Latin America Telehealth Market by Component [Services {Real-time, Remote Monitoring} Hardware {Peripheral Devices, Monitor} Software {Cloud, On-premise}] Application {Radiology, Cardiology, Psychiatry} End User {Providers, Patients} - Forecast to 2030

The Latin America Telehealth Market is projected to reach $33.55 billion by 2030, at a CAGR of 17.7% from 2024 to 2030. Telehealth refers to the use of information and communication technology to provide access to health assessment, diagnosis, intervention, consultation, supervision, and information remotely. Telehealth lowers avoidable hospitalizations and waiting lists for medical treatment, making it economically efficient for people. Telehealth enables long-distance interaction, care, guidance, reminders, education, intervention, monitoring, and remote admissions between patients and physicians.

Videoconferencing, transmission of still images, e-health, including patient portals, remote monitoring of vital signs, continuing medical education, and nursing call centers are all considered part of telehealth and telemedicine. Telehealth benefits both primary and specialty care providers, allowing them to expand their reach and treat patients everywhere there is an Internet connection. Telehealth has become even more important since the onset of the coronavirus (COVID-19) pandemic. Fears of spreading the virus and contracting it during in-person medical appointments sparked interest in using telehealth to deliver and receive health care.

The growth of the Latin America telehealth market is mainly attributed to the increasing geriatric population, technological advancements in the telehealth sector, growing implementation of telehealth programs, increasing utilization of digital health solutions in telehealth, rising demand for homecare-based medical treatment, and high prevalence of chronic disorders such as cancer, arthritis, cardiovascular diseases. However, the limited access to telehealth programs in rural areas is restraining the growth of this market. Furthermore, the development of telerobots, the availability of specialists offering teleconsultations, and improved healthcare access in rural and underserved areas are expected to offer better growth opportunities for market expansion. However, privacy and security issues with patient data are the major challenges in this industry.

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Increasing Utilization of Digital Health Solutions in Telehealth Driving the Growth of the Latin America Telehealth Market

The rising utilization of digital health solutions had a significant impact on the healthcare system in Brazil and the rest of Latin America. These digital solutions include telemedicine, remote patient monitoring, and health apps. Telemedicine was designed as a tool to treat patients who lived in remote areas, far away from local health facilities, or in areas where there is a shortage of medical professionals. While telemedicine is still employed to address these issues today, it is increasingly being viewed as a tool for providing convenient medical treatment.

Several countries in Latin America, including Brazil, Mexico, and Chile, have implemented telemedicine programs in various areas of health care such as primary and specialized care, which fueled the growth of telemedicine companies. The key market players provide patients access to medical treatment 24 hours a day, seven days a week, via an on-call doctor hired by the company, while some companies offer telemedicine platforms that allow doctors to conduct virtual consultations with their patients. For instance, in Mexico, from March to September 2020, Sofia Salud, SA (Mexico ) implemented an app-based telemedicine program during the COVID-19 pandemic. This program was known as Coronaid. It includes free video medical consultation service through a mobile app by internal medicine physicians on a daily basis. Further, in November 2020 , Sofia Salud, SA (Mexico ) raised USD 19 million in Series A funding led by Index Ventures (U.K.). These funds are used by the company to develop its products. Telemedicine has been consistently growing in Mexico, and there are a large number of telemedicine providers, including public and private hospitals operating in the country. Also, telemedicine has been beneficial in providing medical services in rural areas of Mexico.

Moreover, the growing field of mobile health is also impacting the expansion of telemedicine. Patients can use this technology to monitor and track their health due to the availability of various consumer-friendly mobile health apps and new mobile medical devices without going to visit a doctor's office. Furthermore, internet penetration has also increased significantly during the last decade. The percentage of the population in Latin America with access to the internet has increased from 237.26 million in 2015 to 313.03 million in 2020 (Source: Our Word in Data ).

Therefore, owing to increasing digital health solutions, more people have become proactive about using technology to manage their health and are more open to other opportunities for care, including telemedicine, thereby driving the market’s growth.

