Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Historical Period |
2018 & 2019 |
Base Year for Estimation |
2021 |
Forecast Period |
2022-2030 |
Market Size in 2021 |
US$ 1.69 billion |
Market Size in 2030 |
US$ 4.9 billion |
CAGR |
12.8% |
Segments Covered |
Products & Services, End-User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical simulation market was valued at US$ 1.69 billion in 2021 and is expected to register a revenue CAGR of 12.8% to reach US$ 4.90 billion by 2030.
Medical Simulation Market Fundamentals
Medical simulation is a modern methodology used to provide medical students and professionals a prior hands-on and virtual experience with surgical procedures, which helps them to reduce errors and sharpen their clinical and critical thinking skills for high-risk events.
According to the National Library of Medicine, Rockville Pike Bethesda, MD, as many as 98,000 people die every year due to medical negligence and errors occurred in hospitals. A medical simulation program was introduced to minimize such events. According to Healthcare Simulation Dictionary, in healthcare simulation, professional and/or amateur individuals are provided training to replicate the components of real clinical experience, especially involving communication between health professionals and patients or colleagues.
Medical simulation helps improve procedural comfort and maintain patient safety. Simulation can either be low, medium, or high fidelity depending upon the goal of an exercise. Low-fidelity simulations are performed using minimal accessories and equipment. They are generally helpful in low-resource areas, and for training specific tasks. High-fidelity simulation involves the usage of advanced equipment and technologies. These simulators are also known as human patient simulators, and they mimic human anatomy and physiology and can be used in the training of various surgical procedures.
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Medical Simulation Market Dynamics
The revenue growth of the global medical simulation market is driven by increase in focus of healthcare professionals on gaining clinical and critical thinking skills through simulation programs.
Technological advancements in the healthcare industry are breaking the boundaries of traditional treatment methods and are focused on improving patient safety. The introduction of AI, robotics, and integration of virtual reality (VR) and augmented reality (AR) are leading to rise in the adoption of new treatment methods in the healthcare industry. This factor is contributing to the market revenue growth globally.
However, the expensive nature of this novel technology and need for improvements in completely mimicking functions of the human body are some of the factors expected to hinder the market revenue growth.
Medical Simulation Market Ecosystem
The global medical simulation market is analyzed based on three parameters: products & services, end user, and region.
Medical Simulation Market by Products & Services
Based on the products & services, the medical simulation market is segmented into surgical artificial intelligence, anatomical models, web-based simulation, simulation software, and simulation training services.
The anatomical models segment is sub-segmented into patient simulators (low-fidelity simulator, medium-fidelity simulator, and high-fidelity simulator), surgical simulators (cardiovascular simulators, laparoscopic simulators, gynecology simulators, orthopedic simulators, and other surgical simulators), task trainers, ultrasound simulators, endovascular simulators, eye simulators, and dental simulators.
The anatomical models segment accounts for the largest revenue share in the market. The dominance of this segment is attributed to increasing demand for anatomical models in medical research institutes to gain better understanding of anatomy and physiology of a human body and reduce human errors in surgical procedures.
Medical Simulation Market by End User
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Based on the end user, the market is segmented into academic institutes & research centers, hospitals, and military organizations.
The academic institutes & research centers segment is expected to register the highest revenue growth during the forecast period, owing to increasing usage of medical simulation products in academic institutes and research centers to enhance the quality of training and increase procedural comfort and maintain safety parameters for medical students.
Medical Simulation Market by Region
Based on the region, the global medical simulation market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America accounts for the largest revenue share in the global medical simulation market. Wide adoption of technology, developed healthcare infrastructure, and increasing numbers of medical institutes are driving market revenue growth in this region. Increasing focus on minimizing human errors and improving patient safety, presence of a well-established distribution channel, and launch of advanced medical simulation products and services for training are expected to boost the market revenue growth rate during the forecast period.
Medical Simulation Market Competitive Landscape
The prominent players operating in the global medical simulation market include:
Medical Simulation Market Strategic Developments
The global medical simulation market was valued at US$ 1.69 billion in 2021.
The global medical simulation market is projected to reach US$ 4.9 billion by 2030.
The revenue growth in the global medical simulation market is driven by increasing focus of healthcare professionals to gain clinical skills through hands-on practice.
CAE Healthcare, Inc, Simulab Corporation, 3D Systems, Inc, Cardionics, and Simulaids are among the top players operating in the global medical simulation market.
The global medical simulation market is expected to register a revenue CAGR of 12.8% during the forecast period.
North America accounts for the largest revenue share in the global medical simulation market.
*Insights on financial performance is subject to availability of information in public domain
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