BANGALORE, India, Sept. 11, 2020 /PRNewswire/ — The global medical simulation market size was valued at USD 1,421.1 Million in 2019 and is projected to reach USD 3,190.2 Million by 2027, growing at a CAGR of 14.6% from 2020 to 2027.
Major factors driving the Medical Simulation Market size’s growth are increased use of simulation in healthcare, a rise in deaths due to medical errors, and the need for improved outcomes for patient safety.
The report provides an in-depth analysis of the global medical simulation market size and the current trends and future estimations to elucidate the imminent investment pockets.
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TRENDS INFLUENCING THE MEDICAL SIMULATION MARKET SIZE
- Over the past few years, the requirement for medical simulation has been established in minimally invasive surgery. The minimally invasive techniques are becoming a standard for a number of surgical procedures. These MIS procedures involve smaller incisions that lead to faster recovery. This feature drives the growth of the medical simulation market size.
- The increase in various technological advances in medical simulation increases healthcare applications for the training of healthcare professionals. This increasing use for training purposes is expected to increase the growth of the medical simulation market size.
- Other factors that can fuel the growth of medical simulation market size include healthcare personnel shortages, growing awareness of simulation education in emerging countries, and technological advances.
- On the other hand, budgetary constraints, high simulator costs, and operational challenges could hinder the medical simulation market.
MEDICAL SIMULATION MARKET SHARE ANALYSIS
- The low-fidelity segment held the largest medical simulation market share based on fidelity, with a revenue of $671.29 million in 2019. On the other hand, the high-fidelity segment is expected to witness the highest growth CAGR of 15.3% during the forecast period.
- Based on end-users, the hospital segment dominated the market in 2019 at $761.41 million. The factors responsible for hospital segment dominance are the gradual shift of focus away from traditional learning, the advent of advanced simulation-based technologies, full use of simulation models in medical surgery, increased focus on minimizing errors, and cost-effectiveness of medical practitioners’ procedural training.
- Based on the region, Asia-Pacific is expected to witness the highest growth during the forecast period. This rapid growth is attributed to the presence of a large patient population, increasing investment in R&D, increasing focus on medical education, training, research, and patient safety, and rising healthcare spending.
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TOP COMPANIES IN THE MEDICAL SIMULATION MARKET
The medical simulation market is highly fragmented, with major players dominating the market. The top companies in the medical simulation market include Laerdal Medical AS, CAE, Inc., 3D Systems, Inc., Simulab Corporation, Simulaids, Inc., Limbs and Things, Ltd., Kyoto Kagaku Co. Ltd., Mentice AB, Surgical Science Sweden AB, and Gaumard Scientific Company, Inc.
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MEDICAL SIMULATION KEY MARKET SEGMENTS:
By Product & Service
- Model-based Simulation
- Web-based Simulation
- Simulation Training Services
By End User
- Academic Institutions & Research Centers
- Hospitals & Clinics
- Military Organizations
- North America
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