Software Segment has the Largest Share of Type in the South and Central America Master Patient Index Software Market during 2021–2028
According to The Insight Partners market research study on “South and Central America Master Patient Index Software Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Deployment,” is expected to reach US$ 83.1 million by 2028 from US$ 44.9 million in 2021. The market is estimated to grow at a CAGR of 9.2% from 2021 to 2028. The report provides trends prevailing in the South and Central America master patient index software market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as assistance in maintaining and managing clinical, financial, and demographic data of patients due to its advantages and adoption of cloud-based technologies are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the high cost of software.
The COVID? 19 pandemic is a critical test for the already overburdened and underfunded public healthcare systems of South and Central America. It suffers from severe inequalities. State-run hospitals and clinics are already overstressed by treating vector?borne diseases and community?acquired infections, and high rates of non?communicable diseases (NCDs). Also, the prevention and treatment of NCDs have been critically affected since the onset of the COVID-19 in the region, as per the Pan American Health Organization (PAHO). Before COVID-19, approximately 81% of all deaths in the region were due to NCDs. An estimated 62 million people live with diabetes, and 1.2 million live with cancer in South and Central America. Moreover, in South and Central America, the Gross Domestic Product (GDP) and central government healthcare expenditure are significantly lower than in developed countries. In 2018, as per the United Nations Economic Commission for Latin America (CEPAL), 16 South American countries invested less than 4% of their GDP in healthcare. The consequences of a lack of investment in public healthcare systems are reflecting during the pandemic. The COVID?19 pandemic is exacerbating these inequalities by threatening the infrastructure and capacity of state?owned healthcare systems. Thus, the factors mentioned above are negatively impacting the growth of the market in the region.
The market for master patient index software market is segmented into type, and deployment. Based on type, the master patient index software market is segmented into software, and service. In 2020, based on type, the software segment held the largest share of the market, also the same segment is estimated to grow at the highest CAGR due to increasing development in the healthcare IT by the market players, and adoption patient data management software to enhance patient care during the forecast period.
McKESSON CORPORATION, Oracle Corporation, Wipro Limited, Allscripts Healthcare Solutions, Inc., MEDITECH, and Intersystems Corporation are among the leading companies in the South and Central America master patient index software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in August 2020, Allscripts and Sheba Medical Center have developed a collaboration to increase the pace of artificial intelligence technology and enhance patient safety through the hospitals' ARC Innovation Center. ARC, which stands for accelerate, reinvent, and collaborate, is Sheba Medical Center's research arm, with a goal of transforming healthcare by 2030.
The report segments the South and Central America Master Patient Index Software market as follows:
By Type
- Software
- Service
By Deployment
- Cloud-based
- On Premises
By Country
- South and Central America
- Brazil
- Argentina
- Rest of South and Central America
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