How AI Will Impact the Latin American Healthcare Market

By Mariana Romero Roy

The rise of artificial intelligence (AI) has far-reaching implications for business and society, potentially impacting everything from how we seek information to how we write to how we communicate with one another. Though we are only now seeing the early promises of this technology, there’s no question that the future of healthcare globally will be shaped by developments in AI.

Global AI Trends

In the healthcare space, the potential promise of AI is already starting to be realized. One of the benefits of AI is the ability to take in and process data and efficiently determine potential outcomes. This can assist doctors in making personalized diagnoses much more quickly than in the past. AI is also valuable for looking at data from larger populations and identifying potential trends or outcomes.

“A few of the biggest tangible advantages that AI will bring in the years ahead are significant time and cost efficiencies,” says Armando Guio Español[1], an affiliate with Harvard University’s Berkman Klein Center and an architect of the AI Strategies of several Latin American countries. “AI can greatly speed up the efficiency of analyzing and assessing patient data, allowing doctors to make diagnoses faster and ultimately see more patients in less time.”

In terms of tangible enhancements that AI can bring to health care, we are already seeing some doctors globally use AI for support when making clinical decisions. Other ways that healthcare professionals are making use of the technology include assistance with image analysis, accelerating drug development, analyzing genome sequences, improving hospital administration and more.

“In medical imaging, AI applications are enhancing diagnostic accuracy and expediting care. A notable example is the use of AI for detecting large vessel occlusions in stroke patients,” says Julian N. Acosta, M.D., a research associate at Rajpurkar Lab, a Harvard University lab that is committed to pioneering the development of advanced medical artificial intelligence. “AI is also transforming administrative and operational aspects of healthcare. Natural language processing algorithms are being employed to generate preliminary radiology report impressions, streamlining the radiology reporting process.”[2]

Global AI Fast Stats

• $19.27b – Estimated AI healthcare market size in 2023
• $188b – Projected value of the AI healthcare market by 2030
• 79% – Percentage of healthcare organizations using AI in March 2024
• 65% – Percentage of physicians who see an advantage to using AI, according to a 2024 American Medical Association survey
• 39% – Percentage of Americans who would be comfortable with their health care provider relying on AI, according to a 2023 Pew Research Center survey

How AI Is Being Incorporated into Medical Equipment & Devices

Medical equipment and device providers are already beginning to incorporate AI into their product designs. For example, many providers are now partnering with the AI company Nvidia to build their AI platform into their offerings. General Electric recently incorporated AI into their SonoSAMTrack research foundation model in partnership with Nvidia. This is a medical research model that tracks organs, structures or lesions easily across different medical images. Nvidia AI is also being utilized by companies such as Johnson & Johnson MedTech, Moon Surgical, Arrow Electronics and more.

General Electric has recently announced other AI advancements, such as the acquisition of Intelligent Ultrasound Group PLC’s clinical artificial intelligence (AI) software business. They also launched Revolution RT, a computed tomography (CT) solution with AI incorporated to increase imaging accuracy.

Medtronic has several recent AI announcements, as well, including a partnership with Nvidia to build a new AI platform. This technology will enhance the efficiency of its GI Genius intelligent endoscopy module. The company also incorporated AI into its Touch Surgery Live Stream digital offering to improve the post-operative analysis of laparoscopy and robotic-assisted surgeries.

There’s no question that AI is gradually changing not only how medical care is administered, but also how medical devices and equipment are designed and built. Taking a closer look at the numbers reveals the scope of this rapidly emerging trend. You can expect more advancement of AI in the medical equipment and device space in the years to come.

AI in Medical Equipment & Devices

• 882 – The number of AI-enabled medical devices that have been cleared by the FDA for use
• 1,000% – The rate of growth of FDA-cleared AI medical devices since 2020
• 128 – The number of radiology-focused AI medical devices that were approved for use in May 2024
• 80% – The percentage of overall approved AI medical devices that are focused on imaging technology

AI in Latin America

While the AI healthcare market in Latin America is not as advanced as the United States is currently, Dr. Acosta says it’s already beginning to make up ground in several areas. “Some of these AI developments are already being implemented in Latin America,” he says.” Startups like Entelai are pioneering AI-based solutions in the region, focusing on areas such as brain imaging, chest X-rays, and mammography. Several prominent institutions, such as Hospital Italiano de Buenos Aires in Argentina and Dasa in Brazil, have established strong medical informatics and innovation teams dedicated to developing and testing AI solutions within their respective healthcare systems.”

