Government Programs Support Installation of Electronic Medical Record Systems in Latin America, Finds Frost & Sullivan Automation will reduce EMR costs and fuel adoption
BUENOS AIRES, Argentina, March 11, 2013 /PRNewswire/ -- Government programs and investments in healthcare institutions have encouraged the adoption of electronic medical record (EMR) systems in Latin America. Current and proposed regulations mandating EMR installations will further ensure the steady growth of the market in the region.
New analysis from Frost & Sullivan (http://www.connectedhealth.frost.com), Analysis of the Latin American Electronic Medical Record Market, finds that the market earned revenues of more than $232.0 million in 2012 and estimates this to reach $326.4 million in 2017. The research focuses on Argentina, Colombia and Mexico.
"The Mexican government's funds for healthcare, along with its initiatives to regulate and verify EMR systems for their interoperability between different vendors, have led to the development of the EMR market," said Frost & Sullivan Healthcare Industry Analyst Federico Baguear. "In Colombia, healthcare laws requiring the implementation of EMR in all healthcare facilities by the end of 2013 will increase market investments, while potential emerging policies in Argentina will boost unit shipments over the next three years."
Organizations' recognition of the returns on EMR technology will sustain market growth. While EMR solutions have been almost an exclusive privilege of large clinics and hospitals, benefits such as data quality and legibility, reduced medical errors, improved efficiency, and enhanced patient tracking are attracting small institutions as well, adding to market revenues.
Nevertheless, despite these advantages, EMR uptake in hospitals and clinics has been limited to a certain degree. Physicians, nurses and hospital personnel accustomed to working with paper files find it difficult to adapt to EMR software, restraining sale volumes. This highlights the need for effective change management.
EMR suppliers must educate clinic personnel on the use and benefits of EMR, as the key to successful implementation lies in consumer awareness, rather than product quality. To avoid the duplication of paper and electronic-based information, vendors need to efficiently manage the various process changes that come with installation.
"The automation of EMR technology is also crucial, as it will decrease costs, and in turn, quicken market expansion in Latin America," noted Baguear. "New business modalities, such as cloud and software-as-a-service, will become a popular trend in the region."
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Analysis of the Latin American Electronic Medical Record Market is part of the Connected Health Growth Partnership Service program. Frost & Sullivan's related research services include: Analysis of the Cardiac Rhythm Device Market in Mexico, Biologics Market in Brazil, Healthcare Landscape, Outlook and Growth Opportunities in Brazil. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Latin American Electronic Medical Record Market
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