Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Latin America Electronic Health Records Market, The Latin America Electronic Health Records Market is projected to grow at a CAGR of around 8.12% during the forecast period, i.e., 2022-27. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Latin America Electronic Health Records Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

• Forecast Period: 2022-2027
• CAGR (2022-2027): 8.12%

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Latin America Electronic Health Records Market Segmentation Breakdown:

The Latin America Electronic Health Records Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Deployment

• On-premise
• Cloud

By Function

• Patient Management
• E-prescription
• Schedule Appointments
• Bill Payment
• Others (Referral Management, etc.)

Of them all, Patient Management held a significant share in the Latin America Electronic Health Records market during the historical period, owing to the growing number of patients with diseases such as cardiovascular diseases, obesity, diabetes, etc., in the countries like Mexico, Brazil, etc.

By End Users

• Hospitals
• Clinics
• Specialty Centres
• Labs

Among them, hospitals & clinics witnessed a significant growth rate during the historical period. Some crucial factors responsible for market growth are the increasing adoption of HER systems in hospitals & clinics with the growing government support for the digitalization of hospitals.

Geographical Growth Insights:

By Country

• Mexico
• Brazil
• Argentina
• Colombia
• Chile
• Rest of Latin America

Of all the regions, Mexico attained the highest market share in the Latin America Electronic Health Record market during 2017-21.

Key Drivers: The Growing Government Support to Digitalize Healthcare Units

The government support for upgrading electronic health record services has increased via continuous investment for its expansion & digitalization of the healthcare industry. The framing of guidelines for the computerization of health records, application of 5G, cloud expansion, and others have also driven the demand for EHR in the region. Furthermore, digitization has been the initial development towards the modernization of the record system as a result of a resolution by the Federal Council of Medicine (CFM) in Brazil.

Moreover, the EHR system helps the government in making health strategies & policies related to chronic diseases or pandemics for the citizens. Besides, electronic digitization has replaced obsolete paper notes to provide security & safety to patient data. Thus, the government of countries such as Brazil, Chile, Argentina, and others has been investing extensively for improvement in the Electronic health record system to provide more security & accessibility. For instance:

In 2020, the Government of Brazil invested more than USD432 million for the computerization of around 15,000 health teams that are serving primary healthcare (PHC) services. The investment would support the implementation of electronic medical records in health centers, facilitating the follow-up of patients seeking care in these services.

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A Comprehensive Analysis of Leading Companies in Latin America Electronic Health Records Market

• Mural Med
• Allscripts Healthcare Solutions Inc.
• GE Healthcare
• Cerner Corporation
• Epic Systems Corporation
• Greenway Health
• McKesson Corporation
• Modernizing Medicine
• NextGen Healthcare
• AdvancedMD
• CureMD

Possible Restraint: High Cost & Lack of Affordable Systems in the Market

With the increasing use of EHR systems in clinical labs & administration applications, various EHR factors are responsible for hindering the market growth. Factors such as the lack of an affordable EHR system pose a prominent challenge to the Latin America Electronic Health Records Market. In addition, the lack of system availability especially in the countries such as Peru, Argentina, and Chile, is creating distress in the market for the adoption of the EHR system.

Furthermore, one of the major factors restraining the market growth is the high implementation and maintenance costs of EHR systems resulting in declining market growth. Therefore, the countries are facing difficulties in the adoption of electronic health records due to their high price. Hence, the shortage of EHR systems and high costs lead to hampering the market growth.

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