Market Size of Telehealth Services Industry in Latin America
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Telehealth Services Market Analysis
Telehealth is referred to as remote medical services provided by healthcare providers. It is widely adopted by healthcare professionals for providing consultation, care management, patient monitoring, administrative meetings, imparting medical education, etc. These services are usually offered through video conferencing, mobile health applications, remote patient monitoring (RPM), etc.
In Latin America, the high prevalence of various chronic ailments, such as cardiovascular diseases, arthritis, cancer, etc., that require continual medical supervision is catalyzing the demand for telehealth services. Additionally, the growing geriatric population, who are more prone to serious medical conditions, is also driving the need for homecare-based medical treatment, thereby propelling the market in the region. Apart from this, the increasing penetration of digitalization trends in the healthcare sector is further augmenting the market growth.
Major market players in the Latin American telemedicine market are AMD Global Telemedicine, 1DOC3, Docademic, Amwell, ViveBem, Teladoc, and Lumed Health among others. The market players are focusing on collaboration and partnership strategies to stay ahead in the competitive market. For instance, In March 2020, VivaBem announced its partnership with Doktor.se for the expansion of digital services in Brazil. The partnership is expected to broaden its customer base and generate more revenue.
Due to the sudden outbreak of the Covid-19 pandemic various healthcare professionals, as well as patients, have been opting for telehealth services. These services help to mitigate the risk of coronavirus infection during hospital visits. The covid-19 pandemic has made the government across Latin America introduce health initiatives to promote the adoption of telehealth solutions which is leading to the growth of this market.