Teleconsultations with Specialists Create an Opportunity for the Growth of the Market   

Teleconsultation is the appropriate way to provide health-related guidance and services with the help of telecommunication and electronic information systems. It involves the services provided by pharmacists, nurses, and social workers. It enables distant communication between patients and physicians for diagnosing, monitoring, advising, etc., through secure online communication such as video conferencing using tablets, computers, or smartphones. These teleconsultations reduced the workload and improved access to healthcare while maintaining the quality of care. These activities can be used to consult with specialists, especially in rural and underserved areas in the countries of Latin America.

Furthermore, COVID-19 has affected a large number of people in Latin America, causing more than a million deaths. Technically developed and digital tools arise to carry out such remote consultation activities for monitoring or diagnosis. Telemedicine has been gaining traction in Argentina for over a decade. In October 2020, nearly 83,000 teleconsultations were conducted in Argentina. Similarly, in 2020, over 5.5 million COVID-19 teleconsultations were reported in Mexico. These medical teleconsultation activities became an essential option during the pandemic to avoid the in-person visit to the doctor’s office due to the risk of infection.

Thus, the popularity of teleconsultation activities with specialists is creating an opportunity for the players operating in this market in Latin America.

Key Findings in the Latin America Telehealth Market Study:

In 2024, the Services Segment is Expected to Account for the Largest Share of the Market

Among all the components, in 2024, the services segment is expected to account for the largest share of the market. The large share of this segment is attributed to the increasing utilization of telehealth services in remote, rural areas, or underserved areas, the shortage of physicians for immediate medical guidance, increasing remote patient monitoring for chronic diseases, and growing adoption and awareness about telehealth solutions.

In 2024, the Psychiatry Segment is Expected to Account for the Largest Share of the Market

Among all the applications, in 2024, the psychiatry segment is expected to account for the largest share of the market. The large share of the psychiatry segment can be attributed to the shortage of primary psychiatric care and the outbreak of the COVID-19 pandemic. Telepsychiatry services have proven efficient and effective in improving access, quality, and efficiency in mental healthcare, contributing to its rapid adoption.

In 2024, the Healthcare Providers Segment is Expected to Account for the Largest Share of the Market

Among all the end users, in 2024, the healthcare providers segment is expected to account for the largest share of the market. The large share of this segment is attributed to factors such as the high demand for convenient healthcare, the dearth of medical professionals, advanced telehealth infrastructure in hospitals, and an increase in the focus and availability of provider-specific telehealth solutions.

Brazil: Largest Share of the Latin America Telehealth Market

In 2024, Brazil is expected to account for the largest share of the Latin America telehealth market. The large share of this segment is attributed to the lack of medical professionals, the rising adoption of telehealth services due to the COVID-19 crisis, rising digitalization and internet penetration, improving government rules and regulations, and rising government investments for the adoption of telehealth. For instance, in January 2021, ViBe Saúde (Brazil), a telehealth startup, raised USD 10 million in Series A funding, led by Swedish HealthTech Investors group. This funding is used to expand their digital primary service for over 160 million people in the country who depend on public health care systems.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the Latin America telehealth market report are Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine, Inc. (U.S.), Cisco Systems, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Resideo Technologies Inc. (U.S.), and Honeywell International Inc. (U.S.).

Report Summary:

Scope of the Report:

Latin America Telehealth Market, by Component

• Services
  • Real-time (Synchronous)
  • Store-and-forward (Asynchronous)
  • Remote Patient Monitoring
• Hardware
  • Medical Peripheral Devices
    • Blood Glucose Monitors
    • Blood Pressure Monitors
    • Weighing Scales
    • Pulse Oximeters
    • Peak Flow Meters
    • ECG Monitors
    • Other Medical Peripheral Devices
  • Monitors
  • Telemedicine Kiosks
  • Telemedicine Carts
• Software
  • Web & Cloud-based Software
  • On-premise Software     

Latin America Telehealth Market, by Application

• Psychiatry
• Radiology
• Cardiology
• Primary Care
• Dermatology
• Remote ICU
• Other Applications
  (Note: Other applications comprise nutrition, nursing, pharmacy, dentistry, audiology, neurology, rehabilitation, pathology, and surgery)

Latin America Telehealth Market, by End User

• Healthcare Providers
• Patients
• Healthcare Payers
• Other End Users
  (Note: Other end users comprise government bodies and employer groups)

Latin America Telehealth Market, by Country

• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Venezuela
• Rest of Latin America (LATAM)

Key questions answered in the report: