The market size of medical simulation in the APAC region is predicted to grow at a CAGR of 11% between 2021 to 2026.
Factors such as the benefits of simulation over conventional learning, the concern among health professionals about patient safety, and the growing simulation in healthcare are expected to drive the APAC medical simulation market growth. Also, the awareness of simulation education in emerging countries and benefits such as professional training in complex and routine situations are anticipated to enhance business growth. Technological advances, on the other hand, are projected to accelerate business development. The demand is likely to grow as the need for healthcare costs grows, as make administrative costs and lifestyle decisions. The proliferation of minimally invasive surgery and an increase in disposable income are expected to drive demand growth.
The most important political policies, financing, and investments for the country's quality healthcare systems are government initiatives, funding, and investments by the government and private organizations. The regional demand is being boosted by improved healthcare facilities in developing countries such as India and China and favorable government initiatives. Medical simulation is a cutting-edge way of educating healthcare professionals that makes use of advanced technologies. The simulation enables learners to engage in activities that would otherwise be dangerous to practice in a controlled environment. However, as the study report on the medical simulation market provides a comprehensive analysis of the regional market, rising research and development activities expand market growth.
Budgetary constraints in emerging countries for medical simulations and the high cost of simulators are expected to limit market expansion. However, a shortage of healthcare professionals is likely to hinder market expansion. Operations and maintenance problems, on the other hand, impede market expansion. Medical simulators have high installation costs, which limit market expansion. The medical simulation industry's growth is hampered by a lack of full real-world simulation expansion.
Impact of COVID-19 on the APAC medical simulation market:
In the first half of 2020, the sudden emergence of an outbreak hurt the market growth in medical simulation. A nationwide lockdown has been imposed due to an increase in the number of cases of COVID-19. Because of the government's stringent COVID-19 guidelines, many healthcare seminars have been canceled, tests were postponed, and medical schools were forced to shut down temporarily. However, there has been an increase in the demand for virtual simulation. The International Nursing Association of Clinical Simulation and Learning and the Society for Simulation in Healthcare released a statement in March 2020 stating that interactive simulation as a replacement for clinical hours has grown during the COVID-19 Pandemic. Virtual simulation technologies are being adopted in emerging countries such as China and India, which are required to enhance procedural and patient care skills. Furthermore, the growing use of remote learning through screen-based simulation, extended reality, augmented reality, and digital technology is expected to drive market growth over the forecast period. During the Pandemic, however, the demand is expected to grow quite rapidly.
This market research report on the APAC medical simulation market has been segmented and sub-segmented into the following categories.
By Products & Services:
In the recent past, the APAC region accounted for a substantial share globally in 2020. It is projected to account for a significant share in the global market during the market forecast period. The use of medical simulation to reduce medical errors is driving the demand for medical simulation to grow. India, China, and Japan are the region's significant contributors.
In 2019, China accounted for the largest market of medical simulation in the APAC region. China has seen regional companies make technological advancements, and the rising demand for medical simulation is expected to drive the market in this region.
In terms of revenue, India was one of the fastest-growing regions in medical simulation. The recent COVID-19 has increased demand for virtual modeling as a replacement for clinical hours, which is anticipated to enhance the market growth. However, India offers lucrative prospects for market players, with growing demand for minimally invasive treatments and increased patient safety increasing the medical simulation market.
During the market forecast period, Japan is projected to have a moderate share of the medical simulation market. Over the forecast period, increased awareness of simulation education and the growing use of simulation in healthcare are anticipated to enhance market share.
KEY MARKET PLAYERS:
A few of the notable companies operating in the APAC medical simulation market analyzed in this report are 3D Systems, Canadian Aviation Electronics (CAE) Inc., Kyoto Kagaku Co. Ltd, Laerdal Medical, Limbs & Things Ltd, Mentice AB, and Simulab Corporation.