Latin America Electronic Health Records Market Analysis

Latin America Electronic Health Record (EHR) Market Executive Summary

The Latin America Electronic Health Record (EHR) market size was valued at $1.27 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5% from 2022 to 2030 and will reach $1.88 Bn in 2030.  Healthcare expenditure and digital health and electronic health record (EHR) trends in Latin America vary widely among countries in the region. However, there are some common trends that are being observed in the region. In general, healthcare expenditure in Latin America is relatively low compared to other regions. According to the World Health Organization (WHO), Latin America's average healthcare expenditure is 6.5% of GDP, which is lower than the global average of 9.9%. However, there is significant variation among countries in the region, with some countries spending as much as 10% of GDP on healthcare and others spending less than 5%.

The adoption of digital health technologies, such as EHRs, telemedicine, and mHealth is increasing in Latin America. The adoption of EHRs is still relatively low in Latin America. However, many countries in the region are starting to implement EHR systems in public sector facilities. For example, Brazil, Mexico, Argentina, Chile, and Colombia have developed national EHR systems and are working to expand their use in the private sector. However, many countries in the region still lack a solid legal and regulatory framework for the use of EHRs, and there is a need for more comprehensive regulations and guidelines to be developed in order to ensure the safe and secure use of EHRs in the region. The EHR system is frequently used to electronically combine patient medical records and aids in the storage of the data in a digital format. EHR systems aid in enhancing patient care's overall productivity & efficiency by improving access to patient data. A laboratory system, computerized physician order input, a radiology & pharmacy system, and other elements make up the EHR system. Furthermore, it is anticipated that the Latin America HER market would experience strong growth in the future years as a result of these applications and the region's increasing introduction of technologically advanced healthcare services. Hence, the demand for EHR is rising in Latin American countries.

Market Dynamics

Market Growth Drivers

Several countries in Latin America have implemented national EHR systems and are working to expand their use in the private sector. This creates opportunities for companies to provide EHR software and services to public sector organizations. As the private sector in Latin America starts to adopt EHRs, there will be opportunities for companies to provide EHR software and services to private-sector organizations

Moreover, telemedicine is becoming increasingly popular in Latin America, especially during the COVID-19 pandemic. This creates opportunities for companies to provide telemedicine services and software, such as EHR systems that are integrated with telemedicine capabilities. Additionally, the use of mobile devices is increasing in Latin America, creating opportunities for companies to provide mobile health solutions, such as EHRs that can be accessed on mobile devices.

Moreover, interoperability between EHR systems is a major challenge in Latin America. Companies that can provide solutions that enable interoperability between different EHR systems will be well-positioned to capitalize on this opportunity. Also, as internet access improves in Latin America, cloud-based EHR solutions are becoming more popular, as they are more cost-effective and easier to implement than on-premises solutions.

Furthermore, as more data is collected through EHRs, there will be opportunities for companies to provide data analytics services and software, such as data visualization and predictive analytics tools.

Market Restraints

Most nations rely on suppliers for medical supplies since their economies are still in their infancy. The spread of COVID-19 in Africa and other low-income nations including Peru, Brazil, Mexico, and Algeria is also a major area of uncertainty. Services for healthcare have been disrupted as a result of the massive COVID-19 outbreak in Africa. Therefore, it is difficult to diagnose the virus in African nations without the aid of medical supplies and laboratory capacity.

A multitude of problems, such as a lack of finance, a shortage of skilled workers, and a lack of infrastructure, contribute to Africa's lower adoption of EHR systems than other continents. A strong legal and regulatory framework for the use of EHRs still does not exist in many Latin American nations.

Competitive Landscape

Key Players

• Tasy (BRA)
• Cegedim (MEX)
• Medicon (ARG)
• Cerner Corporation
• Allscripts
• McKesson Corporation
• Epic Systems
• GE Healthcare
• Siemens Healthineers

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

The regulations and guidelines for electronic health records (EHRs) in Latin America vary widely among countries in the region. Some countries have established regulations and guidelines for the use of EHRs, while others have yet to develop a legal and regulatory framework for the use of EHRs.

In Brazil, the Ministry of Health has developed a national EHR system, which is used in public sector facilities and is being expanded to the private sector. The system is governed by the National Health Surveillance Agency (Anvisa) and the Brazilian Health Informatics Association (ABIS), which provides guidelines for the collection, use, and disclosure of personal health information.

In Mexico, the Ministry of Health has developed a national EHR system, which is used in public sector facilities and is being expanded to the private sector. The system is governed by the Mexican Social Security Institute and Mexican Institute of Social Security, which provides guidelines for the collection, use, and disclosure of personal health information.

In Argentina, the Ministry of Health has developed a national EHR system, which is used in public sector facilities. The system is governed by the Argentina Association of Health Informatics Professionals (ASIS), which provides guidelines for the collection, use, and disclosure of personal health information.