023)

In Latin America, due to adoption of technologies the market is expected to grow. With the help of partnerships with other industry players, the market is expected to grow. Internet and smartphone usage rates have grown much to accept the disruption of the digital medical services. According to Netscribes, the Latin America smart hospital market is expected to have a significant compound annual growth rate (CAGR) of 15.40% and reach a market size of USD 0.80 Bn by 2023.
Wearable devices, mobile health (mHealth) apps and wireless connectivity have already entered the market and hence it is easier for the companies to enter the market in Latin America to introduce smart hospital advancements. The features that the region have accepted at the greatest extent right now are mHealth and electronic health record. The region is also slowly implementing remote patient monitoring, outpatient vigilance and other offerings of the smart hospital.

The Latin American smart hospital market is bifurcated on the basis of product (smart pills, mHealth, telemedicine, electronic health record and others), application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance) and artificial intelligence (AI) (offering and technology). The technologies used are AI, cloud computing, radio frequencies identification, wearable technologies, zigbee technologies, the Internet of Things (IoT) and others. This region includes Argentina, Brazil and Mexico as majorly contributing countries.

Key growth factors

The Latin America are currently focusing on mHealth because of mobile popularity in most of the countries of this region. Government initiatives in the healthcare sector, specifically for smart hospitals are boosting the service providers in the region. Awareness about digital health technologies is driving the demand for wearable health apps and digital therapeutic solutions. Investments in digital healthcare along with the entrance of several digital healthcare startups in the Latin American region are enhancing the smart hospital market.

Threats and key players

In Latin America, about 30% of the population do not have access to healthcare due to poor economic conditions. There is also a lack of adequate resources in the healthcare industry in the region and only a few countries in the region meet international standards of physicians per inhabitants or hospital beds available per inhabitants’ ratio. These hamper the growth of the market.
The major players in the smart hospital market are Microsoft, GE Healthcare, Qualcomm Life, Honeywell Life Care Solutions, Allscripts, CitiusTech Inc., Infor, Athenahealth, PhysIQ, AdhereTech, Epic, GlucoVista, STANLEY Healthcare, Cerner Corporation, McKesson, etc.

What’s covered in the report?

1. Overview of the Latin American smart hospital market.
2. Historical, current and forecasted market size data for smart pills, mHealth, telemedicine, electronic health record and others.
3. Historical, current and forecasted market size data for remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance.
4. Historical, current and forecasted market size data for offering and technology.
5. Historical, current and forecasted country-wise (Argentina, Brazil and Mexico) market size data for Argentina, Brazil and Mexico smart hospital market segmentations by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance) and by AI (offering and technology).Market trends in the Latin American smart hospital market.
6. Qualitative analysis of the key drivers and challenges affecting the Latin American smart hospital market and its segments (by product – smart pills, mHealth, telemedicine, electronic health record, others, by application – remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, medical assistance, by artificial intelligence – offering, technology).
7. Analysis of the competitive landscape and profiles of major players operating in the market.

Why buy?

1. Get a broad understanding of the Latin American smart hospital market.
2. Get country-specific market size and observations for the Latin American smart hospital market and its segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance) and by AI (offering and technology).
3. Get specific trends, drivers and challenges for the Latin American smart hospital market and its segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance) and by AI (offering and technology).
4. Recognize major competitors’ business and market dynamics, and respond accordingly

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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Latin America Smart Hospital Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Playes
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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