While developments are being seen throughout the region, Español says the widespread collection and organization of digital medical records is the key to unlocking more widespread use of AI in Latin America. More progress is being made in this area day by day. “What I’ve seen is many doctors and researchers in Latin America are very interested in making use of AI, but they need better quality data,” he says. “As countries improve their digital records and data models, we will begin to see some great advances in AI in Latin American health care markets.”

The Early Stages of Integration

Nonetheless, AI integration is beginning as hospitals and healthcare manufacturers are forming strategic partnerships with AI providers and incorporating the technology into their products. In Brazil, for example, the Center for Artificial Intelligence has been pushing advancements in the field since 2020, which has led to the early integration of AI technology into imaging technologies such as X-rays, CT scans and MRI scans. Other uses of AI in Brazil include telemedicine, medication discovery and clinical trials.

Advancements are occurring in other parts of Latin America, as well. The AI company Eden has secured significant funding in the region to bring their advancements to medical imaging and diagnostic processes. The technology is already being used by many radiologists in Mexico, and Eden plans to expand into other Latin American markets in the years ahead.

What LatAm Healthcare Wants from AI

Health care professionals in Latin America see many of the same great promises from AI as other global markets, but the Latin American market does have some unique needs that AI may be able to help solve. “In particular, AI solutions that can be deployed with minimal infrastructure are highly attractive in Latin America, where high-end technology and reliable internet connections may not always be available,” says Dr. Acosta. “Additionally, accessibility is a significant focus, with AI seen as a tool to bridge gaps in healthcare delivery, especially in remote or underserved areas.”

Other appealing aspects of AI for Latin American healthcare markets are the potential speed of care and cost efficiencies that the technology could bring. “In some Latin American nations, it can take up to eight months to see a doctor,” says Español. “If AI can increase speed, lower costs and provide initial information more quickly, those features are all highly desirable.”

LatAm Healthcare AI Fast Stats

• 38% – Projected growth in the LatAm AI health application market between 2019 and 2027
• 5% – Forecasted boost to Latin America’s overall GDP by 2030 due to AI
• $3.6b – Projected value of Brazil’s AI in healthcare market by 2030
• $20b – Venture capital funding by tech startups in Latin America in 2020 and 2021 alone
• $349m – Projected revenue of the LatAm AI healthcare market by 2030
• 2% – Estimated compound annual growth rate of the LatAm AI healthcare market from 2024 to 2030

Key Takeaways for Health Care Companies

Just as it is globally, AI healthcare opportunities should be a major driver of growth and revenue in Latin American markets in the years ahead. Many Latin American markets are still developing the infrastructure for their AI tools, so software that focuses on digital medical record organization and evaluation is currently in high demand.

Other appealing aspects of AI to Latin American markets include the ability to increase operational efficiencies, reduce costs, and increase access to care for those who have difficulties finding or seeing a doctor. Any AI advances that are tangible to hospitals and medical centers in these key areas are sure to be viewed as advantageous.

“By automating administrative tasks, increasing diagnostic speed and accuracy, and reducing clinician burnout, AI enables healthcare systems to operate more efficiently, allowing them to reach more patients with limited resources,” says Dr. Acosta. “AI also offers significant potential for reducing healthcare costs through optimized resource allocation, automation of routine tasks, and enabling preventive care approaches. Moreover, AI, combined with telemedicine, can overcome geographic barriers, enabling remote diagnosis and patient monitoring, which is crucial for many parts of Latin America.”

Next Steps

Contact GHI to learn how AI will impact Latin American healthcare. We can conduct a customized study to identify opportunities for your products and solutions, allowing you to see the market potential and which hospitals would be the strongest sales prospects for such equipment/devices.

And of course, we can also give you market intelligence for RIGHT NOW so you can obtain strategic data on current demand from hospitals in your country of focus, sales opportunities, leads, data on pricing, and much more.

[1] Interview with Armando Guio Español, an affiliate with Harvard University’s Berkman Klein Center and an architect of the AI Strategies of several Latin American countries. https://cyber.harvard.edu/people/armando-guio-espanol

[2] Interview with Julian N. Acosta, M.D., a research associate at Rajpurkar Lab, a Harvard University lab that is committed to pioneering the development of advanced medical artificial intelligence. https://www.rajpurkarlab.hms.harvard.edu/