The Latin America Electronic Health Record Market is expected to grow at a CAGR of around 8.12% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. The factors responsible for the market growth are the various benefits of EHR, such as storing patients’ medical history & data, diagnosis, immunization dates, laboratory test results, etc., on a digital platform. Further, overcoming healthcare challenges such as concerns about keeping patients' earlier medical records on paper have propelled the demand for electronic health records in healthcare units such as hospitals, clinics, laboratories, etc., to support the better treatment of patients in the future.
Moreover, the aging population in countries like Brazil, Mexico, and Chile, in combination with various diseases, such as cardiovascular diseases, has caused a significant increase in demand for modernized healthcare platforms. Additionally, the digitization of patients' medical records, along with the implementation of health information systems to store bulk data generated in the region, resulted in the rising electronic health market.
Furthermore, the rising regulations by the governments of Mexico, Bolivia, Brazil, Colombia, etc., as well as a large number of investments to support the digitalization of healthcare units, are further expected to drive the market of electronic health records in Latin America during the forecast period. For instance, in 2021, the Government of Colombia made a regulation for the adoption of electronic health records, which would store patients’ medical history such as pathologies, surgeries performed, treatments, etc.
Patient Management Function Held a Significant Share in the Global CRM Software Market
Based on function, the market is divided into Patient Management, E-prescription, Schedule Appointments, Bill payments, and Others. Among them, Patient Management witnessed substantial market growth in the EHR market, as it allows doctors & other medical professionals to maintain patient data quickly, conduct record safety audits, and respond to possible threats with limited liability. Besides, EHR also allows the patient to share their follow-up records with their doctors & provides them with real-time access to crucial medical information such as diagnostic or lab test results.
Furthermore, EHR bridges the gap between certain types of clinical labor, such as diagnostic documentation & others. Besides, the rising prevalence of cardiovascular disease and growing government investment in healthcare facilities are expected to augment the market for electronic health records market. Thus, this would further escalate the growth of patient management in the near future.
Mexico to Witness Substantial Growth in the Years to Come
Geographically, the Mexico Electronic Health Records market experienced significant growth during 2017-19, owing to the rising adoption of new hospital information systems & the surging government initiative towards the adoption of digitized electronic health records. Besides, the adoption of health record systems is increasing to surge data security, surge efficiency in resources & clinical management processes, and reduce cost & waiting time for the patient in the hospitals.
In addition, the application of health records in the hospital allows the doctors to gather data on the patient & provide treatment to the patient accordingly, reveals MarkNtel Advisors in their research report, "Latin America Electronic Health Records Market Analysis, 2027."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Latin America Electronic Health Records Market are Mural Med, Allscripts Healthcare Solutions Inc., GE Healthcare, Cerner Corporation, Epic Systems Corporation, Greenway Health, McKesson Corporation, Modernizing Medicine, NextGen Healthcare, AdvancedMD, CureMD
Key Questions Answered in the Study