According to the deep-dive market assessment study conducted by Growth+ Reports, the global medical simulation market was pegged at ~US$ 1.69 billion in 2021. The market is expected to witness a CAGR of ~12.8 % from 2022 to 2030.
Entry of new companies in this market and new
product launches, increasing focus on patient safety and rising awareness
regarding the use of medical simulation are some of the key factors driving the
medical simulation market. However, the higher
cost required for the development and maintenance of these models are likely to
restrain the market to a certain extent.
After the sudden COVID-19 outbreak that
originated from China, it rapidly started spreading across the globe. This
situation gave rise to critical ‘just-in-time’ training for all the medical
personnel. Medical simulation techniques helped to cope up with this situation
as it supported communities by providing healthcare education and training to
recruited medical emergency resources. Many societies and organizations carried
out webinars and training sessions to support simulation training during the
COVID-19 pandemic eg. from collecting swabs for Covid tests to taking care of
Covid patients all training was done virtually and knowledge was shared
globally. For instance, The Society for Simulation in Europe (SESAM) actively
supported simulation training during the COVID-19 pandemic. The Society for
Simulation in Healthcare (SSH) also hosted a series of webinars on the use of simulation
for training for COVID-19 management.
Virtual reality (VR) and augmented reality
(AR) have helped in transforming medical education. VR provides a 3D and
realistic view of structures and AR provides the ability to project this
virtual information and structures over physical objects which in turn helps in
better understanding of physiological mechanisms and anatomical structures.
Such advancements have helped in making the user experience more realistic and
interactive. The implementation of advanced technologies in healthcare training
has helped in changing the experience of the medical student or professional
and at the same time provides a safe and effective learning environment.
The increasing use of medical simulation in
medical institutes has led to increasing demand for simulators. To meet the
increasing demand, companies operating in the market are continuously launching
new products in the market. For instance, in Oct 2019, Stratasys launched a new
printer, the J750 Digital Anatomy 3D Printer. The printer replicates the feel,
responsiveness, and biomechanics of human anatomy in medical models. Similarly,
in Jan 2019, Limbs & Things launched new simulation products at the International
Meeting for Simulation in Healthcare (IMSH) in San Antonio. The company
launched 6 products namely Male Rectal Examination Trainer, Shoulder for
Injection – Palpation Guided, Abdominal Examination Trainer, Chest Drain &
Needle Decompression Trainer, PROMPT Flex Birthing Simulator, and SONON
Ultrasound Imaging System.
As it is a new technology, the cost of
manufacturing devices is high so the selling of instrument cost is also high
and higher costs required for maintenance of these simulators are likely to
hamper the market growth. Moreover, incomplete mimicking of human body
functions has also limited the use of these simulators. However, simulation
companies are increasingly focusing on developing more realistic models that
will mimic most of the human body organs and their functions. Such initiatives and
further development of more realistic products are likely to overcome this
challenge in the future.
Regionally, Asia Pacific is anticipated to witness
the highest CAGR during the forecast period. Rising healthcare expenditure,
increasing government fundings, and growing awareness regarding medical
simulation are some of the key factors driving its demand in the APAC region.
Moreover, new product launches have also played a key role in driving the medical
simulation market. For instance, in June 2020, the West China School of Nursing
of Sichuan University launched its first virtual nursing simulation platform
for COVID-19. The platform aims to provide teaching to medical students, and
knowledge of epidemic prevention and control among the public.
Some of the prominent players operating in the global medical simulation market include CAE Healthcare, Inc., Simulab Corporation, 3D Systems, Inc., Cardionics, Simulaids, Mentice, Laerdal Medical., Kyoto Kagaku Co., Ltd., Gaumard Scientific, Intelligent Ultrasound (MedaPhor Ltd.), and Limbs & Things LTD., among others.
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