The Latin America Medical Simulation Market size is forecasted to register a CAGR of 11.92% during the forecast period.
Rising usage of various healthcare apps, growing demand for minimally invasive procedures, and the increasing number of technological advancements and medical innovations are expected to accelerate the growth of the medical simulation market in Latin America. Additionally, factors such as the growing focus on medical practitioners' training and increasing adoption of multidisciplinary approaches in healthcare simulation are predicted to favor the market.
Growing awareness regarding simulation education and training in Latin American countries and a growing focus on patient safety are favorable signals to the market's growth rate. In addition, the rise in R&D activities, quick patient recovery using medical simulation, growing prevalence of medical error, and increased preference for animated and web-based simulation are estimated to support the growth rate of the Latin American medical simulation market.
Growing attention to patient safety is further accelerating the Latin American medical simulation market growth. Simulation in healthcare creates a safe learning environment that allows researchers and practitioners to test new clinical processes and improve individual and team skills before meeting with patients. Simulation has the potential to improve healthcare safety by enabling healthcare professionals to gain valuable experience in various clinical settings without putting patients at risk. The Agency for Healthcare Research and Quality (AHRQ) supports simulation research through its Patient Safety Program; the AHRQ funded 11 multi-year demonstration grants to evaluate the use and effectiveness of various simulation approaches and their role in improving safety quality of health service delivery. Limited access to living patients and a revolution in medical technology further increase the global medical simulation market during the forecast period.
However, high costs associated with medical simulation devices are expected to restrict the market growth in Latin America. In addition, with high unmet needs and compliance needs, the software and set-ups are diminishing the market growth. As per the Healthcare Information and Management Systems Society (HIMSS) survey, the less availability of experienced healthcare professionals in Latin America is one major factor restraining the market growth.
Impact of COVID-19 on the Latin American Medical Simulation Market:
The COVID-19 pandemic has put enormous pressure on health systems worldwide by increasing the demand for health professionals. With the COVID-19 epidemic worldwide, the need to study pathology and generalized health outcomes associated with the virus is the main concern, which is why the medical education industry is extremely unwell if online courses are in progress. However, this creates a loss of collaborative experiences that can significantly harm the health education industry, hampering demand for medical simulation products and services around the world. However, the high cost of setting up a medical simulation is still an important limiting factor.
This market research report on the Latin America medical simulation market has been segmented and sub-segmented into the following categories.
By Products & Services:
In Latin America, Brazil and Mexico are expected to account most significant share. The growing healthcare expenses, rising medical tourism, and growing aging population assist the medical simulation market growth in Latin America.
A plethora of local vendors and international companies provide medical simulation services in the Latin American region. Still, given low government interest and Mexico's socio-economic structure, moderate growth is expected in its medical simulation market.
Several simulation facilities, programs, and research projects have recently emerged or are underway outside developed countries, such as Brazil. In addition to developed countries, many simulation programs, facilities, and research projects are underway in developing countries, such as Brazil. Israelita Albert Einstein Hospital, for example, is one of the most important simulation centers in Brazil that uses a combination of standardized patient, mannequin-based simulation, and virtual reality or computer simulators. To promote the development of simulation, some companies favor organizing affiliate conferences in the country to promote the development of simulation. In recent years, some initiatives have been taken, focused on the study of dental cavity preparation in operative dentistry laboratories. Several companies provide simulation design services in Brazil; these will facilitate the market's growth during the forecast period.
In 2018, Costa Rica Received Latin America’s First Mobile Simulation Training Center to provide medical professionals, students, and other community members with state-of-the-art simulation training and natural world emergency support.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Latin American medical simulation market profiled in this report are CAE Inc., 3d Systems, Laerdal Medical, Gaumard Scientific Company, Kyoto Kagaku, Limbs & Things, Mentice Ab, Simulab Corporation, Simulaids, Intelligent Ultrasound Group Plc, Operative Experience, Inc., Surgical Science Sweden AB, Cardionics Inc., Virtamed AG, Synbone AG, Vrmagic Holding AG., Ossimtech, HRV Simulation, Synaptive Medical, and Inovus Medical.
List of Figures